18th May 2020 16:17
(Alliance News) - Cora Gold Ltd on Monday said its loss for 2019 widened due to a rise in costs but highlighted progress in relation to its Sanankoro gold project in southern Mali.
Shares in the West Africa-focused gold company were trading 4.1% higher at 5.72 pence each on Monday afternoon in London.
Cora Gold said that pretax loss for 2019 widened to USD1.5 million from USD837,000. The widened loss was attributed to USD796,000 of impairment charges.
The drilling campaign at the Sanankoro gold project in southern Mali showed "robust" results including the discovery of 2.61 grams of gold per tonne of ore over 29 metres. The drilling programme identified potential extensions to existing resources with results, including 5.16 grams of gold per tonne over 3 metres and 1.41 grammes of gold per tonne of ore over 13 metres.
In the first quarter of 2020, the company said it started drilling at the Madina Foulbe permit in eastern Senegal within the Kedougou-Kenieba Inlier gold region with initial results showing 'good widths of gold mineralisation continuously intersected.'
"2019 was another successful year exploring Sanankoro's economic potential, which has laid the foundations for what we believe to be a pivotal time for Cora. We are very much looking forward to 2020, with a busy schedule of exploration programmes planned once again. We are confident that positive news flow will be generated throughout the coming months," said Chair Edward Bowie.
By Ife Taiwo; [email protected]
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