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Cora Gold Ltd on Monday said that there was potential for gold expansion at Sanankoro, following recent test results from an exploration target at the site.
Cora Gold is a West Africa-focused gold explorer with three principal de-risked project areas within two known gold belts in Mali and Senegal. The Sanankoro licence is its flagship project, located in the Yanfolila Gold Belt, southern Mali.
The company estimated that the exploration target contained between 26.0 megatonnes and 35.2 megatonnes, with a grade range of 0.58 grams per tonne of gold to 1.21 grams, for a potential content of 490,000 ounces of gold to 1.4 million ounces.
In total, 12 areas comprise the exploration target, of which 90% is oxide and transitional material.
Cora Gold said the target will form the basis of future drill programmes to expand its mineral resource estimate. It added that further exploration is still considered likely due to limited exploration activity outside of the known structures hosting the indicated and inferred mineral resources.
The Sanankoro exploration target, from which the test results originated, was focused on brownfield areas within eight kilometres of the existing mineral resource and was predominantly estimated using drill data.
"The exploration target shows the uplift potential for an additional 1.37 million ounces of gold over and above our existing 920,000 mineral resource at Sanankoro," said Chief Executive Officer Bert Monro.
"This exploration target will be used as part of our planning of future exploration programmes as we look to grow our flagship Sanankoro gold project."
Cora Gold shares were trading 2.3% higher at 4.30 pence each in London on Monday afternoon.
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