Cora Gold shares soar on new discovery at Sanankoro

The AIM-traded firm said the discovery followed results from a reconnaissance aircore drilling programme at the Bokoro II, which borders the Sanankoro permit to the east.

It explained that the objective of the reconnaissance exploration was to test for new zones of potentially near-surface economic gold mineralisation within a five kilometre radius of the main focus of the existing Sanankoro deposits, and added that there were “many similar targets” still to be tested.

It said the first pass shallow reconnaissance drilling discovered the new 1.5 kilometre gold zone, about 1,500 metres to the south of the Selin deposit on the adjacent permit to Sanankoro.

Drilling was focussed on two areas of extensive historical artisanal mining, with 67 shallow oxide holes totalling 4,818 metres drilled to a maximum depth of 80 metres, with multiple holes ending in mineralisation.

The results included eight metres at 7.4 grams of gold per tonne in hole BC0057, Including two metres at 27.1 grams per tonne.

The also included seven metres at 1.3 grams of gold per tonne in hole BC0020, seven metres at 1.5 grams of gold per tonne in hole BC0011, three metres at 1.14 grams of gold per tonne in hole BC0071, and two metres at 2.6 grams of gold per tonne in hole BC0074.

“These results are extremely positive given that it is the first time the Bokoro permit has been systematically drilled by Cora, with the programme achieving its objective by successfully delineating a 1.5 kilometre gold zone that lies close to Selin, one of our existing deposits,” said chief executive officer Bert Monro.

“With many similar oxide targets remaining within the project area in close proximity to the defined resources, upside oxide potential remains significant, even before considering the future potential for the deeper sulphide mineralisation.

“Cora remains focussed on the Sanankoro Gold Project, and with a very positive Scoping Study and a recently signed $21m term sheet with Lionhead Capital to support its future development on completion of a definitive feasibility study, this continues to be a very exciting time for the company.”

At 1552 BST, shares in Cora Gold were up 21% at 9.68p.