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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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 2.30 | 2.20 | 2.40 | 2.30 | 2.30 | 2.30 | 0.00 | 08:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Gold Ores | 0 | -2.51M | -0.0068 | -3.38 | 8.52M |
From Apr 2022 to Apr 2024
TIDMCORA
RNS Number : 1465N
Cora Gold Limited
30 May 2022
Cora Gold Limited / EPIC: CORA.L / Market: AIM / Sector: Mining
30 May 2022
Cora Gold Limited ('Cora' or 'the Company')
Final drill Results from 2022 Drill Campaign and DFS update
Cora Gold Limited, the West African focused gold company, is pleased to announce the third and final set of drill results from its recently completed 2022 drill programme at the Company's Sanankoro Gold Project ('Sanankoro' or the 'Project') in southern Mali.
Drill Highlights
-- Final reverse circulation ('RC') drilling returns some of the best oxide intercepts from the 2022 drill programme, with highlights including:
o 12m @ 7.61 g/t gold ('Au') from 18m in hole SC0639 at Selin South
o 13m @ 4.97 g/t Au from 61m in hole SC0650 at Zone B North
o 14m @ 2.00 g/t Au from 64m in hole SC0640 at Selin South
o 11m @ 2.42 g/t Au from 120m in hole SC0648 at Selin South
o 12m @ 2.08 g/t Au from 49m in hole SC0636 at Selin South
o 13m @ 1.90 g/t Au from 18m in hole SC0637 at Selin South
o 4m @ 6.34 g/t Au from 26m in hole SC0658 at Target 6
-- Drill programme consisted of 11 aircore ('AC') shallow holes for 897m and 78 RC holes for a total of 6,992m (4,958m at Zone B North; 1,092m at Selin South, 504m at Fode 1 and 438m at Target 6)
-- Drilling successfully targeted converting existing Inferred Mineral Resources to Indicated Mineral Resources and identified new discoveries at Fode 1 and Target 6, close to existing Mineral Resources
-- On the back of these positive results the Company intends to update its Mineral Resource Estimate ('MRE') for Sanankoro
DFS Update
-- Main component parts of the Definitive Feasibility Study ('DFS') have been substantially completed
-- The updated MRE will be incorporated into the Mining Study for the DFS, which as a result of the work required to produce a new MRE and subsequent mine schedule will now be finalised in Q3 2022
-- Environmental and Social Impact Assessment ('ESIA') due for completion imminently and submission to commence environmental permitting process will happen in the coming weeks
Bert Monro, Chief Executive Officer of Cora, commented, "The final drill results from our 2022 campaign have delivered some of our best results of the year. 12m @ 7.61 g/t Au from 18m depth is an excellent oxide drill hole from Selin South as we look to add new Indicated Mineral Resources there. The positive nature of these results has given us confidence to look to update the MRE as we primarily target adding mineable ounces to grow our Ore Reserve in the DFS. As we have been encouraged by the drilling results we believe they should be reflected in the DFS and, as such, we hope to add mine life to the upcoming Sanankoro DFS which will be completed in Q3 2022."
To view the RNS with illustrative diagrams and maps, please use the following link: http://www.rns-pdf.londonstockexchange.com/rns/1465N_1-2022-5-27.pdf
Sanankoro Gold Project Map
Figure 1 : Map showing the locations of the deposits and discoveries at the Sanankoro Gold Project
Background on the Geology
Sanankoro is located on the leading western edge of the Yanfolila-Kalana Volcanic Belt, which is the western-most expression of the cratonic Baoulé-Mossi domain, on the major transcrustal margin with the Siguiri Basin. There is major deep-seated structural architecture across the district which links the major gold mines at Siguiri, Lero, Tri-K, Kalana and Yanfolila.
On a project scale, Sanankoro is characterised by the 2km wide Sanankoro Shear Zone, which can be traced over 30 km from Kabaya South in the western Yanfolila Mine to north of the Niger River beyond Selin and onto Karan. Within the project area, each of the prospects are underpinned by a strong linear parallel, and where strong mineralisation is developed, a pronounced localised NE-SW focused zone of en-echelon veining and associated sulphide development.
Selin Geology
The Selin deposit is hosted on the eastern margin of the Sanankoro Shear Zone in the north-eastern corner of the Sanankoro permit. The deposit has a typical interference node control but with the additional positive impact of a strong, rheological diorite intrusive host. The gold geology at Selin is anchored along this linear, en-echelon or possibly folded, diorite igneous intrusive which cores the volcaniclastic thrust assemblage and focuses the gold deposition.
Recent core drilling into Selin has enlightened the genetic model for this deposit by discovering 4-6 multiple early/pre-D3 dykes of diorite intruding the 65-80deg W dipping axial trace of a western hanging-wall F3 anti-form on this major reactivated D2 east-verging thrust. The >100m wide Selin Shear Zone may be a regional back-thrust and the dominant eastern margin of the regional west-verging Sanankoro thrust. The largest diorite unit is demonstrably discordant and sits immediately west and adjacent to a major early ductile, 10-30m wide footwall carbonaceous shear. Progressive deformation has folded, warped and possibly cross-faulted the diorite units prior to gold deposition. The early footwall shear fabrics are overprinted by later semi-brittle to brittle graphitic faults which locally convert all protolith to graphitic schist on sub-metre scale. The diorite units exhibit multi-phase veining interference and sulphide development. The dominant sulphide is pyrite with occasional arsenopyrite and a scattering of chalcopyrite. Alteration minerals are predominantly sericite, silica, fuchsite, ankerite, graphite and calcite.
Zone A, Zone B and Zone C Geology
Zone A is the second major deposit at Sanankoro behind Selin and shores up the southern limit of the 11.5km mineralised corridor, which forms the backbone to the Sanankoro Project. Zone A is the southernmost expression of the 010(o) trending central axis of the Sanankoro Shear Zone, which is located 900m west of the Selin Boundary Shear and hosts the 5.8km chain of deposits from Zone A through Zone B to Zone B North. The deposits of this central trend verge westward mimicking the regional sense of thrusting.
Zone B is the third major deposit at Sanankoro behind Selin and Zone A. It is the strike extension of Zone A, located 800m to the north. The Sanankoro Main Trend strikes for 6km from the south end of Zone A to the north end of Zone B North. Detailed sectional drilling is required along the length of this major generative gold system. The local structural facing and stratigraphy of Zone B is very similar to Zone A with the western footwall sequences hosting more crystalline volcanic tuffaceous units and the eastern, hanging wall assemblages being more basinal sediments. Zone B hosts an impressive scale of hydrothermal activity and the broad horizontal widths of mineralisation observed in the recent drilling bodes well for future discovery potential along the central and southern sections of the Sanankoro Main Shear Zone (SMSZ).
Zone C is located 650m southwest of Zone A on the parallel, +7km long Sanankoro West Shear Zone (SWSZ) which can be traced along a chain of surface workings to the Excavator Prospect, 1.5km NNW of Zone B North.
Zones A, B and C deposits are identical in style and typical of Siguiri Basin Deposits, fold-thrust controlled within pelitic and psammitic sediments and very deeply weathered (>120m from surface). There is a highly evolved weathering profile with a pronounced 8-10m thick duricrust-laterite ferro-cap, grading downward into a well-developed mottled zone until 20-25m and remains highly weathered until beyond 130m vertically within the central mineralised fault zone. Below the saprolite lies a 35-40m thick transition zone ending on top of fresh rock at between 160 to 170m.
All of the host oxide lithologies are weathered to kaolin with only highly corroded quartz vein material remaining in-situ to mark the main gold faults. Diamond core shows the host lithologies to be predominantly variably grained basinal pelites and sandstones with minor horizons of small quartz clast, matrix-supported greywacke inter-bedded within the sequence. A minor intercept of diorite has been identified but does not form an important control to the mineralisation currently drill tested at Zone A or C. The primary sulphide is pyrite disseminated around central vein networks and enveloped by a broader hydrothermal halo of silica flooding, sericite and ankerite.
Intersections
The intersections have been calculated using a 0.4 g/t Au cut-off over a minimum 1m sample length. An allowance of 3m of internal material, below cut-off grade, is included where required. Lengths are apparent in nature and are therefore not true widths of the mineralisation.
All samples were sent for 2kg bottle roll analysis at ALS Laboratories with results supported by QAQC analysis.
Intersections are reported according to JORC 2012 guidelines.
Figure 2 : Plan view of Selin, Target 6 and Zone B North with Fode 1 showing section lines for Selin ( Figure 3, Figure 4 and Figure 5)
The conceptual interpretation of mineralisation ( Figure 3 , Figure 4 and Figure 5 ) was made using a 0.2 g/t Au threshold i.e., the same threshold used for the Mineral Resource (November 2021). This interpretation is for illustrative purposes only and does not represent a volume or domain that will be used for Mineral Resource reporting purposes in future.
Figure 3 : Cross section 1 looking south at Selin South showing new drill hole traces and samples relative to a conceptual interpretation of the mineralisation.
Figure 4: Cross section 2 looking south at Selin South showing new drill hole traces and samples relative to a conceptual interpretation of the mineralisation.
Figure 5: Cross section 3 looking south at Selin South showing new drill hole traces and samples relative to a conceptual interpretation of the mineralisation.
Table 1 : RC drill intercepts from the on-going 2022 drill programme.
Hot Features
Premium
Hole Easting Northing From Intercept Including Prospect
(m)
559 1 304 1m @ 0.51
SC0636 836 100 4 g/t SELIN SOUTH
------------
559 1 304 1m @ 0.78
SC0636 836 100 8 g/t SELIN SOUTH
-------- -------- --------- ----- ----------- ---------------------------- ------------
559 1 304 10m @ 1.22 3m @ 1.17 g/t & 5m @ 1.65
SC0636 836 100 18 g/t g/t SELIN SOUTH
-------- -------- --------- ----- ----------- ---------------------------- ------------
559 1 304 1m @ 0.95
SC0636 836 100 43 g/t SELIN SOUTH
-------- -------- --------- ----- ----------- ---------------------------- ------------
559 1 304 12m @ 2.08 1m @ 3.50 g/t, 3m @ 2.18g/t
SC0636 836 100 49 g/t & 2m @ 6.05 g/t SELIN SOUTH
-------- -------- --------- ----- ----------- ---------------------------- ------------
559 1 304 13m @ 1.90 6m @ 1.84 g/t & 5m @ 2.67
SC0637 836 124 18 g/t g/t SELIN SOUTH
-------- -------- --------- ----- ----------- ---------------------------- ------------
559 1 304 4m @ 1.88
SC0637 836 124 44 g/t 2m @ 3.07 g/t SELIN SOUTH
-------- -------- --------- ----- ----------- ---------------------------- ------------
559 1 304 5m @ 0.88 1m @ 2.08 g/t & 1m @ 1.45
SC0637 836 124 50 g/t g/t SELIN SOUTH
-------- -------- --------- ----- ----------- ---------------------------- ------------
559 1 304 5m @ 0.52
SC0638 862 125 64 g/t 1m @ 1.62 g/t SELIN SOUTH
-------- -------- --------- ----- ----------- ---------------------------- ------------
559 1 304 4m @ 0.99 2m @ 1.16 g/t & 1m @ 1.45
SC0638 862 125 75 g/t g/t SELIN SOUTH
-------- -------- --------- ----- ----------- ---------------------------- ------------
559 1 304 12m @ 7.61 2m @ 27.56 g/t & 1m @ 17.01
SC0639 836 151 18 g/t g/t SELIN SOUTH
-------- -------- --------- ----- ----------- ---------------------------- ------------
559 1 304 1m @ 0.42
SC0639 836 151 33 g/t SELIN SOUTH
-------- -------- --------- ----- ----------- ---------------------------- ------------
559 1 304 3m @ 0.71
SC0639 836 151 37 g/t SELIN SOUTH
-------- -------- --------- ----- ----------- ---------------------------- ------------
559 1 304 5m @ 0.64 1m @ 1.54 g/t & 1m @ 1.34
SC0639 836 151 46 g/t g/t SELIN SOUTH
-------- -------- --------- ----- ----------- ---------------------------- ------------
559 1 304 6m @ 0.67
SC0639 836 151 58 g/t 2m @ 1.43 g/t SELIN SOUTH
-------- -------- --------- ----- ----------- ---------------------------- ------------
559 1 304 1m @ 0.41
SC0640 861 152 11 g/t SELIN SOUTH
-------- -------- --------- ----- ----------- ---------------------------- ------------
559 1 304 2m @ 0.42
SC0640 861 152 51 g/t SELIN SOUTH
-------- -------- --------- ----- ----------- ---------------------------- ------------
559 1 304 1m @ 3.65
SC0640 861 152 57 g/t SELIN SOUTH
-------- -------- --------- ----- ----------- ---------------------------- ------------
559 1 304 14m @ 2.00 3m @ 2.67 g/t & 6m @ 2.94
SC0640 861 152 64 g/t g/t SELIN SOUTH
-------- -------- --------- ----- ----------- ---------------------------- ------------
559 1 304 1m @ 0.58
SC0640 861 152 92 g/t SELIN SOUTH
-------- -------- --------- ----- ----------- ---------------------------- ------------
559 1 304 11m @ 1.87
SC0641 836 201 22 g/t 5m @ 3.52 g/t SELIN SOUTH
-------- -------- --------- ----- ----------- ---------------------------- ------------
559 1 304 1m @ 2.40
SC0641 836 201 38 g/t SELIN SOUTH
-------- -------- --------- ----- ----------- ---------------------------- ------------
559 1 304 4 m @ 1.35 1m @ 2.43 g/t & 1m @ 2.51
SC0641 836 201 58 g/t g/t SELIN SOUTH
-------- -------- --------- ----- ----------- ---------------------------- ------------
559 1 304 11m @ 1.69 6m @ 1.94 g/t & 2m @ 2.83
SC0642 860 202 78 g/t g/t SELIN SOUTH
-------- -------- --------- ----- ----------- ---------------------------- ------------
559 1 304 1m @ 0.42
SC0642 860 202 104 g/t SELIN SOUTH
-------- -------- --------- ----- ----------- ---------------------------- ------------
559 1 304 15m @ 1.26 9m @ 1.59 g/t & 1m @ 1.06
SC0643 828 224 3 g/t g/t SELIN SOUTH
-------- -------- --------- ----- ----------- ---------------------------- ------------
559 1 304 2m @ 1.74
SC0643 828 224 36 g/t SELIN SOUTH
-------- -------- --------- ----- ----------- ---------------------------- ------------
559 1 304 1m @ 0.41
SC0643 828 224 46 g/t SELIN SOUTH
-------- -------- --------- ----- ----------- ---------------------------- ------------
559 1 304 1m @ 0.63
SC0643 828 224 56 g/t SELIN SOUTH
-------- -------- --------- ----- ----------- ---------------------------- ------------
559 1 304 5m @ 1.41
SC0644 842 077 24 g/t 2m @ 2.74 g/t SELIN SOUTH
-------- -------- --------- ----- ----------- ---------------------------- ------------
559 1 304 3m @ 1.60
SC0644 842 077 43 g/t SELIN SOUTH
-------- -------- --------- ----- ----------- ---------------------------- ------------
559 1 304 4m @ 1.15
SC0644 842 077 58 g/t 2m @ 2.00 g/t SELIN SOUTH
-------- -------- --------- ----- ----------- ---------------------------- ------------
559 1 304 11m @ 0.77 1m @ 1.11 g/t & 1m @ 2.54
SC0645 840 023 18 g/t g/t SELIN SOUTH
-------- -------- --------- ----- ----------- ---------------------------- ------------
559 1 304 6m @ 3.25
SC0645 840 023 40 g/t SELIN SOUTH
-------- -------- --------- ----- ----------- ---------------------------- ------------
559 1 304 4m @ 1.34
SC0645 840 023 52 g/t 2m @ 1.95 g/t SELIN SOUTH
-------- -------- --------- ----- ----------- ---------------------------- ------------
559 1 303 7m @ 1.20 2m @ 1.99 g/t & 1m @ 1.80
SC0646 854 953 29 g/t g/t SELIN SOUTH
-------- -------- --------- ----- ----------- ---------------------------- ------------
559 1 303 1m @ 0.60
SC0646 854 953 40 g/t SELIN SOUTH
-------- -------- --------- ----- ----------- ---------------------------- ------------
559 1 303 2m @ 1.39
SC0646 854 953 46 g/t 1m @ 2.09 g/t SELIN SOUTH
-------- -------- --------- ----- ----------- ---------------------------- ------------
559 1 303 2m @ 2.82
SC0646 854 953 57 g/t SELIN SOUTH
-------- -------- --------- ----- ----------- ---------------------------- ------------
559 1 303 9m @ 0.91
SC0647 856 925 33 g/t 1m @ 4.18 g/t SELIN SOUTH
-------- -------- --------- ----- ----------- ---------------------------- ------------
559 1 303 4m @ 0.49
SC0647 856 925 46 g/t SELIN SOUTH
-------- -------- --------- ----- ----------- ---------------------------- ------------
559 1 303 2m @ 2.60
SC0647 856 925 57 g/t 1m @ 4.57 g/t SELIN SOUTH
-------- -------- --------- ----- ----------- ---------------------------- ------------
559 1 304 5m @ 1.25 2m @ 2.16 g/t & 1m @ 1.86
SC0648 858 231 79 g/t g/t SELIN SOUTH
-------- -------- --------- ----- ----------- ---------------------------- ------------
559 1 304 11m @ 2.42 2m @ 2.37 g/t & 6m @ 3.40
SC0648 858 231 120 g/t g/t SELIN SOUTH
-------- -------- --------- ----- ----------- ---------------------------- ------------
558 1 299 6m @ 2.00 1m @ 5.81 g/t & 2m @ 2.13 ZONE B
SC0649 554 780 41 g/t g/t NORTH
-------- -------- --------- ----- ----------- ---------------------------- ------------
558 1 299 1m @ 0.97 ZONE B
SC0649 554 780 59 g/t NORTH
-------- -------- --------- ----- ----------- ---------------------------- ------------
558 1 299 15m @ 0.83 2m @ 1.47 g/t & 3m @ 2.00 ZONE B
SC0649 554 780 75 g/t g/t NORTH
-------- -------- --------- ----- ----------- ---------------------------- ------------
558 1 300 3m @ 1.09 ZONE B
SC0650 629 214 16 g/t 1m @ 2.15 g/t NORTH
-------- -------- --------- ----- ----------- ---------------------------- ------------
558 1 300 4m @ 0.73 ZONE B
SC0650 629 214 34 g/t 1m @ 1.61 g/t NORTH
-------- -------- --------- ----- ----------- ---------------------------- ------------
558 1 300 11m @ 0.66 ZONE B
SC0650 629 214 43 g/t 1m @ 1.02 g/t NORTH
-------- -------- --------- ----- ----------- ---------------------------- ------------
558 1 300 13m @ 4.97 2m @ 2.55 g/t & 1m @ 1.56 ZONE B
SC0650 629 214 61 g/t g/t & 2m @ 26.47 g/t NORTH
-------- -------- --------- ----- ----------- ---------------------------- ------------
558 1 300 1m @ 3.01
SC0651 001 749 4 g/t FODE_1
-------- -------- --------- ----- ----------- ---------------------------- ------------
558 1 300 4m @ 0.67
SC0651 001 749 19 g/t FODE_1
-------- -------- --------- ----- ----------- ---------------------------- ------------
558 1 300 2m @ 1.06
SC0651 001 749 85 g/t 1m @ 1.24 g/t FODE_1
-------- -------- --------- ----- ----------- ---------------------------- ------------
558 1 300 1m @ 0.45
SC0651 001 749 91 g/t FODE_1
-------- -------- --------- ----- ----------- ---------------------------- ------------
558 1 300 5m @ 2.03
SC0651 001 749 96 g/t FODE_1
-------- -------- --------- ----- ----------- ---------------------------- ------------
558 1 300 9m @ 0.70 1m @ 1.83 g/t & 1m @ 1.53
SC0651 001 749 110 g/t g/t & 1m @ 1.17 g/t FODE_1
-------- -------- --------- ----- ----------- ---------------------------- ------------
558 1 300 2m @ 1.32
SC0652 011 850 6 g/t 1m @ 1.79 g/t FODE_1
-------- -------- --------- ----- ----------- ---------------------------- ------------
558 1 300 1m @ 1.55
SC0652 011 850 83 g/t FODE_1
-------- -------- --------- ----- ----------- ---------------------------- ------------
558 1 300 1m @ 8.07
SC0652 011 850 95 g/t FODE_1
-------- -------- --------- ----- ----------- ---------------------------- ------------
558 1 300 1m @ 2.29
SC0652 011 850 101 g/t FODE_1
-------- -------- --------- ----- ----------- ---------------------------- ------------
558 1 300 5m @ 1.76
SC0652 011 850 120 g/t 3m @ 2.43 g/t FODE_1
-------- -------- --------- ----- ----------- ---------------------------- ------------
558 1 300 1m @ 4.00
SC0652 011 850 131 g/t FODE_1
-------- -------- --------- ----- ----------- ---------------------------- ------------
557 1 300 1m @ 1.49
SC0653 859 750 131 g/t FODE_1
-------- -------- --------- ----- ----------- ---------------------------- ------------
557 1 300 1m @ 1.42
SC0654 881 872 12 g/t FODE_1
-------- -------- --------- ----- ----------- ---------------------------- ------------
558 1 294 3m @ 0.42
SC0655 021 659 21 g/t TARGET6
-------- -------- --------- ----- ----------- ---------------------------- ------------
558 1 294 2m @ 0.65
SC0656 025 699 1 g/t TARGET6
-------- -------- --------- ----- ----------- ---------------------------- ------------
558 1 294 4m @ 1.92 1m @ 4.53 g/t & 2m @ 1.34
SC0656 025 699 7 g/t g/t TARGET6
-------- -------- --------- ----- ----------- ---------------------------- ------------
558 1 294 1m @ 0.40
SC0656 025 699 23 g/t TARGET6
-------- -------- --------- ----- ----------- ---------------------------- ------------
558 1 294 2m @ 0.68
SC0657 058 697 58 g/t TARGET6
-------- -------- --------- ----- ----------- ---------------------------- ------------
558 1 294 1m @ 2.73
SC0658 041 750 13 g/t TARGET6
-------- -------- --------- ----- ----------- ---------------------------- ------------
558 1 294 2m @ 1.52
SC0658 041 750 17 g/t 1m @ 2.35 g/t TARGET6
-------- -------- --------- ----- ----------- ---------------------------- ------------
558 1 294 4m @ 6.34
SC0658 041 750 26 g/t 2m @ 12.08 g/t TARGET6
-------- -------- --------- ----- ----------- ---------------------------- ------------
Competent Person's statement
The information in this release that relates to Exploration Results was reviewed by Mr Anton Geldenhuys, a Competent Person who is a Member of the South African Council for National Scientific Professions (SACNASP). Mr Geldenhuys (Principal Resource Consultant) is an independent consultant with CSA Global and has sufficient experience that is 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 as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Geldenhuys consents to the inclusion in this release of the Exploration Results in the form and context in which it appears. Mr Geldenhuys confirms that the information contained in the Appendix of this release that relates to the reporting of Exploration Results at Sanankoro is an accurate representation of the available data. In addition, Mr Anton Geldenhuys qualifies 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.
2022 Annual General Meeting ('AGM')
The Company always welcomes questions from its shareholders at its general meetings. In relation to the AGM to be held online at 12.00 p.m. (United Kingdom time) on 21 June 2022, the board of directors of the Company requests shareholders submit their questions in advance to ensure all questions can be compiled and answered either at the AGM or afterwards. Questions should be submitted by email to secretary@coragold.com no later than 12.00 p.m. (United Kingdom time) on 17 June 2022. Please see the announcement on 16 May 2022 for details on how attendees may join the AGM.
Market Abuse Regulation ('MAR') Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014, which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, until the release of this announcement.
**S**
For further information, please visit http://www.coragold.com or contact:
Bert Monro Cora Gold Limited info@coragold.com Craig Banfield Christopher Raggett / Charlie finnCap Ltd +44 (0) 20 7220 Beeson (Nomad & Joint Broker) 0500 Andy Thacker Turner Pope Investments +44 (0) 20 3657 James Pope (Joint Broker) 0050 Susie Geliher / Charlotte St Brides Partners pr@coragold.com Page/ Selina Lovell (Financial PR)
Notes
Cora is an emerging West African gold developer with three principal de-risked project areas within two known gold belts in Mali and Senegal covering c.1,000 sq. km. Led by a team with a proven track record in making multi-million-ounce gold discoveries that have been developed into operating mines, its primary focus is on developing the Sanankoro Gold Project in the Yanfolila Gold Belt, Southern Mali, where Cora hopes to commence construction of an open pit oxide focussed gold mine in 2022. An updated mineral resource estimate on the Project was published in November 2021 which increased the Resources by over 200% (from the 2019 Maiden resource) to 809,300oz Au. A Definitive Feasibility Study is expected to be completed in Q3 2022 .
Appendix - JORC Code (2012) Edition, Table 1
Section 1: Sampling Techniques and Data
(Criteria in this section apply to all succeeding sections)
Criteria JORC Code explanation Commentary
---------------------- -----------------------------------------------------------------------------
Sampling Nature and quality This 2021/2022 phase of drilling
techniques of sampling (e.g. is composed of 6,993 m of RC and
cut channels, random 897 m of aircore (AC) drilling.
chips, or specific RC was ubiquitously sampled on 1
specialised industry m intervals. Each rod string is 6
standard measurement m in length and is checked and marked
tools appropriate with grease every 1 m to allow personnel
to the minerals under to observe sampling and drill progress.
investigation, such The driller will sound a horn at
as downhole gamma the end of each 1 m interval, warning
sondes, or handheld the samplers to switch bags at the
XRF instruments, cyclone.
etc.). All industry standard RC sample quality
These examples should procedures were applied, and each
not be taken as shift a geologist was present to
limiting ensure sample quality was maintained,
the broad meaning holes were not stopped in mineralisation
of sampling. and activity reporting monitored
Include reference cost control. No detailed logging
to measures taken or sampling was conducted at the
to ensure sample rigs.
representivity All bulk 1 m samples were transported
and the appropriate immediately upon hole completion
calibration of any to a central bag farm next to the
measurement tools Sanankoro camp. No samples were left
or systems used. in the field. All samples drilled
Aspects of the were shipped to the bag farm for
determination splitting and logging under controlled
of mineralisation and secured conditions.
that are Material The 1 m bulk samples are riffle split
to the Public Report. down to 5-6 kg using a three-tier
In cases where 75:25 riffle splitter and a duplicate
'industry pair of 2-3 kg samples are then generated
standard' work has using a two-tier 50:50 riffle splitter.
been done this would One sample is sent to the lab and
be relatively simple the duplicate is stored for any future
(e.g. 'reverse re-assay or reference.
circulation All RC holes are photographed on
drilling was used chip tables and chip trayed after
to obtain 1 m samples sampling and logging.
from which 3 kg was All RC holes are geologically logged
pulverised to produce and panned for visible gold on
a 30 g charge for 1 m intervals concurrently with
fire assay'). In sampling.
other The logging and panning results dictate
cases, more whether the logging or senior geologist
explanation will instruct compositing in less
may be required, such favourable intersections of a hole.
as where there is Composites of 4 m are possible in
coarse gold that has barren intersections.
inherent sampling The RC samples were sent to an accredited
problems. Unusual laboratory where they were pulverised
commodities or to 85% passing 75 micron in a Labtechnics
mineralisation LM2 puck pulveriser and sub-sampled
types (e.g. submarine to provide 2 kg for CN bottle roll
nodules) may warrant and/or a 50 g aliquot for fire assay.
disclosure of Bottle roll is the preferred assaying
detailed method for oxide materials and fire
information. assay for fresh or sulphide-rich
material.
AC was sampled and analysed as per
the RC procedure.
--------------- ---------------------- -----------------------------------------------------------------------------
Drilling Drill type (e.g. RC was drilled using a 5(3/8) " face-sampling
techniques core, reverse hammer.
circulation, All drilling details and dates are
open-hole hammer, recorded on hole logs and are stored
rotary air blast, in the COLLAR file in DATASHED(TM).
auger, Bangka, sonic,
etc.) and details
(e.g. core diameter,
triple or standard
tube, depth of
diamond
tails, face-sampling
bit or other type,
whether core is
oriented
and if so, by what
method, etc.).
--------------- ---------------------- -----------------------------------------------------------------------------
Drill Method of recording RC was drilled using a 5(3/8) " face-sampling
sample and assessing core hammer leading a 4(1/2) " standard
recovery and chip sample rod string. Auxiliary booster-compressor
recoveries air packs were used on deeper holes,
and results assessed. normally >110 m, to ensure dry sample
Measures taken to quality and recovery.
maximise sample The RC drilling was sampled on a
recovery standard 1 m interval and recoveries
and ensure assessed quantitively by weighing
representative each sampled metre. A total of 6,698
nature of the RC samples and 844 AC weights were
samples. recorded during this drilling campaign
Whether a in 2021/2022.
relationship The practice of weighing drill chip
exists between sample samples immediately from recovery
recovery and grade at the rig is Cora Gold Limited (Cora
and whether sample Gold) standard practice for all AC
bias may have and RC drilling.
occurred Sample quality and recovery are monitored
due to preferential at the rig during drilling shift
loss/gain of both observationally by the geologist
fine/coarse checking the moisture content, possible
material. contamination and relative recovery
along the bag line and quantitively
by weighing each of the bulk 1 m
samples direct from the cyclone before
layout.
RC recoveries are logged and recorded
in the database. Overall recoveries
are >70% for the RC; there are no
significant sample recovery issues.
A geologist is always present at
the rig to monitor and record sample
quality.
--------------- ---------------------- -----------------------------------------------------------------------------
Logging Whether core and All RC holes are logged, panned and
chip samples have sampled on a standard 1 m resolution.
been geologically Every 1 m drilled is logged and panned
and geotechnically before being sampled.
logged to a level 4 m compositing may be instructed
of detail to support in barren sections of drilled hole
appropriate Mineral based on the results of the detailed
Resource estimation, logging.
mining studies and All RC holes are photographed on
metallurgical chip tables and chip trayed after
studies. sampling and logging.
Whether logging is
qualitative or
quantitative
in nature. Core (or
costean, channel,
etc.) photography.
The total length
and percentage of
the relevant
intersections
logged.
--------------- ---------------------- -----------------------------------------------------------------------------
Subsampling If core, whether All AC and RC chip samples were weighed,
techniques cut or sawn and and riffle split to 2-3 kg for submission
and sample whether to the lab. All AC and RC holes are
preparation quarter, half or all sampled in bulk, logged and panned
core taken. on a standard 1 m interval. Compositing
If non-core, whether to 4 m may occur in barren geology.
riffled, tube A standard 5:25 sample QAQC was used
sampled, throughout the 2021/2022 programme,
rotary split, etc. composed of one standard, one blank,
and whether sampled two duplicates, and one triplicate.
wet or dry. Assay batches had a routine 20% QAQC
For all sample types, component.
the nature, quality The database manager monitors all
and appropriateness sampling and QAQC vetting of the
of the sample assay batches.
preparation Field duplicates assist in determining
technique. the representivity of subsamples.
Quality control QC category ratios QC category DH sample QC sample Ratio of
procedures count count QC samples
adopted for all to DH samples
subsampling ---------- ---------- ---------------
stages to maximise Field duplicate 5,101 471 1:11
representivity of ------------------- ---------- ---------- ---------------
samples. Triplicate
Measures taken to (Second
ensure that the Field duplicate) 5,101 213 1:24
sampling ------------------- ---------- ---------- ---------------
is representative
of the in-situ Subsamples are deemed appropriate
material for the reporting of Exploration
collected, including Results.
for instance results
for field
duplicate/second-half
sampling.
Whether sample sizes
are appropriate to
the grain size of
the material being
sampled.
--------------- ---------------------- -----------------------------------------------------------------------------
Quality The nature, quality Sample preparation involved oven
of assay and appropriateness drying, jaw crushing core P70 passing
data and of the assaying and 2 mm, followed by total pulverisation
laboratory laboratory procedures through an LM2 puck pulveriser to
tests used and whether the a nominal 85% passing 75 microns.
technique is Historically it has been proven that
considered the nuggety, highly weathered nature
partial or total. of the Sanankoro oxide mineralisation
For geophysical is best head assayed by 2 kg bottle
tools, roll/atomic absorption spectrometry
spectrometers, (AAS) with a 50 g fire assay/AAS
handheld on the bottle roll tail residue on
XRF instruments, etc, all samples with Au values greater
the parameters used than 0.1 g/t Au. The bulk of the
in determining the assay database is completed by this
analysis including method.
instrument make and A total of 29,899 bottle roll (Leachwell)
model, reading times, assays were reported with 7,561 fire
calibrations factors assay/AAS tails.
applied and their A standard 5:25 sample QAQC was used
derivation, etc. throughout the programme, composed
Nature of quality of one standard, one blank, two duplicates,
control procedures and one triplicate. The assay batches
adopted (e.g. had a routine 20% QAQC component.
standards, Standard type ratios Standard DH sample Standard Standard Ratio
blanks, duplicates, type count type sample of QC
external laboratory count count standard
checks) and whether to DH
acceptable levels samples
of accuracy (i.e. ---------- --------- --------- ----------
lack of bias) and BLANK 5,101 1 285 1:18
precision have been ---------- ---------- --------- --------- ----------
established. CRM 5,101 5 241 1:21
---------- ---------- --------- --------- ----------
Certified reference material (CRM)
standards were sourced from accredited
suppliers Rocklabs. Standard Expected Expected No. of Supplier
code value standard samples
deviation
--------- ----------- --------- ---------
OXG140 1.019 0.022 43 Rocklabs
---------- --------- ----------- --------- ---------
OXK160 3.674 0.078 42 Rocklabs
---------- --------- ----------- --------- ---------
SJ111 2.812 0.068 26 Rocklabs
---------- --------- ----------- --------- ---------
SH98 1.400 0.028 26 Rocklabs
---------- --------- ----------- --------- ---------
OXL159 5.349 0.139 74 Rocklabs
---------- --------- ----------- --------- ---------
Following review of the QAQC, the
data are deemed appropriate for the
reporting of Exploration Results.
--------------- ---------------------- -----------------------------------------------------------------------------
Verification The verification The Competent Person has visually
of sampling of significant verified some significant RC intersections
and assaying intersections during the site visit related to
by either independent the Mineral Resource in 2021.
or alternative Geology and sampling data were logged
company into Microsoft Excel format templates
personnel. and sent via email to the database
The use of twinned manager. Files were imported into
holes. Datashed via configured importers
Documentation of and passed through stringent validation.
primary data, data Validation included:
entry procedures, * Logging codes checked against approved code lists
data verification,
data storage
(physical * Interval overlaps and gaps
and electronic)
protocols.
Discuss any * Records beyond end-of-hole.
adjustment
to assay data.
All digital files received were archived
on the workstation hosting the database.
This was located on site with the
database manager. Scheduled daily
backups of the database and file
archive were made to a NAS solution
located at the same site. Nightly
scheduled offsite backups were conducted
to a verified backup service provider.
All offsite backups are encrypted.
Overall, the drilling, logging, sampling,
assaying and QAQC procedures are
considered to be consistent with
industry standard practice.
No adjustments or calibrations were
made to any assay data used in this
estimate.
--------------- ---------------------- -----------------------------------------------------------------------------
Location Accuracy and quality Grid System: WGS84 UTM zone 29N (EPSG:
of data of surveys used to 32629)
points locate drillholes All surface survey features were
(collar and downhole surveyed with a LEICA GS18-T RTK
surveys), trenches, differential global positioning system
mine workings and (GPS) to within a proven accuracy
other locations used of 30 cm; Cora conducted the differential
in Mineral Resource GPS work.
estimation. A large number of well distributed
Specification of ground control points and features
the grid system used. were used for the TERRABOTICS satellite
Quality and adequacy survey. All points were set-out or
of topographic picked-up using CG-LEICA.
control. TERRABOTICS UK produced a site specific
139 km(2) digital terrain model (DTM)
with 0.3 m RL accuracy using tasked
MAXAR orthorectified WV3 imagery
flown in November-December 2020.
The DTM was provided in February
2021 and utilised throughout the
latest drill program from March to
August 2021.
The TERRABOTICS DTM proved accurate
from ongoing survey work to be within
30-50 cm RL. Differential GPS easting
and northing showed better resolution.
The TERRABOTICS DTM is an acceptable
topographic model for Sanankoro which
defines the surface relief and maps
the artisanal pits across the 139
km(2) area of interest accurately.
The WV3 imagery maps the full cadastral
and natural features across the project
area.
The 2022 drilling utilised a WELLFORCE
CHAMP north-seeking gyro throughout
and every drilled RC hole has a detailed
gyro DTH survey file. Historically,
DTH surveys were conducted, used
a REFLEX EZ-TRAC.
--------------- ---------------------- -----------------------------------------------------------------------------
Data spacing Data spacing for The nominal drillhole collar spacing
and reporting of is 50 m x 25 m and 50 m x 50 m.
distribution Exploration Due to the orientation of drill traces
Results. on section, data between drillholes
Whether the data can be spaced as close as 10 m in
spacing and places.
distribution At this stage, no assessment of geological
is sufficient to and grade continuity has been conducted.
establish
the degree of
geological
and grade continuity
appropriate for the
Mineral Resource and
Ore Reserve
estimation
procedure(s) and
classifications
applied.
Whether sample
compositing
has been applied.
--------------- ---------------------- -----------------------------------------------------------------------------
Orientation Whether the The bulk of the drilling is orientated
of data orientation 090deg or 270deg orthogonal to the
in relation of sampling achieves strike of the mineralised domains.
to geological unbiased sampling Structural logging based on oriented
structure of possible core indicates that the main mineralisation
structures controls are +/-20deg from 000 north
and the extent to and largely perpendicular to drill
which this is known, direction.
considering the No orientation-based sampling bias
deposit has been identified in the dataset.
type.
If the relationship
between the drilling
orientation and the
orientation of key
mineralised
structures
is considered to have
introduced a sampling
bias, this should
be assessed and
reported
if material.
--------------- ---------------------- -----------------------------------------------------------------------------
Sample The measures taken The full chain of custody is managed
security to ensure sample by Cora. Samples collected daily
security. from the rigs and transported to
the central bag farm and sample processing
area next to the main Sanankoro camp
where the bulk samples are logged,
split and prepared for onward transport
to the various labs.
The samples are stored on site and
a truck collects available samples
weekly and transports them to Cora
Gold office in Bamako for registration
and verification prior to onward
delivery to ALS Ouagadougou.
The labs sign sample submissions
as evidence of receipt.
Completed assay files and pdf certificates
were distributed to the approved
recipients by Lab LIMS. Assay files
were imported as received to Datashed
and then archived on the workstation
hosting the database.
Database management software used
is DATASHED version 4.6.4.2 with
DB version 4.6.5 with MSSQL Server
SQL2017 backend.
--------------- ---------------------- -----------------------------------------------------------------------------
Audits The results of any Cora's Head of Exploration at the
or reviews audits or reviews time visited each of the labs in
of sampling November and December 2020 before
techniques signing contracts. No issues were
and data. identified during the visit.
--------------- ---------------------- -----------------------------------------------------------------------------
Section 2: Reporting of Exploration Results
(Criteria listed in the preceding section also apply to this section)
Criteria JORC Code explanation Commentary
----------------------------------------------------------- --------------------------------------
Mineral Type, reference name/number, The Sanankoro Gold Project (area
tenement location and ownership 341.87 km(2) ) is located in the
and land including agreements Yanfolila Gold Belt of southern Mali.
tenure or material issues The Sanankoro Gold Project comprises
status with third parties five contiguous gold exploration
such as joint ventures, permits, being Bokoro II (area 63.1
partnerships, overriding km(2) ; expiry date 25 August 2023),
royalties, native Bokoro-Est (area 100 km(2) ; expiry
title interests, historical date 18 September 2028), Dako II
sites, wilderness (area 44.66 km(2) ; expiry date 31
or national park and December 2027), Kodiou (area 50 km(2)
environmental settings. ; expiry date 15 May 2023), and
The security of the Sanankoro
tenure held at the II (see below). The Definitive
time of reporting Feasibility
along with any known Study is focused on Mineral Resources
impediments to obtaining within the Sanankoro II gold
a license to operate exploration
in the area. permit.
In accordance with the 2019 Mining
Code of the Republic of Mali, the
84.11 km(2) Sanankoro II gold
exploration
permit was awarded to Cora Resources
Mali SARL on 2 March 2021
(Arrêté
no. 2021-0590-MMEE/SG). Cora
Resources
Mali SARL is registered in the
Republic
of Mali. The duration of the permit
is three years, renewable twice at
the holder's request, the duration
of each renewal period is extended
to three years - as such, the
full-term
expiry date of the Sanankoro gold
exploration permit is 2 March 2030.
Cora Resources Mali SARL is a wholly
owned subsidiary of Sankarani
Ressources
SARL which in turn is a 95%
subsidiary
of Cora Gold Limited. Sankarani
Ressources
SARL is registered in the Republic
of Mali. Cora Gold Limited is
registered
in the British Virgin Islands. The
residual 5% interest in Sankarani
Ressources SARL may be acquired from
a third party for the sum of US$1
million. In addition, the Sanankoro
II permit is subject to a third party
1% net smelter return (NSR) royalty.
All fees due to the government in
respect of the Sanankoro II gold
exploration permit have been paid
and the permit is in good standing.
A gold exploration permit over the
same area as that covered by the
Sanankoro II gold exploration permit
was previously held by Sankarani
Ressources SARL. This permit expired
on 1 February 2020, having been
initially
awarded on 1 February 2013.
----------------- ----------------------------------------------------------- --------------------------------------
Exploration Acknowledgment and Exploration activities on the
done by appraisal of exploration original
other parties by other parties. Sanankoro permit by previous workers
have included geological mapping,
rock chip sampling, termite sampling,
trench sampling geophysical surveys
and surface drilling - auger, RAB,
AC, RC, and DC.
There were two previous companies
who conducted work at Sanankoro,
i.e. Randgold Resources Ltd
(Randgold)
between 2004 and 2008 and Gold Fields
between 2008 and 2012.
During 2004 to 2008, Randgold
conducted
successive programs of soils and
termites geochemical sampling on
iterative 500 m, 200 m and 100 m
grids. Broad blocks of gradient array
induced polarisation (IP) were
completed
to assist drill targeting on the
broad regional-scale surface
anomalies.
They drilled broad spaced 400 m x
100 m auger and RAB fences in search
for bedrock targets.
During 2008 to 2012, Gold Fields
conducted infill soils and termite
sampling down to 100 m x 25 m
resolution.
They conducted large blocks of
regional
gradient array IP and three main
phases of drilling ranging from 400
m x 100 m RAB with follow-up AC down
to
50 m x 25 m RC and RC with DC tails,
dependent upon results discovered.
Cora acquired the Sanankoro Permit
in April 2017 and started exploration
termite sampling in May 2017. Chris
Barrett SRK UK - Principal
Exploration
Geologist visited Sanankoro from
27 to 30 March 2017 to bless the
deal. SRK UK, however, never returned
to site to do any Competent Person
due diligence for the 2019 MRE, due
to security concerns.
----------------- ----------------------------------------------------------- --------------------------------------
Geology Deposit type, geological Sanankoro is located on the leading
setting, and style western edge of the Yanfolila-Kalana
of mineralisation. Volcanic Belt, which is the
western-most
expression of the cratonic
Baoulé-Mossi
domain, on the major transcrustal
margin with the Siguiri Basin. There
is major deep-seated architecture
across the district which links the
major gold mines at Siguiri, Lero,
Tri-K, Kalana and Yanfolila.
On a project scale, Sanankoro is
characterised by the 2 km wide
Sanankoro
Shear Zone, which can be traced over
30 km from Kabaya South in the
western
Yanfolila Mine to north of the Niger
River beyond Selin and onto Karan.
Within the project area, each of
the prospects are underpinned by
a strong linear parallel, and where
strong mineralisation is developed,
a pronounced localised
northeast-southwest
focused zone of en-echelon veining
and associated sulphide development.
There are five main areas which
currently
define the Sanankoro Gold project,
which in order of significance are
Selin, Zone A, Zone B, Zone B North,
and Zone C.
Selin is hosted on the eastern margin
of the Sanankoro Shear Zone in the
north-eastern corner of the Sanankoro
permit. The Selin deposit has a
typical
interference node control but with
the additional positive impact of
a strong, rheological diorite
intrusive
host. The gold geology at Selin is
anchored along this linear,
en-echelon
or possibly folded, diorite igneous
intrusive which cores the
volcaniclastic
thrust assemblage and focuses the
gold deposition.
Recent core drilling into Selin has
enlightened the genetic model for
this resource deposit by discovering
four to six multiple early/pre-D3
dykes of diorite intruding the
65-80deg
west dipping axial trace of a western
hangingwall F3 anti-form on this
major reactivated D2 east-verging
thrust. The >100 m wide Selin Shear
Zone may be a regional back-thrust
and the dominant eastern margin of
the regional west-verging Sanankoro
Thrust. The largest diorite unit
is demonstrably discordant and sits
immediately west and adjacent to
a major early ductile, 10-30 m wide
footwall carbonaceous shear.
Progressive
deformation has folded, warped and
possibly cross-faulted the diorite
units prior to gold deposition. The
early footwall shear fabrics are
overprinted by later semi-brittle
to brittle graphitic faults which
locally convert all protolith to
graphitic schist on sub-metre scale.
The diorite units exhibit multi-phase
veining interference and sulphide
development. The dominant sulphide
is pyrite with occasional
arsenopyrite
and a scattering of chalcopyrite.
Alteration minerals are predominantly
sericite, silica, fuchsite, ankerite,
graphite and calcite.
Zone A shores up the southern limit
of the 11.5 km mineralised corridor,
which forms the backbone to the
Sanankoro
Project. Zone A is the southern-most
expression of the 010deg trending
central axis of the Sanankoro Shear
Zone, which sits 900 m west of the
Selin Boundary Shear and hosts the
5.8 km chain of open pit resources
from Zone A through Zone B1, B2,
B3 to Target 3. The deposits of this
central trend verge westward
mimicking
the regional sense of thrusting.
Zone B is the strike extension of
Zone A, located 800 m to the north.
The Sanankoro Main Trend runs for
6 km from south end of Zone A to
the north end of Target 3. Detailed
sectional drilling is required along
the length of this major generative
gold system. The local structural
facing and stratigraphy of Zone B
is very similar to Zone A with the
western footwall sequences hosting
more crystalline volcanic tuffaceous
units and the eastern, hangingwall
assemblages being more basinal
sediments.
Zone B hosts an impressive scale
of hydrothermal activity and the
broad horizontal widths of
mineralisation
observed in the recent drilling bodes
well for future discovery potential
along the central and southern
sections
of the Sanankoro Main Shear Zone.
Zone C is located 650 m southwest
of Zone A on the parallel, >7 km
long Sanankoro West Shear Zone (SWSZ)
which can be traced along a chain
of surface workings to the Excavator
Prospect, 1.5 km north-northwest
of Target 3. The SWSZ is high in
the priority list for drilling in
the 2022 program and a number of
SWSZ targets, beyond Zone C, will
be tested for surface potential.
Zones A, B and C deposits are
identical
in style and typical of Siguiri Basin
deposits, fold-thrust controlled
within pelitic and psammitic
sediments
and very deeply weathered (>120 m
from surface). There is a highly
evolved weathering profile with a
pronounced 8-10 m thick
duricrust-laterite
ferro-cap, grading downward into
a well-developed mottled zone to
20-25 m depth and remains highly
weathered until beyond 140 m
vertically
within the central mineralised fault
zone. Zone B1 has extremely deep
weathering with shallow oxide
densities
measured to depths of 190 m down-dip
within the ore zone trough.
All the host oxide lithologies are
weathered to kaolin with only highly
corroded quartz vein material
remaining
in-situ to mark the main gold faults.
Diamond core shows the host
lithologies
to be predominantly variably grained
basinal pelites and sandstones with
minor horizons of small quartz clast,
matrix-supported greywacke
inter-bedded
within the sequence. A minor
intercept
of diorite has been identified but
does not form an important control
to the mineralisation currently drill
tested at Zone A or C. The primary
sulphide is pyrite disseminated
around
central vein networks and enveloped
by a broader hydrothermal halo of
silica flooding, sericite and
ankerite.
----------------- ----------------------------------------------------------- --------------------------------------
Drillhole A summary of all Significant intercepts that form
information information material the basis of the MRE have been
to the understanding released
of the exploration to the AIM in previous announcements
results including (available on the Cora website) with
a tabulation of the appropriate tables incorporating
following information Hole, Easting, Northing, From, Depth
for all Material drillholes: and Intercept Assay Data.
* easting and northing of the drillhole collar Appropriate maps and plans accompany
these Exploration Results.
Previous drilling completed by Cora,
* elevation or RL (Reduced Level - elevation above sea Gold Fields and Randgold is
level in metres) of the drillhole collar documented
herein and in the publicly available
report "Sanankoro Gold Project,
* dip and azimuth of the hole Mineral
Resource Estimate" prepared by CSA
Global UK and dated January 2022.
* downhole length and interception depth A complete listing of all drillhole
details is not necessary for this
release which describes the
* hole length. intersections
of the latest drill programme. In
the Competent Person's opinion the
If the exclusion exclusion of this data does not
of this information detract
is justified on the from the understanding of the
basis that the information Exploration
is not Material and results contained herein.
this exclusion does The 2021 programme twinned important
not detract from the historical Goldfields and early Cora
understanding of the Gold, smaller diameter, AC and RC
report, the Competent intercepts. Historical Energold DD
Person should clearly NQ core holes exhibited sections
explain why this is of unacceptably poor recoveries,
the case. especially in the deeply oxidised
deposits of Zone A and Zone B1, which
were twinned using the deep RC rig.
----------------- ----------------------------------------------------------- --------------------------------------
Data aggregation In reporting Exploration All RC intersections are sampled
methods Results, weighting and assayed on 1 m intervals but
averaging techniques, could be composited up to 4 m in
maximum and/or minimum areas interpreted to be barren.
grade truncations Significant intercepts have
(e.g. cutting of high previously
grades) and cut-off been reported using a cut-off grade
grades are usually of 0.5 g/t, without top cuts.
Material and should Mineralised intervals are reported
be stated. with a maximum of 3 m of consecutive
Where aggregate intercepts internal dilution of less than 0.5g/t
incorporate short Au. Mineralised intervals are
lengths of high grade reported
results and longer on a length-weighted average basis.
lengths of low grade No metal equivalents are reported.
results, the procedure
used for such aggregation
should be stated and
some typical examples
of such aggregations
should be shown in
detail.
The assumptions used
for any reporting
of metal equivalent
values should be clearly
stated.
----------------- ----------------------------------------------------------- --------------------------------------
Relationship These relationships The orientation of the mineralised
between are particularly important zone has been established and
mineralisation in the reporting of majority
widths Exploration Results. of the drilling was planned to
and intercept If the geometry of intersect
lengths the mineralisation the mineralised structures
with respect to the orthogonally
drillhole angle is or as close as practicable.
known, its nature Existing artisanal workings,
should be reported. buildings,
If it is not known sacred sites and drainage sometimes
and only the downhole created obstacles which prevented
lengths are reported, perfect intersection and some holes
there should be a were required to be drilled at
clear statement to less-than-ideal
this effect (e.g. orientations.
'downhole length, For the bulk of drillholes, site
true width not known'). preparations were carried out and
35 m x 25 m drill spacing applied
and acceptable intersection
orientations
were achieved.
----------------- ----------------------------------------------------------- --------------------------------------
Diagrams Appropriate maps The appropriate plans and sections
and sections (with are included in this document.
scales) and tabulations
of intercepts should
be included for any
significant discovery
being reported These
should include, but
not be limited to
a plan view of drill
hole collar locations
and appropriate sectional
views.
----------------- ----------------------------------------------------------- --------------------------------------
Balanced Where comprehensive All grades, high and low, are
reporting reporting of all Exploration reported
Results is not practicable, accurately with "from" and "to"
representative reporting depths
of both low and high and "hole identification" shown.
grades and/or widths
should be practiced
to avoid misleading
reporting of Exploration
Results.
----------------- ----------------------------------------------------------- --------------------------------------
Other Other exploration Detailed metallurgical test work
substantive data, if meaningful has been carried out as part of a
exploration and material, should previous scoping study. Testwork
data be reported including shows that the material is amenable
(but not limited to): to conventional crushing, grinding,
geological observations; gravity and carbon-in-leach
geophysical survey processing.
results; geochemical Oxide recoveries have been determined
survey results; bulk to be >95%. An updated metallurgical
samples - size and variability testwork program is
method of treatment; ongoing
metallurgical test at ALS Perth.
results; bulk density, 1.068 detailed dry bulk density
groundwater, geotechnical determinations
and rock characteristics; were conducted on all 2021 drilled
potential deleterious core. 589 detailed UCS point load
or contaminating substances. determinations were conducted on
all drilled fresh core. Detailed
geotechnical logging and analysis
was conducted on all drill core.
Detailed regional exploration
programs
continue to generate new drill
targets
which will feed into potential
Mineral
Resource growth.
----------------- ----------------------------------------------------------- --------------------------------------
Further The nature and scale Detailed ESIA studies commenced in
work of planned further Q2 2020 and stakeholder engagement
work (e.g. tests for meetings conducted throughout the
lateral extensions period to date.
or depth extensions A program of detailed hydrology and
or large-scale step-out civils geotechnical drilling is
drilling). planned
Diagrams clearly for water management, tailings
highlighting the areas storage
of possible extensions, facility and plant sites.
including the main Detailed variability metallurgical
geological interpretations testwork is planned at ALS Perth
and future drilling to support further studies.
areas, provided this Detailed open pit and civils
information is not geotechnical
commercially sensitive. studies are planned to support
further
studies.
Detailed hydrology studies are
planned.
Additional Mineral Resource, Ore
Reserve and grade control pattern
drilling is planned to update designs
prior to commencement of mining.
----------------- ----------------------------------------------------------- --------------------------------------
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