Cora Gold shares increased 1.7% to 7.3p in early afternoon trading on Monday after the company released its third and final set of drill results from its 2022 drill programme at the Sanankoro Gold Project in Southern Mali.
The mining firm reported some of its best oxide intercepts from its final reverse circulation (RC) drilling returns.
Cora Gold mentioned results including 12 metres at 7.61 grams per ton in gold from 18 metres in hole SC0639 at Selin South, 13 metres at 4.97 grams per ton in gold from 61 metres in hole SC0650 at Zone B North, and 4 metres at 6.34 grams per ton in gold from 26 metres in hole SC0658 at Target Six.
The drill programme consisted of 11 aircore (AC) shallow holes for 897 metres and 78 RC holes for 6,992 metres, with 4,958 metres at Zone B North, 1,092 metres at Selin South, 504 metres at Fode 1 and 438 metres at Target Six.
Cora Gold reported that drilling successfully targeted converting existing Inferred Mineral Resources to Indicated Mineral Resources, alongside the identification of new discoveries at Fode 1 and Target Six, close to existing Mineral Resources.
The mining company said it intended to update its Mineral Resource Estimate for Sanankoro in light of its promising results.
The group added that the main component parts of its Definitive Feasibility Study (DFS) had been substantially completed, with the Mineral Resource Estimate set to be incorporated into the Mining Study for the DFS, which has been scheduled for completion in Q3 2022.
It reported an imminent completion for its Environmental and Social Impact Assessment, with submission to commence environmental permitting process scheduled in the coming weeks.
“The final drill results from our 2022 campaign have delivered some of our best results of the year. 12m @ 7.61 g/t Au from 18m depth is an excellent oxide drill hole from Selin South as we look to add new Indicated Mineral Resources there,” said Cora Gold CEO Bert Monro.
“The positive nature of these results has given us confidence to look to update the MRE as we primarily target adding mineable ounces to grow our Ore Reserve in the DFS.”
“As we have been encouraged by the drilling results we believe they should be reflected in the DFS and, as such, we hope to add mine life to the upcoming Sanankoro DFS which will be completed in Q3 2022.”