Cora Gold Ltd said it had delineated a further million ounces in its revised mineral resource estimate for its flagship Sanankoro project in southern Mali.
RESERVES
The 26% increase takes the 2022 MRE from 24.9 million tons to 31.4Mt at 1.04 g/t gold for 1,044 koz.
The tonnage comprises an indicated 19.0 Mt at 1.13 g/t gold for 689,000 oz plus inferred 12.4 Mt at 0.89 g/t gold for 354koz.
The new figure includes results from 2,669m from 50 reverse circulation drillholes, aimed to de-risk the MRE and convert near surface inferred material to the indicated category.
Operations will also allow the company to extend the life of mine of Sanankoro on completion of new ore reserves studies.
Cora additionally reported a 13% increase in contained metal from 920koz gold in 2022 to 1,044koz gold.
Further increases could come from new mineralisation yet to be included in the MRE and future drilling currently under review.
The 2024 MRE is expected to support a revised definitive feasibility study next year.
Chief executive Bert Monro added that during the last quarter Cora had commissioned a processing optimisation study to enhance the process plant flow sheet.
“Following this study’s completion, it’s our intention to update the project’s ore reserves and publish an updated DFS during 2025.
“The company is proactively engaging with the Malian government regarding its application for a mining licence, which, once granted, will allow mine construction to commence.”