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Cora Gold Limited   -  CORA   

Exciting High-Grade Tekeledougou Drill Results

Released 07:00 01-May-2018

RNS Number : 6588M
Cora Gold Limited
01 May 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

1 May 2018

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

Exciting High-Grade Drill Results from Tekeledougou Gold Permit, Mali

 

Cora Gold Limited, the West African focused gold exploration company, is pleased to provide highly encouraging assay results from the initial 2,007m aircore ("AC") and reverse circulation ("RC") reconnaissance drilling campaign at the Tekeledougou Permit ("Tekeledougou" 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/6588M_-2018-4-30.pdf

 

Highlights

·     Maiden drill programme at Tekeledougou Permit

·     Two new gold zones discovered, with shallow, broad, high-grade gold intercepts including:

Woyoni:         

§ 56m at 2.2 g/t Au including 22m at 4.86 g/t Au; and

§ 60m at 0.7 g/t Au including 9m at 1.30 g/t Au.        

§ Drilling confirms minimum strike length of 250m

§ Open in all directions

Kouroudian:  

§ 17m at 6.8 g/t Au including 1m at 102 g/t Au; and

§ 15m at 1.17 g/t

§ Drilling confirms minimum strike length of 500m and clear potential to extend over 1km

§ Open in all directions

·     Cyanide bottle roll assays indicate potential gold recoveries of between 91% and 96%

·     Less than 10 km from Hummingbird Resources plc's producing Yanfolila Gold Mine - potential fast-route to cash flow; and 60km south of Cora's Sanankoro Gold Discovery

 

Dr Jonathan Forster, Cora's CEO commented, "These are exciting new gold discoveries and hold great promise for further development.  Some excellent grades and widths, a deep weathering profile which signifies the potential for lower cost mining, and both discoveries' proximity to an operational processing plant underpin the outstanding potential which we see at Tekeledougou.  I look forward to promptly pursuing these discoveries, with follow up infill and extensional RC programmes being planned, as well as some core drilling to help understand the new systems."

 

Woyoni Discovery

The Company completed three drill fences over a strike length of approximately 250m at Woyoni, which is the site of historical artisanal gold mining.  Outside of the artisanal workings, the mineralising structure lies beneath transported material with little surface expression for gold mineralisation.  The drilling, which tested to a vertical depth of between 80m to 100m, identified a broad zone of quartz veining in excess of 30m in true width.  The structure is interpreted to comprise a combination of N-S and E-W quartz veins hosted by a sedimentary sequence of predominantly sandstones and siltstones. 

 

Figure 1: Location of the Tekeledougou permit and gold prospects
relative to Hummingbird Resources plc's Yanfolila Gold Mine

 

Drill assay results have demonstrated that the quartz is mineralised with the gold zone currently interpreted to run on a N-S orientation, although a better understanding of the controls on gold mineralisation will require core drilling. The drill assays have indicated the potential for the mineralised zone to have a true width of 30m or more in places which, given the shallow depths, would indicate amenability to bulk mining. Indications are that the oxide zone extends to a depth of approximately 80m.

 

Hole no.

Easting

Northing

Azimuth

From

(m)

Length

(m)

Grade

(g/t Au)

Hole length

(m)

TKC 010

553272

1237627

220

48

56*

2.23

104

 

(including

66

22

4.83)

 

(including

67

2

24.52)

TKC 011

553246

1237771

220

21

19

0.34

113

TKC 012

553264

1237540

220

39

60*

0.70

99

 

(including

42

9

1.30)

 

(including

77

1

13.87)

(including

86

2

2.75)

TKC 013

553231

1237771

220

60

9

1.35

87

 

(including

64

3

3.26)

 

TKC 017

553283

1237556

220

69

9

0.88

83

  Holes TKC 014, 015, 016 were drilled off structure. * = hole ended in mineralisation

Table 1: Woyoni Drilling results

 

The lack of surface expression of the mineralisation, other than a number of termite samples with elevated gold counts in the vicinity and along strike (semi-quantitative sampling of termite material by systematic panning and counting grains of gold), indicates that a reconnaissance rotary air blast ("RAB") programme might be the most effective approach to identifying extensions to the mineralisation.

 

Kouroudian Discovery

Kouroudian is located approximately 4km to the south east of Woyoni and is on a separate structure. The discovery has been worked by artisanal mining which has indicated the presence of gold mineralisation at surface over a strike of nearly 600m with true widths of in excess of 30m. The mineralised structure is interpreted to be controlled by E-W sheeted quartz veins within a NNW oriented corridor. Drilling was completed on four fences approximately 120-160m apart and identified a gold zone that can be traced along the corridor, across all four fences, over a distance of approximately 500m.

 

Hole no.

Easting

Northing

Azimuth

From

(m)

Length

(m)

Grade

(g/t Au)

Hole length

(m)

TKC 001

555529

1234093

220

14

3

1.51

139

TKC 002

555551

1233961

220

11

17

6.84

130

 

(including

11

1

101.97)

 

TKC 004

555581

1233774

220

35

12

0.70

140

 

(including

38

1

3.66)

 

TKC 005

555601

1233786

220

NSI

(anomalous >0.1 g/t Au over 70m)

153

TKC 006

555613

1233605

220

96

3

2.39

142

TKC 007

555607

1233615

220

31

15

1.17

147

TKC 008

555622

1233633

220

71

2

3.08

105

  NSI = no significant intersect

Table 2: Kouroudian Drilling results

 

The gold zone remains open in all directions and further historical artisanal mining extending some 200-300m to the north and well-developed quartz vein float a similar distance to the south highlight the overall strike length potential of over 1,000m.

 

Higher grade gold intercepts lie within broader zones of anomalous gold (>0.1 g/t Au) supporting the observation of an overall broad zone of gold mineralisation. An understanding of the distribution of the higher grades within this zone will be pursued with infill and extensional RC drilling supported by core holes.

 

Sampling, gold assaying and gold recovery

One metre drill samples were split at the rig side using a Gilson sample splitter with 2kg samples collected and sent to the SGS laboratory in Ouagadougou. Manual panning at the rig indicated the presence of visible gold in many samples so that the cyanide leach technique (leachWell) which uses the full 2 kg sample, pulverised to 90% < 80 micron before immersion in cyanide for 6 hours to accomplish a gold leach. The resulting solution carrying the dissolved gold is analysed by AAS, whilst a sample of the residue from selected (>0.5 g/t Au) leached samples is collected for analysis by 50g fire assay. By combining the leached gold value with the residue gold value, a total gold value is determined. In addition, an indication of the possible extraction response of the gold mineralisation to the cyanide process is obtained. In this case, the oxide gold samples provided a recovery range of 91% to 96%. The deep weathering profile means that no sulphide gold samples were tested. For the reporting of assays, a 0.5g/t Au lower cut-off grade was used with no upper cut-off. Reported intercepts included up to 5m of internal dilution at greater than 0.1g/t.

 

** 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 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.


This information is provided by RNS
The company news service from the London Stock Exchange
 
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Exciting High-Grade Tekeledougou Drill Results - RNS