Cora Gold announced that SRK Consulting has determined an initial exploration target of between 30 and 50 Mt of gold at a grade of between 1.0 and 1.3 g/t for its Sanankoro gold discovery.
West Africa - SRK Consulting's (SRK) report confirms Cora Gold's internal expectation that Sanankoro has the potential to delineate 1 - 2 Moz to a depth of 100 m, indicating the potential for significant further upside at depth.
“It is very pleasing to have our opinion on the gold potential of the Sanankoro project confirmed by this independent review by SRK," comments Cora Gold CEO, Dr Jonathan Forster.
"That the exploration Target is taken only to a vertical depth of 100 m in an environment where depth of oxidation ranges from about 50 m to in excess of 100 m, suggests that the potential for significant upside remains at depth.
“We are pleased that our strategy of first defining the scale potential of the project has been vindicated before reverting to more focused drilling to identify areas of higher grade mineralisation, which might be suitable as ‘starter pits’ for any future standalone gold mine.
"In addition, large tonnages of oxide ore, which in many places is represented by soft saprolitic ore, might be anticipated to be amenable to low cost mining and processing which could also be beneficial for the early stages of mine development.
“The review by SRK will now act as a springboard for the next stage of our strategy where we will be seeking to define the strike extent and depth potential of the higher grade zones that the first round of drilling has indicated may exist," he continues.
Exploration target statement
Sanankoro has been the subject of multiple exploration campaigns, initially by Randgold Resources and subsequently Gold Fields in the mid-2000s to early 2010s, and most recently by Cora Gold in 2017 and 2018.
As a consequence, over all four licences that constitute Sanankoro, a significant amount of exploration data is available for the assessment of the exploration potential of the property.
Specifically, this includes a series of variably spaced fences of air core (AC) and reverse circulation (RC) holes and wide-spaced shallow vertical rotary air blast (RAB), AC and auger holes across much of the Sanankoro permit, regional and detailed soil sampling data and termite mound sampling data, mapping of artisanal pits and geophysical imagery, including induced polarisation.