Cora Gold Limited Regional Exploration Update 2022 (1351F)

TIDMCORA

RNS Number : 1351F

Cora Gold Limited

03 November 2022

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

3 November 2022

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

Regional Exploration Update 2022

Cora Gold Limited, the West African focused gold company, is pleased to provide an update on a regional exploration programme, carried out across all five of Cora's Southern Mali permits in the Yanfolila Project Area ('Yanfolila'). The Company believe the results show that the Southern Mali permits have the potential to host economic mineral resources that could add to Cora's value in the coming years, providing further growth potential.

Highlights

-- Over 12km of pre-drilling gold structures discovered from early-stage exploration work across all of Cora's Southern Mali permits, which are in close proximity to Hummingbird Resources plc's Yanfolila Gold Mine

-- Promising results from the Farassaba permit were received as part of a focused programme along newly identified high potential gold bearing structures.

o Values of up to 6g/t gold were recorded from grab samples.

o Over 9km of new gold structures were identified from three separate zones, which now require follow-up work to justify future reconnaissance drilling

-- Whilst the main focus remains on the Company's development of the Sanankoro project, teams continue to evaluate and prepare future exploration programmes both at Sanankoro and the wider exploration area

Bert Monro, Chief Executive Officer of Cora, commented, "I am excited to bring our shareholders such a positive update regarding our regional exploration activities. Whilst the development of Sanankoro remains our primary objective, the promising results from our Southern Mali permits gives us earlier stage prospects, that can continue to build up our target pipeline with further exploration programmes in the endeavour to prove the mineral resource potential of these licences and enhance the overall value of our Company ."

Regional Exploration Update

Regional exploration was carried out across five southern Mali permits in Cora's Yanfolila Project Area: Farassaba III, Tékélédougou, Siékerolé, Tagan and Farani. This early-stage exploration work forms part of the process of creating a pipeline of targets that will be drilled in the future with the aim of adding to future resources for the Company. The Yanfolila Project Area permits are located predominantly within 20 km of Hummingbird Resources plc's (AIM:HUM) Yanfolila Gold Mine.

Figure 1 : Map showing the Yanfolila Project area located in the Yanfolila Gold Belt, Southern Mali.

Farassaba III

336 grab samples and 2,818 termite mound samples were collected across the permit with the majority of grab samples showing visible gold was present. Rock samples were crushed and panned and showed up to 140 visible gold grains in sampled material and a number of samples were sent to an independent laboratory for testing and returned sample grades of up to 6.15 g/t Au.

These grab samples carrying gold mainly consist of quartz veining hosted in the ferruginous meta-sediment such as siltstone and sandstone. The quartz is highly oxidised and in places brecciated. The quartz veins are generally sub vertical with dips varying between 60 to 80 degrees.

Further to the grab samples, two trenches totalling over 80m in length returned samples with up to 140 visible gold grains found in panned grab samples along the trench. Overall, this exploration work at Farassaba has identified 3 separate gold bearing structures on the permit, with a combined length of greater than 9km. Due to the deep weathering profile in this area, oxide is known to exist in places down to -100m below surface making for ideal conditions to host mineralisation suitable for open pittable mineralisation. The company is highly encouraged by the results to date and further exploration is being planned to assess the potential for future drill programmes.

Figure 2 : Map showing both rock and grab samples as well as samples from two trenches at the Farassaba III permit area, with returned sample grades of up to 6.15 g/t Au.

Tékélédougou

267 rock samples and 1,498 termite samples were collected with grades of up to 3.37 g/t Au and over 100 visible gold grains in a sample observed. The collected grab samples are constituted of ferruginous siltstone/sandstone. Disseminated pyrite has visible boxwork and limonite and hematite were also observed. Historically this permit has returned RC drill holes results of 56m @ 2.2 g/t Au and 17m @ 6.8 g/t Au and the results of this recent exploration programme will help define a future AC and RC drill programme to follow up on these newly identified targets.

Figure 3 : Map showing rock and termite samples with grades of up to 3.37 g/t Au at the Tékélédougou permit area.

Siékorolé

204 rock samples, 4,502 termite samples and 17 pits were dug with gold grades of up to 6.11 g/t Au received. These collected mineralised rock samples were mainly made up of ferruginous sandstone and siltstone that host quartz veins and veinlets. All sampled lithology units are generally highly oxidised and sheared, the material has been stained by limonite/hematite, a sign of sulphide content that is typically associated with gold mineralisation. The main strike orientation is generally trending at N040 and N020, dipping steeply at 75, 80 and 90 degrees generally towards NNW. This work has delineated a +2.5km gold structure that requires follow up exploration work before drilling is planned to assess its economic potential.

Figure 4 : Map showing rock and termite samples with gold grades of up to 6.11 g/t Au received at the Siékorolé permit area.

Farani and Tagan

293 rock and 6,142 termite samples returning grades of up to 5.83 g/t Au were taken across the permits. 15 pits were dug totalling 53m in length with 59 samples taken with the best result of 5m @ 1.78 g/t Au. The main lithologies encountered were quartzite, mafic volcanic units, granite, felsite and siltstone. These units contain quartz veins/veinlets that are stockwork like in appearance. Fresh pyrite as well as pyrite vugs have been observed within the above lithology units. Limonite, kaolinite, hematite alteration was encountered in addition to zones being highly silicified, an indication of strong fluid flow that is commonly associated with mineralisation or its outer extremities. The general strike of the units vary, mostly to the north (N010, N040, N320, N340, N350) and steeply dipping from 70 to 80 degrees East-South-East, South-South-West. This programme delineated a 1.5km gold structure which due to the presence of mafic volcanics, a known preferred host for gold mineralisation, justifies further exploration work.

Figure 5: Map to show rock and termite samples from Farani and Tagan permit area which returned grades of up to 5.83 g/t Au.

Summary

Cora has been highly encouraged by the results received from the recently completed regional exploration work at its Southern Mali / Yanfolila permits. The results provide the Company with confidence to continue with further exploration programmes that are to be focused on proving the mineral resource potential of these licences. Whilst in early stages of exploration, the Company considers that its Southern Mali permits have the potential to host economic mineral resources that could add to Company's value in the coming years, providing further growth potential.

The regional exploration update in this press release has been reviewed and signed off by Cora's technical team in line with previous releases on early stage, pre-drilling, exploration programmes.

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           [e-mail] 
  Craig Banfield 
 Christopher Raggett / Charlie     finnCap Ltd                 [phone] 
  Beeson                            (Nomad & Joint Broker)      0500 
 Andy Thacker                      Turner Pope Investments     [phone] 
  James Pope                        (Joint Broker)              0050 
 Susie Geliher / Charlotte         St Brides Partners          [e-mail] 
  Page                              (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 aims to commence construction of an open pit oxide focused gold mine. An updated mineral resource estimate on the Sanankoro Gold Project was published in July 2022 which increased the Resources to 920,000 oz Au. Further updates regarding the ongoing Definitive Feasibility Study for the Sanankoro Gold Project will be provided during Q4 2022.

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November 03, 2022 03:00 ET (07:00 GMT)