Cora Gold Ltd (CORA), a West African focused gold exploration company, has just released a full Exploration Target Report. The document, produced as an independent review by SRK Consulting Ltd, focuses on Cora’s Sanankoro Gold Project in Mali.
SRK ultimately determined an initial Exploration Target of between 30 and 50 million tonnes of gold ore at a grade of between 1.0 and 1.3 g/t Au.
The news, according to Cora Gold CEO Dr. Jonathan Forster, will alter the gold exploration company’s strategy for developing the Malian mine. The report found large tonnages of oxide ore which should allow Cora to enjoy low mining costs at the early stages of Sanankoro’s development.
Moving forward, the company is looking to determine the strike extent and depth potential of higher-grade zones SRK found which could be used as starter pits before a standalone gold mine is established.
Cora’s news was greeted with a slight bump in share price this morning, possibly partially egged on by its good timing. When market turmoil breaks into mainstream news, as it has done for the past few weeks, investors typically flock to 'safe' assets such as gold. If investor demand for safe assets continues, gold producing companies like Cora are well positioned to take advantage.
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