Cora Gold Ltd reported an exploration target estimate of 26.0 Mt to 35.2 Mt indicating a possible increase in resource at its flagship Sanankoro project in southern Mali.
ESTIMATE
Chief executive Bert Monro said that the exploration target showed the potential for an additional 1.37 Moz of gold above the company’s existing 920 koz mineral resource at Sanankoro.
The estimate has a grade range of 0.58 g/t Au to 1.21 g/t Au for a potential content of 490 koz Au to 1,370 koz Au.
The exploration target focused on brownfield areas within 8km of the existing mineral resource.
TARGET AREAS
In total, 12 areas comprise the exploration target, with three areas responsible for more than 50% of the target; Target 3, Target 5 and 6, and Selin-Bokoro West Extension.
Cora added that oxide and transitional material made up +90% of the exploration target, which will form the basis of future drill programmes to expand the July 2022 MRE.
DATA
Independent consultancy CSA Global completed the estimate based predominantly on data from historical drill programmes along with other exploration activity, defining the “mineralised potential” of the areas currently drilled at Sanankoro.
Cora added that further exploration potential was likely due to limited exploration activity outside of the known structures hosting the indicated and inferred mineral resources.
The company is still focused on the definitive feasibility study, the publication of which was deferred to improve the economics of the project.