Cora Gold updates its resource estimate for Sanankoro

West Africa-focussed Cora Gold announced an updated mineral resource estimate for its Sanankoro project in southern Mali on Tuesday.

The AIM-traded firm said the estimate was updated after completion of the 2022 drill programme, and built on the previous estimate announced in November, with a primary focus on converting additional ounces from inferred to indicated.

It reported a 14% increase in total mineral resource estimate ounces compared to the previously-reported estimate, with a 22% increase in oxide indicated mineral resources to 509,000 ounces.

The estimate, at a cut-off grade of 0.4 grams of gold per tonne, consisted of 24.9 million tonnes of material at a grade of 1.15 grams per tonne, of which 16.1 million tonnes were indicated mineral resources and 8.7 million tonnes were inferred, for a total 920,000 ounces of gold.

A total of 657,000 ounces were at 1.27 grams of gold per tonne in the indicated category, while 263,000 ounces were at 0.94 grams per tonne in the inferred category.

The mineral resource estimate was updated following a “limited programme” of 6,992 metres of reverse circulation and 897 metres of aircore drilling, and as part of an ongoing definitive feasibility study for Sanankoro, due to be completed in the third quarter.

“The main focus of this programme was to add oxide Indicated ounces, which will enhance the reserve potential in our upcoming definitive feasibility study, and this estimate has delivered on that plan,” said chief executive officer Bert Monro.

“The programme, from a limited drill metre-age while we focused on the feasibility study, had a very good conversion from Inferred to Indicated which also bodes well for future infill programmes on the 263,000 ounces of Inferred material.

“The new discoveries in close proximity to existing resources, found during this year's exploration programme, also show that there is plenty of potential to find new deposits in the future as we remain in the early stages of developing the exploration potential across the Sanankoro permit area.”

At 1548 BST, shares in Cora Gold were down 1.34% at 5.53p.

Reporting by Josh White at Sharecast.com.