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Cora Gold Ltd updates Sanankoro Gold Project MRE

Published by
Global Mining Review,


Cora Gold Ltd, a West African focused gold company, has announced an updated mineral resource estimate (MRE) prepared by CSA Global (UK) Ltd in accordance with The JORC Code (2012 Edition) for the Sanankoro Gold Project in Southern Mali. The updated MRE follows the recently completed ~43 000 m drilling campaign at Sanankoro which focused on mineral resource growth and upgrading existing mineral resources to higher confidence categories.

Highlights

  • + 200% increase in total ounces from maiden MRE in December 2019 and significant upgrade to indicated category using a 0.4 g/t cut off and a US$1800/oz optimised pit shell.
  • Pit constrained MRE of 21.9 million t at 1.15 g/t gold (Au) for a total of 809 300 oz of Au, including:
  • 540 600 oz at 1.33 g/t Au in the indicated category.
    • 268 700 oz at 0.9 g/t Au in the inferred category.
    • All deposits remain open in all directions.
    • Maiden mineral resource at Zone C.
  • The company’s strategy was to deliver opencast-able, free-digging oxide-focused ounces for the on-going definitive feasibility study (DFS) – this MRE supports that potential with:
    • 67% of total ounces in the indicated category.
    • 77% of the gold is in the oxide zone with a further 22% in the transitional zone.
    • Previous metallurgical testwork shows +94% recoveries (RNS dated 29 September 2020).
    • Base of oxidation ranges from 60 – 207 m deep.
  • MRE based on approximately 7.5 km surface expression of the total 33 linear km strike length of the potential mineralised zones identified in the 2018 exploration target of up to 2 million oz potential within 100 m of surface at Sanankoro (SRK, 2018).
  • There are multiple higher grade ore shoots within the deposits which offer the potential for higher grade production in early years of mining.
  • Work on the DFS is gaining momentum following appointment of consultants and completion is expected in 1H22.

Bert Monro, CEO of Cora, commented: “I am delighted with the updated MRE at Sanankoro which has exceeded our expectations from the start of the drill programme and is a major step in our development plan, which is focused on delivering a DFS during 1H22. Not only has the total mineral resource been expanded by over 200% from our maiden mineral resource, but there has also been an excellent conversion from inferred to indicated mineral resources. Furthermore, nearly all of the MRE mineralisation is in the oxide and transitional zones and is in line with the company’s strategy of delivering an opencast, free digging, high-recovery gold mine at Sanankoro.

“In September 2021 the company signed a revised term sheet with Lionhead for US$25 million project finance to support the development of the Sanankoro Gold Project on completion of the DFS in 2022. This mineral resource update is the first step towards delivering that strategy and the company is extremely pleased to be moving towards a construction decision.”

Read the article online at: https://www.globalminingreview.com/exploration-development/22112021/cora-gold-ltd-updates-sanankoro-gold-project-mre/

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African mining news Gold mining news