Name of the Project
Sanankoro gold project.

Location
Yanfolila gold belt, in Mali.

Project Owner/s
West Africa-focused gold miner 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 appointed key consultants and contractors to lead the definitive feasibility study (DFS) for its Sanankoro gold project.

The DFS will build on the successful scoping study announced, in January 2020, the results of which demonstrated the project's future economic potential at $1 500/oz gold.

The advancement of the DFS follows the consistently encouraging results from the company's biggest-ever drilling campaign at Sanankoro, with an updated mineral resources estimate to follow in the fourth quarter of this year.

Following positive metallurgical testwork results in the second half of 2020, in addition to the more recent positive drilling results, it is likely that the company will want to focus on a conventional gravity or carbon-in-leach (CIL) processing route at Sanankoro, which allows for higher recoveries.

Completion of the DFS is targeted for the first half of 2022 following the expansion of the ongoing drill campaign.

There are ongoing positive discussions with Lionhead Capital Advisors regarding aligning its $21-million mandate and termsheet with the DFS and CIL processing.

Key Contracts, Suppliers and Consultants
Wardell Armstrong International (scoping study); Digby Wells Environmental (economic- and social-impact assessment); DRA Global group company, New SENET (management of updated mineral resource estimate and the mining study as part of the DFS); CSA Global (geological and mining consultant to manage the updated mineral resource estimate and the mining study as part of the DFS); and Epoch Resources has been appointed to oversee the tailings storage facility elements of the DFS).

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