Cora Gold Limited / EPIC: CORA.L / Market: AIM / Sector: Mining
19 August 2019
Cora Gold Limited
Further gold mineralisation confirmed at depth at Sanankoro
Cora Gold Limited ('Cora Gold', 'Cora', or 'the Company'), the West African focused gold exploration company, is pleased to announce assay results that have been received from three out of four core holes completed at the Sanankoro Gold Discovery, Southern Mali in Q3 2019 ('Sanankoro' 'the Project').
Highlights
· Vertical continuity of gold mineralisation at the Selin prospect confirmed to depths of 170m
· Core drill programme at Selin and Zone A, Sanankoro intended to provide information on potential for gold sulphide mineralisation at depths previously untested by the Company
· Intersections reported include:
o 13m @ 1.84 g/t Au
o 17.5m @ 2.70 g/t Au
· Results demonstrate potential to significantly expand scale of discovery at Sanankoro
Jonathan Forster, CEO of Cora Gold, commented, "We continue to improve our understanding of the potential of Sanankoro and the results from these first three core drill holes have provided strong encouragement for the continuity of gold sulphide mineralisation at considerable depth. To have tracked gold mineralisation to a vertical depth of 170m represents a key positive development for the Company that, excitingly, opens up the opportunity to significantly expand the scale of the gold discovery at Sanankoro. In addition, our geological understanding of the style of gold mineralisation at both prospects is expanding with evidence emerging for late stage disruption of gold mineralisation by shearing.
"These core holes were drilled at the end of what has been a highly successful and transformative drill programme for the Company. The findings to date have not only improved our understanding of the gold mineralisation at Sanankoro but have also demonstrated continuity of the gold mineralisation over some 2.2 km of the Selin structure, with potential for extension at depth. We are looking forward to reporting the final set of drill results, as well as an initial Mineral Resource and delivering a Scoping Study on the Project before the end of this year."
To view this announcement with illustrative diagrams, please use the following link: http://www.rns-pdf.londonstockexchange.com/rns/3711J_1-2019-8-16.pdf
Further Information
Selin Prospect
The 223 metre long SD 008 core hole represents the first hole at Selin to investigate the sulphide mineralisation at significant depth, having intersected gold mineralisation up to 170m below surface and demonstrating continuity of mineralisation 50m below the base of the previous deepest intersect. The sulphide mineralisation is characteristically associated with disseminated pyrite and quartz veins in the mafic volcanic unit.
The SD 009 core hole was targeted at an area of sulphide mineralisation where reverse circulation ('RC') drilling has been unable to fully cross the mineralised zone due to difficult ground conditions. The hanging wall contact, which in the previous RC drill holes had intersected mineralised zones in association with the mafic unit, returned anomalous gold values across the sheared and broken core where only small fragments of mafic unit were preserved within carbonaceous phyllite. Beneath the sheared zone, a mafic unit of a greater scale was intersected over 17m of which the zone proximal to the sheared margin returned gold mineralisation. It is suspected that the localised shearing has in part disrupted the mineralisation.
Results of both holes have again confirmed the close association between the mafic igneous unit and gold mineralisation at Sanankoro, as well as the typical vertical dip of the geological units.
Zone A
The SD 010 drill hole targeted depths of 50m below that of previous drilling undertaken at Zone A and is notable for the evidence of post mineralisation shearing about 130m down hole defined by a 20m long zone of faulted and partly oxidised rocks recorded within the sulphide zone. It is interpreted that the fault has truncated the well-developed gold mineralisation observed previously (SC 154 - 26m @ 2.60 g/t) with the un-mineralised footwall lying below the shear zone.
The mineralised section observed immediately in the hanging wall of the fault zone correlates with the hanging wall gold structure reported previously by hole SC 154. Future drilling will investigate the geometry and location of the offset mineralised zone.
Prospect |
Hole |
Easting |
Northing |
Declination |
Azimuth |
Hole Length |
From |
Intercept |
Grade |
|
|
WGS84_29N |
degrees |
degrees |
metres |
|
metres |
metres |
g/t Au |
SELIN |
SD 008 |
559725 |
1305441 |
-55 |
310 |
226.6 |
|
172.0 |
13 |
1.84 |
|
|
|
|
|
|
|
(including |
177.0 |
3 |
3.95) |
|
|
|
|
|
|
|
and |
195.0 |
17.5 |
2.70 |
|
|
|
|
|
|
|
(including |
200.0 |
4 |
8.30) |
SELIN |
SD 009 |
559714 |
1305346 |
-55 |
310 |
126 |
|
94.5 |
6 |
0.80 |
ZONE A |
SD 010 |
557749 |
1295995 |
-55 |
310 |
214.5 |
|
81.0 |
3 |
1.11 |
|
|
|
|
|
|
|
and |
109.5 |
3 |
1.61 |
|
|
|
|
|
|
|
and |
120.0 |
10.5 |
1.28 |
Table One: Results from Core Drilling at Selin and Zone A prospect at Sanankoro Gold Discovery
Notes
Drilling was completed in HQ core with down hole surveying and orientation recorded. The core was cut in half using a core saw, with half core sampled for assay at either 1 metre intervals (hole SD 008 and SD 009) or at 1.5m intervals (SD 010).
Quality Assurance/Quality control, ('QAQC') practice includes the insertion of blanks and standards at a frequency of 5%. The core was dried, crushed and pulverised with gold content analysed using 50g fire assay at the independent SGS laboratory in Bamako.
Market Abuse Regulation ("MAR") Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.
Competent persons statement: Dr Jonathan Forster has sufficient experience 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 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. Dr Forster consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears.
**ENDS**
For further information, please visit http://www.coragold.com or contact:
Jon Forster/Bert Monro |
Cora Gold |
+44 (0) 20 3239 0010 |
Ewan Leggat / Charlie Bouverat |
SP Angel (Nomad & Broker) |
+44 (0) 20 3470 0470 |
Gaby Jenner/Melissa Hancock |
St Brides Partners (Financial PR) |
+44 (0) 20 7236 1177 |
Notes to the Editors
Cora Gold is a gold exploration company focused on two world class gold regions in Mali and Senegal in West Africa. Historical exploration has resulted in the highly prospective Sanankoro Gold Discovery, in addition to multiple, high potential, drill ready gold targets within its broader portfolio. Cora Gold's primary focus is on further developing Sanankoro in the Yanfolila Gold Belt (Southern Mali), which Cora Gold believes has the potential for a standalone mine development. Cora Gold's highly experienced and successful management team has a proven track record in making multi-million-ounce gold discoveries which have been developed into operating mines.
