Business
Metallurgical Test Work Programme Commencement
Metallurgical Test Work Programme Commencement.
About this update from Cora Gold Ltd.
[{"type":"text","content":"\n \n \n RNS Number : 5914E\n Cora Gold Limited\n 02 March 2020\n \n \n \n Cora Gold Limited / EPIC: CORA.L / Market: AIM / Sector: Mining\n 2 March 2020\n Cora Gold Limited ('Cora' or 'the Company')\n Metallurgical Test Work Programme Commencement\n \n Cora Gold Limited, the West African focused gold company, is pleased to announce that it has started a test work programme in conjunction with Hummingbird Resources Plc (AIM: HUM or 'Hummingbird') relating to a bulk sample programme. The objective of this programme is to explore the amenability of the oxide ore at Cora's Sanankoro Gold Project ('Sanankoro' or 'The Project') to be concentrated to a level that would be viable for commercial trucking to Hummingbird's Yanfolila Gold Mine, located ~100km from Sanankoro.\n \n Overview:\n \n ● \n Test work targeting high grade (+25g/t) truckable concentrate potential \n \n \n ● \n ~350kg bulk sample currently being shipped to a laboratory in North America for testing\n \n \n \n \n \n Bert Monro, CEO of Cora Gold, commented, \"The recently completed Scoping Study at Sanankoro showed the potential for a standalone mine with an 84% IRR and less than 18 month payback period at a US$1,400 gold price. Whilst this is clearly a highly compelling standalone project, Cora's board is simultaneously assessing additional opportunities through which to potentially fast track development, including identifying synergies with operating mines in the vicinity. We are pleased to be working with our largest shareholder, Hummingbird, to investigate the opportunity to potentially deliver a high-grade concentrate which could, in principle, create a fast track route to low capex and positive cash flow for the Company.\n \n \"We are committed to delivering the optimum route of development for the benefit of all stakeholders and will provide updates on this test work in due course.\"\n \n Further information on the test work programme\n Cora has arranged for a 350kg oxide bulk sample from the Sanankoro permit to be shipped to North America for gravity and sizing based metallurgical test work at a facility independent of both Hummingbird and Cora. The programme will investigate the amenability of the ore to be pre concentrated at Sanankoro using a process that requires low capital expenditure, in order t...