Name of the Project
Sanankoro gold project.

Location
Yanfolila gold belt, Mali.

Project Owner/s
West Africa-focused gold miner Cora Gold.

Project Description
The Sanankoro project has the potential to be a highly profitable standalone oxide mine.

The November 2022 definitive feasibility study (DFS) proposed a 56 000 oz/y operation with a life-of-mine (LoM) of 6.8 years.

LoM production is estimated 380 000 oz.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
Under the November 2022 DFS, the project has a pretax net present value, at an 8% discount rate, of $135.8-million at $1 750/oz and an internal rate of return of 62%, with a payback of 1.2 years from the start of operations.

Capital Expenditure
Preproduction capital expenditure is estimated at $90-million.

Planned Start/End Date
Not stated.

Latest Developments
Cora Gold is focusing on fast-tracking the construction of the Sanankoro mine with the permitting, financing and technical updating of key works so that the mine can start construction as soon as possible.

Sanankoro is central to Cora’s growth plans, with the company expediting the project as the gold price remains high, boosting the project’s financial potential. The company is in talks with the Malian government to finalise the necessary mining permits. 

Since the completion of the DFS, Cora has updated Sanankoro’s estimates, with the latest figures showing more than one-million ounces of gold in resources – a 26% increase in the amount of gold-bearing rock and a 13% increase in total gold content.

Additional testwork has also been completed to explore lower-cost processing options. These findings, along with the updated resource data and operational improvements, are being incorporated into an updated DFS, which is due for completion in the third quarter of 2025.

To support the next phase of development, Cora raised £1.5-million in March through its shareholder base, which includes several high-profile resource investors. It has also secured a $70-million debt financing agreement with Atlantique Finance to help pay for mine construction once permitting is in place.

Key Contracts, Suppliers and Consultants
DRA Global group company New Senet (updated feasibility study).

Contact Details for Project Information
Cora Gold, email info@coragold.com.