Modern Mining February 2020

GOLD

Cora forges ahead at Sanankoro

Having recently delivered a maiden resource and a scoping study on its flagship Sanankoro project in southern Mali, AIM-listed Cora Gold will this year focus on expanding drilling work to test possible expansion of resources with a view to increasing the life of mine beyond the currently projected three years, CEO Bert Monro told Munesu Shoko at Investing in Africa Mining Indaba.

G old exploration company, Cora Gold – focused on two world class gold regions in Mali and Senegal – is arguably one of AIM’s most exciting gold juniors listed thanks to its flagship Sanankoro project, which has been earmarked to offer a fast route into production. With a 1-2 million ounce (oz) gold exploration target area defined by SRK Consulting across some of West Africa’s best green- stone gold belts and a maiden resource and scoping study delivered recently, 2020 is set to be a busy year for the company. CEO Bert Monro tells Modern Mining that follow- ing the recent delivery of a maiden resource and a scoping study, focus this year turns on further drilling to test extension and parallel mineralised structures to known resources. The company has already identified multiple gold zones and has significant confidence in the future trajectory of

the project. Monro says the project location in the Yanfolia Gold Belt in southern Mali brews a lot of confidence. This is a highly prospective area with a number of deposits recently discovered and yet to be developed. The initial scoping study for the Sanankoro Gold Project – completed by Wardell Armstrong International, forecasts a US$30,9-million NPV (Net Present Value) and an 84% IRR (Internal Rate of Return) with a 45 000 oz of gold per year. The scoping study forecasts over US$19-million per year of average free cash flow, supposing a US$1 400 gold price, with an AISC (all-in sustaining costs) of US$942 per oz. “The scoping study shows that the Sanankoro project has the potential to be a highly profitable standalone oxide mine, delivering a high IRR and short capex payback, with an annual average free cash flow of over US$19-million at a US$1 400 gold

Bert Monro, CEO of Cora Gold.

The company also has a range of exploration targets which have exciting prospectivity to them.

32  MODERN MINING  February 2020