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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% | 2.20 | 2.20 | 2.40 | 2.30 | 2.15 | 2.15 | 830,437 | 16:35:16 |
| 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 : 4492F
Cora Gold Limited
07 November 2022
Cora Gold Limited / EPIC: CORA.L / Market: AIM / Sector: Mining
7 November 2022
Cora Gold Limited ('Cora' or 'the Company')
Sanankoro Exploration Target 2022
Cora Gold Limited, the West African focused gold company, is pleased to announce the results of an Exploration Target estimate ('Exploration Target') for the Company's wider Sanankoro Gold Project ('Sanankoro' or the 'Project') in southern Mali completed by independent consultancy CSA Global. The Exploration Target, based on data from historical drill programmes and other exploration activity, defines the mineralised potential of the areas currently drilled at Sanankoro. Further exploration potential is still considered likely due to limited exploration activity outside of the known structures hosting the Indicated and Inferred Mineral Resources.
Highlights
-- The Exploration Target for Sanankoro is estimated to contain between 26.0 Mt and 35.2 Mt with a grade range of 0.58 g/t Au to 1.21 g/t Au for a potential content of 490 koz Au to 1,370 koz Au
-- The Exploration Target is in addition to the Indicated and Inferred Mineral Resource of 24.9 Mt at 1.15 g/t Au for 920 koz announced on 19 July 2022
-- In total, 12 areas comprise the Exploration Target, with three areas responsible for over 50% of the Exploration Target, these being Target 3, Target 5 & 6 and Selin-Bokoro West Extension
-- Oxide and transitional material make up +90% of the Exploration Target
-- The Exploration Target will form the basis of future drill programmes to expand the recently published July 2022 Mineral Resource estimate
-- The Exploration Target was focused on brownfield areas within 8km of the existing Mineral Resource and was predominantly estimated using drill data
Bert Monro, Chief Executive Officer of Cora, commented, "This Exploration Target, focused on brownfield areas at Sanankoro, all within 8km of existing deposits, is clear evidence of our opportunity to considerably expand our Mineral Resource over time. The Exploration Target shows the uplift potential for an additional 1.37 Moz of gold over and above our existing 920 koz Mineral Resource at Sanankoro. This Exploration Target will be used as part of our planning of future exploration programmes as we look to grow our flagship Sanankoro Gold Project.
"Cora remains fully focussed on the DFS and looks forward to updating shareholders on its progress during the quarter."
Sanankoro Gold Project Map
Figure 1: Map showing the locations of the deposits and discoveries at the Sanankoro Gold Project
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.
The Sanankoro property is underlain by a Paleoproterozoic Birimian volcano-sedimentary formation that trends north-northeast to south-southwest, controlled by regional-scale shear zones. The formations comprise intercalated units of weakly metamorphosed feldspathic sandstones, siltstones and phyllites, often with a carbonaceous component. Volcanoclastic sediments/tuffs of acidic to intermediate composition occur within the sedimentary package in conjunction with both mafic (dioritic-gabbroic composition) and felsic igneous intrusive units locally incorporated (Figure 2).
Figure 2: Geology of the Sanankoro Project (SRK 2019)
On a project scale, Sanankoro is characterised by the 2km wide Sanankoro Shear Zone, which can be traced over 30km from Kabaya South in the western Yanfolila mine area 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.
Gold mineralisation occurs along a large surficial elevated gold anomaly (>50 ppb Au) of approximately 4.5km x 7.5km, an area characterised by widespread artisanal mining activity. The observed imagery indicates that artisanal miners appear to be exploiting alluvial and eluvial ferruginous and kaolinitic regolith material.
Given the approximate extents of the artisanal gold workings, two well defined trends are evident. Most of the larger workings are elongated in a north-northeast to south-southwest orientation (approximately 010deg), a trend that is consistent with regional structures and gold mineralised zones in Mali. Oblique to this is a southeast-northwest trend (approximately 120deg), along which artisanal workings are preferentially elongated. Structurally, the property includes mapped and inferred linear and curvilinear north-south and northeast-southwest orientated faults, with most annotated as being associated with dextral movement.
The dominant form of structural development is shear/thrust fronts with secondary internal shear zones and local folding, most of which are now steeply dipping. Gold mineralisation broadly occurs within planar zones that dip steeply to the east at approximately 70deg. However, given the apparent structural control on mineralisation, this represents a generalisation and localised variation, and complexities will inevitably occur.
Exploration Data
Exploration drilling focused on regional exploration, targeting known and potential areas of shallow mineralisation, and included air core, auger, pits, trenches and rotary air blast ('RAB') drilling. Most of the historical exploration activities on the Sanankoro property were completed between the mid-2000s and 2012 by Randgold Resources Limited (merged with Barrick Gold Corporation in 2018) and Gold Fields Limited, and included soil sampling, termite mound sampling, ground geophysical surveying (induced polarisation, resistivity, magnetics), trenching, drilling, and associated sampling.
Cora commenced exploration in 2017 and has subsequently completed detailed geological and regolith mapping across an area of some 120km(2) at a scale of mainly 1:2,000 over both the Sanankoro and Bokoro II permits, although local areas more distant from the primary structural corridor were covered at a scale of 1:5,000. This work was supported by termite mound sampling and mapping of artisanal workings.
Between December 2017 and April 2022, Cora completed 1,321 drill holes across the Sanankoro Project area for a total of 99,834 m. This drilling was a combination of reverse circulation ('RC'), air core ('AC'), RAB and diamond drill ('DD') holes, with diamond core tails on a small number of RC and AC holes (Table 1).
Table 1: Cora drilling (2017-2022)
Hot Features
Premium
Drilling type No. of holes Total metre Minimum Maximum Average
s (m) length (m) length (m) length (m)
------------- ------------ ------------ ------------ ------------
RAB 367 7,757 1 26 21
--------------- ------------- ------------ ------------ ------------ ------------
AC 281 20,065 16 119 71
--------------- ------------- ------------ ------------ ------------ ------------
RC/ACRC 628 65,172 24 180 104
--------------- ------------- ------------ ------------ ------------ ------------
DD/RCDD/ACDD 45 6,840 29 300 152
--------------- ------------- ------------ ------------ ------------ ------------
Exploration Target
Criteria used to define the Exploration Target areas were based primarily on identifying continuous mineralised zones above a threshold of 0.1 g/t Au that were located along the primary NNE-SSW trend that is the preferred structural control to gold mineralisation at Sanankoro. The data used to estimate the Exploration Target comprised of predominantly drilling data. The Exploration Target considered all available drilling data and included a total of 3,363 drill holes. A total of 12 Exploration Target areas were identified and modelled. The Exploration Target is in addition to the existing Indicated and Inferred Mineral Resource of 24.9 Mt at a grade of 1.15 g/t Au reported in July 2022.
12 areas were identified (Figure 3) based on:
-- the extrapolation of the current Mineral Resource estimate ( 'MRE') i.e., mineralisation outside the reasonable prospects for eventual economic extraction ('RPEEE') pit shells at Selin, Zone A, Zone B North, Zone B, and Zone C
-- targeted drilling that intersected mineralisation beyond the MRE areas
Figure 3: Plan view of the Exploration Target areas
The model informing the July 2022 MRE was used for the areas below the RPEEE pit shells. Other areas were modelled at a 0.1 g/t Au threshold value and to a depth between 120 m and 170 m below surface, depending on the depth of the drill holes in each area. The 0.1 g/t Au threshold was used to ensure continuity between drill holes. The number and type of drill holes informing the different areas are summarised in Table 2. The mineralisation is generally consistent along strike and down dip, with volumes similar in shape to the modelled areas of the 2022 MRE. The most significant geological risk identified is the uncertainty in the depth extent and grade continuity of the gold mineralisation outside of the Mineral Resource.
The grade range was determined using a cut-off of 0.4 g/t Au (equivalent to the 2022 MRE cut-off). The 30(th) and 70(th) percentiles were used to determine the grade range within each volume. The modelled volumes were split by weathering/oxidation surfaces into oxide, transitional and fresh. Representative volumes for the 0.4 g/t Au cut-off were determined using the ratio between the total sample length informing the modelled volume against the total sample length informing the cut-off. The volume range was determined using +/-15% of the modelled volume. Density values were applied to the weathering/oxidation domains, such that oxide material has a density of 1.86 t/m(3) , transitional 2.58 t/m(3) and fresh a density of 2.74 t/m(3) . The densities applied were the same as applied for the July 2022 MRE. The tonnage range was determined using the modelled volume range multiplied by density. Approximately 50% of the Exploration Target is in oxide, 40% in transitional and 10% fresh material. The minimum gold content is estimated from the minimum tonnage and grade and maximum content from the maximum tonnage and grade.
Table 2: Drillhole type and count informing the Exploration Target by area
Area Drill Hole Type Total
drill
holes
---------------------------------------------------- -------
AUG AC ACDD ACRC DD PIT RAB RC RCDD
---- --- ----- ----- --- ---- ---- --- ----- -------
Zone B 2 2 4 1 9 3 21
------------------- ---- --- ----- ----- --- ---- ---- --- ----- -------
Selin 3 4 1 40 1 49
------------------- ---- --- ----- ----- --- ---- ---- --- ----- -------
Zone A 8 1 37 3 49
------------------- ---- --- ----- ----- --- ---- ---- --- ----- -------
Zone B North 32 32
------------------- ---- --- ----- ----- --- ---- ---- --- ----- -------
Zone A&C
extension 23 55 3 22 16 1 120
------------------- ---- --- ----- ----- --- ---- ---- --- ----- -------
Selin Bokoro-East
extension 56 22 18 96
------------------- ---- --- ----- ----- --- ---- ---- --- ----- -------
Bokoro-West 4 8 1 13
------------------- ---- --- ----- ----- --- ---- ---- --- ----- -------
Target 3 17 52 6 75
------------------- ---- --- ----- ----- --- ---- ---- --- ----- -------
Target 5
& Target
6 5 53 9 67
------------------- ---- --- ----- ----- --- ---- ---- --- ----- -------
Dako-Main 40 6 46
------------------- ---- --- ----- ----- --- ---- ---- --- ----- -------
Zone C 8 1 8 17
------------------- ---- --- ----- ----- --- ---- ---- --- ----- -------
Fode 1 6 2 8
------------------- ---- --- ----- ----- --- ---- ---- --- ----- -------
The Exploration Target for Sanankoro is estimated to contain between 26.0 Mt and 35.2 Mt with a grade range of 0.58 g/t Au to 1.21 g/t Au (490koz to 1,370 koz) (Table 3). The potential quantity and grade of the Exploration Target is conceptual in nature and is therefore an approximation. There has been insufficient exploration drilling to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource.
Additional drilling is under consideration to validate the size of the Exploration Target and identify further areas of interest.
Over the coming months, future exploration budgets and drill plans will be considered with the aim of upgrading the Exploration Target areas in the Table 3 to further increase the mine life and Mineral Resource growth at Sanankoro before gold production commences.
Table 3: Sanankoro Exploration Target (15 September 2022)
Target Area Tonnage Range Grade Range Content Range
(Mt) (g/t Au) (koz)
------------------ ------------------ ------------------
Minimum Maximum Minimum Maximum Minimum Maximum
-------- -------- -------- -------- -------- --------
Selin 1.4 1.9 0.60 1.19
-------------------------- -------- -------- -------- -------- -------- --------
Zone B 0.9 1.2 0.62 1.39
-------------------------- -------- -------- -------- -------- -------- --------
Zone A 0.6 0.8 0.55 1.22
-------------------------- -------- -------- -------- -------- -------- --------
Zone C 0.4 0.6 0.56 0.93
-------------------------- -------- -------- -------- -------- -------- --------
Zone B N 0.2 0.3 0.60 0.94
-------------------------- -------- -------- -------- -------- -------- --------
Sub-Total MRE Areas 3.6 4.9 0.59 1.20 70 190
-------------------------- -------- -------- -------- -------- -------- --------
Target 3 5.9 8.0 0.60 1.20
-------------------------- -------- -------- -------- -------- -------- --------
Target 5 and 6 4.7 6.4 0.53 1.09
-------------------------- -------- -------- -------- -------- -------- --------
Selin Bokoro W extension 4.1 5.6 0.55 1.29
-------------------------- -------- -------- -------- -------- -------- --------
Zone A and C ext 3.5 4.8 0.55 1.09
-------------------------- -------- -------- -------- -------- -------- --------
Dako Main 2.6 3.5 0.60 1.29
-------------------------- -------- -------- -------- -------- -------- --------
Fode 1 0.9 1.2 0.77 1.99
-------------------------- -------- -------- -------- -------- -------- --------
Bokoro W 0.7 0.9 0.76 1.06
-------------------------- -------- -------- -------- -------- -------- --------
Sub-Total outside
MRE 22.4 30.4 0.58 1.21 420 1,180
-------------------------- -------- -------- -------- -------- -------- --------
TOTAL 26.0 35.2 0.58 1.21 490 1,370
-------------------------- -------- -------- -------- -------- -------- --------
Quality Assurance/ Quality Control
The Exploration Target is informed by Cora Gold and historical drill holes (pre-Cora). The historical drill holes have no quality control results available.
Cora has implemented an extensive QAQC programme which includes the analyses of blanks, certified reference materials ('CRMs'), duplicates and screen test work for all laboratories. One blank and one CRM is inserted into sample batches at a rate of 1:20. Cora has both oxide and sulphide CRMs, and these are inserted depending on the material of the sample batches, such that the CRM matches the sample material type.
Competent Persons Statement
The information in this release that relates to the Exploration Target 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 Target 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 the Exploration Target 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 / Charlotte St Brides Partners pr@coragold.com 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.
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 The Mineral Resource estimate (MRE)
techniques of sampling (e.g. cut is based on reverse circulation (RC)
channels, random chips, chip and diamond drill core sampling.
or specific specialised The 2021/2022 program was composed
industry standard measurement of 48,090 m of RC and 3,894 m of diamond
tools appropriate to drilling (DD).
the minerals under The Exploration Target is based on
investigation, such all available drilling, regardless
as downhole gamma sondes, of type. 3363 drillholes were considered
or handheld XRF instruments, for the Exploration Target and a total
etc.). These examples of 593 drillholes were used.
should not be taken RC was ubiquitously sampled on 1 m
as limiting the broad intervals. Each rod string is 6 m
meaning of sampling. in length and is checked and marked
Include reference with grease every 1 m to allow personnel
to measures taken to to observe sampling and drill progress.
ensure sample representivity The driller will sound a horn at the
and the appropriate end of each 1 m interval, warning
calibration of any the samplers to switch bags at the
measurement tools or cyclone.
systems used. All industry standard RC sample quality
Aspects of the determination procedures were applied, and each
of mineralisation that shift a geologist was present to ensure
are Material to the sample quality was maintained, holes
Public Report. were not stopped in mineralisation
In cases where 'industry and activity reporting monitored cost
standard' work has control. No detailed logging or sampling
been done this would was conducted at the rigs.
be relatively simple All bulk 1 m samples were transported
(e.g. 'reverse circulation immediately upon hole completion to
drilling was used to a central bag farm next to the Sanankoro
obtain 1 m samples camp. No samples were left in the
from which 3 kg was field. All samples drilled were shipped
pulverised to produce to the bag farm for splitting and
a 30 g charge for fire logging under controlled and secured
assay'). In other cases, conditions.
more explanation may The 1 m bulk samples are riffle split
be required, such as down to 5-6 kg using a three-tier
where there is coarse 75:25 riffle splitter and a duplicate
gold that has inherent pair of 2-3 kg samples are then generated
sampling problems. using a two-tier 50:50 riffle splitter.
Unusual commodities One sample is sent to the lab and
or mineralisation types the duplicate is stored for any future
(e.g. submarine nodules) re-assay or reference.
may warrant disclosure All RC holes are photographed on chip
of detailed information. tables and chip trayed after sampling
and logging.
All RC holes are geologically logged
and panned for visible gold on
1 m intervals concurrently with sampling.
The logging and panning results dictate
whether the logging or senior geologist
will instruct compositing in less
favourable intersections of a hole.
Composites of 4 m are possible in
barren intersections.
Sampling of DD core aims to maintain
a standard 1 m interval but can be
sampled from 0.5 m to 1.5 m in length,
depending upon the interval required
to reach the mineralised contact or
select the vein width.
All core is saw cut. Sample interval
ends are saw cut pre-sampling to ensure
sampling intervals are adhered to.
All core boxes are metal.
All core boxes are photographed wet
and dry upon receipt at the core shed
from the rig.
The RC samples were sent to an accredited
laboratory where they were pulverised
to 85% passing 75 micron in a Labtechnics
LM2 puck pulveriser and sub-sampled
to provide 2 kg for CN Bottle Roll
and/or a 50 g aliquot for fire assay.
Bottle roll is the preferred assaying
method for oxide materials and fire
assay for fresh or sulphide-rich material.
Rotary air blast (RAB), aircore (AC)
and AC hammer were sampled and analysed
as per the RC procedure.
The DD samples are sent to an accredited
laboratory where they were jaw-crushed
95% passing 2 mm, then pulverised
down to 85% passing 75 micron in an
Labtechnics LM2 puck pulveriser and
subsampled to provide 2 kg for CN
Bottle Roll and/or a 50 g aliquot
for fire assay. Bottle roll is the
preferred assaying method for oxide
materials and fire assay for fresh
or sulphide-rich materials.
Vertical auger drilling was conducted
to gain a sample of the interface
material below transported surface
gravels. Auger holes ranged from 0.5
m to 5.0 m and were sent to an accredited
laboratory where they were pulverised
to 85% passing 75 micron in a Labtechnics
LM2 puck pulveriser and subsampled
to provide 2 kg for CN Bottle Roll
and or a 50 g aliquot for fire assay.
Bottle roll is the preferred assaying
method for oxide materials and fire
assay for fresh or sulphide-rich material.
----------------- --------------------------------- --------------------------------------------------------
Drilling Drill type (e.g. core, Various drilling techniques have been
techniques reverse circulation, used at Sanankoro - auger, RAB, AC,
open-hole hammer, rotary AC hammer, RC, and diamond DD.
air blast, auger, Bangka, The database was flagged as two parts,
sonic, etc.) and details an exploration database consisting
(e.g. core diameter, of auger, RAB, AC and AC hammer; and
triple or standard a Mineral Resource database consisting
tube, depth of diamond of RC and DD.
tails, face-sampling All 2021 core intervals are orientated
bit or other type, using a WELLFORCE DV8 iCORE ORI instrument
whether core is oriented when geologically possible.
and if so, by what DD core was drilled on an average
method, etc.). of 3 m rod pulls but depending upon
ground conditions 1.5 m or 6 m rod
pulls could have been applied. PQ
was used through the soft, friable
oxide from surface normally to between
40 m and 80 m. The drill string was
reduced subsequently to HQ. NQ was
not drilled in 2021.
RC was drilled using a 5(3/8) " face-sampling
hammer
All drilling details and dates are
recorded on hole logs and are stored
in the COLLAR file on DATASHED(TM).
----------------- --------------------------------- --------------------------------------------------------
Drill sample Method of recording DD core was drilled on an average
recovery and assessing core of 3 m rod pulls but depending upon
and chip sample recoveries ground conditions 1.5 m or 6 m rod
and results assessed. pulls could have been applied. PQ
Measures taken to was used through the soft, friable
maximise sample recovery oxide from surface normally to between
and ensure representative 40 m and 80 m. The drill string was
nature of the samples. reduced subsequently to HQ. NQ was
Whether a relationship not drilled in 2021.
exists between sample DD core recoveries were estimated
recovery and grade on industry standard methods of direct
and whether sample tape measure on core reconstructed
bias may have occurred on a triple-length angle-iron cradle,
due to preferential locked where possible and corrected
loss/gain of fine/coarse for stick-up errors.
material. RC was drilled using a 5 (3/8) " face-sampling
hammer leading a 4(1/2) " standard
rod string. Auxiliary booster-compressor
air packs were used on deeper holes,
normally > 110m, to ensure dry sample
quality and recovery.
The RC drilling was sampled on a standard
1 m interval and recoveries assessed
quantitively by weighing each sampled
metre. The practice of weighing drill
chip samples immediately from recovery
at the rig is Cora Gold Limited (Cora
Gold) standard practice for all RAB,
AC and RC drilling.
Sample quality and recovery are monitored
at the rig during drilling shift both
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.
DD and RC recoveries are logged and
recorded in the database. Overall
recoveries are >90% for the DD and
>70% for the RC; there are no core
loss issues or significant sample
recovery problems. A geologist is
always present at the rig to monitor
and record sample quality.
The Mineral Resource is defined by
DD and RC drilling, which have high
sample recoveries. No relationship
between sample recovery and grade
have been identified at the project.
The consistency of the mineralised
intervals and density of drilling
is considered to preclude any issue
of sample bias due to material loss
or gain.
----------------- --------------------------------- --------------------------------------------------------
Logging Whether core and chip All RC holes are logged, panned and
samples have been geologically sampled on a standard 1 m resolution.
and geotechnically Every 1 m drilled is logged and panned
logged to a level of before being sampled.
detail to support appropriate 4 m compositing may be instructed
Mineral Resource estimation, in barren sections of drilled hole
mining studies and based on the results of the detailed
metallurgical studies. logging.
Whether logging is All RC holes are photographed on chip
qualitative or quantitative tables and chip trayed after sampling
in nature. Core (or and logging.
costean, channel, etc.) All DD core is transported to the
photography. core shed located at the main Sanankoro
The total length and Camp for full rock quality designation
percentage of the relevant (RQD), geotechnical logging and density/point
intersections logged. load testing determinations prior
to being released for geological logging
and sampling from top to bottom of
hole.
All core boxes are photographed wet
and dry upon receipt at the core shed
from the rig.
The level of detail in the logging
is deemed appropriate for Mineral
Resource estimation and reporting.
----------------- --------------------------------- --------------------------------------------------------
Subsampling If core, whether cut All RC chip samples were weighed and
techniques or sawn and whether riffle split to 2-3 kg for submission
and sample quarter, half or all to the lab. All RC holes are sampled
preparation core taken. in bulk, logged and panned on a standard
If non-core, whether 1 m interval. Compositing to 4 m may
riffled, tube sampled, occur in barren geology.
rotary split, etc. All DD core is saw cut and half core
and whether sampled sampled. DD sample intervals can range
wet or dry. from 0.5 m to 1.5 m, depending on
For all sample types, geology.
the nature, quality A standard 5:25 sample QAQC was used
and appropriateness throughout 2021 and 2022, composed
of the sample preparation of one standard, one blank, two duplicates,
technique. and one triplicate. The 2021 and 2022
Quality control procedures assay stream had a routine 20% QAQC
adopted for all subsampling component.
stages to maximise The database manager monitors all
representivity of samples. sampling and QAQC vetting of the assay
Measures taken to stream.
ensure that the sampling Field duplicates assist in determining
is representative of the representivity of subsamples.
the in-situ material Subsamples are deemed appropriate
collected, including for Mineral Resource estimation and
for instance results reporting.
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 BR tail residue. The bulk of the
analysis including MRE assay database is completed by
instrument make and this method.
model, reading times, The fresh sulphide mineralisation
calibrations factors is assayed by standard total fusion
applied and their derivation, 50 g Fire Assay/AAS.
etc. A standard 5:25 sample QAQC was used
Nature of quality throughout 2021 and 2022, composed
control procedures of one standard, one blank, two duplicates,
adopted (e.g. standards, and one triplicate. The 2021 and 2022
blanks, duplicates, assay stream had a routine 20% QAQC
external laboratory component.
checks) and whether Certified reference material (CRM)
acceptable levels of standards were sourced from accredited
accuracy (i.e. lack suppliers Geostats Pty Ltd and Rocklabs.
of bias) and precision CRM standards were used ranging from
have been established. 0.1 ppm to 78.81 ppm.
Following review of the QAQC, the
data are deemed appropriate for Mineral
Resource estimation and reporting.
The Exploration Target is informed
by Cora Gold drillholes and historical
holes (pre-Cora Gold). The historical
holes have no quality control results
available.
----------------- --------------------------------- --------------------------------------------------------
Verification The verification of The Competent Person has visually
of sampling significant intersections verified significant intersections
and assaying by either independent in DC and RC drilling during the site
or alternative company visit.
personnel. Geology and sampling data were logged
The use of twinned into Microsoft Excel format templates
holes. and sent via email to the database
Documentation of primary manager. Files were imported into
data, data entry procedures, Datashed via configured importers
data verification, and passed through stringent validation.
data storage (physical Validation included:
and electronic) protocols. * Logging codes checked against approved code lists
Discuss any adjustment
to assay data.
* Interval overlaps and gaps
* Records beyond end-of-hole.
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.
During the 2021 MRE drill program,
historical Gold Fields Ltd (Gold Fields)
RC and DD intercepts were twinned,
along with previous Cora AC and RAB
intercepts and previous important
DD intercepts which correlated with
sections of poor DD core recoveries.
The Gold Fields twin holes correlated
closely, underwriting the use of the
Gold Fields Mineral Resource data
in the MRE where it is required.
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 the
estimates of the Mineral Resource
and Exploration Target.
----------------- --------------------------------- --------------------------------------------------------
Location Accuracy and quality Grid System: WGS84 UTM zone 29N (EPSG:
of data of surveys used to 32629)
points locate drillholes (collar All surface survey features were surveyed
and downhole surveys), with a Leica GS18-T RTK differential
trenches, mine workings global positioning system (GPS) to
and other locations within a proven accuracy of 30 cm;
used in Mineral Resource Cora conducted the differential GPS
estimation. work. All new and historical Mineral
Specification of the Resource drill collars were located
grid system used. and resurveyed by CG-Leica in 2021.
Quality and adequacy A large number of well distributed
of topographic control. ground control points and features
were used for the Terrabotics satellite
survey. All points were set-out or
picked-up using CG-Leica.
Terrabotics UK produced a site specific
139km(2) digital terrain model (DTM)
with 0.3 m RL accuracy using tasked
Maxar orthorectified Worldview-3 (WV3)
imagery flown in November to December
2020. The DTM was provided in February
2021 and utilised throughout the 2021
and 2022 drilling campaigns.
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 139km(2)
area of interest accurately. The WV3
imagery maps the full cadastral and
natural features across the project
area.
The 2021 and 2022 drilling utilised
a WELLFORCE CHAMP north-seeking gyro
throughout and every drilled RC and
DD hole has a detailed gyro DTH survey
file. Historically, DTH surveys where
conducted, used a REFLEX EZ-TRAC.
The 2021 DD utilised a WELLFORCE DV8
iCORE ORI orientation tool.
Topography for the Exploration Target
was extended from data sourced from
the United States Geological Survey
website.
----------------- --------------------------------- --------------------------------------------------------
Data spacing Data spacing for reporting The nominal drillhole collar spacing
and distribution of Exploration Results. is 50 m x 25 m and 50 m x 50 m.
Whether the data spacing Due to the orientation of drill traces
and distribution is on section, data between drillholes
sufficient to establish can be spaced as close as 10 m in
the degree of geological places.
and grade continuity The mineralised domains have demonstrated
appropriate for the sufficient continuity in both geology
Mineral Resource and and grade to support the definition
Ore Reserve estimation of Inferred and Indicated Mineral
procedure(s) and classifications Resources as per JORC 2012 guidelines.
applied. The Exploration Target drillhole spacing
Whether sample compositing varies within each area. The drilling
has been applied. was spaced between 50 m and 500 m
in a north-south direction and 25
m to 200 m in an east-west direction.
----------------- --------------------------------- --------------------------------------------------------
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, considering controls are +/-20deg from 000deg
the deposit type. north and largely perpendicular to
If the relationship drill direction.
between the drilling No orientation-based sampling bias
orientation and the has been identified in the dataset.
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 security. by Cora. Samples collected daily 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 either SGS Ouagadougou or 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
sampling techniques November and December 2020 before
and data. signing contracts. 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
tenement location and ownership 341.87km(2)
and land including agreements ) is located in the Yanfolila Gold
tenure status or material issues Belt of southern Mali. The Sanankoro
with third parties Gold Project comprises five contiguous
such as joint ventures, gold exploration permits, being Bokoro
partnerships, overriding II (area 63.1km(2) ; expiry date 25
royalties, native title August 2023), Bokoro-Est (area 100km(2)
interests, historical ; expiry date 18 September 2028),
sites, wilderness or Dako II (area 44.66km(2) ; expiry
national park and environmental date 31 December 2027), Kodiou (area
settings. 50km(2) ; expiry date 15 May 2023),
The security of the and Sanankoro II (area 84.11 km(2)
tenure held at the ; expiry date 2 March 2030). The
time of reporting along Definitive
with any known impediments Feasibility Study is focused on Mineral
to obtaining a license Resources within the Sanankoro II
to operate in the area. gold exploration permit.
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 Resources 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.
----------------- ---------------------------------------------------------- ---------------------------------------
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 2km wide Sanankoro Shear Zone,
which can be traced over 30km 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 11.5km 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 900m west of the
Selin Boundary Shear and hosts the
5.8km 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 800m to the north.
The Sanankoro Main Trend runs for
6km 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, >7km long
Sanankoro West Shear Zone (SWSZ) which
can be traced along a chain of surface
workings to the Excavator Prospect,
1.5km 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 in previous announcements (available
results including a on the Cora website) with appropriate
tabulation of the following tables incorporating Hole ID, Easting,
information for all Northing, From, Depth and Intercept
Material drillholes: Assay Data. Appropriate maps and plans
* easting and northing of the drillhole collar accompany this MRE.
Previous drilling completed by Cora,
Gold Fields and Randgold is documented
* elevation or RL (Reduced Level - elevation above sea herein.
level in metres) of the drillhole collar A complete listing of all drillhole
details is not necessary for this
report which describes the Sanankoro
* dip and azimuth of the hole Gold Project Mineral Resources and
in the Competent Person's opinion
the exclusion of this data does not
* downhole length and interception depth detract from the understanding of
this report.
The 2021 program twinned important
* hole length. historical Goldfields and early Cora,
smaller diameter, air core and RC
intercepts. Historical Energold DD
If the exclusion of NQ core holes exhibited sections of
this information is unacceptably poor recoveries,
justified on the basis especially
that the information in the deeply oxidised deposits of
is not Material and Zone A and Zone B1, which were twinned
this exclusion does using the deep RC rig.
not detract from the The 2022 program focussed on infill
understanding of the drilling at Zone B North and Selin,
report, the Competent and targeted Fode 1 and Target 6 as
Person should clearly potential sites of interest.
explain why this is
the case.
----------------- ---------------------------------------------------------- ---------------------------------------
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
maximum and/or minimum interpreted
grade truncations (e.g. to be barren.
cutting of high grades) DD core sampling can be 0.5-1.5 m
and cut-off grades in length depending on geological
are usually Material contacts.
and should be stated. Significant intercepts have previously
Where aggregate intercepts been reported using a cut-off grade
incorporate short lengths of 0.5 g/t, without top cuts.
of high grade results Mineralised intervals were reported
and longer lengths with a maximum of 3 m of consecutive
of low grade results, internal dilution of less than 0.5
the procedure used g/t Au. Mineralised intervals were
for such aggregation reported on a length-weighted average
should be stated and basis.
some typical examples No metal equivalents are reported.
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
widths and Exploration Results. intersect
intercept If the geometry of the mineralised structures orthogonally
lengths the mineralisation or as close as practicable.
with respect to the Existing artisanal workings, buildings,
drillhole angle is sacred sites and drainage sometimes
known, its nature should created obstacles which prevented
be reported. perfect intersection and some holes
If it is not known were required to be drilled at
and only the downhole less-than-ideal
lengths are reported, orientations.
there should be a clear For the bulk of drillholes, site
statement to this effect preparations
(e.g. 'downhole length, were carried out and
true width not known'). 50 m x 25 m drill spacing applied
and acceptable intersection
orientations
were achieved.
----------------- ---------------------------------------------------------- ---------------------------------------
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 ore is amenable to conventional
(but not limited to): crushing, grinding, gravity and
geological observations; carbon-in-leach
geophysical survey processing. Oxide recoveries have
results; geochemical been determined to be >95%.
survey results; bulk 1,068 detailed dry bulk density
samples - size and determinations
method of treatment; were conducted on all 2021 drilled
metallurgical test core.
results; bulk density, 589 detailed UCS point load
groundwater, geotechnical determinations
and rock characteristics; were conducted on all drilled fresh
potential deleterious core.
or contaminating substances. 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 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 a feasibility study.
interpretations and Detailed open pit and civils
future drilling areas, geotechnical
provided this information studies are planned to support a
is not commercially feasibility
sensitive. study.
Detailed hydrology studies are planned
to support a feasibility study.
Additional Mineral Resource, Ore
Reserve
and grade control pattern drilling
is planned to update Ore Reserve
designs
prior to commencement of mining.
----------------- ---------------------------------------------------------- ---------------------------------------
Section 3: Estimation and Reporting of Mineral Resources
(Criteria listed in section 1, and where relevant in section 2, also apply to this section)
Criteria JORC Code explanation Commentary
---------------- --------------------------------- ---------------------------------------------------
Database Measures taken to Cora has a dedicated, 30-year experienced
integrity ensure that data has Data Manager consultant (Mr Tim Kelemen)
not been corrupted who devised and built the central
by, for example, transcription Datashed(TM) database with standardised
or keying errors, data collection templates, lookup
between its initial tables and validation routines for
collection and its all exploration logging, spatial
use for Mineral Resource and sampling data.
estimation purposes. Data collection is updated nightly
Data validation procedures by the Senior Project Geologist and
used. emailed as a quick-log to Tim in
Brisbane for upload, validation and
reporting. The quick-log Microsoft
Excel file contains DRILL ACTUAL
VS PLAN, COLLAR, DTH SURVEY, SAMPLING,
GEOLOGY, VG LOGGING, WATER TABLE,
INTERCEPTS and LAB SUBMISSION sheets.
Sample numbers are unique and pre-numbered
bags are used.
Cora project geologists validate
assays returned back to the drill
logged geology in chips and core,
previous section intercepts and on-going
3D interpretation within MICROMINE(TM).
The MRE data was further validated
on import into MICROMINE(TM) mining
software.
Cora employed routine 20% QAQC throughout
all the 2021 and 2022 assaying stream,
involving one standard, one blank,
two duplicates and one triplicate
which were inserted for every 25
samples submitted (5:25).
Detailed re-splits of important positive
and negative intercepts were taken
as directed by the Head of Exploration,
re-assayed at various labs and cross-checked
against original assays as selective
QAQC.
A full record of access and database
keystrokes is maintained within Datashed.
Tim Kelemen is the sole person with
access to the Master DATASHED(TM)
database, which consequently is held
remotely in Brisbane and backed-up
to the cloud nightly.
---------------- --------------------------------- ---------------------------------------------------
Site visits Comment on any site The Competent Person for the MRE,
visits undertaken Mr Anton Geldenhuys, visited the
by the Competent Person Sanankoro Project in October 2021.
and the outcome of The visit included inspection of
those visits. geology offices, RC Chip Library,
If no site visits DD Core Shed and Library, geotech
have been undertaken rock lab and viewing sample/pulp
indicate why this stores, central bag farm, sampling
is the case. sheds, drill sites, artisanal workings,
and local surface geology.
DD coring was ongoing at Zone A and
Zone B at the time of visit and the
Competent Person observed geological/geotechnical
logging and density determinations.
A number of RC chip trays and DC
holes were reviewed which form part
of this MRE.
---------------- --------------------------------- ---------------------------------------------------
Geological Confidence in (or The diorite intrusive at Selin plays
interpretation conversely, the uncertainty a significant role in controlling
of) the geological the distribution and tenor of the
interpretation of mineralisation and consequently has
the mineral deposit. been modelled as solid units within
Nature of the data the enveloping gold mineralisation
used and of any assumptions wireframe. The diorite intrusion
made. precedes the gold mineralisation
The effect, if any, event and dips 70-85deg to the west.
of alternative interpretations The main host protolith at Zones
on Mineral Resource A, B, B North and C, and surrounding
estimation. the diorite at Selin, are predominantly
The use of geology pelitic sediments and graphitic shears
in guiding and controlling which similarly dip at moderate to
Mineral Resource estimation. high angles to the east.
The factors affecting Overprinting the strong linear north-south
continuity both of lithological architecture is a flat
grade and geology. weathering stratigraphy which is
characterised from surface with an
iron indurated cap of laterite +/-
duricrust down to 12-17 m, with an
underlying mottled zone of soft plastic
clay and highly kaolinized laterite
for a further 6-12 m. Below the mottled
zone is the saprolite, a highly weathered
discernible rock which is present,
but down to highly variable depths,
across the deposits, reaching depths
of >170 m at Zone B. The saprolite
can be observed to freshen into transition
material relatively rapidly but extends
to depths normally between 170 m
and 200 m at Zone A and Zone B, in
the highlands, before becoming true
fresh rock.
At Selin, the weathering profile
is suppressed, probably by the massive
siliceous nature of the diorite,
with the transition material occurring
from 60 m in certain highly siliceous,
veined mineralisation locations.
The transition diorite mineralisation
tends to maintain good CN recoveries.
Zone A and Zone B/North exhibit a
very pronounced deep trough weathering
profile whereas Zone C and Selin
seem to host less pronounced weathering,
likely due to host rock types and
topographically low relief positions.
Mineralisation was modelled using
a 0.2 g/t Au threshold value for
all areas. The threshold is deemed
to be an indicator of mineralised
material.
Higher grade zones were investigated,
but these proved to not be sufficiently
continuous for modelling and estimation
purposes.
The mineralisation model was guided
by local dip and strike trends.
---------------- --------------------------------- ---------------------------------------------------
Dimensions The extent and variability Mineral Resource:
of the Mineral Resource The Selin mineralisation model is
expressed as length 2.8km in length along strike, a maximum
(along strike or otherwise), of 270 m in depth, and is anything
plan width, and depth from a few to 50 m wide. Selin is
below surface to the reported to a maximum depth of 220
upper and lower limits m below surface.
of the Mineral Resource. The Zone A mineralisation model is
1.2km in length along strike, a maximum
of 245m in depth, and is anything
from a few to 50m wide. Zone A is
reported to a maximum depth of 190m
below surface.
The Zone B mineralisation model is
1.7km in length along strike, a maximum
of 215m in depth, and is anything
from a few to 50m wide. Zone B is
reported to a maximum depth of 180m
below surface.
The Zone C mineralisation model is
750m in length along strike, a maximum
of 160m in depth, and is anything
from a few to 50m wide. Zone C is
reported to a maximum depth of 120m
below surface.
The Zone B North mineralisation model
is 1km in length along strike, a
maximum of 130m in depth, and is
anything from a few to 50m wide.
Zone B North is reported to a maximum
depth of 110m below surface.
Exploration Target:
Zone B mineralisation model is 1.7km
along strike, a maximum of 215m in
depth, and is anything from a few
to 50m wide. Zone B is reported below
the current RPEEE pit shell.
Selin mineralisation model is 2.8km
along strike, a maximum of
270m in depth, and is anything from
a few to 50m wide. Selin is reported
below the current RPEEE pit shell.
Zone A mineralisation model is 1.2km
along strike, a maximum of 245m in
depth, and is anything from a few
to 50m wide. Zone A is reported below
the current RPEEE pit shell.
Zone B North mineralisation model
is 1km along strike, a maximum of
130m in depth, and is anything from
a few to 50m wide. Zone B North is
reported below the current RPEEE
pit shell.
Zone A & C extension mineralisation
model is 4km along strike (not continuous)
and a maximum of 170m in depth and
is anything from a few to 50m wide.
Selin Bokoro-East extension mineralisation
model is 3.7km along strike (not
continuous) and a maximum of 170m
in depth and is anything from a few
to 50m wide.
Bokoro-West mineralisation model
is 0.7km along strike (not continuous)
and a maximum of 130m in depth and
is anything from a few to 50m wide.
Target 3 extension mineralisation
model is 4.8km along strike (not
continuous) and a maximum of 170m
in depth and is anything from a few
to 50m wide.
Target 5 and Target 6 mineralisation
model is 3.7km along strike (not
continuous) and a maximum of 120m
in depth and is anything from a few
to 50m wide.
Dako-Main mineralisation model is
2.0km along strike (not continuous)
and a maximum of 140m in depth and
is anything from a few to 50m wide.
Zone C mineralisation model is 750m
in length along strike, a maximum
of 160m in depth, and is anything
from a few to 50m wide
Fode 1 mineralisation model is 0.7km
in length along strike (not continuous)
and a maximum of 130m in depth and
is anything from a few to 50m wide.
---------------- --------------------------------- ---------------------------------------------------
Estimation The nature and appropriateness Mineral Resource:
and modelling of the estimation Samples were composited to 2m for
techniques technique(s) applied all MRE processes.
and key assumptions, Experimental semi-variograms were
including treatment calculated for gold from composites
of extreme grade values, in Zones A and B combined, and Selin.
domaining, interpolation Zones B North and C were deemed to
parameters and maximum contain too few data for variography.
distance of extrapolation The modelled semi-variogram for Zone
from data points. A + B combined was applied to Zones
If a computer assisted A, B, B North and C for grade estimation.
estimation method The modelled semi-variogram for Selin
was chosen include was only used to estimate grade at
a description of computer Selin.
software and parameters Estimation was carried out within
used. the modelled 0.2 g/t Au mineralised
The availability volumes using ordinary kriging on
of check estimates, 2m composites for gold. The entire
previous estimates volume was estimated such that estimates
and/or mine production were extrapolated no more than 100m
records and whether away from data. This was often downdip,
the Mineral Resource however, reporting pit shells ensure
estimate takes appropriate that deep extrapolated grades were
account of such data. not included in the Mineral Resource.
The assumptions made Mineralisation boundaries were treated
regarding recovery as hard contacts for estimation.
of by-products. Ordinary kriging was optimised based
Estimation of deleterious on the kriging neighbourhood which
elements or other ensured minimal negative kriging
non-grade variables weights and representative local
of economic significance estimates.
(e.g. sulphur for Seequent Leapfrog Geo was used to
acid mine drainage model the mineralisation and Datamine
characterisation). RM was used to estimate grade and
In the case of block tabulate the Mineral Resource tonnages,
model interpolation, grade, and content.
the block size in An Inverse distance weighting estimate
relation to the average was carried out as a check of the
sample spacing and ordinary kriged estimates. These
the search employed. correlate well and the ordinary kriged
Any assumptions behind estimate is deemed to be an acceptable
modelling of selective representation of the in-situ gold
mining units. grade.
Any assumptions about No by-products or deleterious elements
correlation between were considered in the MRE.
variables. The parent cell size is 5m x 20m
Description of how x 20m (XYZ). Collars were drilled
the geological interpretation at
was used to control 50m x 50m or 50m x 25m spacing.
the resource estimates. The block is deemed to be appropriate
Discussion of basis relative to the data configuration.
for using or not using Search distance was roughly aligned
grade cutting or capping. to the variogram range (30m) for
The process of validation, all zones.
the checking process Selective mining units were not considered
used, the comparison in the estimation.
of model data to drillhole Composite gold grades were capped
data, and use of reconciliation for estimation according to area,
data if available. based on statistics and outliers.
Selin composites were capped to 34
g/t Au, Zone A composites were capped
to 20 g/t Au, Zone B composites were
capped to 21 g/t Au, Zone B North
composites were capped to 8.5 g/t
Au and Zone C composites were capped
to 6 g/t Au.
Gold grade estimates were validated
by means of global statistics, swath
plots and visual sectional checks
of grade in the model vs grade of
the composites.
Exploration Target:
Modelled in Leapfrog Geo using an
indicator radial basis function interpolant
from 2m composites. Due to the fairly
consistent dip and strike in the
Project area a simplified single
planar structural trend was applied
for modelling (dip azimuth 105deg,
dip 77deg). A spheroidal interpolant
was applied for modelling using a
strength of 5:1 within the plane
of mineralisation, relative to the
strength perpendicular to the plane
of mineralisation.
An iso value of 0.3 was applied for
modelling the mineralisation contact.
The mineralisation is generally consistent
along strike and down dip and are
similar in shape to the modelled
areas of the MRE. The most significant
geological risk identified is the
uncertainty in the lateral depth
extent and grade continuity of the
gold mineralisation outside of the
defined Indicated and Inferred Mineral
Resource.
---------------- --------------------------------- ---------------------------------------------------
Moisture Whether the tonnages The tonnages in the estimate are
are estimated on a for dry tonnage with no factoring
dry basis or with for moisture.
natural moisture,
and the method of
determination of the
moisture content.
---------------- --------------------------------- ---------------------------------------------------
Cut-off The basis of the The Mineral Resource is reported
parameters adopted cut-off grade(s) at a cut-off grade of 0.4 g/t Au,
or quality parameters which is what was previously used
applied. to report the 2021 Mineral Resource.
The cut-off grade is in line with
other similar reported styles of
gold mineralisation.
The Exploration Target is reported
at a cut-off grade of 0.4 g/t Au,
the same as the Mineral Resource.
---------------- --------------------------------- ---------------------------------------------------
Mining Assumptions made The Mineral Resource is deemed to
factors regarding possible be amenable to open pit extraction.
or assumptions mining methods, minimum Reasonable prospects for eventual
mining dimensions economic extraction were determined
and internal (or, using conceptual mining parameters
if applicable, external) and a long-term gold price of US$1,900/oz.
mining dilution. It The parameters and long-term gold
is always necessary price were used in Whittle to determine
as part of the process a life of mine pit shell for reporting
of determining reasonable the Mineral Resource.
prospects for eventual
economic extraction
to consider potential
mining methods, but
the assumptions made
regarding mining methods
and parameters when
estimating Mineral
Resources may not
always be rigorous.
Where this is the
case, this should
be reported with an
explanation of the
basis of the mining
assumptions made.
---------------- --------------------------------- ---------------------------------------------------
Metallurgical The basis for assumptions Metallurgical testwork conducted
factors or predictions regarding upon Selin, Zones A and B gold ore
or assumptions metallurgical amenability. composites - ALS Perth Report No.
It is always necessary A21106, March 2021.
as part of the process Results indicated +95% recoveries
of determining reasonable from grinding P80 passing 75-micron,
prospects for eventual gravity and direct CIL.
economic extraction As significant program of metallurgical
to consider potential variability test work is ongoing
metallurgical methods, at ALS Perth and will be incorporated
but the assumptions into the forthcoming Definitive Feasibility
regarding metallurgical Study.
treatment processes
and parameters made
when reporting Mineral
Resources may not
always be rigorous.
Where this is the
case, this should
be reported with an
explanation of the
basis of the metallurgical
assumptions made.
---------------- --------------------------------- ---------------------------------------------------
Environmental Assumptions made Metallurgical testwork conducted
factors regarding possible upon Selin, Zones A and B Gold Ore
or assumptions waste and process Composites - ALS Perth Report No.
residue disposal options. A21106, March 2021. The acid mine
It is always necessary drainage prediction analysis for
as part of the process all four composite samples indicated
of determining reasonable that none would be net acid-producers.
prospects for eventual A significant program of AMS testwork
economic extraction is ongoing at ALS Perth and will
to consider the potential be incorporated into the forthcoming
environmental impacts Definitive Feasibility Study.
of the mining and A full Definitive Feasibility Study-level
processing operation. ESIA study commenced in June 2020
While at this stage by Digby Wells and will be incorporated
the determination into the forthcoming Definitive Feasibility
of potential environmental Study.
impacts, particularly
for a greenfields
project, may not always
be well advanced,
the status of early
consideration of these
potential environmental
impacts should be
reported. Where these
aspects have not been
considered this should
be reported with an
explanation of the
environmental assumptions
made.
---------------- --------------------------------- ---------------------------------------------------
Bulk density Whether assumed or Dry bulk density determinations were
determined. If assumed, made using the water displacement
the basis for the method 6 as outlined in "AusIMM Monograph
assumptions. If determined, 30 - Measurement of Bulk Density
the method used, whether for Resource Estimation" (Lipton
wet or dry, the frequency and Horton).
of the measurements, Dried for 24 hours at 110degC, waxed
the nature, size and and weighed using LTB 6002e 0.1 g
representativeness electronic balance.
of the samples. A total of 1,068 dry bulk density
The bulk density determinations were made on full
for bulk material PQ and HQ core samples.
must have been measured Bulk density was analysed according
by methods that adequately to weathering domain by removing
account for void spaces outlier values and determining mean
(vugs, porosity, etc.), values from representative data.
moisture and differences Mean values were applied to the weathering
between rock and alteration domains as follows: duricrust cap
zones within the deposit. 2.23 t/m(3) ; mottled zone 1.95 t/m(3)
Discuss assumptions ; oxide 1.86 t/m(3) ; transition
for bulk density estimates 2.58 t/m(3) and fresh 2.74 t/m(3)
used in the evaluation .
process of the different The Exploration Target was split
materials. in oxide, transitional and fresh
and the mean densities were applied
as above.
---------------- --------------------------------- ---------------------------------------------------
Classification The basis for the The Mineral Resource was classified
classification of into Indicated and Inferred categories
the Mineral Resources as defined by The Australasian Code
into varying confidence for Reporting of Exploration Results,
categories. Mineral Resources and Ore Reserves
Whether appropriate ("the JORC Code").
account has been taken Mineral Resource classification considered
of all relevant factors the quality and quantity of available
(i.e. relative confidence data, geological continuity, grade
in tonnage/grade estimations, continuity and confidence in the
reliability of input grade estimates.
data, confidence in Indicated Mineral Resources were
continuity of geology classified from data that was deemed
and metal values, acceptable for Mineral Resource estimation
quality, quantity and reporting, and where data were
and distribution of sufficient to model mineralisation
the data). and estimate grade with a reasonable
Whether the result level of confidence for Indicated
appropriately reflects Mineral Resources. Data was generally
the Competent Person's spaced at 35m x 35m in Zones A, B,
view of the deposit. B North and C, and at 40m x 40m at
Selin. The mineralisation at Selin
is deemed to be more continuous,
hence the wider spacing allowed for
Indicated. Indicated Mineral Resources
have slope of regression values >=0.75,
demonstrating an acceptable level
of confidence in the estimate.
Inferred Mineral Resources were classified
beyond the 35m x 35m (Zones A, B,
B North and C) and 40m x 40m (Selin)
data spacing.
Mineral Resources were constrained
by the reasonable prospects for eventual
economic extraction pits, below which
any mineralisation was not classified
and therefore not reported.
---------------- --------------------------------- ---------------------------------------------------
Audits The results of any No Mineral Resource audit or review
or reviews audits or reviews by the Competent Person for Mineral
of Mineral Resource Resources, however, a site visit
estimates. was carried out to review the data
acquisition and processing practices.
---------------- --------------------------------- ---------------------------------------------------
Discussion Where appropriate The level of accuracy in the Mineral
of relative a statement of the Resource is represented by the classification
accuracy/ relative accuracy categories assigned to block model.
confidence and confidence level Indicated Mineral Resources can be
in the Mineral Resource considered as reasonable local estimates.
estimate using an Inferred Mineral Resources are deemed
approach or procedure to be global in nature.
deemed appropriate No commercial production has taken
by the Competent Person. place and therefore no production
For example, the application data is available for Mineral Resource
of statistical or reconciliation.
geostatistical procedures
to quantify the relative
accuracy of the resource
within stated confidence
limits, or, if such
an approach is not
deemed appropriate,
a qualitative discussion
of the factors that
could affect the relative
accuracy and confidence
of the estimate.
The statement should
specify whether it
relates to global
or local estimates,
and, if local, state
the relevant tonnages,
which should be relevant
to technical and economic
evaluation. Documentation
should include assumptions
made and the procedures
used.
These statements
of relative accuracy
and confidence of
the estimate should
be compared with production
data, where available.
---------------- --------------------------------- ---------------------------------------------------
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