Cora Gold (LON:CORA)
With a highly-experienced management team and wealthy backers behind it, one of the newest AIM listed gold explorers is setting itself up for a busy couple of months.
Cora Gold (LON: CORA) is focusing on West Africa, a region home to numerous multi-million ounce gold discoveries, and in particular on the Sanankoro gold discovery in Mali.
This gold discovery displays potential for immense scale, featuring 14km of strike length for the company to go after with the drill bit.
Drilling over the coming months seeks to better define exactly how big this discovery might be.
This part of the world is familiar territory for CORA’s management team. Led by CEO Jon Foster, the team is behind no fewer than seven successful gold discoveries, for over 8 million ounces in total in West Africa.
CORA is looking to emulate its past success and add at least another million or so ounces of gold finds over the coming months with this new venture.
CORA listed on the AIM in October after raising £3.45 million and now has the funds to progress its exploration ambitions over the coming months.
Its flagship project, the Sanankoro gold discovery in Mali, has already been the subject of extensive exploration to the tune of circa US$10 million by previous owners Randgold and Gold Fields, undertaken in the previous gold boom.
The former owners relinquished the asset during a gold downturn, however now the gold price is recovering, CORA has snapped it up and is in the box seat to unlock value and demonstrate the potential for a multi-million ounce resource.
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Gold producers in Mali include the £6.8BN-capped Randgold Resources (NASDAQ: GOLD), delivering around half of the country’s gold output, the £472M Resolute Mining (ASX: RSG), the £1.5BN Endeavour Mining (TSE: EDV), the £2.9BN AngloGold Ashanti (JSE: ANG), and £2BN Iamgold (TSE: IMG).
Clearly the £8.2 million micro capped CORA is exploring amongst the giants in Mali, and given its extensive exploration programme ahead, this small capped AIM-listed micro-cap has a clear amount of upside, with potential for value add discoveries.