CORA GOLD LTD

Description

Founded in 2012, Cora Gold Limited is a British Virgin Island-based mineral exploration and development business with focus on gold regions in Mali and Senegal in West Africa, being the Kédougou-Kéniéba Inlier gold belt, also known as Kenieba Window and Yonfolila Gold Belt. It is engaged in limited field activities relating to exploration of gold and its objective is to conduct exploration on its portfolio of mineral properties, establish preliminary economics on resources for future developments and prove a resource compliant with internationally recognized standards, to deliver long-term value for shareholders. The company’s shares are traded on the Alternative Investment Market (AIM) of the London Stock Exchange since 2017 as LON: CORA.

The company operates a number of gold permits with a total area of 1,200 sq km and these permits can be grouped into three project areas that include Yonfolila project area, Sanankoro project area and Diangounte Project area. The Yonfolila Project Area located in Southern Mali within the Yanfolila Gold Belt. The projects include six permits that Tekeledougou, Farassaba III, Tagan, Fingouana, Siekorole, and Winzathat covers the total area of 450 sq km. the first five permits are located within a radius of around 25 km from the Yanfolila Gold Mine of Hummingbird Resources Plc. Winza permit is located in the southern end of the Yanfolila Belt and in 2017, incorporated into the Cora Gold portfolio as part of the transaction with Hummingbird, including Tekeledougou permit.

The company is aiming to develop its flagship Sanankoro Project in Southern Malli, within Yonfolila Gold Belt. Its initial Scoping Study showed that it has the potential to be highly profitable oxide mine with 107% IRR and US$41.5m NPV (8% discount rate) at a gold price of US$1,500/oz.  The project includes five contiguous permits that include Boloro II, Boloro Est, Sanankoro, Kodiou and Dako II, that covers the total area of around 341 sq km. further its permits include Karan oust, Karan and Mokoyako which together covers 300 sq km area.

The Diangounté Project Area is located in the western Mali/ Eastern Senegal within the Kenieba Window and comprises of four permits that include Kakadian, Madina Foulbé, Satifara Ouest and Satifara Sud, that together covers 320 sq km area.