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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Cora Gold Limited | LSE:CORA | London | Ordinary Share | VGG2423W1077 | ORD NPV (DI) |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -0.08 | -3.48% | 2.22 | 2.20 | 2.40 | 2.30 | 2.30 | 2.30 | 63,905 | 16:35:09 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Gold Ores | 0 | -2.51M | -0.0068 | -3.38 | 8.52M |
From Apr 2019 to Apr 2024
TIDMCORA
RNS Number : 3189V
Cora Gold Limited
02 November 2017
Cora Gold Limited / EPIC: CORA.L / Market: AIM / Sector: Mining
2 November 2017
Cora Gold Limited ("Cora Gold", "Cora" or "the Company")
Strong Continuity and Broad Nature of Gold Mineralisation Confirmed at Sanankoro Gold Discovery
and Issue of Shares
Cora Gold Limited, the West African focused gold exploration company, is pleased to announce a positive update from its flagship Sanankoro Gold Discovery ("Sanankoro" or "the Project") in Southern Mali (Figure 1). To view the press release with the illustrative diagrams please use the following link:
http://www.rns-pdf.londonstockexchange.com/rns/3189V_-2017-11-1.pdf
Highlights
-- Review of Gold Fields historical data from Sanankoro complete underpinning project potential -- Historical laboratory assay certificates for Gold Fields drilling acquired -- Selected drill intercepts include:
o 25 metres @ 2.1g/t Au from 4 metres below surface;
o 23 metres @ 2.3g/t Au from 62 metres below surface;
o 27 metres @ 1.8g/t Au from 21 metres below surface;
o 26 metres @ 1.7g/t Au from 37 metres below surface; and
o 22 metres @ 1.4g/t Au from 72 metres below surface.
-- Broad zones of mineralisation present with potential mineable widths -- Strong continuity of mineralisation observed between sections of historical drilling
-- Presence of potential shallow plunging higher grade shoots identified in preliminary long section
-- Potential for repetition of mineralised structures parallel to the two identified structures
-- Drill programme scheduled for late November 2017, initially targeting about 4 km strike length of structure
Jon Forster, CEO of Cora Gold said, "Sanankoro is a discovery of substantial potential and the indication of shallow plunging higher grade shoots within a lower-grade halo is particularly encouraging and provides us with immediate follow up targets for future drilling. The level plan confirmed the remarkable continuity of the gold bearing structure throughout Zones A and B. We believe this continuity should exist along strike to both the north and south. We also believe there is the potential for parallel repetitions of these structures within the Project area. Our objective is to delineate a resource which will support a standalone gold mine at Sanankoro."
Further Information
Sanankoro is an existing gold discovery extending over approximately 14km of identified strike length across two discrete, parallel, mineralised zones. The region is known for its relatively deep weathering profile, which extends from approximately 70 metres below surface to over 120 metres within the Project area. Sanankoro can be characterised as a series of shear-hosted quartz stockworks with a volcano-sedimentary sequence, with higher grade gold contained within the quartz veins, surrounded by a broad halo of lower grade material.
Figure 1: Sanankoro Project Location, Yanfolila Belt, South Mali
Cora has re-evaluated the Gold Fields Limited ("Gold Fields") historical drilling data using a lower cut-off grade of 0.5g/t Au (previously 1g/t Au as per SRK Competent Person's Report ("CPR") and allowing internal dilution downhole of 3 metres in its compositing of drill intercepts (previously zero metres as per CPR). Selected drill results are presented in Appendix 1. The Company believes that the new assessment is more realistic for this style of mineralisation, the deep weathering profile observed at Sanankoro, and better reflects the likely mineable widths and grades of the Project.
The Company also used the 0.5g/t Au cut-off grade to construct a level plan at 50 metres below surface (Figure 2), as well as a long section with a gram x metre ("gram metre" or "gm") contour, for both Zones A and B (Figure 3). The level plan shows almost complete along strike continuity of the mineralised envelope along the 600 metres and 1km of strike in Zone A and B, respectively. Some minor offsetting or discontinuity is noted, which is possibly associated with late stage faulting. True widths of mineralisation generally ranged from 12 metres to 25 metres, indicating likely amenability to bulk tonnage mining methods.
Figure 2: Level Plans for Zone A and Zone B at Sanankoro
The long section shows higher grade, north plunging, shoots within its core, with average gram metre intercepts of more than 30gm. The higher grade shoots are surrounded by broader zones of lower grade mineralisation.
Figure 3: Sanakoro Zone A and B Long Section, with shallow
plunging higher grade shoots
Contours represent drill intercepts in grams per tonne multiplied
by reported downhole intercept in metres
The systematic drilling completed by Gold Fields at Zones A and B, for which Cora recently acquired the original laboratory certified assay certificates, give Cora an excellent indication of the likely style of gold mineralisation at Sanankoro. This will assist in developing plans for the step-out drilling programme designed to expand gold mineralisation along strike from Zones A and B. The combination of historical shallow reconnaissance drilling, recent field mapping, and abandoned and active artisanal mine sites will be used to establish a prioritised drill programme, scheduled for late November 2017, that will initially target about 4km strike length of structure. Priority drill targets will be released to the market prior to the commencement of the drill campaign.
Figure 4: Sanankoro Zone A and B Cross Sections
Intercepts reported as grams of gold over metres downhole (g/m)
Proposed Issue of Shares
Cora has recently appointed a company ("the Provider") to assist with its digital marketing strategy. As part of the consideration for these services the Company will, subject to shareholder approval at the Company's next Annual General Meeting, issue the Provider with 80,000 Ordinary Shares in Cora Gold. If shareholder approval is not granted, then Cora Gold shall pay the equivalent sum of GBP12,800 in cash to the Provider.
For further information, please visit http://www.coragold.com or contact:
Hot Features
Premium
+44 (0) 20 3239
Jon Forster Cora Gold 0010
John Depasquale/Nick Allenby Capital (Nominated +44 (0) 20 3328
Harriss/ Liz Kirchner Adviser) 5656
Peter Krens/Nick Mirabaud Securities +44 (0) 20 3167
Orgill (Joint Broker) 7150
Beaufort Securities +44 (0) 20 7382
Jon Belliss (Joint Broker) 8300
Lottie Wadham/Susie St Brides Partners +44 (0) 20 7236
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
Hole Hole Hole
Area Number UTM 29P_E UTM29P_N From Intercept Grade Type Length
g/t
(metres) (metres) Au (metres)
------ ----------- ---------- ---------------------- --------- ---------- -------------- ------ ---------
Zone
A GBRC0001 557659 1295650 41 3.0 1.00 RC 108
and 76 1.0 1.00
------------------ ---------- ---------------------- --------- ---------- -------------- ------ ---------
Zone
A GBRC0002 557685 1295850 26 2.0 0.81 RC 95
and 60 7.0 2.69
and 77 12.0 1.38
------------------ ---------- ---------------------- --------- ---------- -------------- ------ ---------
Zone
A GBRC0003 557698 1295950 54 7.0 0.89 RC 90
and 68 2.0 1.57
------------------ ---------- ---------------------- --------- ---------- -------------- ------ ---------
Zone
A GBRC0004 557713 1296050 39 7.0 1.41 RC 100
and 62 23.0 2.27
------------------ ---------- ---------------------- --------- ---------- -------------- ------ ---------
RC +
Zone core
A GBRCD0005 557733 1296150 37 11.0 1.48 tail 124
(including 37 1.0 7.47)
and 61 2.0 0.87
and 82 15.0 1.85
------------------ ---------- ---------------------- --------- ---------- -------------- ------ ---------
Zone
A GBRC0006 557752 1296250 48 14.0 0.75 RC 100
and 74 2.0 1.48
------------------ ---------- ---------------------- --------- ---------- -------------- ------ ---------
Zone
A GBRC0007 557662 1295750 58 13.0 0.93 RC 96
------ ----------- ---------- ---------------------- --------- ---------- -------------- ------ ---------
RC +
Zone core
A GBRCD0008 557684 1295650 94 2.0 1.50 tail 160
and 108 3.0 0.68
------------------ ---------- ---------------------- --------- ---------- -------------- ------ ---------
RC +
Zone core
A GBRCD0009 557729 1295750 86 1.0 1.93 tail 180
and 138 1.0 1.42
------------------ ---------- ---------------------- --------- ---------- -------------- ------ ---------
RC +
Zone core
A GBRCD0010 557729 1295850 10 8.0 1.44 tail 165
and 78 1.0 1.35
and 104 6.0 1.55
------------------ ---------- ---------------------- --------- ---------- -------------- ------ ---------
RC +
Zone core
A GBRCD0011 557746 1295950 81 1.0 1.80 tail 160
and 87 1.0 0.91
and 118 7.0 0.63
------------------ ---------- ---------------------- --------- ---------- -------------- ------ ---------
RC +
Zone core
A GBRCD0012 557759 1296000 123 11.0 0.71 tail 160
------ ----------- ---------- ---------------------- --------- ---------- -------------- ------ ---------
RC +
Zone core
A GBRCD0013 557764 1296050 1 1.0 14.70 tail 154
and 78 8.0 1.45
and 105 1.0 7.59
and 120 16.0 1.30
and 142 1.0 12.10
------------------ ---------- ---------------------- --------- ---------- -------------- ------ ---------
RC +
Zone core
A GBRCD0014 557778 1296150 87 2.0 1.80 tail 171
and 120 11.0 0.96
------------------ ---------- ---------------------- --------- ---------- -------------- ------ ---------
Zone
A GBRC0015 557685 1295500 103 1.0 1.62 RC 130
and 112 4.0 2.40
------------------ ---------- ---------------------- --------- ---------- -------------- ------ ---------
Zone
A GBRC0016 557836 1296450 65 1.0 1.59 RC 130
and 100 1.0 3.15
------------------ ---------- ---------------------- --------- ---------- -------------- ------ ---------
Zone
A BRC 843 557775 1296250 99 9.0 1.27 RC 130
------ ----------- ---------- ---------------------- --------- ---------- -------------- ------ ---------
Zone
A BRC 848 557685 1295750 58 10.0 2.52 RC 150
and 94 9.0 0.75
------------------ ---------- ---------------------- --------- ---------- -------------- ------ ---------
RC +
Zone BRCD core
A 844 557722 1296000 72 22.0 1.39 tail 154
and 110 1.0 3.00
------------------ ---------- ---------------------- --------- ---------- -------------- ------ ---------
Zone
A BKR 001 557742 1295924 15 3.0 4.00 RAB 70
and 27 6.0 0.61
------------------ ---------- ---------------------- --------- ---------- -------------- ------ ---------
Zone
A BKR010 557714 1296310 12 3.0 1.33 RAB 70
and 42 3.0 0.88
------------------ ---------- ---------------------- --------- ---------- -------------- ------ ---------
Zone
A BRAB648 557731 1296250 34 3.0 2.31 AC 56
and 54 2.0 1.56
------------------ ---------- ---------------------- --------- ---------- -------------- ------ ---------
Zone
A BRAB652 557675 1296000 4 25.0 2.09 AC 54
------ ----------- ---------- ---------------------- --------- ---------- -------------- ------ ---------
Zone
A BRAB860 557775 1296450 15 3.0 2.34 RAB 54
------ ----------- ---------- ---------------------- --------- ---------- -------------- ------ ---------
RC +
Zone core
B GBRCD0017 558087 1297650 37 26.0 1.72 tail 101
(including 56 3.0 6.98)
------------------ ---------- ---------------------- --------- ---------- -------------- ------ ---------
RC +
Zone core
B GBRCD0018 558129 1297650 95 5.0 6.09 tail 161
(including 95 1.0 26.5)
and 112 7.0 4.59
(including 118 1.0 22.8)
and 137 4.0 0.58
------------------ ---------- ---------------------- --------- ---------- -------------- ------ ---------
RC +
Zone core
B GBRCD0019 558143 1297750 97 16.0 0.28 tail 175
and 153 6.0 0.93
------------------ ---------- ---------------------- --------- ---------- -------------- ------ ---------
Zone
B GBRC0020 558159 1297950 9 1.0 1.46 RC 110
and 22 3.0 0.46
and 31 4.0 0.94
and 47 26.0 0.81
------------------ ---------- ---------------------- --------- ---------- -------------- ------ ---------
RC +
Zone core
B GBRCD0021 558202 1297950 110 5.0 0.57 tail 167
and 127 17.0 0.71
------------------ ---------- ---------------------- --------- ---------- -------------- ------ ---------
Zone
B GBRC0022 558204 1298150 25 9.0 0.85 RC 112
and 39 10.0 0.77
and 61 1.0 3.16
and 73 3.0 0.90
and 100 1.0 1.82
------------------ ---------- ---------------------- --------- ---------- -------------- ------ ---------
Zone
B GBRC0023 558260 1298455 46 2.0 0.88 RC 90
and 80 3.0 2.57
------------------ ---------- ---------------------- --------- ---------- -------------- ------ ---------
Zone
B GBRC0024 558066 1297450 62 4.0 0.50 RC 120
and 93 6.0 0.56
------------------ ---------- ---------------------- --------- ---------- -------------- ------ ---------
Zone
B GBRC0025 557996 1297050 103 4.0 0.81 RC 114
------ ----------- ---------- ---------------------- --------- ---------- -------------- ------ ---------
RC +
Zone core
B GBRCD0026 558271 1298254 110 1.0 6.48 tail 182
123 14.0 1.63
148 3.0 1.27
166 7.0 1.84
------------------ ---------- ---------------------- --------- ---------- -------------- ------ ---------
Zone
B BKR038 558047 1297568 12 27.0 1.22 RAB 81
------ ----------- ---------- ---------------------- --------- ---------- -------------- ------ ---------
Zone
B BKR039 558081 1297561 57 6.0 0.90 RAB 70
------ ----------- ---------- ---------------------- --------- ---------- -------------- ------ ---------
Zone
B BKR051A 558102 1298049 0 3.0 2.47 RAB 57
and 30 3.0 5.10
------------------ ---------- ---------------------- --------- ---------- -------------- ------ ---------
Zone
B BKR052 558141 1298010 6 9.0 0.81 RAB 51
and 36 3.0 2.15
------------------ ---------- ---------------------- --------- ---------- -------------- ------ ---------
Zone
B BKR053 558178 1297990 36 3.0 1.62 RAB 76
and 63 10.0 0.57
------------------ ---------- ---------------------- --------- ---------- -------------- ------ ---------
Zone
B BKR 057 558066 1298385 6 3.0 5.52 RAB 51
------ ----------- ---------- ---------------------- --------- ---------- -------------- ------ ---------
Zone
B BKR 059 558116 1298385 3 3.0 7.05 RAB 40
and 30 6.0 1.02
------------------ ---------- ---------------------- --------- ---------- -------------- ------ ---------
Zone
B BKR 060 558209 1298389 30 6.0 1.57 RAB 60
------ ----------- ---------- ---------------------- --------- ---------- -------------- ------ ---------
Zone
B BKR 132 558154 1298201 9 21.0 1.35 RAB 45
------ ----------- ---------- ---------------------- --------- ---------- -------------- ------ ---------
Zone
B BRC850 558095 1297750 21 27.0 1.84 RC 120
(including 21 3.0 8.99)
(including 40 4.0 2.81)
and 56 6.0 0.57
and 93 1.0 16.00
------------------ ---------- ---------------------- --------- ---------- -------------- ------ ---------
Zone
B BRC852 558221 1298255 22 1.0 7.66 RC 115
and 35 2.0 1.17
and 47 6.0 0.69
and 61 2.0 1.80
and 74 6.0 2.08
and 86 1.0 1.12
and 96 1.0 12.70
and 103 10.0 0.48
------------------ ---------- ---------------------- --------- ---------- -------------- ------ ---------
Zone
B BRAB874 558000 1297050 30 6.0 0.95 RAB 54
------ ----------- ---------- ---------------------- --------- ---------- -------------- ------ ---------
Zone
B BRAB875 557975 1297050 30 6.0 1.30 RAB 54
------ ----------- ---------- ---------------------- --------- ---------- -------------- ------ ---------
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 3 metres. 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.
** ENDS **
This information is provided by RNS
The company news service from the London Stock Exchange
END
DRLOKDDDOBDDDDK
(END) Dow Jones Newswires
November 02, 2017 03:00 ET (07:00 GMT)
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