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 started a 22 000 m drilling campaign at its flagship Sanankoro gold project.

The drill programme will be the biggest single programme that Cora has ever completed.

The campaign – undertaken by Capital Drilling Mali, a subsidiary of mining services company Capital Limited – may be expanded to 35 000 m as results are received and analysed.

The objective of the campaign is to build on the mineral resource estimate and upgrade the existing inferred resources to the indicated category, reported by independent consultants SRK Consulting in December 2019.

The mineral resource estimate identified a resource of five-million tonnes of gold at a grade of 1.6 g/t for a contained 265 000 oz. This includes 4.5-million tonnes of oxide material comprising hardcap, saprolite and saprock material at a gold grade of 1.6 g/t, and 500 000 t of sulphide material at a grade of 1.8 g/t gold.

Across the deposit, the base of oxidation ranges from 30 m to 125 m, with an average depth below surface of about 65 m. The openpit shells used to constrain the resource extend to a maximum depth of 130 m below surface, highlighting the significant potential upside to the current resource.

If expanded to 35 000 m, the company says the campaign will represent an almost doubling of the drilling on the Sanankoro permit over the previous two years.

Key Contracts, Suppliers and Consultants
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.