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Cora Gold Ltd.
Summary
| Project: | Sanankoro | |
|---|---|---|
| Deposit: | Sanankoro | |
| Location: | Mali | |
| Commodities: | Gold | |
| Date: | 1/16/2020 | |
| Report Code: | (no Code) | |
| Report Type: | Scoping Study | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 16-1-2020: Cora Gold Ltd. announces a Scoping Study report for its Sanankoro deposit at the Sanankoro project. Scoping study results incl. NPV (8%) of US$30.9M, IRR of 84%. Cora Gold Limited, the West African focused gold exploration company, is pleased t | |
| Resources: | (Resource, Inf.): 5.0Mt @ 1.6g/t Au | |
| CP/QP: | [Resources]: Martin Pittuck (SRK Consulting (UK) Ltd.) | |
| ABSTRACT: | Cora Gold Limited, the West African focused gold exploration company, is pleased to announce the results of its initial Scoping Study (the ‘Study’) on the Sanankoro Gold Project (the ‘Project’ or ‘Sanankoro’), which validates its future economic potential. The Study, overseen by Wardell Armstrong International (‘WAI’), investigated the potential development of the near surface oxide resources, which the Company expects to expand significantly in time to incorporate additional oxide and sulphide potential. Bert Monro, CEO of Cora, commented, “This Scoping Study shows Sanankoro has the potential to be a highly profitable standalone oxide mine, delivering a high IRR and short capex payback, with an annual average free cash flow of over US$19m at a US$1,400 gold price. The key will be to drill out more oxide resources to extend the mine life and sustain the cash flow well beyond this maiden study. To date, we have only drilled c.25% of the total strike length of the potential mineralised zones identified on the permit area. Drilling is currently ongoing and SRK’s defined exploration target remains 1-2Moz gold to a depth of just 100m. “I would like to thank our principal consultants for the Scoping Study: WAI, responsible for metallurgy and process; SRK, responsible for Mineral Resource Estimate and mining; and Digby Wells, responsible for environmental and social work. Together, they have delivered a robust initial Study, which can be built upon as we further develop the Project. We have already identified areas where optimisations can occur, and it has helped us immensely in defining the strategy for the ongoing drill campaign at Sanankoro.” | |
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