5th Dec 2019 14:09
(Alliance News) - Cora Gold Ltd said Thursday it has received a maiden pit constrained mineral resource estimate from independent consultants SRK Consulting UK Ltd for its Sanankoro gold project in southern Mali.
The West-African focused gold exploration company said it has completed drilling throughout the Sanankoro project area, predominantly targeting oxide mineralisation.
In addition Cora Gold said it has completed a pit optimisation analysis to determine the quantities of material offering "reasonable prospects for economic extraction".
Chief Executive Jonathan Forster said: "This estimate is the first step in defining the overall oxide potential at the project, where to date less than a quarter of the one to two million ounces SRK exploration target has been tested."
"We have also been able to include a small amount of sulphide material in the mineral resource estimate, confirming our belief that exploration expansion into the sulphide zones could provide significant future upside," Forster said.
Whereas the gold recovery from oxides is shown to range from 92.9% to 95.7%, the sulphide resource estimate has assumed an 80% extraction rate for gold recovery. This has been determined on the basis of "very preliminary" metallurgical testing of two sulphide samples, Cora noted.
One additional test was conducted on sulphide core to provide a preliminary indication of the hardness of the sulphide ore, the company said, with results showing that the sulphide ore is "moderately hard".
Cara Gold shares were 2.4% up in London at 5.89 pence each on Thursday.
By Loreta Juodagalvyte; [email protected]
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