Cora Gold Limited, the West African focused gold company, is pleased to announce its final audited results for the year ended 31 December 2020.
● Published Scoping Study in January 2020 on the Sanankoro Gold Discovery, which included a scenario at a gold price of US$1,500/oz showing an 107% internal rate of return and a US$41.5 million net present value (at 8% discount rate)
● Secured conditional US$21m Term Sheet with investment firm Lionhead Capital Advisors Proprietary Limited in June 2020 to fund the future development of Sanankoro post Definitive Feasibility Study ('DFS'), which is on track to complete by end of 2021
● Raised in excess of US$5.4 million from the issue of shares
● Appointed Norman Bailie as Head of Exploration, an accredited Chartered Professional Geologist and Manager with 29 years' experience in gold mining and exploration
● Appointed Andrew Chubb (Partner and Head of Mining at natural resources focused investment bank Hannam & Partners) as an independent non-executive director
● Post period end, awarded the Sanankoro II permit in March 2021, and commenced largest drill programme for up to 35,000m planned to complete by end of July 2021, with dual focus on targeting resource growth and converting existing Inferred resources to Measured and Indicated
● Initial results from the ongoing drill programme at Sanankoro include:
○ 54m @ 2.07 g/t Au from 20m (in hole SC0311), including 2m @ 17.71 g/t Au
○ 34m @ 2.14 g/t Au from 13m (in hole SC0312), including 3m @ 19.14 g/t Au
○ 24m @ 2.50 g/t Au from 16m (in hole SC0331), including 6m @ 5.53 g/t Au
○ 23m @ 1.55 g/t Au from 47m (in hole SC0332)
○ 28m @ 1.54 g/t Au from 17m (in hole SC0327)
○ 20m @ 2.04 g/t Au from 20m (in hole SC0328)
○ 16m @ 1.67 g/t Au from 62m (in hole SC0329)
○ 4m @ 9.06 g/t Au from 81m (in hole SC0325)
○ 13m @ 2.09 g/t Au from 68m (in hole SC0309)
Bert Monro, CEO of Cora, commented, "2020 will undoubtedly go down in history as a year which saw many changes. Cora, although largely unaffected by the pandemic, saw many changes with numerous positive advances made. The year started well, with the publishing of a Scoping Study for our flagship Sanankoro Gold Project, which highlighted its potential to be a highly profitable oxide mine. Investor confidence resulted in raising over US$5.4 million through the issue of shares, we signed a conditional US$21 million term sheet with Lionhead to fund the future development of Sanankoro and made two key appointments to drive the project and Company towards the next stage of development: Norm Bailie, a distinguished geologist with a significant gold discovery and development track record in West Africa, took over the mantle as Head of Exploration; while Andrew Chubb, an experienced natural resources financier, joined as an independent non-executive director.
"These changes positioned us to hit the ground running in 2021, with the initiation of a new, much larger, drilling campaign aimed at increasing the mineral resource estimate and the rapid advancement of the DFS, targeted for completion by the end of the year. With a busy schedule of work programmes planned, we look forward to the second half of 2021 and beyond with confidence."
Annual General Meeting
The Company is holding its Annual General Meeting (the 'AGM') at 12.00 p.m. on 22 June 2021. Due to the ongoing impact of the COVID-19 pandemic, the AGM will take place online. There are two ways in which attendees may join the AGM:
Option 1 - dial in using one of the telephone numbers and Meeting ID set out below:
● Telephone number: +44 (0)203 481 5237; +44 (0)330 088 5830; or +44 (0)131 460 1196
● Meeting ID: 889 7558 0175#
Option 2 - over the internet, which requires the use of a device (computer, laptop, tablet or smartphone) connected to the internet - the device will need speakers and, if required, microphone capability in order to be able to speak.
● Hyperlink https://us02web.zoom.us/j/88975580175
The Company's board of directors strongly advises shareholders to submit their votes by proxy prior to the AGM. Shareholders who have submitted a proxy may still attend the AGM. However, submitting a proxy means shareholders know that their vote will be counted. Copies of proxy forms can be downloaded via the Company's website at www.coragold.com/category/company-reports.
The Company's Annual Report and Financial Statements for the year ended 31 December 2020, including the notice of AGM, will be posted to shareholders today and will be available thereafter on the Company's website http://www.coragold.com.