Cora Gold Limited Drilling Commences at Sanankoro Gold Discovery (1784Y)

TIDMCORA

RNS Number : 1784Y

Cora Gold Limited

04 December 2017

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

4 December 2017

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

Drilling Commences at Sanankoro Gold Discovery

Cora Gold Limited, the West African focused gold exploration company, is pleased to announce that, following the mobilisation of the rigs on 30 November 2017, a six-month drill programme commenced at its flagship Sanankoro Gold Discovery in Southern Mali ("Sanankoro" or "the Project"). To view the press release with the illustrative maps and diagrams, please click on the following link:

http://www.rns-pdf.londonstockexchange.com/rns/1784Y_-2017-12-1.pdf

Highlights

-- Multi-purpose drill rig mobilised and drilling commenced for the first phase of a 15,000m drill programme

-- Targeting 3,000m of mixed aircore ("AC") and reverse circulation ("RC") drilling prior to year end

   --     Priority targets identified: 

o Drilling will first target the 1.5km long "Target 1" (see Figure 2), located towards the north of Sanankoro and identified in part by shallow historical drilling which returned values including 6m at 2.7g/t Au, 3m at 5.9 g/t Au and 15m at 1.0 g/t Au

o Infill and confirmatory drill holes at Zones A and B, where the drill azimuth will be changed to the NW (rather than the historical E-W), to better test all quartz veins

   --     Testing Zones A and B for extensions along strike 
   --     Entire drill programme to be completed during Q2 2018 

Dr Jonathan Forster, CEO of Cora Gold said, "We are very excited to have commenced the drilling programme at Sanankoro, building on Gold Fields' positive historical results from Zones A and B. The programme is designed, in the first instance, to further highlight the potential scale of Sanankoro which we believe could be a +1 million ounce standalone mining operation. The first phase of the campaign, to be completed by YE 2017, will focus on an initial target of 1.5km strike length, which lies within a broader target of >4km in length. In addition, we will be looking to both confirm and start extending the previous drilling at Zones A and B. I look forward to reporting on the progress of the drill programme and on further targets as we advance the 15,000m campaign."

Further Information

The initial 3,000m combined AC and RC programme is planned for completion before the end of December 2017. The full drilling programme of approximately 15,000m, as well as some 1,000m of core drilling, is anticipated to be completed during Q2 2018.

Figure 1: Sanankoro Project Location, Yanfolila Belt, South Mali (please view PDF)

Phase one has three primary objectives:

i) Undertake systematic exploration drilling at Target 1 to depths of about 100m to identify the potential for the zone to host continuous gold mineralisation with economic widths and grades;

ii) Identify the influence of E-W veins, and confirm selected previous historical drill results within both Zones A and B; and

iii) Commence testing for possible extensions along strike to the north and south of, and in between, Zones A and B.

Drill samples will be analysed for gold at the independent SGS laboratory in Bamako, with a turnaround time for results expected to be several weeks.

Target 1

Target 1 is located about 5km to the NNE of Zone B, and was historically tested by four fences of shallow, angled, reconnaissance RAB drill holes on widely spaced drill fences between 400m and 800m apart. Target 1 forms part of a much larger zone (>4km in length) in the northern extent of the identified strike of Sanankoro. Much of Target 1 lies along a ferricrete plateau, within a +50 ppb Au gold in soil anomaly. Each drill fence returned significant indications of primary gold mineralisation (refer Appendix 1).

Locally, small areas of disused surface artisanal workings were identified through detailed mapping of the target. The planned drill programme of approximately 1,500m will initially focus on testing for the presence of a continuous mineralised structure of economic grades and widths to depths of about 100m below surface. Drilling will commence on fences 320m apart.

Figure 2: Surface structures under permit zones (please view PDF)

Zone A and Zone B

Recent detailed mapping and investigation of artisanal mining, in conjunction with review of historical drill core, indicates the presence of a well-developed set of east-west trending, sub vertical, quartz veins that are believed to carry gold mineralisation. This complements the previously identified sub vertical and low angle set of quartz veins that trend on an azimuth of around 015(o) .

Historical drilling was aligned on an E-W axis to test only the 015(o) trending zones and, has failed to systematically test, gold mineralisation potential from the E-W trending vein set. Anecdotal evidence, as well as artisanal workings, suggest the E-W trending veins carry gold.

The programme of combined AC and RC drilling will test the significance of the E-W veins and provide some infill and confirmatory drilling of the historical drill results. This will be accomplished by drilling on a NW azimuth with the objective of intersecting all three quartz vein sets on a systematic basis.

Finally, the Company will complete a number of drill fences which will test for extensions along strike to both Zones A and B, as well as the section between the two zones.

A successful programme to the end of 2017 will provide further encouragement to Cora Gold on the potential scale of the Sanankoro Gold Discovery.

**S **

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

 
                                                          [phone] 
  Jon Forster               Cora Gold                      0010 
  John Depasquale/Nick      Allenby Capital (Nominated    [phone] 
   Harriss/ Liz Kirchner     Adviser)                      5656 
  Peter Krens/Nick          Mirabaud Securities           [phone] 
   Orgill                    (Joint Broker)                7150 
                            Beaufort Securities           [phone] 
  Jon Belliss                (Joint Broker)                8300 
  Lottie Wadham/Susie       St Brides Partners            [phone] 
   Geliher                   (Financial PR)                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.

The information in this announcement is based on historical information provided by Gold Fields Limited and compiled on behalf of Cora Gold by Dr Jonathan Forster. The drill results have not been independently verified by Cora Gold. Dr Jonathan Forster (PhD, MBA, FIMMM) is Cora Gold's chief executive officer. 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.

Appendix 1

 
 Drill     Hole                                                       Hole 
  Fence     No     Easting   Northing    From     Intercept   Grade    Type 
                   WGS 84    WGS 84                             g/t 
                    29P N     29P N      metres    metres        Au 
--------  ------  --------  ---------  --------  ----------  ------  ------ 
            BRAB 
 1304600    1474    559780    1304602        30           6    2.75     RAB 
          ------  --------  ---------  --------  ----------  ------  ------ 
            BRAB 
            1475    559754    1304600        27           3    1.15     RAB 
                             and             48           3    5.93     RAB 
--------  ------  --------  ---------  --------  ----------  ------  ------ 
            BRAB 
 1304200    1478    559830    1304200        21          15    1.05     RAB 
--------  ------  --------  ---------  --------  ----------  ------  ------ 
            BRAB 
 1303800    1482    559855    1303800         6           3    1.06     RAB 
          ------  --------  ---------  --------  ----------  ------  ------ 
            BRAB 
            1484    559805    1303800        27           9    0.35     RAB 
--------  ------  --------  ---------  --------  ----------  ------  ------ 
            BRAB 
 1303000    1540    559925    1303000        30           9    0.85     RAB 
          ------  --------  ---------  --------  ----------  ------  ------ 
            BRAB 
            1541    559900    1303000         6           3    2.61     RAB 
--------  ------  --------  ---------  --------  ----------  ------  ------ 
 

Notes to Appendix 1: Drill intercepts using a 0.5 g/t Au lower cut-off grade were compiled by undertaking weighted averages of consecutive individual assays, equal to or in excess of the minimum grade of 0.5 g/t Au. Internal dilution (<0.5 g/t Au) was allowed for up to a maximum of 3m. In the event that no samples were collected in areas of poor core recovery, a zero grade was ascribed to the zone, even if located within a run of gold mineralisation.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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December 04, 2017 02:00 ET (07:00 GMT)