Cora up 25% on high grade gold find

By Meagan Evans. Published at May 2, 2018, in Small Caps

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West African focused gold exploration company, Cora Gold Limited (LON:CORA), announced that it has discovered two new gold zones at the Tekeledougou Permit in southern Mali, with shallow, broad, high-grade gold intercepts.

Investors were impressed by the news — sending the stock up more than 25%.

The past performance of this product is not and should not be taken as an indication of future performance. Caution should be exercised in assessing past performance. This product, like all other financial products, is subject to market forces and unpredictable events that may adversely affect future performance.

The Tekeledougou Permit is less than ten kilometres from Hummingbird Resources plc’s producing Yanfolila Gold Mine — a potential fast-route to cash flow, and it’s 60 kilometres south of Cora’s Sanankoro Gold Discovery, which has the potential for a standalone mine development.

Yanfolia tekeledougou permit

The highly encouraging assay results are from the initial 2,007m aircore (AC) and reverse circulation (RC) reconnaissance drilling campaign at the project.

The high grade intercepts at the project’s Woyoni and Kouroudian Discoveries include:

Woyoni:

  • 56m at 2.2 g/t gold including 22m at 4.86 g/t gold; and
  • 60m at 0.7 g/t gold including 9m at 1.30 g/t gold.
  • Drilling confirms minimum strike length of 250m
  • Open in all directions

Kouroudian:

  • 17m at 6.8 g/t gold including 1m at 102 g/t gold; and
  • 15m at 1.17 g/t
  • Drilling confirms minimum strike length of 500m and clear potential to extend over 1km
  • Open in all directions

The gold zone remains open in all directions and further historical artisanal mining extending some 200-300m to the north and well-developed quartz vein float a similar distance to the south highlight the overall strike length potential of over 1,000m.

Higher grade gold intercepts lie within broader zones of anomalous gold (>0.1 g/t gold) supporting the observation of an overall broad zone of gold mineralisation. An understanding of the distribution of the higher grades within this zone will be pursued with infill and extensional RC drilling supported by core holes.

Yet CORA remains a speculative stock and investors and investors should take a cautious approach to any investment decision made with regard to this stock.

CORA CEO Dr Jonathan Forster, said, “These are exciting new gold discoveries and hold great promise for further development. Some excellent grades and widths, a deep weathering profile which signifies the potential for lower cost mining, and both discoveries' proximity to an operational processing plant underpin the outstanding potential which we see at Tekeledougou. I look forward to promptly pursuing these discoveries, with follow up infill and extensional RC programmes being planned, as well as some core drilling to help understand the new systems.”

tags

GOLD

S3 Consortium Pty Ltd (CAR No.433913) is a corporate authorised representative of LeMessurier Securities Pty Ltd (AFSL No. 296877). The information contained in this article is general information only. Any advice is general advice only. Neither your personal objectives, financial situation nor needs have been taken into consideration. Accordingly you should consider how appropriate the advice (if any) is to those objectives, financial situation and needs, before acting on the advice.

Conflict of Interest Notice

S3 Consortium Pty Ltd does and seeks to do business with companies featured in its articles. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this article. Investors should consider this article as only a single factor in making any investment decision. The publishers of this article also wish to disclose that they may hold this stock in their portfolios and that any decision to purchase this stock should be done so after the purchaser has made their own inquires as to the validity of any information in this article.

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