Significant Drill Programme Underway Sanankoro
Cora Gold Limited (AIM:CORA) has commenced a significant drill campaign at its flagship Sanankoro Gold Project in southern Mali.
A 22,000m initial contract has awarded to Capital Drilling Mali for reverse circulation (RC) and diamond core (DC) drilling.
CEO, Bert Monro, said the objective of the drilling campaign is to build on the Mineral Resource Estimate (MRE), both from a resource growth perspective and upgrading of existing inferred resources to the indicated category, reported by independent consultants SRK Consulting (UK) Limited in December 2019.
The MRE identified a resource of 5.0Mt at 1.6 g/t Au for a contained 265,000 ounces including 4.5Mt of oxide material at a grade of 1.6 g/t Au, and 0.5Mt of sulphide material at
“This drill programme will be the largest single programme that Cora has ever completed. If expanded to 35,000m it will represent an almost doubling of the drilling on the Sanankoro permit over the previous two years,” Mr Monro said.
“This is an extremely exciting time for the company and all the team are fully focussed on delivering this programme. We look forward to updating shareholders with drill results as we start to receive them.
“During 2020 the Company published a Scoping Study on the Project showing a 107% internal rate of return (‘IRR’) and US$24m/year annual free cashflow at a US$1,500 gold price.
“The company looks forward to this drilling programme both increasing the size of our resources but also increasing their confidence as we aim for maiden Indicated resources.”
