Cora Gold reports positive results from Sanankoro sampling

West Africa-focussed gold company Cora Gold reported positive results from the bulk sample programme it completed in conjunction with Hummingbird Resources on Thursday.

The AIM-traded firm said the test work explored the ability of the ore at its Sanankoro Gold Project to be concentrated by gravity separation, to a level that would be viable to transport distances more than 100 kilometres, which could support a lower capital expenditure and faster route to cash flow for the company.

It said about 57% of gold was recovered from the -1.7mm size fraction to a concentrate representing less than 1% of the feed mass, with a concentrate grade of 70 grams of gold per tonne said to be possible.

The remaining coarse material was subject to a kinetic cyanide bottle roll, to simulate heap leaching conditions.

Cora reported gold extraction of approximately 75% in 96 hours, with the potential to improve if given further time.

“These results suggest that a streamlined process flow sheet incorporating gravity concentration and the trucking of a high grade concentrate to an existing mine in the region could be run in parallel with a smaller on-site heap leach project treating the residual coarser size fraction,” said chief executive officer Bert Monro.

“These initial results suggest this could be a viable alternative route for us, potentially providing a lower capital expenditure and faster route to cash flow for the company.

“In parallel, Cora commenced further metallurgical test work earlier this month to build on the work completed for the Sanankoro Scoping Study published in January 2020.”

Monro said that was focussed on taking the metallurgical results to a 'pre-feasibility study' standard.

“As part of this programme, we are also continuing further test work on gravity concentration and we expect to report on these results during the third quarter of 2020.

“We remain focussed on delivering a stand-alone mining operation at Sanankoro and signed last week a project financing term sheet for $21m (£16.89m) to support this plan.

“The company will always aim to deliver the optimum return for all shareholders and will continue to remain open to all routes for the Sanankoro Project.”

At 0821 BST, shares in Cora Gold were down 0.83% at 9p.