REG - Cora Gold Limited - Drill Programme Completed at Madina Foulbé

Cora GoldAnnouncement

29/05/2024 07:00

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RNS Number : 1721Q  Cora Gold Limited  29 May 2024

Cora Gold Limited / EPIC: CORA.L / Market: AIM / Sector: Mining

29 May 2024

Cora Gold Limited

('Cora' or 'the Company')

 

Drill Programme Completed at Madina Foulbé in East Senegal

 

Potential for a large scale, in-situ gold mineralisation

 

Cora Gold Limited, the West African focused gold company, is pleased to
announce that it has completed the drilling phase of its exploration drill
programme at the Madina Foulbé gold permit within the Kenieba Project Area
('the Project') in east Senegal. The permit is in close proximity to several
Tier 1 gold deposits located within the Mako Geological Belt of the
Kédougou-Kéniéba Inlier.

 

PROGRAMME OVERVIEW

·    2,018 metres of Reverse Circulation ('RC') over 40 holes completed on
schedule.

●    All samples have arrived at the laboratory for testing with results
expected Q3 2024.

●    Drilling tested prospective gold anomalies not previously drill
tested, within the large 3km long by 1.6km wide Tambor gold-in-soil anomaly
(>20ppb).

●    The region is serviced by excellent infrastructure within a mining
friendly jurisdiction.

 

Bert Monro, Chief Executive Officer of Cora, commented, "I am pleased to
confirm that the drilling phase of our 2,018m drill programme has been
successfully undertaken at Madina Foulbé with all samples now at the
laboratory for testing. Thanks must go to our exploration team for their hard
work in delivering on this work programme, which was completed on schedule,
and marks the start of an exciting new exploration campaign in Senegal. Given
the Project's proximity to several operating mines and strong geochemical soil
samples received to date, we are excited for the development opportunity
Madina Foulbé presents. We look forward to sharing further updates in due
course once the drill results have been analysed."

 

Further Information

Figure 1: The Kenieba Project Area in east Senegal.

 

Location

The Madina Foulbé permit in Senegal is approximately 27km directly west of
the Sadiola Gold Mine and close to several other Tier 1 deposits (Loulo,
Gounkoto, Fekola) in the gold belt known as Kédougou-Kéniéba Inlier
('KKI'). Two operators within the KKI have recently been acquired, including
Chesser Resources Limited purchased by Fortuna Silver Mines Inc. in May 2023
for US$60m, 860koz @ 1.77 g/t Au; and Oklo Resources Limited purchased by
B2Gold Corp. in May 2022 for US$66m, 668koz @ 1.83 g/t Au.

 

Within the Madina Foulbé permit are 5 exploration targets - Tambor, Dalaoule
and Tombolo South targets are located on the eastern side of the permit, all
are proximal to the regional North-South trending structure cutting through
the permit; and the Madina and Diombalou South targets which straddle a large
North - South structure on the Western side of the permit.  These targets
were a result of gold in soil sampling programmes by Cora and Toro Gold
Limited. Some ICP-MS data exists from a small soil sampling programme in which
evaluation of the multi-element data has defined a large (+5km) and anomalous
Cu & Fe anomaly in the South/East of the permit over the Tombolo South
target which combined with the anomalous gold values and geological contacts
makes this area a highly prospective target as well.

 

Figure 2: Map showing the Madina Foulbé Exploration Project in Senegal.

Previous Tambor Exploration

Cora commenced preliminary exploration field activities at Madina Foulbé in
2018; this work combined with previous historical data was used to design a
reconnaissance drill programme at the Tambor Gold in soils anomaly. Drilling
commenced in April 2020 but after completing 1½ fences (nine holes for 642m)
of the five planned fences, the programme was stopped in June 2020 due to
Covid-19. Results (see announcement dated 6 May 2020) included:

 

●    47m @ 0.63 g/t Au from 27m, in hole MFC007, including 1m @ 16.4 g/t
Au;

●    36m @ 0.53 g/t Au from 6m, in hole MFC001, including 3m @ 3.78 g/t
Au; and

●    27m @ 0.47 g/t Au from 45m, in hole MFC002.

 

Recent field visits to the Tambor anomaly confirmed the presence of multiple
intrusive lithologies over the entire anomaly and that mineralisation is
hosted by well-developed sheeted and stockwork quartz vein sets within.
Pegmatite veins are commonly observed with gold mineralisation occurring also
at their contacts. Weathering of the intrusive rocks is weakly developed with
the fresh rock commonly found within a few metres from surface; with little to
no laterite formation formed, the gold in soil anomaly is considered
indicative of the underlying gold mineralisation within the host intrusive
rocks. Previously, rotary air blast ('RAB') drilling by Toro Gold Limited
(responsible for the discovery of the 1.5Mozs Mako deposit and bought by
Resolute Mining Limited in 2019 for US$274m) intersected some well mineralised
zones: TNB026; 6m @ 21.02 g/t Au (from 15m), TNB091; 15m @ 1.79 g/t Au from
surface, TNB039; 9m @ 1.85 g/t Au from surface; and many shorter RAB holes
ending in mineralisation on encountering fresh rock.

 

Rock chip and grab samples of the many quartz veins have confirmed the
widespread nature of the in-situ gold mineralisation with a maximum grade of
95.3 g/t Au sampled, however, most values are within 0.3 - 2.0 g/t Au.
Geophysical data sets show a large circular feature coinciding with the Tambor
gold in soil anomaly, which in addition to the regional (+200km in length)
scale north-south trending fault system cutting directly through the centre of
the soils anomaly confirms the geological prospectivity of the Tambor anomaly.

 

2024 Drilling Programme

The planned 2,000m reconnaissance RC drilling programme commenced in April
2024 (see announcement dated 8 April 2024) to test for gold mineralisation
under the best gold-in-soil and termite mound anomalies. Drilling tested
specific and highly prospective targets, some of which had never been drill
tested. Drill samples have now been sent to the laboratory for testing and
will be analysed by ICP-MS (4 acid) in addition to fire assay for gold, which
will give multi-element data in conjunction with gold assays to better
understand this large gold system. The intent of the drill programme is not to
define mineral resources but test conceptual targets (see map below), which if
successful would require additional drill programmes to define the size and
grade of the mineralisation and allow for mineral resources to be reported in
the future.

 

The Tambor gold anomaly map below shows the gold-in-soil anomaly as contours
(>20ppb) and the corresponding soil and termite values that define the
large Tambor gold anomaly.  Using all the available gold related data sets
i.e. soil samples, termite visual gold samples, previous RAB & RC
drilling, trenches, grab and channel samples, combined with the topography,
regional magnetics, and geology, 10 high priority targets were identified for
reconnaissance drill testing.  Intersecting the source/s of the soil anomaly
was the objective of the reconnaissance drill programme.

 

Figure 3: Map showing the Tambor gold anomaly.

 

Competent Person's Statement

The technical information in this release was reviewed and approved by Mr.
Murray Paterson in his capacity as a Competent Person, in accordance with the
guidance note for Mining, Oil & Gas Companies issued by the London Stock
Exchange in respect of AIM Companies, which outlines standards of disclosure
for mineral projects. Mr. Paterson is Cora's Head of Geology and is a member
of good standing with the Australasian Institute of Mining and Metallurgy
(MAusIMM). Mr. Paterson has sufficient experience that is relevant to the
style of mineralisation and type of deposit under consideration, and to the
activity which he is undertaking, to qualify as a Competent Person as defined
in the 2012 Edition of the 'Australasian Code for Reporting of Exploration
Results, Mineral Resources and Ore Reserves'. Mr. Paterson consents to the
inclusion in this release of the Exploration Results in the form and context
in which it appears.

 

Market Abuse Regulation ('MAR') Disclosure

Certain information contained in this announcement would have been deemed
inside information for the purposes of Article 7 of the Market Abuse
Regulation (EU) No 596/2014 ('MAR'), which is part of UK law by virtue of the
European Union (Withdrawal) Act 2018, until the release of this announcement.

 

**ENDS**

 

For further information, please visit http://www.coragold.com or contact:

 

 Bert Monro        Cora Gold Limited                  info@coragold.com

 Craig Banfield
 Derrick Lee       Cavendish Capital Markets Limited  +44 (0)20 7220 0500

 Pearl Kellie      (Nomad & Broker)
 Susie Geliher     St Brides Partners                 cora@stbridespartners.co.uk

 Isabelle Morris   (Financial PR)

 Charlotte Page

 

Notes

Cora is a West African gold developer with de-risked project areas within two
known gold belts in Mali and Senegal. Led by a team with a proven track-record
in making multi-million-ounce gold discoveries that have been developed into
operating mines, its primary focus is on developing the Sanankoro Gold Project
in the Yanfolila Gold Belt, south Mali, into an open pit oxide mine. Based on
a gold price of US$1,750/oz and a Maiden Probable Oxide Reserve of 422koz at
1.3 g/t Au, the Project has strong economic fundamentals, including 52% IRR,
US$234 million Free Cash Flow over life of mine and all-in sustaining costs of
US$997/oz.

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