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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 |
TIDMCORA
RNS Number : 7020K
Cora Gold Limited
09 May 2022
Cora Gold Limited / EPIC: CORA.L / Market: AIM / Sector: Mining
9 May 2022
Cora Gold Limited ('Cora' or 'the Company')
First Drill Results from 2022 Drill Campaign & New Gold Discoveries
Cora Gold Limited, the West African focused gold company, is pleased to announce the first drill results from its 2022 drill programme at the Company's Sanankoro Gold Project ('Sanankoro' or the 'Project') in southern Mali.
-- Drill programme consisting of 11 aircore (AC) shallow holes for 897m and 78 reverse circulation (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) now completed at Sanankoro.
-- Drilling targeted both converting existing Inferred Mineral Resources to Indicated Mineral Resources, as well as identifying new discoveries at Sanankoro.
-- RC drill highlights at Zone B North:
o 25m @ 2.38 g/t Au from 65m in hole SC0595
o 27m @ 1.40 g/t Au from 18m in hole SC0600
o 5m @ 4.64 g/t Au from 48m in hole SC0598
o 20m @ 1.09 g/t Au from 83m in hole SC0597
o 8m @ 2.47 g/t Au from 39m in hole SC0593
o 8m @ 1.88 g/t Au from 39m in hole SC0593
o 8m @ 1.74 g/t Au from 37m in hole SC0583
-- Two new discoveries - Fode 1 and Target 6 both in close proximity to existing Mineral Resources
-- AC drill highlights:
o 2m @ 3.56 g/t Au from 41m in hole SC0572 at Fode 1
o 6m @ 0.65 g/t Au from 66m, including 2m @ 1.62 g/t Au in hole SC0573 at Fode 1
o 3m @ 1.24 g/t Au from 7m in hole SC0579 at Target 6
o Awaiting results from RC follow up drill holes at these discoveries
-- Drill results consist of all the AC holes and the first 28 RC holes completed at Zone B North. Drill results for the later RC holes are expected imminently.
Bert Monro, Chief Executive Officer of Cora, commented, "Our 2022 drill programme has a dual focus; to both increase the Indicated Mineral Resources at Sanankoro through conversion of existing Inferred material and to target new discoveries to add to the project growth potential in the future. The recent identification of two new gold discoveries, Fode 1 and Target 6, is an exciting new development and we look forward to getting the RC drill results that followed up the initial shallow AC holes.
"The first holes of the RC programme have delivered a number of shallow oxide intercepts, including 25m @ 2.38 g/t Au, which continues to give us early encouragement from the first holes of the programme."
To view the RNS with illustrative diagrams and maps, please use the following link:
http://www.rns-pdf.londonstockexchange.com/rns/7020K_1-2022-5-8.pdf
New Discoveries
Figure 1: Map showing the locations of the two new drilled gold discoveries; Fode 1 and Target 6 at Sanankoro.
Figure 2: Fode 1 target showing the AC collars relative to the ground geophysics IP anomaly. The red dots show collars with gold intercepts in Table 1.
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 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 NE-SW focused zone of en-echelon veining and associated sulphide development.
Selin Geology
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 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 11.5 km 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 5.8 km 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 6 km 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, +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 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 in 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 0.1 g/t Au cut-off over a minimum 1m sample length. An allowance of 3 m 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 (see Figure 4 and Figure 5).
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 3: Plan view of Zone B North and Fode 1 showing section lines (see Figure 4 and Figure 5)
The conceptual interpretation of mineralisation (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. The conceptual interpretation illustrates a thickening of the mineralisation in places, resulting in certain drillholes ending in mineralisation. This will be further investigated as more result become available from the 2022 drilling programme.
Figure 4: Cross section 1 looking south at Zone B North showing new drill hole traces and samples relative to a conceptual interpretation of the mineralisation.
Figure 5: Cross section 2 looking south at Zone B North showing new drill hole traces and samples relative to a conceptual interpretation of the mineralisation.
Table 1 : AC and RC drill intercepts from the on-going 2022 drill programme.
Hole Easting Northing From To Width Au Intercept Including Drill Prospect (g/t) type 3 m @ 0.52 SC0569 558022 1300947 57 60 3 0.52 g/t AC FODE_1 3 m @ 0.53 SC0569 558022 1300947 69 72 3 0.53 g/t AC FODE_1 SC0570 558021 1301100 0 0 0 No intersection AC FODE_1 5 m @ 0.20 SC0571 557976 1301101 75 80 5 0.20 g/t AC FODE_1 2 m @ 3.89 SC0572 557881 1301099 41 43 2 3.89 g/t AC FODE_1 6 m @ 0.74 2 m @ 1.85 SC0573 557927 1300950 66 72 6 0.74 g/t g/t AC FODE_1 SC0574 557920 1301046 No intersection AC FODE_1 SC0575 557965 1301050 No intersection AC FODE_1 3 m @ 3.29 SC0576 557922 1300647 9 12 3 3.29 g/t AC FODE_1 3 m @ 0.27 SC0576 557922 1300647 21 24 3 0.27 g/t AC FODE_1 1 m @ 0.20 SC0576 557922 1300647 46 47 1 0.20 g/t AC FODE_1 2 m @ 0.46 SC0577 557916 1300702 27 29 2 0.46 g/t AC FODE_1 2 m @ 1.39 SC0577 557916 1300702 32 34 2 1.39 g/t AC FODE_1 3 m @ 0.13 SC0578 558100 1294553 51 54 3 0.13 g/t AC Target6 3 m @ 0.18 SC0578 558100 1294553 66 69 3 0.18 g/t AC Target6 3 m @ 0.12 SC0579 558041 1294547 0 3 3 0.12 g/t AC Target6 3 m @ 1.34 2 m @ 1.94 SC0579 558041 1294547 7 10 3 1.34 g/t g/t AC Target6 1 m @ 0.56 SC0579 558041 1294547 13 14 1 0.56 g/t AC Target6 2 m @ 0.37 SC0579 558041 1294547 45 47 2 0.37 g/t AC Target6 3 m @ 0.16 SC0579 558041 1294547 57 60 3 0.16 g/t AC Target6 3 m @ 0.18 SC0579 558041 1294547 66 69 3 0.18 g/t AC Target6 7 m @ 1.22 Zone B SC0580 558540 1299834 33 40 7 1.22 g/t RC North 1 m @ 0.45 Zone B SC0581 558565 1299832 34 35 1 0.45 g/t RC North 6 m @ 0.29 Zone B SC0581 558565 1299832 38 44 6 0.29 g/t RC North 2 m @ 0.83 Zone B SC0581 558565 1299832 62 64 2 0.83 g/t RC North 13 m @ 0.24 Zone B SC0581 558565 1299832 67 80 13 0.24 g/t RC North Zone B SC0582 558588 1299832 No intersection RC North 4 m @ 1.65 2 m @ 3.04 Zone B SC0583 558534 1299777 18 22 4 1.65 g/t g/t RC North 2 m @ 1.81 1 m @ 2.79 Zone B SC0583 558534 1299777 25 27 2 1.81 g/t g/t RC North 1 m @ 0.21 Zone B SC0583 558534 1299777 33 34 1 0.21 g/t RC North 7 m @ 2.22 2 m @ 5.15 Zone B SC0583 558534 1299777 37 44 7 2.22 g/t g/t RC North 2 m @ 0.21 Zone B SC0584 558572 1299780 70 72 2 0.21 g/t RC North 6 m @ 0.52 Zone B SC0584 558572 1299780 82 88 6 0.52 g/t RC North 6 m @ 0.54 Zone B SC0585 558533 1299745 22 28 6 0.54 g/t RC North 11 m @ 1.24 3 m @ 3.30 Zone B SC0585 558533 1299745 42 53 11 1.24 g/t g/t RC North 1 m @ 2.06 Zone B SC0586 558563 1299746 15 16 1 2.06 g/t RC North 15 m @ 0.46 1 m @ 1.61 Zone B SC0586 558563 1299746 64 79 15 0.46 g/t g/t RC North 1 m @ 0.45 Zone B SC0586 558563 1299746 84 85 1 0.45 g/t RC North 26 m @ 1.06 10 m @ 1.53 Zone B SC0587 558533 1299717 27 53 26 1.06 g/t g/t RC North 1 m @ 0.22 Zone B SC0587 558533 1299717 55 56 1 0.22 g/t RC North 4 m @ 0.62 Zone B SC0587 558533 1299717 57 61 4 0.62 g/t RC North 3 m @ 0.70 Zone B SC0588 558551 1299714 58 61 3 0.70 g/t RC North 9 m @ 0.47 Zone B SC0589 558534 1299670 53 62 9 0.47 g/t RC North Zone B SC0590 558052 1294546 No intersection North 10 m @ 0.43 Zone B SC0591 558524 1299640 47 57 10 0.43 g/t RC North 10 m @ 0.62 1 m @ 1.77 Zone B SC0592 558550 1299865 36 46 10 0.62 g/t g/t RC North 8 m @ 2.47 3 m @ 5.60 Zone B SC0593 558577 1299864 39 47 8 2.47 g/t g/t RC North 1 m @ 0.19 Zone B SC0593 558577 1299864 67 68 1 0.19 g/t RC North 5 m @ 0.33 Zone B SC0593 558577 1299864 72 77 5 0.33 g/t RC North 2 m @ 0.79 Zone B SC0593 558577 1299864 80 82 2 0.79 g/t RC North 10 m @ 1.07 2 m @ 3.76 Zone B SC0593 558577 1299864 84 94 10 1.07 g/t g/t RC North Zone B SC0594 558600 1299865 No intersection North 8 m @ 1.14 2 m @ 2.81 Zone B SC0595 558560 1299912 45 53 8 1.14 g/t g/t RC North 2 m @ 21.71 25 m @ 2.38 g/t; 2m @ Zone B
SC0595 558560 1299912 65 90 25 2.38 g/t 2.25 g/t RC North 1 m @ 0.41 Zone B SC0595 558560 1299912 96 97 1 0.41 g/t RC North 1 m @ 0.18 Zone B SC0595 558560 1299912 104 105 1 0.18 g/t RC North Zone B SC0596 558615 1299915 No intersection North 4 m @ 0.39 Zone B SC0597 558669 1299950 11 15 4 0.39 g/t RC North 20 m @ 1.09 5 m @ 3.44 Zone B SC0597 558669 1299950 83 103 20 1.09 g/t g/t RC North 2 m @ 0.81 Zone B SC0598 558595 1299950 13 15 2 0.81 g/t RC North 5 m @ 4.64 2 m @ 10.75 Zone B SC0598 558595 1299950 48 53 5 4.64 g/t g/t RC North 1 m @ 0.71 Zone B SC0598 558595 1299950 76 77 1 0.71 g/t RC North 11 m @ 0.4 Zone B SC0598 558595 1299950 100 111 11 0.40 g/t RC North 1 m @ 0.23 Zone B SC0599 558630 1299950 5 6 1 0.23 g/t RC North 10 m @ 2.43 27 m @ 1.4 g/t; 4 m Zone B SC0600 558590 1299995 18 45 27 1.40 g/t @ 2.17 g/t RC North 1 m @ 0.20 Zone B SC0601 558614 1299995 5 6 1 0.20 g/t RC North 1 m @ 0.18 Zone B SC0601 558614 1299995 16 17 1 0.18 g/t RC North 17 m @ 0.62 3 m @ 1.59 Zone B SC0601 558614 1299995 61 78 17 0.62 g/t g/t RC North 1 m @ 5.81 Zone B SC0601 558614 1299995 89 90 1 5.81 g/t RC North 8 m @ 0.52 Zone B SC0602 558589 1300031 9 17 8 0.52 g/t RC North 17 m @ 0.32 Zone B SC0602 558589 1300031 26 43 17 0.32 g/t RC North 1 m @ 0.58 Zone B SC0602 558589 1300031 50 51 1 0.58 g/t RC North 1 m @ 6.04 Zone B SC0603 558593 1300081 2 3 1 6.04 g/t RC North 10 m @ 0.67 2 m @ 1.61 Zone B SC0603 558593 1300081 11 21 10 0.67 g/t g/t RC North 1 m @ 0.18 Zone B SC0603 558593 1300081 24 25 1 0.18 g/t RC North 10 m @ 0.72 3 m @ 1.66 Zone B SC0603 558593 1300081 41 51 10 0.72 g/t g/t RC North 1 m @ 0.17 2 m @ 1.97 Zone B SC0604 558615 1300080 2 3 1 0.17 g/t g/t RC North 8 m @ 0.58 Zone B SC0604 558615 1300080 36 44 8 0.58 g/t RC North 3 m @ 0.23 Zone B SC0604 558615 1300080 63 66 3 0.23 g/t RC North 8 m @ 1.59 4 m @ 2.76 Zone B SC0605 558595 1300117 9 17 8 1.59 g/t g/t RC North 16 m @ 0.40 1 m @ 1.56 Zone B SC0605 558595 1300117 27 43 16 0.40 g/t g/t RC North 1 m @ 0.20 Zone B SC0605 558595 1300117 47 48 1 0.20 g/t RC North 7 m @ 1.58 1 m @ 9.12 Zone B SC0605 558595 1300117 55 62 7 1.58 g/t g/t RC North 1 m @ 0.19 Zone B SC0606 558615 1300117 19 20 1 0.19 g/t RC North 2 m @ 0.45 Zone B SC0606 558615 1300117 28 30 2 0.45 g/t RC North 8 m @ 0.37 Zone B SC0606 558615 1300117 34 42 8 0.37 g/t RC North 1 m @ 0.21 Zone B SC0606 558615 1300117 49 50 1 0.21 g/t RC North 13 m @ 0.63 1 m @ 3.85 Zone B SC0606 558615 1300117 54 67 13 0.63 g/t g/t RC North 14 m @ 2.83 11 m @ 3.50 Zone B SC0607 558610 1300150 15 29 14 2.83 g/t g/t RC North 3 m @ 0.21 Zone B SC0607 558610 1300150 46 49 3 0.21 g/t RC North 13 m @ 0.34 Zone B SC0607 558610 1300150 57 70 13 0.34 g/t RC North
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.
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 / Selina Lovell St Brides Partners pr@coragold.com (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 H1 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 is techniques of sampling (e.g. cut composed of 6,993 m of RC and 897 channels, random chips, m of aircore (AC) drilling. or specific specialised RC was ubiquitously sampled on 1 m industry standard intervals. Each rod string is 6 m measurement in length and is checked and marked tools appropriate to with grease every 1 m to allow personnel the minerals under to observe sampling and drill progress. investigation, such The driller will sound a horn at the as downhole gamma end of each 1 m interval, warning sondes, the samplers to switch bags at the or handheld XRF cyclone. instruments, All industry standard RC sample quality etc.). These examples procedures were applied, and each should not be taken shift a geologist was present to ensure as limiting the broad sample quality was maintained, holes meaning of sampling. were not stopped in mineralisation Include reference and activity reporting monitored cost to measures taken to control. No detailed logging or sampling ensure sample was conducted at the rigs. representivity All bulk 1 m samples were transported and the appropriate immediately upon hole completion to calibration of any a central bag farm next to the Sanankoro measurement tools or camp. No samples were left in the systems used. field. All samples drilled were shipped Aspects of the to the bag farm for splitting and determination logging under controlled and secured of mineralisation that conditions. are Material to the The 1 m bulk samples are riffle split 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 chip drilling was used to tables and chip trayed after sampling obtain 1 m samples 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 fire 1 m intervals concurrently with sampling. assay'). In other The logging and panning results dictate cases, whether the logging or senior geologist more explanation may will instruct compositing in less be required, such as favourable intersections of a hole. where there is coarse Composites of 4 m are possible in gold that has inherent barren intersections. sampling problems. The RC samples were sent to an accredited Unusual commodities laboratory where they were pulverised or mineralisation types to 85% passing 75 micron in a Labtechnics (e.g. submarine LM2 puck pulveriser and sub-sampled nodules) to provide 2 kg for CN bottle roll may warrant disclosure and/or a 50 g aliquot for fire assay. of detailed Bottle roll is the preferred assaying information. method for oxide materials and fire assay for fresh or sulphide-rich material. AC was sampled and analysed as per the RC procedure. Drilling Drill type (e.g. core, RC was drilled using a 5(3/8) " face-sampling techniques reverse circulation, hammer. open-hole hammer, All drilling details and dates are rotary recorded on hole logs and are stored air blast, auger, in the COLLAR file in DATASHED(TM). 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 sample Method of recording RC was drilled using a 5(3/8) " face-sampling recovery and assessing core hammer leading a 4(1/2) " standard 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 standard recovery 1 m interval and recoveries assessed and ensure quantitively by weighing each sampled representative metre. A total of 6,698 RC samples nature of the samples. and 844 AC weights were recorded during Whether a relationship this drilling campaign in 2021/2022. exists between sample The practice of weighing drill chip recovery and grade samples immediately from recovery and whether sample at the rig is Cora Gold Limited (Cora bias may have occurred Gold) standard practice for all AC due to preferential and RC drilling. loss/gain of Sample quality and recovery are monitored fine/coarse at the rig during drilling shift both material. observationally by the geologist checking the moisture content, possible 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 chip All RC holes are logged, panned and samples have been sampled on a standard 1 m resolution. geologically Every 1 m drilled is logged and panned and geotechnically before being sampled. logged to a level of 4 m compositing may be instructed detail to support in barren sections of drilled hole appropriate based on the results of the detailed Mineral Resource logging. estimation, All RC holes are photographed on chip mining studies and tables and chip trayed after sampling metallurgical studies. 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 cut All AC and RC chip samples were weighed techniques or sawn and whether and riffle split to 2-3 kg for submission and sample quarter, half or all to the lab. All AC and RC holes are preparation core taken. sampled in bulk, logged and panned If non-core, whether on a standard 1 m interval. Compositing riffled, tube sampled, to 4 m may occur in barren geology. rotary split, etc. A standard 5:25 sample QAQC was used and whether sampled throughout the 2021/2022 programme, wet or dry. composed of one standard, one blank, For all sample types, two duplicates, and one triplicate. the nature, quality Assay batches had a routine 20% QAQC and appropriateness component. of the sample The database manager monitors all preparation sampling and QAQC vetting of the assay technique. batches. Quality control Field duplicates assist in determining procedures the representivity of subsamples. adopted for all QC category ratiosQC category DH sample QC sample Ratio subsampling count count of QC samples stages to maximise to DH samples representivity of Field duplicate 5,101 471 1:11 samples. Triplicate Measures taken to (Second ensure that the Field duplicate) 5,101 213 1:24 sampling is representative of Subsamples are deemed appropriate the in-situ material for the reporting of Exploration Results. collected, including 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 drying, of assay and appropriateness jaw crushing core P70 passing 2 mm, data and of the assaying and followed by total pulverisation through laboratory laboratory procedures an LM2 puck pulveriser to a nominal tests used and whether the 85% passing 75 microns. technique is considered Historically it has been proven that partial or total. the nuggety, highly weathered nature For geophysical tools, of the Sanankoro oxide mineralisation spectrometers, handheld is best head assayed by 2 kg bottle XRF instruments, etc, roll/atomic absorption spectrometry the parameters used (AAS) with a 50 g fire assay/AAS on in determining the the bottle roll tail residue on all analysis including samples with Au values greater than instrument make and 0.1 g/t Au. The bulk of the assay model, reading times, database is completed by this method. calibrations factors A total of 29,899 bottle roll (Leachwell) applied and their assays were reported with 7,561 fire derivation, assay/AAS tails. etc. A standard 5:25 sample QAQC was used Nature of quality throughout the programme, composed control procedures of one standard, one blank, two duplicates, adopted (e.g. and one triplicate. The assay batches standards, had a routine 20% QAQC component. blanks, duplicates, Standard type ratiosStandard DH sample Standard Standard Ratio external laboratory type count type sample of QC standard checks) and whether count count to DH samples acceptable levels of BLANK 5,101 1 285 1:18 accuracy (i.e. lack CRM 5,101 5 241 1:21 of bias) and precision have been established. Certified reference material (CRM) standards were sourced from accredited suppliers Rocklabs.Standard Expected Expected No. Supplier code value standard of 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 of The Competent Person has visually of sampling significant verified some significant RC intersections and assaying intersections during the site visit related to the by either independent Mineral Resource in 2021. or alternative company Geology and sampling data were logged personnel. into Microsoft Excel format templates The use of twinned and sent via email to the database holes. manager. Files were imported into Documentation of Datashed via configured importers primary and passed through stringent validation. data, data entry Validation included: procedures, -- Logging codes checked against approved data verification, code lists data storage (physical -- Interval overlaps and gaps and electronic) -- Records beyond end-of-hole. protocols. All digital files received were archived Discuss any adjustment on the workstation hosting the database. to assay data. 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 surveyed (collar with a LEICA GS18-T RTK differential and downhole surveys), global positioning system (GPS) to trenches, mine workings within a proven accuracy of 30 cm; and other locations Cora conducted the differential GPS used in Mineral work. Resource A large number of well distributed estimation. ground control points and features Specification of the were used for the TERRABOTICS satellite grid system used. survey. All points were set-out or Quality and adequacy picked-up using CG-LEICA. of topographic 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 distribution reporting is 50 m x 25 m and 50 m x 50 m. of Exploration Results. Due to the orientation of drill traces Whether the data on section, data between drillholes spacing can be spaced as close as 10 m in and distribution is places. sufficient to establish At this stage, no assessment of geological the degree of and grade continuity has been conducted. 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 orientation The bulk of the drilling is orientated of data of sampling achieves 090deg or 270deg orthogonal to the in relation unbiased sampling of strike of the mineralised domains. to geological possible structures Structural logging based on oriented structure and the extent to which core indicates that the main mineralisation this is known, controls are +/-20deg from 000 north considering and largely perpendicular to drill the deposit type. direction. If the relationship No orientation-based sampling bias between the drilling has been identified in the dataset. 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 from security. 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 of time visited each of the labs in November sampling techniques and December 2020 before signing contracts. and data. No issues were 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 341.87 tenement location and ownership km(2) ) is located in the Yanfolila and land including agreements Gold Belt of southern Mali. The Sanankoro tenure status or material issues Gold Project comprises five contiguous with third parties gold exploration permits, being Bokoro such as joint ventures, II (area 63.1 km(2) ; expiry date partnerships, overriding 25 August 2023), Bokoro-Est (area royalties, native title 100 km(2) ; expiry date 18 September interests, historical 2028), Dako II (area 44.66 km(2) ; sites, wilderness or expiry date 31 December 2027), Kodiou national park and environmental (area 50 km(2) ; expiry date 15 May settings. 2023), and Sanankoro II (see below). The security of the The Definitive Feasibility Study is tenure held at the focused on Mineral Resources within time of reporting along the Sanankoro II gold exploration with any known impediments permit. to obtaining a license In accordance with the 2019 Mining to operate in the area. 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 original done by appraisal of exploration Sanankoro permit by previous workers other parties by other parties. 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 information Significant intercepts that form the information material to the understanding basis of the MRE have been released of the exploration to the AIM in previous announcements results including a (available on the Cora website) with tabulation of the following appropriate tables incorporating Hole, information for all Easting, Northing, From, Depth and Material drillholes: Intercept Assay Data. -- easting and northing Appropriate maps and plans accompany of the drillhole collar these Exploration Results. -- elevation or RL Previous drilling completed by Cora, (Reduced Level - elevation Gold Fields and Randgold is documented above sea level in herein and in the publicly available metres) of the drillhole report "Sanankoro Gold Project, Mineral collar Resource Estimate" prepared by CSA -- dip and azimuth Global UK and dated January 2022. of the hole A complete listing of all drillhole -- downhole length details is not necessary for this
and interception depth release which describes the intersections -- hole length. of the latest drill programme. In If the exclusion of the Competent Person's opinion the this information is exclusion of this data does not detract justified on the basis from the understanding of the Exploration that the information results contained herein. is not Material and The 2021 programme twinned important this exclusion does historical Goldfields and early Cora not detract from the Gold, smaller diameter, AC and RC understanding of the intercepts. Historical Energold DD report, the Competent NQ core holes exhibited sections of Person should clearly unacceptably poor recoveries, especially explain why this is in the deeply oxidised deposits of the case. Zone A and Zone B1, which were twinned using the deep RC rig. Data aggregation In reporting Exploration All RC intersections are sampled and methods Results, weighting assayed on 1 m intervals but could averaging techniques, be composited up to 4 m in areas interpreted maximum and/or minimum to be barren. grade truncations (e.g. Significant intercepts have previously cutting of high grades) been reported using a cut-off grade and cut-off grades of 0.5 g/t, without top cuts. are usually Material Mineralised intervals are reported and should be stated. with a maximum of 3 m of consecutive Where aggregate intercepts internal dilution of less than 0.5g/t incorporate short lengths Au. Mineralised intervals are reported of high grade results on a length-weighted average basis. and longer lengths No metal equivalents are reported. of low grade 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 majority mineralisation in the reporting of of the drilling was planned to intersect widths and Exploration Results. the mineralised structures orthogonally intercept If the geometry of or as close as practicable. lengths the mineralisation Existing artisanal workings, buildings, with respect to the sacred sites and drainage sometimes drillhole angle is created obstacles which prevented known, its nature should perfect intersection and some holes be reported. were required to be drilled at less-than-ideal If it is not known orientations. and only the downhole For the bulk of drillholes, site preparations lengths are reported, were carried out and there should be a clear 35 m x 25 m drill spacing applied statement to this effect and acceptable intersection orientations (e.g. 'downhole length, were achieved. true width not known'). Diagrams Appropriate maps and The appropriate plans and sections sections (with scales) are included in this document. 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 reported reporting reporting of all Exploration accurately with "from" and "to" depths Results is not practicable, and "hole identification" shown. representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results. Other substantive Other exploration Detailed metallurgical test work has exploration data, if meaningful been carried out as part of a previous data and material, should scoping study. Testwork shows that be reported including the material is amenable to conventional (but not limited to): crushing, grinding, gravity and carbon-in-leach geological observations; processing. Oxide recoveries have geophysical survey been determined to be >95%. An updated results; geochemical metallurgical variability testwork survey results; bulk program is ongoing at ALS Perth. samples - size and 1.068 detailed dry bulk density determinations method of treatment; were conducted on all 2021 drilled metallurgical test core. 589 detailed UCS point load results; bulk density, determinations were conducted on all groundwater, geotechnical drilled fresh core. Detailed geotechnical and rock characteristics; logging and analysis was conducted potential deleterious on all drill core. or contaminating substances. 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 planned drilling). for water management, tailings storage Diagrams clearly highlighting facility and plant sites. the areas of possible Detailed variability metallurgical extensions, including testwork is planned at ALS Perth to the main geological support further studies. interpretations and Detailed open pit and civils geotechnical future drilling areas, studies are planned to support further provided this information studies. is not commercially Detailed hydrology studies are planned. sensitive. Additional Mineral Resource, Ore Reserve and grade control pattern drilling is planned to update designs prior to commencement of mining.
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