Aim-listed Cora Gold has started a testwork programme to explore the amenability of oxide ore being trucked from its Sanankoro project, in Mali, to fellow-listed Hummingbird Resources’ nearby Yanfolila mine.
The mines are about 100 km apart.
“The recently completed scoping study at Sanankoro showed the potential for a standalone mine with an 84% internal rate of return and less than 18-month payback period at a $1 400/oz gold price.
“While this is clearly a highly compelling standalone project, Cora’s board is simultaneously assessing additional opportunities through which to potentially fast-track development, including identifying synergies with operating mines in the vicinity.
“We are pleased to be working with our largest shareholder, Hummingbird, to investigate the opportunity to potentially deliver a high-grade concentrate which could, in principle, create a fast-track route to low capital expenditure (capex) and positive cash flow for the company,” noted Cora CEO Bert Monro.
Cora has arranged for a 350 kg oxide bulk sample from the Sanankoro permit to be shipped to North America for gravity and sizing based metallurgical testwork at a facility independent of both Hummingbird and Cora.
The programme will investigate the amenability of the ore to be pre-concentrated at Sanankoro using a process that requires low capex, in order to create a high-grade concentrate that could be economic to truck over extended distances.
If results are encouraging, then further testing may be required to confirm whether there are potential synergies with existing operations in the region.
Historical testwork completed by Cora has given Hummingbird’s technical team a good initial indication that ore concentration may be a possibility. This testwork is an initial step before further studies may need to be completed.