Cora Gold shares bounce on high grade gold discovery

Western Africa focused gold company Cora Gold Ltd (LON: CORA) reported high grade gold mineralisation at the Sanankoro Gold Project, located at the Yanfolila Gold Belt in Southern Mali.

The Central Selin Prospect results displayed dulphide mineralisation of 22 metres at 2.68g/t from 51 metres, 9 metres at 3.07g/t from 117 metres and 8 metres at 3.12g/t from 114 metres.

The Company’s 1-2 million ounces of gold exploration target from October 2018 was based on mineralisation up to 100 metres and did not account for mineralisation at depth.

The Group also announced the drilling of five reverse circulation holes drilled to target sulphide beneath known gold oxide mineralisation.

Cora Gold comments

Company CEO, Jonathan Forster, added the following insights,

“I am pleased to report that Cora’s exploration drill programme, which has progressed on schedule and on budget, intersected gold mineralisation on each deeper drill hole at the Selin prospect, often at grades of more than 3g/t gold. Such promising results support earlier indications that the sulphide potential at Selin could be significant, providing justification for a future drill programme that would aim to extend the gold mineralisation at depth.”

“This set of results consists of the initial, preliminary testing of a strike-length of up to just 300m of the sulphide gold mineralisation that is believed to lie underneath the 2,000m long gold oxide zone previously identified at the Selin prospect. With the sulphide zone lying at depths of typically greater than 60-80m, these initial drill holes are still considered to be near surface with open pit mining potential.”

“A previously unknown gold zone was identified in the oxide part of a deeper hole, highlighting the ongoing opportunities to make new discoveries at Sanankoro. We look forward to updating the market with further results over the coming months.

Investor notes

The Company’s shares jumped 27.25% or 1.09p during Friday trading, up to 5.09p a share 19/07/19 16:21 BST.

Elsewhere in the mining and minerals sector, recent updates have come from; Kavango Resources PLC (LON: KAV), Ariana Resources plc (LON: AUU), Rio Tinto plc (LON: RIO), Bushveld Minerals Limited (LON: BMN) and Anglo Asian Mining plc (LON: AAZ).

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Senior Journalist at the UK Investor Magazine. Also a contributing writer at the Investment Observer, UK Property Journal and UK Startup Magazine. Postgraduate of King's College London with a specialisation in Business Ethics. Interested in Development Economics and David Hume.