Cora Gold Announces Significant Increase in Mineral Resource Estimate at Sanankoro Gold Project

3 min read | January 15, 2025 02:59 AM EST | By Team Kalkine Media

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Cora Gold Announces Significant Increase in Mineral Resource Estimate at Sanankoro Gold Project — Image source: Shutterstock

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Highlights:

31.4 Million Tonnes of Resources Containing 1.04 Million Ounces of Gold

Successful Drilling Campaign Boosts Confidence in Resource Estimate

Exploration Potential for Further Mineral Growth with Ongoing Studies

Cora Gold Limited (LSE:CORA), a West African gold company, has updated the Mineral Resource Estimate (MRE) for its flagship Sanankoro Gold Project in southern Mali, following a successful drilling campaign. The updated MRE reflects a substantial increase in both tonnage and contained gold, positioning the project for further development and resource expansion.

Cora Gold’s updated MRE for the Sanankoro Gold Project now stands at a total of 31.4 million tonnes at 1.04 grams per tonne (g/t) gold, containing 1,044,000 ounces (koz) of gold. This represents a 26% increase in tonnage and a 13% increase in contained gold compared to the 2022 MRE, which reported 24.9 million tonnes at 1.15 g/t gold for 920 koz. The update is driven by the addition of 2,669 meters of drilling (50 Reverse Circulation (RC) drill holes), primarily aimed at converting near-surface Inferred Mineral Resource material to higher-confidence Indicated resources, thus de-risking the project and potentially extending the life of mine (LOM) once new Ore Reserves studies are completed.

The updated MRE also reflects several key changes, including:

Cut-off Grade Reduction: The cut-off grade has been reduced to 0.3 g/t gold (from 0.4 g/t in the 2022 MRE), allowing for a larger volume of material to be included in the resource estimate.
Increased Gold Price: The gold price used for the pit shell calculation has been raised to US$2,400 per ounce, up from US$1,900 per ounce in the 2022 MRE. This has resulted in an increase in the volume of material inside the reporting pit.

Cora Gold is optimistic about the potential for further resource growth. Results from the optimised pits suggest that additional mineral resources may be identified with further exploration. Notably, a single exploration hole drilled at Zone B intersected new mineralisation that is not included in the current MRE, with multiple mineralised zones discovered, including intersections of 19m at 0.66 g/t gold and 11m at 0.34 g/t gold.

Moreover, Cora’s exploration team is reviewing a pipeline of brownfield and greenfield drill targets, which may further enhance the resource base. The company has also published an Exploration Target, estimating a potential resource range of 26.0 million to 35.2 million tonnes at grades of 0.58–1.21 g/t gold, containing between 490,000 and 1.37 million ounces of gold.

The updated MRE, along with ongoing optimisation studies, will inform the Definitive Feasibility Study (DFS) scheduled for 2025. This updated DFS is expected to present significantly improved project metrics, particularly with the higher gold price since the 2022 DFS was completed at a price of US$1,750 per ounce.

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