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 has been awarded an environmental permit for the Sanankoro gold project.

The award of the environmental permit is a key milestone for Cora as the company progresses to project execution at the project.

The award of the environment permit follows the completion and submission of the environmental- and social-impact assessment (Esia) to the Direction Nationale de l'Assainissement et du Contrôle des Pollutions et des Nuisances – the governing administration for environmental matters in Mali.

Cora announced in September 2022 that the definitive feasibility study (DFS) for the project will not be completed during the third quarter as previously announced.

While several of the DFS work streams were substantially complete, the company was still “optimising various aspects of the study” and would, therefore, provide an update to the market on the DFS only during the fourth quarter.

"Work is continuing at pace on the DFS for Sanankoro. To date, the optimisation exercise has been successful and our work over the past few weeks has indicated that further adjustments can be made to further enhance the project's economics, and we are keen to ensure that the optimal route to production is delivered to the market,” CEO Bert Monro has said. 

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.