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.439km²​
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:

  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$1,800 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

As at January 2020 Cora had commissioned three significant independent reports in respect of the Sanankoro Gold Discovery in the Sanankoro Project Area (southern Mali; within the Yanfolila Gold Belt).

To access each of these reports please click on the links opposite:

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)