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 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 plans to start a new drill programme at the Sanankoro project, which comprises five contiguous permits encompassing 439 km².

An initial programme of 7 500 m of reverse circulation drilling has been planned, to be undertaken by drilling company Capital.

The drilling campaign is intended to increase resource confidence by converting existing inferred resources to the indicated category, and to discover new inferred resources.

This will build on the pit-constrained mineral resource estimate reported by mining consultancy CSA Global in November 2021, which identified a resource of 21.9-million tonnes of gold at a grade of 1.15 g/t for a total of 809 300 oz.

This estimate includes 540 600 oz at a grade of 1.33 g/t gold in the indicated category and 268 700 oz grading 0.9 g/t gold in the inferred category.

This estimate represents a 200% increase in total ounces from the maiden mineral resource estimate published in December 2019.

The estimate comprises 67% of ounces in the indicated category, with 77% gold in the oxide zone and a further 22% in the transitional zone, thereby giving Cora further confidence in its ability to deliver an openpit free-digging oxide operation.

Previous metallurgical testwork shows 94% recoveries, while the base of oxidation ranges from 60 m to 207 m deep.

Cora has noted that significant further expansion potential remains as all deposits remain open at depth and along strike.

Cora has reported that work on the definitive feasibility study is gaining momentum, following completion of all related fieldwork in January, and it is expected to be released before the end of the June quarter.

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); 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.