Regulatory Story
Go to market news section View chart   Print
RNS
Cora Gold Limited   -  CORA   

High Grade Gold Zones at Sanankoro

Released 07:00 04-Jun-2018

RNS Number : 1058Q
Cora Gold Limited
04 June 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

4 June 2018

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

High Grade, Shallow and Broad Gold Zones Identified at Sanankoro Gold Discovery

 

Cora Gold Limited, the West African focused gold exploration company, is pleased to provide further encouraging assay results from its 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/1058Q_-2018-6-1.pdf

 

Highlights

·     Broad zones of shallow gold mineralisation in the weathered zone including:

§ 34m at 2.5 g/t Au including 23m at 3.3 g/t Au;

§ 63m at 0.9 g/t Au including 18m at 1.3 g/t Au hole ending in mineralisation;

§ 19m at 1.2 g/t Au; and

§ 9m at 1.0 g/t Au including 3m at 2.5 g/t Au.       

·     Confirmation core drilling in Zone A shows good correlation to historical drilling

·     Drilling north of Zone B further extends mineralised strike at Sanankoro to over 5km

 

Dr Jonathan Forster, Cora's CEO commented, "The overall scale and quality of Sanankoro is remarkable.  We have received consistently encouraging results from drilling at this project, with today's assay results from core drilling confirming previous work at the Zone A area of the project.  It is pleasing to see confirmation of the higher grades that can be achieved in these types of heterogeneous quartz stockwork systems.

 

"In addition, our step out reconnaissance drilling north of Zone B continues to demonstrate the large-scale potential of the Sanankoro gold zone, which has now been extended to some 5.2km, and with every potential for it to continue to grow."

 

Core Drilling

It was previously reported (refer RNS date 24 April 2018 "Sanankoro Reconnaissance Drill Results Confirm Large Gold Mineralised Structure") that four widely spaced core holes had been completed to confirm mineralisation in previous drilling and give valuable information on controls and structure within the mineralised zone. Two diamond core holes were completed at each of Zone A and Zone B.

 

The two holes collared in Zone A successfully intersected the gold mineralised zone associated with quartz stockworks. Widths and grades are comparable to those previously recorded in historical drilling. Hole SD 0002 returned strong grades over broad widths with mineralisation hosted by quartz veining within a siltstone lithology, in contrast to the volcanic tuff host rock in SD 0001. Controls of mineralisation continue to be studied.

 

Accurate positioning of the two drill collars in Zone B was compromised by extensive artisanal workings. Both holes eventually drilled on top of or within the immediate footwall of the structure. Evidence for narrow footwall mineralisation was obtained in addition to important geological and structural information.

Hole No

Easting

Northing

Azimuth 

From

Interval

 

 

29N

29N

degrees

metre

metres

   g/t Au

SD0001

557677

1295773

320

77

19

1.15

 

 

 

   (includes

77

6

2.23)

SD0002

557711

1296070

320

45

2

1.12

 

 

 

and

61

34.8

2.53

 

 

 

   (includes

73

22.8

     3.27)

SD0003

558090

1297751

320

38.1

1

1.74

 

 

 

and

45.1

1

1.53

 

 

 

and

105.2

2

2.7

SD 0004

558177

1298222

320

NSI

NSI

          NSI

 

 

 

 

 

 

 

 

Table1: Zones A and B Confirmatory Core Drill Results

 

 

Extension of the Sanankoro Gold Zone to the North of Zone B

Gold assay results from a reconnaissance drill programme have now extended the Sanankoro gold zone to over 5km length, from the southern end of Zone A through to the new extension confirmed north of Zone B.  The latest aircore ("AC") and reverse circulation ("RC") drill programme comprised a set of six drill fences set typically between 240-280m apart, excepting one fence where access constraints across an alluvial plain increased the intervening distance to 600m. A distance of some 1.6km of strike length has been covered by this reconnaissance drilling.

 

Drill azimuths continue to be oriented to the NW in order to capture information from both N-S and E-W trending quartz vein systems. Weathering depths, in the vicinity of the alluvial plain, are typically in the range of 40m to 50m below surface. Coarse visible gold continues to be panned from samples collected at the drill rig.

 

The gold mineralisation has only been tested to vertical depths of 70m or less, in part due to the high-water table in the vicinity of the alluvial plain, which locally results in wet samples which are poorly representative due to potential contamination and loss of material. Anomalous gold values were locally recovered in these areas, pointing to the likely presence of the gold structure.

 

Gold assays are variable in both width and grade. For example, hole SC 0099 returned a very broad intercept of 63m, which may reflect a true width of around 30m to 35m. This variation reflects the common occurrence of pinch and swell along structures, along with heterogeneous distribution of gold, which is not unusual to quartz stockwork systems containing coarse gold. Having now confirmed the presence and position of the gold zone, infill drilling on closer spaced fences will be needed to better understand the distribution of width and grade.

 

 

Hole No

Easting

29N

Northing

29N

Azimuth

degrees

Hole length(m)

From

 metres

Intercept

metres

Grade

 g/t Au

Comment

SC0087

558285

1298865

324

41

29

4

0.96

 

SC0088

558297

1298856

324

56

10

1

2.98

 

SC0089

558272

1298893

324

66

32

34

anomalous

Wet samples

SC0090

558327

1299043

324

78

6

14

0.73

 

SC0091

558311

1299059

324

66

 

 

NSI

Off structure

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SC0096

558517

1299640

320

80

10

1

8.92

 

 

 

 

 

and

36

6

0.48

 

 

 

 

 

and

68

3

0.87

 

SC0097

558494

1299665

320

116

25

1

4.19

 

 

 

 

 

and

84

6

1.33

 

SC0098

558602

1299840

320

80

 

 

NSI

Off structure

SC0099

558582

1299863

320

120

57

63

0.87

End in

 

 

 

 

(includes

96

6

2.28)

Mineralization

 

 

 

 

(includes

93

18

1.34)

 

SC0100

558644

1300118

320

80

 

 

NSI

Off structure

SC0101

558625

1300140

320

120

33

3

0.79

 

 

 

 

 

and

54

3

0.69

Wet sample

 

 

 

 

and

81

18

anomalous

Wet sample

SC0102

558682

1300392

320

80

 

 

NSI

Off structure

SC0103

558666

1300418

320

117

21

6

0.54

 

 

 

 

 

and

57

9

1.03

 

 

 

 

 

(includes

57

3

2.47)

 

 

 

 

 

and

84

6

0.48

Wet sample

 

Notes: Holes SC0087-SC0091 were sampled at 1 m intervals with analysis by 50 g fire assay

Holes SC0096-SC0103 were sampled as 3 m composites, with analysis by 2 kg bottle roll
NSI =  no significant intersection  

Table 2: Zone B Extensional Drilling Results

 

Sampling, gold assaying and gold recovery

 

Gold was assayed at the independent SGS laboratory in Ouagadougou, Burkina Faso using 2kg leachWell bottle roll. The residue from samples assaying >0.5 g/t Au were subject to 50gm fire assay, with the resultant assay added to that from the bottle roll to provide a total gold assay. Earlier samples were analysed for gold by 50g fire assay at the SGS laboratory in Bamako, Mali.

 

QA/QC procedures include 5% duplicates, standards and blanks. Drill intercepts are calculated using a 0.5 g/t Au lower cut off, with no upper cut, and up to 5 metres of internal dilution at >0.1 g/t Au.

 

** 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 news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
END
 
 
DRLFKDDNABKDCAK
Close


London Stock Exchange plc is not responsible for and does not check content on this Website. Website users are responsible for checking content. Any news item (including any prospectus) which is addressed solely to the persons and countries specified therein should not be relied upon other than by such persons and/or outside the specified countries. Terms and conditions, including restrictions on use and distribution apply.

 


High Grade Gold Zones at Sanankoro - RNS