Cora makes new surface gold discovery at Sanankoro

2nd Mar 2022 15:20

(Sharecast News) - West Africa-focussed Cora Gold updated the market on exploration at its portfolio of gold assets in southern Mali on Wednesday, reporting a new surface gold discovery at its flagship Sanankoro Gold Project in previously-unexplored areas seven kilometres from the 'zone A' deposit.

The AIM-traded firm said assay results from selected rock samples returned up to 0.85 grams of gold per tonne, with gold grain counts from channel samples in the Bokoro II permit returning up to 75 visible gold grains.

Ground exploration work, including termite, rock and channel sampling, had taken place in unexplored areas of the Bokoro II and Bokoro Est permits at the project.

The board said the results supported future follow-up exploration work on the permit areas.

"Our primary focus is advancing our Sanankoro Gold Project into an open-pittable, free-digging oxide mine as swiftly as possible," said chief executive officer Bert Monro.

"To this end, our definitive feasibility study remains on track to be delivered in the first half of 2022, after which the company will look to complete both the permitting and financing of the project.

"Nonetheless, alongside these critical developments we are committed to maximising the value potential of the project and our wider portfolio."

Monro said the company remained "active explorers", and was "constantly seeking opportunities" to build on its existing resources through new discoveries.

"This recent exploration programme was aimed at identifying prospective new targets to support this goal, and we are delighted with the success it has achieved.

"Results from the Bokoro II permit are particularly encouraging given its proximity to our main Sanankoro project, underpinning how extensive the mineralisation at Sanankoro could be.

"Indeed, all deposits remain open at depth and along strike and we are due to commence a 7,500 metre drill programme imminently to improve resource confidence and add further ounces."

At 1355 GMT, shares in Cora Gold were up 3.42% at 7.86p.