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(Sharecast News) - Cora Gold announced promising results from a reconnaissance reverse circulation (RC) drilling programme at the Tambor gold anomaly within its Madina Foulbé exploration permit in East Senegal on Tuesday.
The AIM-traded firm said the permit, part of the Kenieba Project Area, was near several tier one gold deposits in the Mako Geological Belt of the Kédougou-Kéniéba Inlier.
It said the programme involved 40 shallow RC holes totaling 2,018 metres, testing 10 of the most prospective targets within a substantial three kilometre-by-1.6 kilometre gold soil anomaly.
Mineralisation was successfully intersected in six out of 10 targets, with 28 of the 40 holes showing positive results that warranted further investigation.
Key drill results included 10 metres at 4.41 grams of gold per tonne from 41 metres in hole MFC0013 and 16 metres at 0.97 grams per tonne from 38 metres in hole MFC0014, both at target one.
They also included 29 metres at 0.71 grams of gold per tonne from one metre in hole MFC0021 at target nine, and 19 metres at 0.61 grams per tonne from 34 metres in hole MFC0049 at target eight.
Particularly at target one, where hole MFC0013 intersected 10 metres at 4.41 grams of gold per tonne, all six drilled holes encountered broad mineralisation, indicating a 60-metre-wide zone that remained open in all directions, including at depth.
Additionally, more than 50% of the drilled holes ended in mineralisation, with an average hole length of just 50 metres, suggesting significant potential for future exploration.
Assays had been sent for ICP-MS four-acid analysis to provide multi-element data, which would help in understanding the large gold system and planning a more targeted follow-up exploration programme to identify higher grade and broader zones of mineralisation.
Cora Gold said it would now assess the results and evaluate the next steps for follow-up on the discovery holes.
"Up until this point Madina Foulbé has been largely untested, so with six of our 10 high priority targets confirming gold mineralisation, we are pleased with the results received from what was a first pass reconnaissance programme," said chief executive officer Bert Monro.
"We have been able to identify multiple broad zones with elevated gold and some economic intercepts, including 10 metres 4.41 grams of gold per tonne, with over half the holes ending in mineralisation from a shallow programme designed to test a wider area.
"This gives us good confidence that, with further exploration, we could define resources in the future."
Monro said in support of that, the project was close to several operating mines and was serviced by "excellent" infrastructure within a mining friendly jurisdiction.
"We now look forward to receiving the additional ICP-MS analysis results from which we will then look to plan our next development steps."
At 1431 BST, shares in Cora Gold were up 14.56% at 1.83p.
Reporting by Josh White for Sharecast.com.
