LONDON (ShareCast) - (Sharecast News) - Cora Gold reported encouraging exploration results from its Madina Foulbé project in eastern Senegal on Monday, saying recent work had reinforced the site's potential to host a large-scale gold system within the Mako Belt, part of the Kédougou-Kéniéba Inlier.
The AIM-traded West Africa-focused miner said its 2024 reconnaissance drilling at the Tambor target - one of four main targets at the project - returned economic or anomalous gold grades from six of 10 holes, including a best intersection of 10 metres at 4.41 grams per tonne of gold from 41 to 51 metres.

It said the programme outlined a gold-rich system across a 2.3 by 2.3 kilometre area, much of which remained untested.

In 2025, Cora's exploration team had expanded its work to cover Tambor, Tombolo South, Madina and Diombalou, including geochemical surveys and reinterpretation of regional magnetics, while trialling handheld x-ray fluorescence analysers to help refine drill targets.

Tambor hosts a three by 1.5 kilometre gold-in-soil anomaly, with four key zones of interest identified.

Cora said gold was primarily associated with central mafic units, while arsenic soil anomalies coincided with the strongest 2024 drill results, providing vectors for potential mineralisation at depth.

Tombolo South has a three kilometre-long anomaly along the Sabodala Shear Corridor, including a 1.5 kilometre bismuth-linked zone in mafic volcanics and a separate granitic-hosted zone, neither yet drill-tested.

The Madina and Diombalou targets each displayed multi-kilometre gold-in-soil anomalies aligned with regional structures, with surface mineralisation present but no prior drilling.

"Work at Madina Foulbé continues to show the promising potential of a large gold rich system," said chief executive Bert Monro.

"The results received to date are even more significant due to the project's location in a geological province proven to be elephant country as evidenced by the presence of multiple world-class gold deposits."

He added that while the company's main focus remained on advancing its flagship Sanankoro project in Mali, Madina Foulbé offered "exploration upside that could be transformational".

Head of geology Murray Paterson noted that with four strong gold anomalies identified at Madina Foulbé, all of which yielded "encouraging results" from early-stage exploration, the company was seeing "highly encouraging signs" of significant underlying gold systems.

"Tambor is the largest of the four, and now that we have established a clear link between the mafic lithologies and gold mineralisation over a large area, it is an extremely promising sign of what might lie at depth.

"We are eager to pursue further exploration activities with a view to expanding our global resource inventory."

At 1153 BST, shares in Cora Gold were up 11.11% at 10p.

Reporting by Josh White for Sharecast.com.

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