Cora Gold Ltd, 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. The West African focused gold company 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.
“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,” Bert Monro, CEO of Cora, commented.
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.”