Cora Gold (LSE:CORA) released drilling results from its Sanankoro gold discovery on Tuesday. The company said drill results from the Zone A prospect showed ‘good correlation to historical drilling’. Sanankoro is Cora’s flagship project and is situated in the Yanfolila Gold Belt in Southern Mali. The firm believes the project has the potential for a standalone mine development and is in the process of determining the location of higher grade areas with the current drilling campaign. Cora reports that this first set of drilling results suggests a continuation of broad zones of shallow high-grade mineralisation across the Zone A prospect. All holes ended in oxidised material to depths of around 90 metres. The drill results (shown below) include a number of higher-grade areas with top examples of 8m at 3.17g/t Au from 69m and 26m at 2.60 g/t Au from 71m.

Drill Results recorded across Zone A Prospect, including results from Cora’s 2018 drill campaign

Dr Jonathan Forster, Cora's CEO commented:

"These initial results from our latest drill programme are particularly encouraging. The results reported from the Zone A prospect vindicate our strategy of focusing on oxide deposit areas that have the potential to become higher grade starter pits for a future development opportunity.  The continuity of the widths, grades and near surface location of the gold mineralisation is potentially indicative of a zone that is in the 'sweet spot' with potential for future economic extraction; in particular given the very deep weathering that has resulted in oxidation to depths of 90m or more." 

In October, Cora announced that SRK Consulting had determined an initial Exploration Target of between 30 and 50 million tonnes of gold ore at a grade of between 1.0 and 1.3 g/t Au at Sanankoro. The company believe there is the potential to delineate 1-2 million ounces of gold to a depth of 100m. Last month the firm appointed Wardell Armstrong International (WAI) as independent consultants to undertake a preliminary metallurgical test work programme at Sanankoro in order to assess the amenability for cyanide leach extraction of gold from oxide mineralization at the discovery. A core hole has now been drilled to provide a composite oxide metallurgical sample for the metallurgical test work programme.

Cora is expected to announce drilling results from its nearby Selin prospect over the coming weeks

Author: Stuart Langelaan

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