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

13 December 2021

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

DFS Update for Sanankoro Gold Project

Cora Gold Limited, the West African focused gold company, is pleased to provide an update on its Definitive Feasibility Study ('DFS') for the Sanankoro Gold Project ('Sanankoro' or 'the Project') in Southern Mali. 

HIGHLIGHTS

·    All key consultants and contractors appointed in September 2021 have completed site visits to Sanankoro

·    Hydrogeological and geotechnical drilling programmes, as well as geotechnical test pits, have commenced on site and are ongoing

·    Site lay-out has been developed to include process plant and Tailings Storage Facility ('TSF') locations

·    Geophysics work on the TSF facility has been completed

·    All metallurgical test work samples have arrived at ALS Perth, Australia and composited ahead of a metallurgical test work programme due to be completed during Q1 2022

·    All waste rock samples have been sent to Waterlabs in South Africa for geochemical analysis

·    Process flow diagrams ('PFDs') and process design basis ('PDB') have been approved by the Company

·    Enquiry documents have been sent out to market for pricing of various aspects of the Project

·    The Environmental and Social Impact Assessment ('ESIA') is on track for completion in H1 2022

·    DFS due to be completed by end of H1 2022

Bert Monro, CEO of Cora, commented, "We are making excellent progress in advancing the DFS at Sanankoro, which when completed, will unlock the US$25 million Lionhead Capital funding to support the construction of the mine.  The recently updated Mineral Resource Estimate exceeded our expectations and set up strong foundations for the Mining study to be completed on with a high conversion to Indicated oxide material. Following the appointment of our consultants and contractors a few months ago, many other workstreams have been successfully advanced with test work samples already in the lab for analysis, geophysics work completed, and drilling programmes underway, amongst many other key steps achieved. With various milestones already completed in the DFS process, the next stage in Sanankoro's development of completing the ESIA is well on track to be finalised in H1 2022.

"I look forward to giving further updates as we continue to rapidly progress with our plans."

DETAILS

The Company continues to focus on developing its flagship asset, Sanankoro, towards completion of a DFS during H1 2022.  During November 2021 the Company published an updated JORC-compliant Mineral Resource Estimate ('MRE') showing a pit constrained MRE of 21.9 million tonnes at 1.15 grams per tonne gold for a total of 809.3 thousand ounces of gold (see RNS dated 16 November 2021). 

As part of the DFS, several workstreams are underway following site visits by all the key contractors and consultants, which were appointed in September (see RNS dated 6 September 2021).  Metallurgical test work samples have been sent to the lab in Australia, all waste rock samples have been sent to Waterlabs in South Africa for geochemical analysis and geophysics work on the tailings waste storage facility has been completed.  Furthermore, the PFDs and PDB have been signed off focused on a conventional oxide milling and gravity/carbon in leach ('CIL') processing route, which allows higher recoveries.

Hydrogeological drilling and geotechnical drilling and test pit programmes have commenced, and sterilisation drilling on the plant, tailings waste storage facility and waste rock sites is due to be completed in Q1 2022.  Additionally, the ESIA is on track for completion in H1 2022.

On 8 September 2021 the Company signed a US$25m term sheet with Lionhead Capital Advisors to fund the future development of the Sanankoro Gold Mine on completion of a DFS. 

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the company's obligations under Article 17 of MAR.

**ENDS**

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

Notes

Cora Gold is an emerging West African gold developer with three principal de-risked project areas within two known gold belts in Mali and Senegal covering over +1,100 sq km.  Led by a team with a proven track record in making multi-million-ounce gold discoveries that have been developed into operating mines, its primary focus is on developing the Sanankoro Gold Project in the Yanfolila Gold Belt, Southern Mali, where Cora hopes to commence construction of an open pit oxide focussed gold mine in 2022.  A Scoping Study published in January 2020 on Sanankoro showed an 107% IRR at a US$1,500 gold price, while an updated JORC-compliant Mineral Resource Estimate delivered in November 2021 showed a pit constrained MRE of 21.9 million tonnes at 1.15 grams per tonne gold for a total of 809.3 thousand ounces of gold.   A Definitive Feasibility Study is expected to be published in H2 2022.