Gold Discovery: Sanankoro

Reconnaissance Drilling at Sanankoro

The Sanankoro property represents Cora Gold’s flagship project and consists of four contiguous permits Sanankoro, Bokoro Est, Bokoro II and Dako that encompass a total area of approximately 320 km2. Historical exploration activities in the property have included soil sampling, termite mound sampling, ground geophysical surveying. Most of these activities were completed by Randgold and Gold Fields between the mid-2000s and 2012.

Unverified soil sampling results indicate a large surficial elevated gold anomaly (> 50 parts per billion (ppb) gold) approximately 4.5 x 7.5 km within the Sanankoro permit. Drilling within the extent of the geochemical anomaly identified several mineralised zones. These included a linear NE-SW trending zone approximately 3 km in length referred to as the Central Zone. Approximately 600 m west of the Central Zone, and sub-parallel to it, occurs a narrower mineralised zone. These sub-parallel zones appear to intermittently continue to both the northern and southern boundaries of the Sanankoro property, a total distance of around 14 km.

Consistent with other gold systems in the region, the mineralised zone appears to be structurally controlled. At Sanankoro, the main structures trend NNE-SSW in the south but inflect towards the NNW-SSE moving north. This inflection is interpreted as potentially representing a dilation zone formed by dextral movement along the structure(s) that would represent a favourable location for the deposition of quartz vein-hosted gold mineralisation. This interpretation is substantiated by the published geological mapping for the region.

Cross-Sections: Broad zones of mineralization along strike

In section, the Sanankoro gold mineralisation broadly occurs within planar zones that dip steeply to the east. However, given the apparent structural control on mineralisation, this represents a generalisation and localised variations and complexities will inevitably occur.

Based upon the drilling results, using a 1 g/t Au lower cut off, approximately half of the mineralised intersections are narrow (1 m or less) and associated with grades that range from 1.0 to 25.9 g/t Au (mean of 3.0 g/t Au / median of 1.59 g/t Au). Beyond this are mineralised intersections of up to 27 m with grades ranging from 1.0 to 86.8 g/t Au (mean of 3.42 g/t Au / median of 1.67 g/t Au).

Also of note is that the Sanankoro property occurs adjacent (east) of the African Gold Group Kobada gold project. The Kobada project has a 1.2 Moz measured and indicated resource and occurs on a NE-SW orientated structure that runs parallel to the Sanankoro mineralisation.

The Sanankoro property appears to represent an exciting gold project that justifies further exploration. Given the size of the mineralised zone, Sanankoro has the potential to host a large-tonnage, lower-grade gold deposit. The other properties are also considered by the Directors to be prospective and to have potential subject to systematic and successful exploration, but the Sanankoro property will be the focus of the Company’s activities in the near term.

Extensive artisanal workings confirm continuity of mineralisation

The Sanankoro property is associated with extensive artisanal gold mining activity. Although the exact number of miners is unknown, it is estimated to be several thousand. They are well- organised and well-equipped, working in teams utilising metal detectors, mechanised excavation equipment, and crushing and washing plants to excavate, transport and recover the gold. Fortunately, the open-pit workings are generally superficial (< 15 m deep, although some include pits that locally deepen the workings by up to a further 10 m). Furthermore, only mechanical processing was observed (i.e. no chemical processing using mercury was seen).