Cora Gold Limited (AIM: CORA) has hit multiple gold intersections in the first drill results from its campaign at the Sanankoro Gold Project in Southern Mali.
Drilling mainly targeted deeper oxide and sulphide extensions to the Maiden pit constrained Inferred Mineral Resource of 5.0 million tonnes (Mt) at 1.6 g/t Au for 265,000 ounces of gold.
Highlights included: 2.61 g/t Au over 29m from 82m including: 3.89 g/t Au over 12m in sulphide portion of the hole; 4.2 g/t Au over 7m from 101m including: 8.38 g/t Au over 3m; 2.05 g/t Au over 14m from 61m including: 3.31 g/t Au over 7m; 1.08 g/t Au over 18m from 84m; and 1.68 g/t Au over 4m from 137m with the hole ending in mineralisation.
- Further results from additional drilling at Sanankoro anticipated in the coming weeks
CEO Bert Monro said Cora believes Sanankoro has the potential for standalone mine development.
“Cora has successfully intersected multiple higher-grade gold intercepts at Sanankoro in this latest drill programme.
“This set of results mainly tested continuity of mineralisation at depth, in part below the limit of the existing Resource pit shells,” Mr Monro said.
“The current Resource has a range of pit depths from about 40-100m so there is significant scope to increase the open pit Resources with further successful drilling.
“Our recently announced Scoping Study, which was calculated on our current Maiden pit-constrained Inferred Mineral Resource of 5Mt at 1.6 g/t Au for 265,000 ounces of gold, highlighted the attractive economic returns possible at Sanankoro including a high IRR of 84% and short capex payback of 18 months.
“We look forward to announcing further results from this drilling programme covering predominantly potential extensions to existing Resources.”
Drilling to date has covered less than 25% of the one to two million ounce exploration target area at Sanankoro.