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Cora Gold Share Price Gained But Couldn’t Break Recent Range After Drill Results

Updated: 11 Oct 2021

Shares of Cora Gold (LON: CORA) closed higher on Friday following the announcement of its 12th set of drill results from its largest-ever +40,000m drill campaign at its Sanankoro Gold Project in Southern Mali.

The company said the intercepts reported confirm strong grade continuity within the 2019 pit shells and extension on strike and depth.

The results from zone B1 included: 

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  • 73m at 2.24 grams per ton of gold from 83m 
  • 22m at 3.73 grams per ton of gold from 117m at zone B1.

At zone B2 the results included: 

  • 4m at 3.06 grams per ton of gold from 61m
  • 59m at 1.28 grams per ton from 60m 
  • 2m at 34.85 grams per ton from 81m.

Bert Monro, CEO of Cora, commented: “To have two more holes of over 100 gramme metres, taking the total number of +100 gramme metre holes to 13 in this drill campaign, is extremely exciting and also very encouraging as we approach an updated mineral resource estimate (‘MRE'). The results continue to show good consistency of widths and grades in oxide ore which offers us further encouragement as we look towards the DFS which is already underway.

“The RC drill campaign is now complete and we will expect the final assay results over the coming weeks in advance of an updated MRE.”

Cora Gold Daily Chart, Source: IG

Cora Gold shares ended up closing Friday's session 1.28% above Thursday's close at 13.8p. 

They initially rose to a high of 15p, hitting the top of a current price range. However, the stock price failed to break or close above that level in its 4th attempt since September 23. Monday has seen Cora's shares fall back towards the bottom of the range at 13.1p. They are down over 5.25 from Friday.

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