Cora Gold Ltd (LON: KORA) share price rallied 9.48% after releasing the final drill results from its drilling campaign at the Selin deposit within the larger Sanakoro Gold project in Mali.
The company noted that these were the thirteenth drill results from the 40,000m+ drill programme at Sanankoro, which delivered highly encouraging results.
The gold exploration and mining company discovered high-grade gold deposits in shallow oxide ore and intends to release a revamped mineral resource estimate (MRE) in the coming weeks after publishing the final drill results.
Some of the impressive results from Selin include 18 metres at 2.32 g/t of gold from 86m and 16 metres at 2.15 g/t Au from 90m, among others.
Investors were impressed with the drill results, evidenced by the gap in Cora Gold shares that are now trading above the 50-day exponential moving average (EMA), signalling a bullish trend.
From a technical analysis standpoint, Cora Gold shares could continue rallying if they hold above the 50-period EMA in the coming days.
Bert Monro, Cora Gold’s CEO, said: “The final results at Selin from this drill programme have once again shown good quality grade and widths in oxide material. More importantly, these results infill the gaps between the current two pit shells that make up Selin offering the potential to create one larger pit in the upcoming MRE update.”
Adding:
“Over this drill campaign, the mineralised surface footprint of Selin has been extended +700m in strike length north and south of the previous pit boundaries, which, coupled with these infill results, offers the Company encouragement in advance of the upcoming MRE.”
Cora Gold also revealed that the latest drill campaign at Selin had identified a new mineralisation structure less than 100m west of the current ore body. The company intends to drill the area, which could increase the resource estimates at the Selin deposit.
*This is not investment advice.
Cora Gold share price.
Cora Gold shares edged 9.48% higher to trade at 14.78p, rising from Tuesday’s closing price of 13.50p.
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