Explorer Cora Gold has begun a maiden 2,000m drill programme at the Tekeledougou project in Mali.
Drilling will focus on two “promising targets” identified at the project including one at the site of significant artisanal workings that have exposed a quartz shear structure which comprises of well developed, stacked, sheeted and stock worked intense quartz veining.
Jonathan Forster, chief executive of Cora Gold, said: “Tekeledougou is an exciting prospect with two separate structures exposed; one with over 600m of strike of an intensely veined quartz shear structure and the other approximately 200m of strike. Based on our findings so far, these structures may carry significant gold mineralisation.”
The Tekeledougou project lies within 8km of Hummingbird Resources' Yanfolila site which holds a fully operational gold mine.
“The initial reconnaissance programme will seek to test and confirm the mineralisation of the structures and also to extend them along the strike where possible. Due to the close proximity of these targets to our ~34% shareholder Hummingbird's producing Yanfolila mine, in the event of a significant discovery there is potential for early cash-flow by utilising the Yanfolila treatment plant,” said Forster.
Furthermore, the company recently completed a drilling programme at its Sanankoro project, located 60km to the north of Tekeledougou, which yielded assays including 17 metres at 5.43g/t from 67 metres downhole.
As of 0940 GMT, Cora Gold's shares were up 1.22% at 12.40p.