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Cora Gold Limited   -  CORA   

Drill Results Confirm 3.6km Continuous Gold Zone

Released 07:00 24-Apr-2018

RNS Number : 8466L
Cora Gold Limited
24 April 2018
 

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR") 

 

Cora Gold Limited / EPIC: CORA.L / Market: AIM / Sector: Mining

24 April 2018

 Cora Gold Limited ("Cora Gold", "Cora" or "the Company")

Sanankoro Reconnaissance Drill Results Confirm Large Gold Mineralised Structure

 

Cora Gold Limited, the West African focused gold exploration company, is pleased to provide highly encouraging assay results from the 5,600m aircore ("AC") and reverse circulation ("RC") Stage 2 reconnaissance drilling campaign at its flagship Sanankoro Gold Discovery ("Sanankoro" or "the Project") in southern Mali.   To view the announcement with the illustrative maps and diagrams, please click on the following link: http://www.rns-pdf.londonstockexchange.com/rns/8466L_-2018-4-23.pdf

 

Highlights

·     Sanankoro Structure hosts a 3.6km continuous gold zone with depths of ~100m confirmed by results

·     Exceptionally mineralised intercept of 35.7g/t Au over 1m delivered between Zone A and Zone B, and additional assay highlights of:

o 35.7 g/t Au over 1 m

o 1.89 g/t Au over 13m

o 1.19 g/t Au over 19m

o 1.26 g/t Au over 14m

o 4.88 g/t Au over 2m

·    900m gold strike confirmed from initial drilling on the Bokoro Structure (previously "Western")

·    Highlights of the assay results from the Bokoro Structure include high grades of:

o 4.92 g/t Au over 6m

o 1.56 g/t Au over 6m

o 1.48 g/t Au over 6m

o 1.01 g/t au over 13m

·    Ground geophysics ("Induced Polarisation") has been completed across much of the northern part of the Sanankoro Permit, extending the geophysical ground cover from the central area

 

Dr Jonathan Forster, CEO of Cora Gold, said, "The demonstration of a 3,600m long continuous gold structure highlights Sanankoro's position as a new gold discovery with the potential to become a significant development asset.  We have also identified a 900m long zone of continuous gold mineralisation on the previously untested Bokoro Structure to the west.  Having defined the gold zones, the next step will be to target the higher-grade areas.

 

"Bearing in mind that we have previously reported a new discovery to the north of Zone A-B, "Target 1", and there remains every chance of identifying additional new zones on both the Sanankoro and Bokoro structures with future drilling, we are excited to see the inventory of targets is expanding for prioritisation at the resource drilling stage.  In the meantime, as we continue our active drill programme in Mali I look forward to reporting the initial assay results from our Tekeledougou project in the near-term."

 

The Sanankoro Structure

The Sanankoro Structure can be clearly traced on ground geophysics (resistivity) and has now been drilled on a reconnaissance basis over a length of 3,600m.  Through the completion of the Stage 2 drill programme, Cora has now been able to join together the previous Zone A and Zone B mineralised areas defined by historical drilling and extend to both the south and north. A full summary of results can be found in Appendix 1.

 

Cora's drilling was orientated obliquely to the overall 010o trend in order to also incorporate the influence of E-W structures.  Although the results of four core holes drilled on spaced fences in Zones A and B are awaited, a RC drill fence within Zone A has confirmed the style, gold grades and width of mineralisation recorded from historic drilling.  Here, three RC holes (SC 027, SC 084, SC 085) were drilled on this fence line and together indicate the approximate true width of the combined gold mineralised zones (including the influence of E-W structures) is around 30m with a weighted, recovered (intercept length x width, with gold value extracted by cyanide leach) gold grade of 1.12 g/t Au. This compares with two adjacent historical drill fences located about 60m south and 40m north of the Cora fence, where combined true widths of about 15m on each fence were recorded with weighted gold grades of about 1.3 and 1.6 g/t Au.

 

Cora's reconnaissance drilling (announcement dated 22 March 2018) has linked Zone A and Zone B over a distance of about 1,100m and extended Zone A some 350m to the south through gold zones that vary in width and grade, but are continuously developed on each drill fence (160m apart).  Gold mineralisation is associated with a 20-30m wide quartz zone, within which there are usually 2-3 gold zones, each of which typically range from 0.5-2.0 g/t Au in grade, with intercept lengths of 1-14 metres. An exceptional intercept of 35.7 g/t Au over 1 metre has also been recorded.

 

Bokoro Structure (formerly Western Structure)

Reconnaissance drilling on fences orientated NW-SE and set 160m apart was completed in March 2018 (see announcement dated 22 March 2018) towards the southern end of the Bokoro Structure, at a location known as Zone C.  The Bokoro Structure is very clearly defined on ground geophysics (resistivity), and Zone C is a site of previous artisanal activity.

 

Assay results demonstrate a continuity of gold mineralisation over a strike length of 900m, and is open in all directions, including depth.  Gold grade is variable, typically lying between 0.5 to 1.5 g/t Au, with exceptional results up to 4.9 g/t Au.  Intercept length typically ranges from 6-15 metres and is often associated with zones of more intense quartz veining.

 

The gold mineralised structure clearly follows a distinct ground resistivity and chargeability structure and represents the first testing of the nearly 10 km long Bokoro Structure.

 

Assaying

Assays were accomplished in the majority of the gold zones (guided by the quartz zones and visible gold in the pan at the rig side) using cyanide leach in 2kg bottle rolls at the SGS laboratory in Ougadougou, Burkina Faso to overcome the complexity of coarse gold.  Elsewhere, 50g fire assay was used, undertaken at the SGS laboratory in Bamako, Mali.  It should be noted that cyanide leach provides a "recovered" gold grade rather than a total gold grade.  In oxide samples, such as at Sanankoro, the total gold assay might be expected to be about 5-10% higher than the recovered grade.  Future bottle roll assays will include a component of 50g fire assay testing of the residue material from the bottle roll to enable a total gold content to be provided as well as an indication of gold recovery through cyanide leach.

 

Ground Geophysics

A ground Induced Polarisation programme has recently been completed by contracting company, SAGAX, on 100m line spacing across much of the northern part of the Sanankoro Permit. In conjunction, pre-existing data from the central part of the Permit was re-processed to enable the two sets of results to be viewed in combined form.  The imagery provides a significant addition to the regional data held across the Permit and complements the surface geological mapping that has been conducted by Cora Gold. Structural and geological boundaries are clearly defined with at least three 10 km long geological structures that appear to control the gold mineralisation and will prove to be extremely useful in the planning and evaluation of drilling data.

 

** ENDS **

 

For further information, please visit http://www.coragold.com or contact:

 

 Jon Forster

Cora Gold

+44 (0) 20 3239 0010

 John Depasquale/Nick Harriss/ Liz Kirchner

Allenby Capital (Nominated Adviser)

+44 (0) 20 3328 5656

 Peter Krens/Nick Orgill

Mirabaud Securities (Broker)

+44 (0) 20 3167 7150

 Lottie Wadham/Susie Geliher

St Brides Partners (Financial PR)

+44 (0) 20 7236 1177

 

Notes to the Editors

Cora Gold is a new gold exploration company focused on two world class gold regions in Mali and Senegal in West Africa. Historical exploration has resulted in the highly prospective Sanankoro Gold Discovery, in addition to multiple, high potential, drill ready gold targets within its broader portfolio. Cora Gold's primary focus is on further developing Sanankoro in the Yanfolila Gold Belt (South Mali), which Cora Gold believes has the potential for a standalone mine development. Cora Gold's highly experienced and successful management team has a proven track record in making multi-million ounce gold discoveries which have been developed into profitable mines.

 

Dr Forster, who is a Fellow of the Institute of Materials, Minerals and Mining, has sufficient experience relevant to the style of mineralisation and type of deposit under consideration, and to the activity which he is undertaking to qualify as a Competent Person in accordance with the guidance note for Mining, Oil & Gas Companies issued by the London Stock Exchange in respect of AIM Companies, which outlines standards of disclosure for mineral projects. Dr Forster consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears.

 

 

Appendix 1: Summary of Intercepts

 

Hole No

Area

Easting_29N

Northing_29N

From

Length

g/t Au

End of Hole

Drill type







(recovered Au)



SC0027

ZONE A

557665

1295774

49

91

0.51

140

RC




          including

63

11

0.93






          including

100

2

1.78






          including

136

4

1.47



SC0028

ZONE A

557711

1296266

7

20

0.51

110

AC

SC0030

ZONE A

557635

1295548

14

2

1.25

68

AC

SC0031

ZONE A

557620

1295565

51

19

0.32

107

AC

SC0032

ZONE A

557655

1295532

NSI



82

AC

SC0033

ZONE A

557625

1295400

66

3

1.73

80

AC

SC0034

ZONE A

557641

1295383

NSI



70

AC

SC0035

ZONE A

557650

1295369

102

22

0.55

128

RC

SC0036

ZONE A

557718

1295466

NSI



102

AC/RC

SC0037

ZONE A

557895

1296062

NSI



126

RC

SC0081

ZONE A

557768

1296420

104

12

0.53

119

AC




          including

115

1

2.19



SC0082

ZONE A

557735

1296430

71

4

1.07

101

AC

SC0083

ZONE A

557720

1296254

27

7

1.09

101

AC




and

57

2

1.75



SC0084

ZONE A

557650

1295786

21

37

0.97

62

AC




          including

21

17

1.03






          including

43

14

1.26



SC0085

ZONE A

557648

1295796

16

19

1.17

96

RC




          including

21

8

2.11






and

40

2

4.88



SC0086

ZONE A

557605

1295844

65

6

0.44

100

RC

SC0092

ZONE A

557677

1295773




78

RC










SC0038

Link Zone A_B

558004

1297260

51

10

0.85

100

AC/RC




and

67

6

0.57



SC0039

Link Zone A_B

557989

1297282

18

11

0.96

90

AC/RC

SC0040

Link Zone A_B

557937

1296951

22

1

1.68

89

AC




and

68

1

2.35



SC0041

Link Zone A_B

557927

1296961

NSI



84

AC

SC0042

Link Zone A_B

557950

1296930

44

5

1.24

93

AC




and

63

7

0.96



SC0043

Link Zone A_B

557962

1296915

63

1

1.53

138

RC




and

100

3

1.59



SC0044

Link Zone A_B

557896

1296638

56

1

35.7

93

AC

SC0045

Link Zone A_B

557876

1296660

51

13

1.89

95

AC




          including

61

1

18.00



SC0070

Link Zone A_B

557984

1297098

71

1

1.47

83

AC

SC0071

Link Zone A_B

557969

1297118

NSI



95

AC

SC0072

Link Zone A_B

557950

1297140

NSI



85

AC

SC0073

Link Zone A_B

557933

1297159

NSI



107

AC

SC0074

Link Zone A_B

557913

1296814

NSI



83

AC

SC0075

Link Zone A_B

557902

1296834

NSI



89

AC

SC0076

Link Zone A_B

557888

1296855

NSI



89

AC

SC0077

Link Zone A_B

557877

1296493

NSI



89

AC

SC0078

Link Zone A_B

557862

1296511

NSI



101

AC

SC0079

Link Zone A_B

557853

1296525

67

1

2.19

95

AC

SC0080

Link Zone A_B

557847

1296546

NSI



95

AC










SC0046

ZONE C

557148

1295230

80

1

2.25

89

AC

SC0047

ZONE C

557133

1295246

35

15

0.80

95

AC




          including

43

6

1.56



SC0048

ZONE C

557118

1295266

18

13

1.01

101

AC

SC0049

ZONE C

557161

1295400

10

4

0.83

80

AC

SC0050

ZONE C

557093

1295475

NSI



95

AC/RC

SC0051

ZONE C

557170

1295561

59

3

2.62

89

AC

SC0052

ZONE C

557113

1295629

NSI



89

AC

SC0053

ZONE C

557150

1295581

23

7

0.91

95

AC

SC0054

ZONE C

557202

1295727

21

4

0.74

70

AC

SC0055

ZONE C

557168

1295766

0

8

0.77

107

AC




and

53

6

1.48



SC0056

ZONE C

557155

1295786

1

10

0.53

113

AC





16

4

0.96



SC0057

ZONE C

557125

1295809

NSI



62

AC

SC0058

ZONE C

557210

1295887

NSI



95

AC

SC0059

ZONE C

557202

1295912

NSI



113

AC

SC0060

ZONE C

557181

1295937

NSI



113

AC

SC0061

ZONE C

557167

1295960

NSI



82

AC

SC0065

ZONE C

557097

1295465

4

93

0.30

108

RC




          including

54

8

1.00



SC0066

ZONE C

557124

1295095

50

6

4.92

70

AC




          including

51

2

13.89



SC0067

ZONE C

557105

1295113

15

15

0.46

69

AC

SC0068

ZONE C

557134

1295076

NSI



71

AC

SC0069

ZONE C

557137

1295137

NSI



84

AC










SC0087

ZONE B NORTH

558285

1298865

28

5

0.85

41

AC

SC0088

ZONE B NORTH

558297

1298856

10

1

2.98

56

RC

SC0089

ZONE B NORTH

558272

1298893

NSI



66

RC

SC0090

ZONE B NORTH

558327

1298042

6

14

0.73

78

RC

SC0091

ZONE B NORTH

558311

1298060




66

RC



















note: all assays are recovered gold from cyanide leach in bottle roll, unless marked FA ( 50gr fire assay)












intercepts are derived using a 0.5 g/t Au lower cut off with up to 5 metres of internal dilution with grades > 0.1 g/t Au.

intercept grades  < 0.5 g/t are shown to demonstrate broad zones of strongly anomalous gold.


 


This information is provided by RNS
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Drill Results Confirm 3.6km Continuous Gold Zone - RNS