Cora Gold Limited / EPIC: CORA.L / Market: AIM / Sector: Mining

31 January 2022

Cora Gold Limited ('Cora' or 'the Company')

DFS Field Work Complete for Sanankoro Gold Project

Cora Gold Limited, the West African focused gold company, is pleased to provide an update on its Definitive Feasibility Study ('DFS') for the Sanankoro Gold Project ('Sanankoro' or 'the Project') in Southern Mali. 

HIGHLIGHTS

●     All hydrogeological and geotechnical drilling, associated pump testing and geotechnical test pits have been completed on schedule

●     All field-based sampling work is now complete and final samples are being dispatched to the relevant laboratories

●     Metallurgical test work is ongoing

●     All major procurement packages have been sent to suppliers for costing

●     Site lay-out has been finalised, including locations of the plant, tailings storage facility and camp accommodation 

●     The Environmental and Social Impact Assessment ('ESIA') remains on target for completion in H1 2022

●     DFS remains on track to be completed by end of H1 2022

Bert Monro, CEO of Cora, commented, "We continue to advance the DFS at Sanankoro at an encouraging pace and on schedule. Following from the progress update in December 2021 where a number of key achievements were reached, the hydrogeological and geotechnical drilling programmes have since been completed in the field.

"With the DFS process comfortably underway and moving forward encouragingly, further metallurgical test work results and the completion of the ESIA are our next key objectives and I look forward to sharing further updates on the DFS and exploration plans in due course."

DETAILS

The Company continues to focus on developing its flagship asset, Sanankoro, towards completion of a DFS during H1 2022.  During November 2021 the Company published an updated JORC-compliant Mineral Resource Estimate ('MRE') showing a pit constrained MRE of 21.9 million tonnes at 1.15 grams per tonne gold for a total of 809.3 thousand ounces of gold (see RNS dated 16 November 2021). 

As part of the DFS, several work streams are underway following site visits by all the key contractors and consultants, which were appointed in September 2021 (see RNS dated 6 September 2021).  Metallurgical test work samples have been sent to the laboratory in Australia, all waste rock samples have been sent to Waterlabs in South Africa for geochemical analysis and geophysics work on the tailings waste storage facility has been completed.  Furthermore, the process flow diagrams ('PFDs') and process design basis ('PDBs') have been signed off focused on a conventional oxide milling and gravity/carbon in leach ('CIL') processing route.

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the company's obligations under Article 17 of MAR.

**ENDS**

For further information, please visit http://www.coragold.com or contact:

Notes

Cora Gold is an emerging West African gold developer with three principal de-risked project areas within two known gold belts in Mali and Senegal covering over +1,100 sq km.  Led by a team with a proven track record in making multi-million-ounce gold discoveries that have been developed into operating mines, its primary focus is on developing the Sanankoro Gold Project in the Yanfolila Gold Belt, Southern Mali, where Cora hopes to commence construction of an open pit oxide focussed gold mine in 2022.  A Scoping Study published in January 2020 on Sanankoro showed an 107% IRR at a US$1,500 gold price, while an updated JORC-compliant Mineral Resource Estimate delivered in November 2021 showed a pit constrained MRE of 21.9 million tonnes at 1.15 grams per tonne gold for a total of 809.3 thousand ounces of gold.   A Definitive Feasibility Study is expected to be published in H2 2022.