Cora Gold Limited Improved results from re-analysis at Dako II (7154T)

TIDMCORA

RNS Number : 7154T

Cora Gold Limited

29 March 2021

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

29 March 2021

Cora Gold Limited ('Cora' or 'the Company')

Improved results from the re-analysis of drilling at Dako II

Cora Gold Limited, the West African focused gold company, is pleased to announce the results of the re-analysis of samples from the drilling carried out in Q4 2020 at the Dako II permit ('Dako II') which is contiguous with the Company's flagship Sanankoro Gold Project ('Sanankoro' or 'Project') in southern Mali.

The first-pass screening 50g fire assay results set out in an announcement on 20 January 2021, used for quick results on exploration holes, have now been tested by 2kg leachwell bottle roll with 50g fire assay on the tail for a resource quality result. The bottle roll analysis is a more representative assay and the Company is pleased to report it has generally delivered significantly enhanced results in terms of intercept widths and grades.

Highlights

-- Re-analysis of drilling samples at Dako II delivered significantly enhanced results in terms of intercept widths and grades. Results include:

o 5m @ 6.14 g/t Au from 84m depth in hole DC0035

o 13m @ 1.87 g/t Au from 55m depth in hole DC0030

o 13m @ 1.20 g/t Au from 15m depth and

o 13m @ 1.20 g/t Au from 33m depth in hole DC0031

-- Previously reported intercepts on 20 January 2021 from first-pass screening fire assay included:

o 5m @ 3.75 g/t Au from 84m in hole DC0035

o 13m @ 1.61 g/t Au from 55m depth in hole DC0030

o 3m @ 2.08 g/t Au from 24m depth and

o 12m @ 0.75 g/t Au from 33m depth in hole DC0031

   --    Over +3km of surface mineralisation still to be drilled at Dako II 

Bert Monro, CEO of Cora, commented, "We are pleased by the enhanced results from the bottle roll analysis of last year's drilling at Dako II. Having over +3km of surface mineralisation still to be drilled at Dako II offers the potential for even more. Dako II is 7km south of our existing resources at Sanankoro and we hope to see this discovery turn into part of the future resources and mine plan for the Project.

Drilling is ongoing at Sanankoro with first results from the recently commenced programme due during Q2 2021. Dako II will be drilled later in this campaign to follow up on these results."

To view the RNS with illustrative maps and diagrams please use the following link:

http://www.rns-pdf.londonstockexchange.com/rns/7154T_1-2021-3-26.pdf

Further details:

355 sample intervals were selected from 19 resource-worthy intercepts from the air core drilling programme completed in Q4 2020. The 355 intervals were re-split to provide 4kg sub-samples and combined into a new 'blind' assay with new larger volume bottle roll quality control and submitted to SGS Ouagadougou for 2kg leachwell bottle roll analysis (LWL69M). A 50g fire assay/AAS finish (FA505) was conducted on a filter-pressed and dried bottle roll residue to determine any tail residue gold.

The 2kg leachwell bottle roll analyses show a significant positive recovery factor (+150%) compared to the previous smaller 50g fire assays and at a much-improved precision of assay. The 2kg leachwell routinely reports higher grades per interval and also reports more precisely because the 2kg sample is able to capture and dissolve the nuggety free gold better.

Therefore a 2kg leachwell with 50g fire assay on the >0.1 g/t Au tail is a much more confident assaying combination than the smaller 50g fire assay/AAS for the deeply weathered sediment hosted oxide gold deposits of southern Mali. The results elevate the potential for Dako II to generate notable oxide resources, proximal to the core of the project, for the ongoing resource expansion and upgrade programme at Sanankoro.

Table of Results

 
            2Kg LEACHWELL BOTTLE              20(th) January 50g 
             ROLL                              FIRE ASSAY 
 HOLE_ID    From   Intercept    Grade         From   Intercept    Grade 
             (m)    (m)          (g/t)         (m)    (m)          (g/t) 
           -----  ----------  -------------  -----  ----------  ------------- 
 DC0019     64     8                   1.24   66     6                   1.01 
           -----  ----------  -------------  -----  ----------  ------------- 
 DC0020     46     12                  0.68   47     7                   0.70 
           -----  ----------  -------------  -----  ----------  ------------- 
            75     18                  0.52   75     10                  0.50 
           -----  ----------  -------------  -----  ----------  ------------- 
                                              90     3                   0.74 
                                                    ----------  ------------- 
 DC0022     NOT ANALYSED                      16     1           0.9 
                                                    ----------  ------------- 
                                              79     2           0.54 
                                                    ----------  ------------- 
 DC0023     23     4                   0.66   23     4                   0.67 
           -----  ----------  -------------  -----  ----------  ------------- 
            32     5                   0.43   32     4                   1.12 
           -----  ----------  -------------  -----  ----------  ------------- 
 DC0027     4      13                  0.59   3      8                   0.45 
           -----  ----------  -------------  -----  ----------  ------------- 
            32     5                   0.62   32     9                   0.30 
           -----  ----------  -------------  -----  ----------  ------------- 
 DC0028     26     2                   0.61   26     2                   1.48 
           -----  ----------  -------------  -----  ----------  ------------- 
            32     10                  0.81   34     2                   1.12 
           -----  ----------  -------------  -----  ----------  ------------- 
 DC0029     33     3                   0.85   33     3                   1.12 
           -----  ----------  -------------  -----  ----------  ------------- 
             41    14                  0.75   41     4                   0.64 
           -----  ----------  -------------  -----  ----------  ------------- 
                                              52     3                   0.65 
           -----  ----------  -------------  -----  ----------  ------------- 
 DC0030     55     23                  1.21   57     21                  1.48 
           -----  ----------  -------------  -----  ----------  ------------- 
 DC0031     0      8                   0.60   0      3                   0.68 
           -----  ----------  -------------  -----  ----------  ------------- 
            15     13                  1.20   24     3                   2.08 
           -----  ----------  -------------  -----  ----------  ------------- 
            33     13                  1.20   33     12                  0.75 
           -----  ----------  -------------  -----  ----------  ------------- 
 DC0032     9      11                  0.86   9      19                  0.45 
           -----  ----------  -------------  -----  ----------  ------------- 
            44     2                   2.02   44     2                   1.46 
           -----  ----------  -------------  -----  ----------  ------------- 
            59     3                   0.66 
           -----  ----------  -------------  -----  ----------  ------------- 
 DC0035     68     10                  0.73 
           -----  ----------  -------------  -----  ----------  ------------- 
 DC0035     84     5                   6.14   77     9                   2.74 
           -----  ----------  -------------  -----  ----------  ------------- 
 DC0036     6      3                   1.61 
           -----  ----------  ------------- 
 DC0036                                       18     3                   1.38 
           -----  ----------  ------------- 
 DC0036     30     9                   0.55 
           -----  ----------  -------------  -----  ----------  ------------- 
 DC0037     29     6                   0.70   28     4                   0.53 
           -----  ----------  -------------  -----  ----------  ------------- 
 

Competent persons statement: Mr. Norman ('Norm') Bailie is a member of The Australasian Institute of Mining and Metallurgy and a Fellow of the Geological Society, and 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. Norm Bailie consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears.

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 until the release of this announcement.

**S**

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

 
                                                        [phone] 
 Bert Monro / Norm Bailie    Cora Gold Limited           0010 
 Christopher Raggett /       finnCap Ltd                [phone] 
  Charlie Beeson              (Nomad & Joint Broker)     0500 
                             Turner Pope Investments    [phone] 
 Zoe Alexander                (Joint Broker)             0050 
 Megan Dennison / Susie      St Brides Partners         [phone] 
  Geliher                     (Financial PR)             1177 
 

Notes

Cora is a gold company focused on two world class gold regions in Mali and Senegal in West Africa. Historical exploration has resulted in the highly prospective Sanankoro Gold Discovery, in addition to multiple, high potential, drill ready gold targets within its broader portfolio. Cora's primary focus is on further developing Sanankoro in the Yanfolila Gold Belt (Southern Mali), which Cora believes has the potential for a standalone mine development. Sanankoro has a positive Scoping Study published on it showing an 107% IRR and US$41.5m NPV(8) at a US$1,500 gold price. Cora's highly experienced management team has a proven track record in making multi-million ounce gold discoveries, which have been developed into operating mines.

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March 29, 2021 02:00 ET (06:00 GMT)