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(Sharecast News) - Cora Gold said on Monday that it was preparing a major drill campaign at its flagship Sanankoro gold project in southern Mali to support long-term resource growth as the project moves towards construction and first gold production.
The AIM-traded West Africa-focused gold company said Sanankoro was now fully funded to production following financing activities completed in the first half of 2026.
It said the next phase would focus on unlocking the broader potential of the project through an extensive resource growth and exploration programme.
The planned 2026 programme will comprise more than 12,000 metres of reverse circulation and diamond drilling across four existing deposits and high-priority greenfield targets.
Cora said the work was intended to expand the current JORC-compliant mineral resource estimate of 1.044 million ounces at 1.04 grams of gold per tonne, extend the reserve mine life beyond the 10.2 years outlined in the 2025 definitive feasibility study, and support future production growth.
Around 40% of the programme will be allocated to Zone B, which currently hosts 9 million tonnes at 0.85 grams per tonne for 250,000 ounces, with 30% directed to Selin, which hosts 12 million tonnes at 1.11 grams per tonne for 430,000 ounces.
A further 25% would target Zones A and C, which together host 7.8 million tonnes at 1.11 grams per tonne for 275,000 ounces, while 5% will be allocated to greenfield targets.
The company said Zone B would be a major focus because of its strike length of more than two kilometres, excluding the additional 1.7 kilometre Zone B North trend, as well as broad mineralised widths, extensive artisanal mining activity, limited deeper drilling and potential to improve continuity within the existing resource model.
Cora said drilling at Selin would focus mainly on the southern portion of the deposit, where historical drilling remains relatively shallow and widely spaced.
It would also test a separate western mineralised zone outside the current reserve pits but within the broader resource pit shell.
Historical drilling at that western zone included 18 metres at 2.29 grams of gold per tonne, ending in mineralisation at a depth of 146 metres.
At Zone A, drilling will focus on improving confidence and continuity in the existing resource model, particularly in the southern part of the deposit, where mineralisation remains open.
Zone C, which currently hosts an entirely inferred resource of 65,000 ounces, will be targeted with infill drilling designed to support potential future resource classification upgrades and ore reserve conversion.
Cora added that greenfield drilling would test three high-priority targets, TRA07, Dakounkoura and Zone B West, all located close to existing deposits and planned infrastructure.
It said successful drilling could provide a rapid route to future resource growth and incorporation into mine plans.
An updated mineral resource estimate is planned after the programme is completed and all assay results have been received.
Chief executive officer Bert Monro said the 2025 DFS had demonstrated that Sanankoro was "a robust, high-margin gold project with a 10-year mine life and compelling economics".
"As we move towards construction and production, the objective of this drill campaign is to expand beyond the initial mine plan to unlock the much larger long-term opportunity across the wider project area we believe is there to be drilled out," he said.
"With full construction funding now secured, Cora is in the positive position of being able to advance mine development while simultaneously investing in resource growth and new discoveries."
At 1126 BST, shares in Cora Gold were down 5.26% at 9p.
Reporting by Josh White for Sharecast.com.
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