Cora Gold
(AIM:CORA ) has received its first set of drill results from the 2,000m Reverse Circulation drill programme at the Madina Foulbé Permit confirming gold mineralisation.
The West African-focused gold company said 642m of drilling has been completed in 8 holes of first reconnaissance 2,000m RC drill programme at the 260 sq km Madina Foulbé Permit.
The Permit is located in eastern Senegal within the prolific Kedougou-Kenieba Inlier gold region, which historically has seen over 50 million ounces of gold discovered.
The results to date have confirmed the initial model to show extensive zones of gold mineralisation across the area tested.
Shares in Cora Gold were trading 2.78% lower at 5.25p during Wednesday afternoon.
Across the area tested so far, gold at a grade of 0.63 g/t was observed for a length of 47m at a depth of 27m, and at 16.4 g/t for 1 m at a depth of 40m.
“Much of the Tambor target remains to be drilled and this first indication of a consistent gold mineralised system is encouraging,” said Bert Monro, CEO of Cora Gold.The results indicate continual intersection of good widths of mineralisation, albeit at relatively low grades from initial results, he explained.
Another drill hole showed gold at a grade of 0.53 g/t for 36m at a depth of 6m, and a grade of 3.78 g/t for 3m at a depth of 12m while a third hole revealed gold at a grade of 0.47 g/t for 27 m at a depth of 45 m.
The group’s priority targets at the site include Tambor and Madina which are both 2.5km and 2km long gold-in-soil anomalies, respectively.
The drilling programme, which has now seen a third of it complete, is currently suspended due to COVID-19 restrictions, and will be completed when conditions allow and has so far.
Munro outlined that the drilling programme was designed to gain an understanding of the likely style and width of mineralisation within this large granitic system.
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