Project Portfolio

Sanankoro Gold Project

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 up to 207m depth and high-grade sulphide mineralisation identified at depth
SRK Target Between 1-2Moz gold to a vertical depth of 100m (October 2018)
Scoping Study 107% IRR and c. US$24m/year free cash flow @ US$1,500 (January 2020)
Mineral Resource Estimate 24.9 million tonnes at 1.15 g/t Au for a total of 920 koz of Au (July 2022)
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 Q3 2022

Strategy:

  1. 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
  2. Build an open pit oxide focussed gold mine at Sanankoro
  3. 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$1,900 gold price and 0.4 g/t cut-off grade

  • +14% increase in total ounces from previous MRE in November 2021
  • Significant upgrade to Indicated category using a 0.4g/t cut off and a US$1,900/oz optimised pit shell
  • 22% increase in oxide Indicated Mineral Resources to 509 koz
  • Comprises 24.9 Mt of material at a grade of 1.15 g/t Au, of which 16.1 Mt are Indicated Mineral Resources and 8.7 Mt are Inferred Mineral Resources for a total 920 koz Au
  • 657 koz @ 1,27 g/t Au Indicated category
  • 263 koz @ 0.94 g/t Au Inferred category
  • MRE updated following the completion of a limited drill programme of 6,922m of reverse circulation and 897m of aircore drilling

 

Mineral Resource Classification Ore Type Tonnes
'000s
Grade
g/t Au
Gold
koz
Indicated Oxide 12,906 1.23 509
Transition 3,180 1.41 144
Fresh 50 1.92 3
All Zones 16,138 1.27 657
Inferred Oxide 6,761 0.78 171
Transition 1,654 1.45 77
Fresh 316 1.55 16
All Zones 8,732 0.94 263
Total All Zones 24,870 1.15 920

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:
  • The founders of LionOre Mining International Ltd (bought by Norilsk Nickel for US$6.3bn, 2007)
  • The initial investors in Mantra Resources Limited (bought by ROSATOM for AUD$1.2bn, 2010)