Cora Gold announces first results from Madina Foulbe drilling

West Africa-focussed Cora Gold announced the first set of results received from the 2,000 metre reverse circulation drill programme at the Madina Foulbé Permit on Wednesday.

The AIM-traded firm said the permit is located in eastern Senegal, within the prolific Kedougou-Kenieba Inlier gold region, which historically has seen more than 50 million ounces of gold discovered.

It said 642 metres of drilling had been completed in eight holes of the first reconnaissance drill programme, at the 260 square kilometre permit.

The priority targets included Tambor and Madina, which were 2.5 kilometre and two kilometre-long gold-in-soil anomalies, respectively.

Cora said the programme was currently suspended due to Covid-19 coronavirus-related restrictions, and would be completed when conditions allowed.

It said the results to date confirmed the initial model, with “extensive” zones of gold mineralisation across the area tested thus far.

The highlights included 47 metres at 0.63 grams of gold per tonne from 27 metres, including one metre at 16.4 grams of gold per tonne from 40 metres in hole MFC007.

It also noted 36 metres at 0.53 grams of gold per tonne from six metres, including three metres at 3.78 grams of gold per tonne from 12 metres in hole MFC001, and 27 metres at 0.47 grams of gold per tonne from 45 metres in hole MFC002.

“Having completed around one third of the maiden RC drill programme at Madina Foulbé, which was designed to gain an understanding of the likely style and width of mineralisation within this large granitic system, we are pleased to have continuously intersected good widths of mineralisation albeit at relatively low grades from initial results,” said chief executive officer Bert Monro.

“Much of the Tambor target remains to be drilled and this first indication of a consistent gold mineralised system is encouraging.

“With the Madina target not yet drilled at all and a new additional target now also identified, the team is looking forward to starting work again to build on these initial results.”

At 1350 BST, shares in Cora Gold were down 6.67% at 5.04p.