Cora Gold to start of 2022 drilling at Sanankoro

17th Feb 2022 12:22

(Sharecast News) - West Africa-focussed Cora Gold announced on Thursday that it is due to start a new 2022 drill programme at the flagship Sanankoro Gold Project in southern Mali.

The AIM-traded firm said Capital Drilling Mali, a subsidiary of the London-listed Capital Limited, had been appointed as drill contractor, and was mobilising to the site to undertake around 7,500 metres of reverse circulation (RC) drilling, due to commence in March.

It said the programme had a dual focus, on both converting existing resources from the inferred to the indicated category, and targeting the discovery of new inferred resources.

The company said the drilling would follow the success of its 2021 programme, which delivered a 200% increase of the pit-constrained mineral resource estimate to 21.9 million tonnes at 1.15 grams of gold per tonne, for a total of 809,300 ounces of gold.

That included 540,600 ounces at 1.33 grams per tonne in the indicated category, and 268,700 ounces at 0.9 grams per tonne in the inferred category.

Cora said "significant" further expansion potential had been identified, with all deposits remaining open at depth and along strike.

It said the mineral resource estimate was based on around 7.5 kilometres of surface expression of the total 33 linear kilometre strike length of the potential mineralised zones identified in the 2018 exploration target, of up to two million ounces within 100 metres of surface.

The drilling was expected to be completed in the second quarter, with drill results to be released during the programme as results were received.

"Following the success of our 2021 drill programme, delivering a 200% mineral resource estimate increase, we are delighted to be recommencing resource drilling at Sanankoro," said chief executive officer Bert Monro.

"The project's potential as an open-pittable, free-digging oxide mine has been established and through this drill programme and the definitive feasibility study, which remains on track to be delivered in the first half of 2022, we are committed to building on existing resources and creating additional value for the company."

At 1154 GMT, shares in Cora Gold were up 3.64% at 8.55p.