Cora Gold Limited – Interim Results

Cora Gold Limited – Interim Results

Cora Gold Limited, the West African focused gold exploration company, is pleased to announce its unaudited interim results for the six months ended 30 June 2019.

Highlights

  • Confirmation of continuous oxide gold mineralisation of potentially economic grades and widths at the Zone A, Zone B and Selin prospects at the Company’s Sanankoro Gold Discovery, (‘Sanankoro’ or the ‘Sanankoro Project’) through successful drill programmes.  Highlights include:
    46m at 4.48 g/t Au and 24m at 2.83 g/t Au
  • Drill results to be utilised in the identification of higher grade zones that have the potential to become starter pits for future development
  • Results provided sufficient encouragement to further investigate potential for gold mineralisation in sulphide at depth 
  • Coarse ore gold recoveries of up to 97% demonstrated to be achievable by preliminary metallurgical test work programme for oxide samples taken from Zone A and Selin prospects
  • Strong support from investors and existing shareholders as demonstrated through participation in the recently announced fundraising to fund upcoming work programmes

Jonathan Forster, Chief Executive Officer of Cora, said: “The year to date has been an exceptionally active time for Cora Gold where the focus has been on the advancement of the Sanankoro Project in Mali.  Through two targeted programmes we have completed nearly 9,400m of aircore and reverse circulation drilling, as well as a further 670m of core drilling.   This work built on the results gathered in 2018 where three priority areas that had potential for higher gold grades in oxides had been outlined.  This potential has been confirmed by the results of the 2019 drill programmes where the continuity of mineralised structures and enhanced gold grades at the Zone A, Zone B and Selin prospects have been a highlight.  The quality of the results has provided encouragement for Cora to initiate the investigation of the underlying sulphide potential at Sanankoro, with positive initial results recorded.   

“A completed preliminary metallurgical testwork programme provided indication that excellent gold recovery in oxides were achievable and this has led Cora to look to publish a Scoping Study to outline a shallow, open pit oxide mining project.  The objective of the Scoping Study is, by year end, to provide initial parameters for a starter project which could underpin a future development programme.  Positive results from recent deeper drilling campaigns suggest that the development of a larger project may ultimately be warranted.  

“Cora Gold has also continued to pursue lower cost, surface exploration across a number of its other projects in southern and western Mali as well as in Senegal. The objective has been to continue to identify and prioritise future drilling targets that have the potential for new gold discoveries.

“The successful programmes completed this year have been achieved both on time and on budget, a testament to the professional skills displayed by both our field-based geological teams and our contractors. The extent of demand and support we have received in the conditional fundraise of GBP£1.95 million announced on 5 September 2019 has been extremely encouraging as it demonstrates a high level of confidence from investors in the potential of Cora, the Sanankoro Project and the Company’s wider exploration portfolio.  I am delighted with the continued support and participation of our existing shareholder base.  We look forward to re-starting exploration programmes at Sanankoro and other permits once the wet season abates and will continue to inform shareholders as results arise.”

The Company’s unaudited interim results for the six months ended 30 June 2019 will be made available on the Company’s website http://www.coragold.com/category/company-reports.

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