Modern Mining July 2020

Cora Gold identifies new drill targets

In addition to the placing, three of the company’s directors have indicated their intention to subscribe for a further £5 000 each on the same terms as the placing. Accordingly, the total gross amount raised is expected to be £1,25-million. The net pro- ceeds of the placing will primarily be used to fast-track its growth plans and strengthen the balance sheet.  prospective licence package. Cora has an experienced exploration team that have worked together for well over a decade, based in West Africa, which enables us to operate in an efficient and cost-effective way constantly building up a future pipeline of new drill ready targets. “Cora’s main focus remains the Sanankoro Gold Project with a very posi- tive scoping study, with an 84% internal rate of return at a US$1 400/oz gold price, completed on it and a recent US$21-million mandate and term sheet signed for fund- ing to support its future development.” 

Results from West African focused gold company Cora Gold’s exploration pro- grammes on its regional portfolio of permits in West Mali/East Senegal and southern Mali continue to enhance the permits’ pro- spectivity and identify new drill targets. A new target has been identified at Madina Foulbé Permit in Senegal – grab sample assays returned gold values that include 57,2 g/t Au, 11,8 g/t Au, 5.99 g/t Au and 3,97 g/t Au. Two other key targets have been identified at the Diangounte project area where grab samples returned gold val- ues that include 14,1 g/t Au and 12,1 g/t Au. Elsewhere, partially completed reverse circulation drill programme, previously announced on May 06, 2020 at Madina Foulbe, has identified broad zones of min- eralisation including 47 m @ 0,63 g/t Au and 36 @ 0,53 g/t Au. Meanwhile, the company reports that results from work in the Yanfolila project area in southern Mali provide encourage- ment for future programmes. Initial results from rotary air blast (RAB)

drilling at Tagan permit suggests presence of extensions to a gold intercept of 1,7 g/t Au over 14 m achieved in an historic stand- alone core hole. RAB drilling programme at Winza has focused on a target with poten- tial for >1 000 m strike length and multiple gold zones. Bert Monro, CEO of Cora Gold, com- ments: “Given the results generated during H1 2020, we are hopeful that we can discover, in time, another project like Sanankoro from within our existing highly

BlueRock Diamonds PLC raises £1,25-million BlueRock Diamonds plc, the AIM listed dia- mond mining company which owns and operates the Kareevlei Diamond Mine in the Kimberley region of South Africa has conditionally raised gross proceeds of £1,235-million via an oversubscribed placing and subscription of 3 528 574 new ordinary shares of 5 pence each in the company at a price of 35 pence per placing share.

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