お知らせ • Jan 16
Cora Gold Limited Announces Updated Mineral Resource Estimate at its Sanankorgold Project (Sanankoror the Project) in Southern Mali
Cora Gold Limited announced an updated Mineral Resource Estimate (MRE) at its SanankorGold Project (Sanankoror the Project) in southern Mali. This follows the addition of 2,669m of drilling (50 Reverse Circulation ('RC') drillholes) the SanankorMRE dataset; this drilling was primarily tde-risk the MRE and convert near surface Inferred Mineral Resource material thigher-confidence Indicated, allowing the Company textend the life of mine ('LOM') of the Project once new Ore Reserves ('OR') studies have been completed. 2024 MRE Update Highlights 2024 MRE achieved: total resources 31.4 Mt at 1.04 g/t Au for 1,044 koz, comprising Indicated 19.0 Mt at 1.13 g/t Au for 689 koz plus Inferred 12.4 Mt at 0.89 g/t Au for 354 koz. 26% increase in tonnage t31.4Mt (2022 MRE: 24.9Mt). 13% increase in contained metal t1,044koz Au (2022 MRE: 920koz Au). MRE update follows a successful 2023 mineral resource conversion drill programme, the data from which led ta remodelling at Zone A and Selin. Other contributing factors the 2024 MRE increase include: a decrease in the cut-off grade t0.3 g/t Au (2022 MRE: 0.4 g/t Au). an increase in the gold price used for the pit shell of USD 2,400/oz (2022 MRE: USD 1,900/oz), which has increased the volume of material inside the reporting pit. · Potential further mineral growth that may be achievable: Results from the optimised pits imply more resources may be reported if additional work is completed tdelineate MRE model extensions; further deeper drilling is now required texpand the MRE at Zone A, Zone B, Zone B North and Zone C. The single exploration hole drilled at Zone B discovered new mineralisation, which is not part of the current MRE, with three mineralised zones intersected (19m at 0.66 g/t Au from 27m t36m, 11m at 0.34 g/t Au from 70m t81m) and with the hole ending in mineralisation (1m at 2.87 g/t Au) at 120m. A further pipeline of oxide drill targets (brownfield and greenfield) are being reviewed by the Company's exploration team tpotentially further grow the Mineral Resource; the MRE potential of these targets has been highlighted in the 2024 MRE Report. Subsequent the announcement of the 2022 MRE for a total of 24.9 Mt at 1.15 g/t Au for 920 koz, Cora published an Exploration Target, which in addition the 2022 MRE, is estimated tcontain between 26.0Mt and 35.2Mt with a grade range of 0.58 - 1.21 g/t Au for a potential content of 490koz Au-1.37Moz Au. Note: The potential quantity and grade of this Exploration Target is conceptual in nature, there has been insufficient exploration testimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource. 2024 MRE and ongoing optimisation studies tsupport an updated Definitive Feasibility Study ('DFS') in 2025, with enhanced project metrics expected given significantly higher gold price since the 2022 DFS (previously completed on a USD 1,750/oz gold price). ERM Australia Consultants Pty Ltd. ('ERM'; formerly CSA Global), was commissioned by Cora tprovide an updated MRE for Sanankoro. The Project is located in southwestern Mali, approximately 25km northeast of the border with Guinea, on the leading western edge of the Yanfolila-Kalana Volcanic Belt. On a local scale, there are five main mineralised areas which currently define the Project, which in order of significance are Selin, Zone A, Zone B, Zone B North, and Zone C. Additionally, Fode 1 and Target 6 represent areas of interest that were explored and drilled in the 2022 campaign. The subsequent small MRE resource conversion and de-risking drill campaign focussed on infill drilling at Selin and Zone A, with a single exploration hole drilled at Zone B West. The previous MRE was reported in 2022 by CSA Global. The 2024 MRE update is part of the Company's project improvement efforts, which will result in an updated DFS for the SanankorGold Project. The 2024 MRE has been classified and reported as Indicated and Inferred in accordance with the guidelines of the JORC Code 2012[1]. Pit optimisation studies demonstrate that the Mineral Resource can be extracted by means of open pit mining and therefore meets the criteria required for Reasonable Prospects for Eventual Economic Extraction ('RPEEE'). The 2024 MRE is reported above a cut-off grade of 0.3 g/t Au and comprises 31.4Mt at 1.04 g/t Au. The previous Mineral Resource was reported in June 2022 by CSA Global at a cut-off grade of 0.4 g/t Au and comprised 24.9Mt at 1.15g/t Au. The 2024 MRE represents a 26% increase in tonnage and a 13% increase in contained metal compared the 2022 MRE. Contributing factors tthis increase are: remodelling at Zone A and Selin due tadditional data. a decrease in the cut-off grade from 0.4 g/t Au t0.3 g/t Au. an increase in the gold price used for the RPEEE pit shell of USD 2,400/oz (2022 MRE: USD 1,900/oz) has increased the volume of material inside the reporting pit, at depth. an increased proportion of Inferred material reported within the RPEEE pits is largely attributable the metal price increase. A single hole SC0708, was drilled ttest the interpretation (made from recent field observations) that multiple mineralised zones could exist between the eastern Sanankorstructure (hanging wall) and the western Bokorstructure (footwall) of the SanankorMain Shear Zone ('SMSZ'). The zone's approximate width is 450m. Within hole SC0708, twmineralised zones (from 27m, 19m at 0.66 g/t Au; and from 70m, 11m at 0.34 g/t Au) were intersected in a Tuffaceous unit, with a potential third zone commencing at the end of the hole (120m). The last metre interval intersected sulphide rich quartz veins, assaying, 1m at 2.87 g/t Au. This hole highlighted and proved the exploration concept that multiple other mineralised zones exist within the SMSZ and not just along the hanging wall and footwall structures (i.e. Sanankorand Bokorstructures respectively) where the Mineral Resources are currently defined. Importantly, none of these new mineralised zones are included in the 2022 MRE nor the 2024 MRE update. As evidenced by the artisanal workings, these new Zone B West zones of mineralisation are open the north for over 500m, towards Zone B North and can be seen textend for another 500m the south, towards Zone A. Additionally, there remains another 300m of width across the SMSZ tbe drilled tested as more mineralised zones are interpreted texist as part of this large, mineralised shear zone, which if proved correct through further drilling could result in further Mineral Resources being delineated. The focus of further exploration is texpand Sanankoro's Oxide Reserve inventory treduce the strip ratibelow the existing 4.6:1, tfurther enhance the mine's attractiveness as highlighted in the 2022 DFS and Optimised Economics based on a USD 1,750/oz gold price: 52.3% IRR 1.2 year payback period 6.8 years Reserve life 56koz average production USD 997/oz AISC Based on the results of the updated 2024 MRE.
