Cora Gold shares jump on Mali update

Cora Gold shares jump on Mali update

Cora Gold Ltd (LON: CORA) have seen their shares jump on Wednesday as the firm reported progress on its Mali operations. 

Cora Gold is a gold exploration company focused on two world class gold regions in Mali and Senegal in West Africa. Historical exploration has resulted in the highly prospective Sanankoro Gold Discovery, in addition to multiple, high potential, drill ready gold targets within its broader portfolio.

Cora Gold’s primary focus is on further developing Sanankoro in the Yanfolila Gold Belt (southern Mali), which Cora Gold believes has the potential for a standalone mine development.

Shares in Cora Gold Ltd jumped 2.26% to 5p. 11/12/19 11:40BST.

Cora Gold have seen a great few weeks, in July the firm saw its shares bounce after hey announced an extension of high grade gold mineralisation at its Sanankoro Gold Discovery in Southern Mali.

A few weeks after, Cora again pulled it out of the bag as it reported progress at its Selin project at the Sanankoro Gold Discovery in Southern Mali.

Last week, the firm said that it had received a maiden pit constrained mineral resource estimate from independent consultants SRK Consulting UK Ltd for its Sanankoro gold project in southern Mali, which further bettered shares.

Today, Cora have said that they have made progress on their venture at the Sanankoro gold discovery in southern Mali.

Chief Executive Jonathan Forster said: “This is an exciting time at Sanankoro with four rigs now scheduled to operate through to the end of the year. The objective is to selectively step out from a known resource area, as well as access more information on the sulphide potential.

“In parallel, new targets are being subjected to an initial exploration drill programme. The team is doing an excellent job on the ground and we are looking forward to receiving the assay results back in due course and updating shareholders on the results.”

Cora is currently carrying out a 5,000 metre drilling programme at Sanankoro, looking for new sulphide and deep oxide targets as well as to expanding existing targets.

In the mining sector, there have been updates. This morning, coal miner Edenville Energy saw their shares rally on two investors which have said they intend to provided funding for their mining operations.

Eurasia Mining saw their shares rally following progress in their Russian operations. Eurasia reported that it is edging closer to securing the final approval for the Tipil permit, a platinum group metals target located in Russia.

Notably, last week FTSE100 listed Fresnillo saw their shares crash yesterday, after the firm gave a pessimistic annual production estimate.