Sanankoro gold project, Mali – update

14th July 2023 By: Sheila Barradas - Creamer Media Research Coordinator & Senior Deputy Editor

Sanankoro gold project, Mali – update

Photo by: Cora Gold

Name of the Project
Sanankoro gold project.

Location
Yanfolila gold belt, 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 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 announced the appointment of key management personnel and the start of the construction tender process on July 11, as it focuses on transitioning its flagship Sanankoro project to a producing mine.

Cora has appointed Lourens Steenekamp, an experienced mining professional with a career spanning over three decades, as project manager; Frikkie Fourie, who began his career on the platinum mines in Rustenburg, in South Africa, as mining consultant; and Murray Paterson, an accomplished technical geologist with 30 years of experience, as head of geology.

The company has also started the tendering processes for the front-end engineering design and construction of the Sanankoro mine, as well as the hybrid power solution, mine camp construction and other areas.

The tendering process for the contract mining will start once the Mali government's permit moratorium has been lifted, Cora has reported.

The Mali government's moratorium on reviewing and issuing permits, announced on November 28, 2022, remains in place. At the time, government stated it would make a further announcement when lifted.

Cora has prepared its application for the Sanankoro mining permit for submission once the moratorium is lifted.

Owing to the nature of the project layout, Cora has been working with the relevant Malian authorities to redraw various permit boundaries to create a 100 km2 area for the mining permit. This will be completed once the moratorium is lifted. The total area of the five contiguous permits comprising the Sanankoro project area will remain the same following the redrawing exercise.

In a move that the company believes is a positive step towards ending the moratorium, Amadou Keita has been appointed as the new Minister of Mines, succeeding Lamine Traore, who resigned on May 31, 2023.

Key Contracts, Suppliers and Consultants
Wardell Armstrong International (scoping study); Digby Wells Environmental (economic- and social-impact assessment); DRA Global (independent project manager); 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); Epoch Resources (appointed to oversee the tailings storage facility elements of the DFS); and Capital (reverse circulation drilling).

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