Cora Gold Limited, has announced its final audited results for the year ended 31 December 2019.
During the period, the Company declared a pit constrained Maiden Inferred Mineral Resource at its Sanankoro Gold Project of 5.0 million tonnes (Mt) at 1.6 g/t Au for 265,000 ounces of gold towards the end of 2019, along with reconfirmation of the SRK-derived Exploration Target of between 30 Mt and 50 Mt at a grade of between 1.0 and 1.3 g/t Au, for approximately 1-2 million ounces of gold.
A Scoping Study on the Sanankoro Gold Discovery announced post period-end based on a 1.5Mtpa Heap Leach Mine, determined an 84% internal rate of return (‘IRR’) and US$30.9 million net present value (‘NPV’) (base on an 8% discount rate).
A cash balance in excess of £1m was bolstered in April 2020 through a further equity fundraising of £2.89m (gross), leaving the Company in a strong financial position to progress Sanankoro toward development.
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