They say strike when the iron is hot and for gold miners intent on furthering their projects, there is no better time than now to take advantage of excellent market conditions as investors continue to turn to gold as a safe haven asset. That is why developments at AIM-listed Cora Gold have my attention this week.
Last week, the company announced new gold discoveries at its Sanankoro gold project in Mali. The series of new discoveries stem from satellite imagery and surface prospecting programmes at Sanankoro which is located along the Yanfolila Gold Belt in the south of the country.
In total, three new mineralised structures have been identified. This includes a +4 km trend of new surface workings identified at Selin, the largest and highest-grade deposit at Sanankoro.
Here new x-ray fluorescence work has defined a clear strong Au:As:W signature which will facilitate fast-tracking additional Selin-styled diorite-host resource targets.
Over 900 samples have been collected and panned to identify these discoveries.
“These new discoveries will be ordered and prioritised accordingly and fed into the drilling pipeline at Sanankoro. The fact the team on the ground is continually making new discoveries bolsters our confidence in the Sanankoro resources growing significantly over time with further drilling,” commented Bert Monro, CEO of Cora Gold.
A first under the new Mining Code
Additionally, in January, Cora Gold was awarded a new Convention agreement, one of the first under the new Mining Code, with respect to the Sanankoro permit area.
Introduced by the Malian government in September 2019, the Convention agreement sets out the administrative, legal and fiscal framework under which the permit holder will operate when working on the relevant area.
Cora Gold is looking forward to announcing the award of the related new permit in due course, once the necessary process set out in the Mining Code has occurred. This will subsequently complete the permitting process.
So what next for Sanankoro? According to the company, follow up drilling is now planned on the new discoveries during Q1 and Q2 2021.
The new discoveries have further solidified the outstanding potential that Sanankoro has and I believe that the project has the potential to be West Africa’s next major gold mine. It is for this reason that Sanankoro not only has my attention this week but will have my attention for the coming months.