Cora Gold (CORA) released the first results from its drilling campaign at Sanankoro on Tuesday, revealing multiple high-grade gold intersections.
The West African focused gold exploration company said it intercepted grades of 2.61g/t Au over 29m at its Sanankoro project, where drilling started in November last year.
Sanankoro has an estimated maiden Inferred Mineral Resource of 5.0 million tonnes (Mt) at 1.6 g/t Au, for 265,000 ounces of gold, according to independent consultants, SRK.
Bert Monro, CEO of Cora Gold, commented, “This set of results mainly tested continuity of mineralisation at depth, in part below the limit of the existing Resource pit shells.”
He said: “The current Resource has a range of pit depths from about 40-100m so there is significant scope to increase the open pit Resources with further successful drilling.”
Shares in Cora Gold were trading 2.13% lower at 5.75p during Tuesday afternoon trading
Mr. Monro added: " We look forward to announcing further results from this drilling programme covering predominantly potential extensions to existing Resources."
Cora Gold said further results from more drilling at Sanankoro is anticipated in the coming weeks.
The company believes Sanankoro has the potential for a standalone mine development, having only drilled less than one quarter of the exploration target area.
Turner Pope, the company’s broker, valued the firm at 13.2p per share, based on a $1400/oz gold price, mentioning that Sanankoro compares favorably with other West African development projects.
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