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 (IRR) 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 signed a $21-million mandate and term sheet with investment firm Lionhead Capital Advisors to fund the future development of the Sanankoro gold project.

This is conditional on, besides other matters, the completion of a definitive feasibility study (DFS) on the project before the end of 2021.

Lionhead is acting as lead investor and arranger on behalf of a consortium of investors, including the founders of LionOre Mining International and the initial investors in Mantra Resources.

The term sheet requires Cora to deliver a DFS with a minimum mine life of six years at 40 000 oz/y gold production, and a 60% IRR based on a $1 400/oz gold price.

Key Contracts and Suppliers
Wardell Armstrong International (scoping study) and Digby Wells Environmental (economic- and social-impact assessment).

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