Yanfolila Belt, South Mali
| Sanankoro Gold Project | |
|---|---|
| Location | Yanfolila Gold Belt, Southern Mali |
| Project Area | Five contiguous permits encompassing c.342km² |
| Mineralisation | Gold oxide mineralisation to 207m depth and high-grade sulphide mineralisation identified at depth |
| SRK Target | Between 1-2Moz gold to a vertical depth of 100m |
| Scoping Study | 107% IRR and c. US$24m/year free cash flow @ US$1,500 (January 2020) |
| Mineral Resource Estimate | 21.9 million tonnes at 1.15 g/t Au for a total of 809.3 koz of Au (November 2021) |
| Financing | US$25m Term Sheet with Lionhead to support development post DFS |
Sanankoro Timeline
Near term goals:
Cora is focused to the next field season and continue working towards the completion of a DFS by H1 2022
Strategy:
- Complete DFS at Sanankoro, focusing on optimising economics with a low capex route to production with low operating costs based around free digging, high recovery, low strip ratio oxide ore
- Build an open pit oxide focussed gold mine at Sanankoro
- Continue regional exploration on a highly prospective portfolio to make further meaningful discoveries to add significant value to the Company
Sanankoro Mineral Resource Estimate
Prepared by CSA Global (UK) Ltd in accordance with JORC 2012 Code pit constrained using a US$1,800 gold price and 0.4 g/t cut-off grade as at 31 October 2021.
- +200% increase in total ounces from maiden MRE in December 2019
- Significant upgrade to Indicated category using a 0.4g/t cut off and a US$1,800/oz optimised pit shell
- 67% of total ounces in the Indicated category
- 77% of the gold is in the oxide zone with a further 22% in the transitional zone
- Previous metallurgical testwork shows +94% recoveries (RNS dated 29 September 2020)
- Base of oxidation ranges from 60m to 207m deep
- MRE based on around 7.5km surface expression of the total 33 linear km strike length of the potential mineralised zones identified in the 2018 Exploration Target of up to 2 Moz potential within 100 m of surface at Sanankoro (SRK, 2018)
| Mineral Resource Classification | Ore Type | Tonnes | Grade | Gold |
| (thousands) | (g/t Au) | (koz) | ||
| Indicated | Oxide | 10,170.4 | 1.28 | 418.8 |
| Transition | 2,458.4 | 1.53 | 120.7 | |
| Fresh | 14.3 | 2.30 | 1.1 | |
| All Zones | 12,643.1 | 1.33 | 540.6 | |
| Inferred | Oxide | 7,639.7 | 0.83 | 203.8 |
| Transition | 1,388.3 | 1.25 | 56.0 | |
| Fresh | 220.1 | 1.26 | 8.9 | |
| All Zones | 9,248.1 | 0.90 | 268.7 | |
| Total | All Zones | 21,891.1 | 1.15 | 809.3 |
Sanankoro Reports
In 2018 Cora commissioned SRK Consulting (UK) Limited to review historical exploration results and derive an independent Exploration Target Report in respect of the Sanankoro Gold Discovery in the Sanankoro Project Area (southern Mali; within the Yanfolila Gold Belt).
To access this report please click on the link opposite:
Exploration Target Report by SRK Consulting (UK) Limited – October 2018
For more details on the Sanankoro Project Area including work undertaken by Cora (up to 31 August 2019) please click on the link below:
Sanankoro Project Area (southern Mali; within the Yanfolila Gold Belt)
Sanankoro Financing
Sanankoro has been significantly de-risked with financing agreed on competitive terms.
- US$25m Term Sheet signed September 2021 to support the development of Sanankoro post DFS, made up of:
- US$12.5m Equity and
- US$12.5m Convertible Note
- Agreement signed with Lionhead, acting as lead investor and arranger on behalf of a consortium of investors
| More about the consortium | |
|---|---|
| The consortium includes highly experienced and successful natural resources investors: | |
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