Cora Gold releases 'notable' exploration results from Mali and Senegal

Cora Gold reported “notable” results from its ongoing programmes in west Mali and Senegal on Monday, with a new target identified at the Madina Foulbé Permit in Senegal.

The AIM-traded firm said there, grab sample assays returned gold values that included 57.2 grams of gold per tonne, 11.8 grams of gold per tonne, 5.99 grams of gold per tonne and 3.97 grams of gold per tonne.

It also reported two key targets as being identified at the Diangounte Project Area, where grab samples returned gold values that included 14.1 grams of gold per tonne and 12.1 grams of gold per tonne.

The partially-completed reverse circulation drill programme, which it announced on 6 May at Madina Foulbe, identified “broad zones” of mineralisation, including 47 metres at 0.63 grams of gold per tonne and 36 metres at 0.53 grams of gold per tonne.

It also explained that results from work in the Yanfolila Project Area in southern Mali provided encouragement for future programmes, with initial results from rotary air blast drilling at the Tagan permit suggesting the presence of extensions to a gold intercept of 1.7 grams of gold per tonne over 14 metres achieved in a historic standalone core hole.

The rotary air blast drilling programme at Winza had focused on a target with the potential for a strike length of more than 1,000 metres, and multiple gold zones.

“Given the results generated during the first half of 2020, we are hopeful that we can discover, in time, another project like Sanankoro from within our existing highly prospective licence package,” said chief executive officer Bert Monro.

“Cora has an experienced exploration team that have worked together for well over a decade, based in West Africa, which enables us to operate in an efficient and cost-effective way, constantly building up a future pipeline of new drill ready targets.

“Cora's main focus remains the Sanankoro Gold project with a very positive scoping study, with an 84% Internal rate of return at a $1,400 per ounce gold price, completed on it and a recent $21m mandate and term sheet signed for funding to support its future development.”

At 0804 BST, shares in Cora Gold were down 3.62% at 8.53p.