19th Nov 2019 13:20
(Alliance News) - Cora Gold Ltd on Tuesday announced the start of a 5,000 metre drilling programme at the Sanankoro discovery.
Cora hopes to finish the work during the fourth quarter of 2019. Sanankoro is located on the Yanfolila gold belt in southern Mali.
The programme is to investigate the potential for sulphide and deep oxide potential below known mineralisation at key prospects, and extend existing new shallow oxide targets.
Cora believes all of the drilling carried out so far at Sanankoro has covered less than a quarter of the 1 million to 2 million ounce target area.
Chief Executive Jonathan Forster said: "In what has been an excellent exploration year so far, with our objective of defining higher grade zones at Sanankoro having been met as well as good indicators now pointing to sulphide potential, we look forward to the final phase of exploration for 2019.
"With the objective of better understanding the potential beneath the base of the oxide mineralisation, and in addition starting to look to expansion of the oxide potential, we see the work as being likely to supplement the guidance on future development."
Forster is leaving Cora early in 2020, though he will remain as head of exploration. Replacing him, as announced October, is head of business development Bert Monro, who was a non-executive director between 2017 and July this year.
Cora shares were 5.5% lower on Tuesday afternoon in London at a price of 5.32 pence each.
By George Collard; [email protected]
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