Positive initial results as CORA identifies new shallow gold zone at Sanankoro
This product is classified as ‘very high risk’ in nature due to its location and geopolitical situation of the region. FinFeed advises that extra caution should be taken when deciding whether to engage in this product, however if you are not sure whether it is suitable for you we suggest you seek independent financial advice.
West African focused gold explorer, Cora Gold Limited (LON:CORA) has reported the first results from stage 1 of its drilling programme at its flagship Sanankoro Gold Discovery in the Yanfolila Gold Belt in southern Mali.
CORA is focused on two world class gold regions in Mali and Senegal in West Africa, where it has multiple high-potential, drill-ready gold targets. Yet its primary focus is on further developing the highly prospective Sanankoro Gold Discovery, which the company believes has the potential for a standalone mine development.
CORA report that gold assay results from Stage 1 —broadly spaced, shallow, reconnaissance drilling at Target 1 — confirm the discovery of a new gold zone of at least 1200 metres with the potential to increase to more than 3000 metres.
Of course, as with all minerals exploration, success is not guaranteed – consider your own personal circumstances before investing, and seek professional financial advice.
Impressive assays from the initial programme include some extremely encouraging high-grade gold intercepts of up to 52.80 g/t, including:
- 17 metres at 5.43g/t from 67 metres downhole (including 8 metres at 11.24g/t)
- 11 metres at 5.24g/t from 4 metres downhole (including 1 metre at 52.80g/t)
- 20 metres at 2.15g/t from 77 metres downhole
- 15 metres at 1.41g/t from surface
- 10 metres at 1.37g/t from 39 metres downhole
These results indicate strong potential for the zone to carry economic grades and widths.
The drilling programme at Target 1 has tested just 1.5 kilometres of a greater than 7 kilometre long structure on a reconnaissance basis, with drill fences orientated east-west and set mainly 320 metres apart.
The results confirm that Target 1 can be added to the inventory of Gold Zones that CORA will prioritise for follow up infill drilling. A number of core drill holes will be required, in conjunction with information from ground IP to enable better understanding of geometry, structure and mineralisation controls prior to subsequent infill drilling.
Stage 2 drilling is now underway, with 4000 metres of combined AC (air-core) and RC (reverse circulation) drilling and 500 metres of diamond core focusing on Sanankoro Zones A, B and C.
CEO of Cora Gold, Dr Jonathan Forster said: “This initial drill programme has delivered impressive grades of gold and has vindicated our strategy of stepping away from the known zones of gold mineralisation at Sanankoro to demonstrate the extensive gold endowment of the belt. The results, which are shallow with broad zones of high grade mineralisation, provide great encouragement with respect to the mineralised potential of the over 15 kilometres of identified strike at Sanankoro.
“We have numerous clear drill targets that are not yet tested by AC or RC drilling which may have similar styles of gold mineralisation and, as a consequence, our belief in the 1 million-plus ounce potential of the project is enhanced.”
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.
The information contained in this article is current at the finalised date. The information contained in this article is based on sources reasonably considered to be reliable by S3 Consortium Pty Ltd, and available in the public domain. No “insider information” is ever sourced, disclosed or used by S3 Consortium.