Aim-listed Cora Gold has updated the mineral resource estimate (MRE) for its Sanankoro gold project, in southern Mali, with a 14% increase in total ounces compared with the MRE published in November last year.
The indicated mineral resources increased by 22% from 419 000 oz to 509 000 oz.
The MRE, at a cut-off grade of 0.4 g/t gold, comprises 24.9-million tonnes of material at a grade of 1.15 g/t gold, of which 16.1-million tonnes are indicated mineral resources and 8.7-million tonnes are inferred mineral resources for a total 920 000 oz of gold, of which 657 000 oz are indicated and 509 000 oz of those are also in free-digging oxide material.
The MRE was updated following a limited programme of 6 992 m of reverse circulation (RC) and 897 m of aircore (AC) drilling and as part of an ongoing definitive feasibility study (DFS) for the Sanankoro project, which is scheduled for completion in the third quarter.
“The main focus of this programme was to add oxide indicated ounces, which will enhance the reserve potential in our upcoming DFS, and this MRE has delivered on that plan.
“The programme, from a limited drill metre-age while we focused on the DFS, had a very good conversion from inferred to indicated, which also bodes well for future infill programmes on the 263 000 oz of inferred material,” Cora CEO Bert Monro said.
He added that new discoveries in close proximity to existing resources, found during this year's exploration programme, also showed that there was much potential to find new deposits in the future, as the company remained in the early stages of developing the exploration potential across the Sanankoro permit area.