Cora Gold highlights 'significant potential' at Sanankoro asset

Cora Gold Limited (DI)

3.00p

16:55 08/11/24

-7.69%

-0.25p

West African focused explorer Cora Gold has determined an initial exploration target of 30-50m tonnes at its Sanankoro asset in southern Mali.

Mining

11,623.03

16:59 08/11/24

1.30%

148.91

Cora told investors on Monday that its discovery was confirmed at a grade of 1 to 1.3 grams per tonne as part of a full exploration target report prepared by external consultants SRK Consulting.

The AIM-listed revealed that DRK's report had confirmed its internal conviction that Sanankoro held the potential to delineate between one and two million ounces to a depth of 100m, indicative of "significant potential" for further upside at depth.

Chief executive Dr Jonathan Forster, said: "It is very pleasing to have our confidence in the gold potential of the Sanankoro project confirmed by SRK's independent review."

Forster said the site's soft saprolitic ore, should be amenable to low-cost mining and processing which could also be beneficial for the early stages of mine development.

"SRK's report will now act as a springboard for the next stage of our strategy. We are currently planning a programme which will be seeking to define the strike extent and depth potential of higher-grade zones which might be suitable as 'starter pits' for any future standalone gold mine."

As of 1030 BST, Cora shares had improved 4.36% to 8.98p.