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(Sharecast News) - Cora Gold reported positive results from multi-element analysis on Monday, following its recent reconnaissance drilling programme at the Tambor gold anomaly in the Madina Foulbé exploration permit area, eastern Senegal.
The AIM-traded firm said the analysis, conducted using ICP-MS four acids on 2,018 samples, revealed important insights into the scale and potential of gold mineralisation in the region.
It said the Tambor anomaly, spanning three kilometres by 1.6 kilometres, is one of four key targets within Cora's Madina Foulbé exploration project.
The reconnaissance reverse circulation (RC) drill programme, combined with corresponding gold assays, including a best result of 10 metres at 4.41 grams of gold per tonne from 41 metres depth, provided valuable data for understanding the underlying bedrock.
Cora said the results were significant given the proximity of the project to several tier-one gold deposits within the Kédougou-Kéniéba Inlier (KKI), suggesting the potential for large-scale gold mineralisation at Tambor.
The study, conducted by industry expert Dr Nick Oliver using IMDEX's ioGAS software, indicated that the gold mineralisation was likely associated with an intrusion-related gold system (IRGS).
Such systems, including those found at Morila in Mali and Fort Knox in Alaska, were known for their potential to host large-scale deposits.
The board said the analysis also highlighted distinct geochemical signatures for each of the 10 drill targets, allowing Cora to rank and prioritise future exploration efforts.
More than 50% of the drill holes ended in mineralisation, suggesting that gold mineralisation likely extended beyond the current drill depths.
Deeper drilling was now planned to further investigate the promising zones, and expand the understanding of the mineralisation at Tambor.
"Given the size and geometry of the Tambor gold anomaly, coupled with the promising first round drilling results, this analysis work has further enhanced our understanding of the significant gold mineralisation spread out over a large area within the bedrock at Tambor," said chief executive officer Bert Monro.
"The results from the ICP-MS analysis have further strengthened the company's view that the current exploration completed to date has literally only just scratched the surface at Tambor.
"It's an exciting time for the company to be exploring in such a proven gold belt of the KKI and we look forward to conducting further exploration to unlock the excellent exploration potential at Tambor and deliver value to our shareholders."
At 1332 BST, shares in Cora Gold were up 7.14% at 3p.
Reporting by Josh White for Sharecast.com.
