Name of the Project
Sanankoro gold project.

Location
Yanfolila gold belt, in Mali.

Project Owner/s
Cora Gold.

Project Description
A preliminary oxide scoping study has shown that Sanankoro has the potential to be a highly profitable standalone oxide mine. The project has combined oxide and sulphide measured, indicated and inferred resources of five-million tonnes grading 1.6 g/t gold.

The scoping study has focused on a 1.5-million-tonne-a-year plant, delivering average production of about 45 632 oz/y over a three-year mine life.

Based on current Joint Ore Reserves Committee-compliant resources, the study has determined that a heap-leach processing methodology is preferable to a carbon-in-leach methodology.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The pretax net present value, at an 8% discount rate, is $30.9-million and the internal rate of return is 84%, with a payback of less than 18 months.

Capital Expenditure
Preproduction capital expenditure is estimated at $20.6-million.

Planned Start/End Date
Not stated.

Latest Developments
Cora Gold has published a letter to shareholders on its plans for the rest of the year, which will for the most part focus on taking the Sanankoro project into development.

The company is planning further metallurgical testwork programmes to build on a scoping study on the project, as well as drilling programmes to increase confidence in the resource.

Cora will also start work on the project’s environmental- and social-impact assessment during the second quarter.

The company plans to have completed a definitive feasibility study before the end of 2021.

The development work on Sanankoro continues amid the Covid-19 pandemic, given the remote location of the project.

The further development of the project will be supported by £2.8-million in proceeds from a fundraise that the company wants to undertake. The fundraise will be voted on by shareholders during a general meeting on April 21.

Key Contracts and Suppliers
Wardell Armstrong International (scoping study).

Contact Details for Project Information
Cora Gold, email info@coragold.com.