Modern Mining February 2020

GOLD

extension of gold mineralisation 90-100 m from sur- face. A direct extension of Zone B is Zone B North, which has gold oxide mineralisation confirmed across a 1 060-m strike length with surface explora- tion indicators suggesting +2 500 m more. Project in detail Sanankoro project is forecast to produce 45 000 oz of gold per year from a 1,5 million tonnes per annum (mtpa) Heap Leach mine. The scoping study found that the project predominantly contains free-dig- ging oxides, and limited drilling and blasting will be required. Additionally, it will be a high-recovery proj- ect, lending itself to low cost mining. Heap Leach will be preferred over CIL (Carbon-in Leach) due to reduced capex. Monro says 70% recoveries have been factored for Heap Leach and up to 97% are projected for CIL. “At the moment, it will be an open-pit mine. From our current study, the average depth of the pit will be around 70 m. That should allow for a low strip ratio. We are currently preferring Heap Leaching, mainly for capital reasons, but also sacrificing recovery. However, in future, depending on the exploration programme, we may switch back to the CIL option, where recoveries of 97% are possible,” says Monro. He explains that the CIL option offers more gold recovery, but with double or more the capex of Heap Leach. “The trade-off is additional recovery

Above: Metallurgical tests conducted last year showed that coarse ore gold recoveries of up to 97% are achievable through cyanide leach extraction. Right: Cora has already identified multiple gold zones and has significant confidence in the future trajectory of the Sanankoro project.

with significantly more capex, or reduced recovery with considerably less capex. At the moment we are favouring Heap Leach,” says Monro. Interesting prospects Monro says Cora is offering its shareholders some exciting potential projects. Sanankoro will be moved into the development stage over the next few years. The company also has a range of exploration tar- gets which have exciting prospectivity to them. For example, Cora is about to start drilling another target in the Kenieba Window, located between west Mali and east Senegal. The target is located about 6,5 km southwest of Anglogold Ashanti’s Sadiola gold mine, and Cora has four permits encompassing 387 km² within the Kenieba Window. “We have huge potential in the area and we will be drilling a big zone. It’s the first drilling we are doing there. We have fingers crossed that we will be getting some good results from that,” says Monro. “We have a range of field programmes currently underway on other projects – from soil sampling, termite sampling to trenching. We are gearing up to start a preliminary drill programme in Senegal on our Madina Fulbe project. That’s really exciting for us. Hopefully we will be drilling in March, and get the results by April-May this year,” he adds. Monro says West Africa, currently believed to be the hottest ticket in gold mining, especially the Birimian belts, is the place to be. “I think there has been more gold discovered in West Africa in the last 30 years than anywhere else in the world. If one is looking for a large, profitable gold project, West Africa is the place to be,” he says. Monro believes opportunity abounds here, espe- cially for junior mining companies, compared with more established mining markets like the United

At US$1 400 gold price, a 1,5 mtpa Heap Leach mine delivers:  84% Internal Rate of Return  Pre-production capex of US$20,6-million  Average annual free cash flow of US$19,3-million

 All-in sustaining costs of US$942 per oz  Average annual production of 45 632 oz  Payback period of less than 18 months

34  MODERN MINING  February 2020