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 will raise $3.5-million through the issue of 60-million new shares at 4.75p apiece to accelerate exploration and development of the Sanankoro gold project.

The company has already received binding commitments from Lord Farmer, an existing substantial shareholder, and certain directors of Cora to subscribe for shares.

The fundraising depends on the passing of the necessary resolutions at a general meeting, in London, which will be held on April 21.

“The company will focus initially on growing oxide resources to increase the mine life and advancing metallurgical and other studies undertaken as part of the scoping study before moving into feasibility study work in 2021 on the back of anticipated positive results. 

“Cora currently has a cash balance of about $1-million, which, coupled with the fundraise, will be sufficient to make significant progress on the ground over this year and next,” said CEO Bert Monro.

Key Contracts and Suppliers
Wardell Armstrong International (scoping study).

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