TIDMCNR
RNS Number : 4712M
Condor Gold PLC
18 September 2012
Condor Gold plc
7(th) Floor
39 St. James's Street
London
SW1A 1JD
Telephone +44 020 74081067
Fax: +44 020 74938633
18(th) September 2012
Condor Gold plc
("Condor" or "the Company")
Updated Mineral Resource for La India Project, Nicaragua.
Highlights
-- CIM compliant, Mineral Resource of 2,375,000 oz gold at 4.6
g/t, increase by 46% and exceeds year end target of 2,000,000 oz
gold
-- Reporting of initial open pit Mineral Resource of 954,000 oz gold at 3.6g/t gold
-- Underground Mineral Resource of 1,418,000 oz gold at 5.5g/t gold
-- Indicated Mineral Resource 751,000 oz gold increases 285%
-- Maiden silver Mineral Resource of 2,280,000 oz silver at 6.5g/t silver.
-- 2,410,000 oz gold equivalent (adding the gold and silver Mineral Resources)
Mark Child, Chairman and CEO commented:
"The Resource update of 2,375,000 oz gold at 4.6 g/t gold for La
India Project is split for the first time into a high grade open
pit resource, of 954,000 oz gold at 3.6 g/t gold using a 1.0 g/t
cut off in addition to an underground resource of 1,421,000 oz gold
at 5.5 g/t gold. The Indicated Mineral Resource has increased 285%
to 751,000 oz gold. I am particularly pleased that the open pit
resource contains 534,000 oz gold at 3.9 g/t in the Indicated
category as this provides the Company with a higher degree of
certainty that La India Project can be fast tracked towards
production and due to the high gold grade should be attractive from
an economic perspective. The independent resource has been reported
to CIM standards for the first time as opposed to JORC Code in
order to broaden the appeal of the Company to North American
investors. The Company intend to compile a NI43-101 style technical
report to detail the current update in due course.
The La India Project has considerable potential to continue the
expansion of the size of the gold Mineral Resource. It continues to
develop into 3 main areas, separated by 1km to 1.5km, that could
feed a centralised processing facility: The 3 main areas consist of
the La India Vein Set of 1,484,000 oz gold at 4.0 g/t (containing
the open pit resource), the America Vein Set of 403,000 oz gold at
6.0 g/t gold and the Mestiza Vein Set of 334,000 oz gold at 7.0g/t
gold. The next phase of drilling will aim to increase the size and
geological confidence of the open pit resource and determine
whether the historic mine on the America vein, which produced
approximately 200,000 oz gold at 13.0 g/t prior to its closure in
1956 is similar to La India vein and also has coalescing veins and
contains a resource with potential for open pit mining".
Condor (AIM:CNR), a gold exploration company focused on
delineating a large commercial resource on its 100%-owned La India
Project in Nicaragua is pleased to announce an upgraded Mineral
Resource on the La India Project. The Mineral Resource on the La
India Project now stands at 16.2 Mt at 4.6 g/t for 2,375,000 oz
gold, including 5.3 Mt at 4.4 g/t for 751,000 oz gold in the
Indicated Mineral Resource category with the balance in the
Inferred category. In addition, there is 2,280,000 oz silver at a
grade of 6.5 g/t silver, calculated on the La India and California
Veins only where there is sufficient silver assay data. Combining
the gold and silver using a 67:1 silver to gold ratio, the Mineral
Resource for La India Project is 2,410,000 oz gold equivalent
The most significant development is a maiden open pit Mineral
Resource reported within a US$1,400 per ounce gold optimised
Whittle pit shell above a cut-off grade of 1.0g/t gold. As a
result, the in-pit Mineral Resource is 8.21 million tonnes at a
grade of 3.61g/t gold containing 954,000 oz gold of which 534,000
oz gold at 3.9 g/t is an Indicated Mineral Resource and 420,000 oz
gold at 3.3 g/t is an inferred mineral resource. Beneath the
optimised Whittle open pit shell there is an underground resource
of 2.77 million tonnes containing 432,000 oz gold split between La
India Vein with 104,000 oz gold at 7.8 g/t gold and the California
veins with 328,000 oz gold at 4.4 g/t gold. Furthermore, there are
1,561,000 oz silver at 5.5 g/t silver within the open pit and
719,000 oz silver at 8.1 g/t silver beneath the open pit.
Another significant development is the increase in Indicated
Mineral Resources to 751,000 oz at 4.4 g/t gold, from 264,000 oz
gold at 7.1 g/t gold. The current indicated resource is split
between an open pittable resource of 4.22 million tonnes at a grade
of 3.9 g/t gold containing 534,000 oz gold and an underground
mineral resource of 1.05 million tonnes at 6.4 g/t gold containing
217,000 oz gold.
SRK has produced the maiden silver Mineral Resource for the La
India and California veins of 10.9 Mt at 6.5 g/t silver for
2,280,000 oz. The addition of the silver in the form of a gold
equivalent increases the Mineral Resource for the La India and
California veins from 1,386,000 oz to 1,420,000 oz gold equivalent,
with a resultant increase in the grade from 3.9 g/t gold to 4.0 g/t
gold equivalent. Gold equivalent have been calculated based on the
formula gold equivalent = (gold g/t + 0.0148 * silver g/t).
The resource update is based on some 40,298 m of drilling, 7,200
m of trench sampling and over 9,000 original underground mine grade
control channel samples on nine of the veins within the La India
Project area. The company completed fifty-nine drill holes for
7,096 m and 2,500 m of trenching between mid-April and the end of
July 2012, on the India-California vein trend with the aim of
increasing the confidence in the estimates to an Indicated category
by targeting areas considered to have open pit and underground
mining potential. All samples taken during the 2011 and 2012
programme have been assayed for gold and silver.
The bulk of the increased in the Mineral Resource is focused on
the La India Vein Set, which has increased from 730,000 oz gold at
5.3 g/t to 1,484,000 oz gold at 4.0 g/t and now represents 62% of
the Project's total Mineral Resource.
The increase in tonnage and drop in grade can be attributed to
the re-modelling of the La India and California veins (wider lower
grade, coalescing). The December 2011 SRK Mineral Resource Report
documented a merging of parallel vein structures into a central
brecciated zone, based on a few significant drill hole
intersections. Subsequent drilling during 2012 has confirmed and
further emphasised the presence of coalescing veins highlighted in
the last Mineral Resource Estimate for the project, most notably
within the 'central zone' (La India and California veins) of the
mineralised structure, which has significantly increase the
modelled vein thickness. The 2012 model has focused on the four
targets along the Southern and Central segments of the
India-California structure where gold mineralisation is
concentrated into wide moderate to high-grade shoots using 50m
drill and trench spacing; the 'South' target where a high-grade
zone is recognised at and beyond the southern limit of the historic
mine workings, and the 650m long 'Central Zone' target which,
although historically mined to a depth of up to 200m below surface
has been shown to retain significant gold mineralisation in the
wallrock of the historic mine workings.
The modelled veins are geologically continuous along strike for
up to 2.5 km, showing a down-dip extent that ranges from 150 m to
greater than 350 m, and a thickness that commonly varies between
0.5 to 2.5 m, reaching over 20 m in areas of significant swelling.
Locally, the mineralised veins display anastamosing and bifurcating
features, pinch and swell structures, fault brecciation and fault
gouge.
The La India and California veins modelled during the September
2012 update have dimensions broadly comparable with other veins on
the La India Concession. SRK estimates the historic La India mine
workings to have an average thickness of approximately 2.0 m, while
by comparison the aggregate remnant wallrock mineralisation and the
California veins can average between 2.5 and 10.0 m in different
portions of the deposit, and reaching up to 25 m wide in areas
where multiple veins coalesce.
On the nearby America Vein Set the addition of 4 drill holes on
the Guapinol vein has acted to increase the overall tonnage (as a
function of widening the modelled vein at depth), however a single
low-grade intercept has resulted in an associated drop in grade,
with the resultant contained metal showing limited variation.
The latest Resource has established the La India Vein Set as the
principal resource area with wide zones of moderate to high-grade
gold mineralisation on the India-California veins now recognised as
having the potential for a large open-pit mine development and the
potential for the discovery of additional resources with both
open-pit and underground mining potential on the depth and strike
extension of this vein trend.
Table 1 below gives SRK's CIM compliant Mineral Resource
Statement as at 14 September 2012 for the La India Project, as
signed off by Ben Parsons, a Competent Person as defined by the CIM
Code.
SRK MINERAL RESOURCE STATEMENT as of 14 September 2012
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Area Name Vein Name Cut-Off Indicated Inferred Total Indicated & Inferred
--------------------- ------------------------ -------- ------------------------------------- ------------------------------------- -------------------------------------
gold silver gold silver gold silver
--------------------- ------------------------ -------- ------ ------------ --------------- ------ ------------ --------------- ------ ------------ ---------------
Tonnes Au Au Ag Ag (Koz) Tonnes Au Au Ag Ag (Koz) Tonnes Au Au Ag Ag (Koz)
(kt) Grade (Koz) Grade (kt) Grade (Koz) Grade (kt) Grade (Koz) Grade
(g/t) (g/t) (g/t) (g/t) (g/t) (g/t)
--------------------- ------------------------ -------- ------ ----- ----- ----- -------- ------ ----- ----- ----- -------- ------ ----- ----- ----- --------
1.0 g/t
La India veinset La India/ California(1) (OP) 4220 3.9 534 6.3 850 3990 3.3 420 5.6 724 8210 3.6 954 5.9 1561
--------------------- -------- ------ ----- ----- ----- -------- ------ ----- ----- ----- -------- ------ ----- ----- ----- --------
La India(2) 2.3 g/t (UG) 200 7.1 45 7.0 45 250 7.3 59 4.3 35 450 7.2 104 5.5 80
California(2) 2.3 g/t (UG) 370 4.3 52 5.9 70 1950 4.4 276 9.0 568 2320 4.4 328 8.6 639
------------------------------ ------ ----- ----- ----- -------- ------ ----- ----- ----- -------- ------ ----- ----- ----- --------
Arizona(3) 1.5 g/t 430 4.2 58 430 4.2 58
Teresa(3) 1.5 g/t 70 12.4 29 70 12.4 29
Agua Caliente(3) 1.5 g/t 40 9.0 13 40 9.0 13
------------------------ ------------------------------ ------ ----- ----- ----- -------- ------ ----- ----- ----- -------- ------ ----- ----- ----- --------
America veinset America(3) 1.5 g/t 280 8.0 73 540 5.6 99 830 6.5 172
---------------------
Escondido(3) 1.5 g/t 90 4.7 13 90 4.6 13 180 4.6 26
Constancia(3) 1.5 g/t 110 9.8 34 240 7.2 56 350 8.0 90
Guapinol(3) 1.5 g/t 750 4.8 116 750 4.8 116
------------------------ ------------------------------ ------ ----- ----- ----- -------- ------ ----- ----- ----- -------- ------ ----- ----- ----- --------
Mestiza veinset Tatiana(3) 1.5 g/t 1080 6.7 230 1080 6.7 230
---------------------
Buenos Aires(3) 1.5 g/t 210 8.0 53 210 8.0 53
Espenito(3) 1.5 g/t 200 7.7 50 200 7.7 50
------------------------------ ------ ----- ----- ----- -------- ------ ----- ----- ----- --------
San Lucas San Lucas(3) 1.5 g/t 330 5.6 59 330 5.6 59
--------------------- ------------------------ -------- ------ ----- ----- ----- -------- ------ ----- ----- ----- -------- ------ ----- ----- ----- --------
Cristolito-Tatescame Cristolito-Tatescame(3) 1.5 g/t 200 5.3 34 200 5.3 34
------------------------ -------- ------ ----- ----- ----- --------
El Cacao El Cacao(3) 1.5 g/t 590 3.0 58 590 3.0 58
--------------------- ------------------------ -------- ------ ----- ----- ----- -------- ------ ----- ----- ----- -------- ------ ----- ----- ----- --------
1.0 g/t
Subtotal Areas La India veinset (OP) 4220 3.9 534 6.3 850 3990 3.3 420 5.6 724 8210 3.6 954 5.9 1561
------------------------
2.3 g/t (UG) 570 5.3 97 6.3 115 2200 4.7 336 8.5 604 2770 4.9 432 8.1 719
1.5 g/t 540 5.8 100 540 5.8 100
------------------------------------------------------- ------ ----- ----- ----- -------- ------ ----- ----- ----- -------- ------ ----- ----- ----- --------
America veinset 1.5 g/t 480 7.8 120 1620 5.5 284 2100 6.0 404
------------------------ ------------------------------ ------ ----- ----- ----- -------- ------ ----- ----- ----- -------- ------ ----- ----- ----- --------
Mestiza veinset 1.5 g/t 1490 7.0 333 1490 7.0 333
------------------------ ------------------------------ ------ ----- ----- ----- -------- ------ ----- ----- ----- -------- ------ ----- ----- ----- --------
Other veins 1.5 g/t 1120 4.2 151 1120 4.2 151
------------------------ ------------------------------ ------ ----- ----- ----- -------- ------ ----- ----- ----- -------- ------ ----- ----- ----- --------
1.0 g/t
Grand total All veins (OP) 4220 3.9 534 6.3 850 3990 3.3 420 5.6 724 8210 3.6 954 5.9 1561
--------------------- ------------------------ -------- ------ ----- ----- ----- -------- ------ ----- ----- ----- -------- ------ ----- ----- ----- --------
2.3 g/t (UG) 570 5.3 97 6.3 115 2200 4.7 336 8.5 604 2770 4.9 432 8.1 719
------------------------------------------------------- ------ ----- ----- ----- -------- ------ ----- ----- ----- -------- ------ ----- ----- ----- --------
1.5 g/t 480 7.8 120 4770 5.7 868 5250 5.9 988
------------------------------------------------------- ------ ----- ----- ----- -------- ------ ----- ----- ----- -------- ------ ----- ----- ----- --------
((1) Open Pit Mineral Resource is reported at a cut-off grade of
1.0 g/t gold. Cut-off grades are based on a price of US$1400 per
ounce of gold and gold recoveries of 90 percent for resources,
without considering revenues from other metals. Note optimised pit
shells are based on Indicated and Inferred Mineral Resources
(2) Underground Mineral Resources beneath the open pit are
reported at a cut-off grade of 2.3 g/t gold. Cut-off grades are
based on a price of US$1400 per ounce of gold and gold recoveries
of 90 percent for resources, without considering revenues from
other metals.
(3) Mineral Resources as previously quoted by SRK (22 December
2011) are reported at a cut-off grade of 1.5 g/t.
(4) Mineral Resources are not Ore Reserves and do not have
demonstrated economic viability. All figures are rounded to reflect
the relative accuracy of the estimate and have been used to derive
sub-totals, totals and weighted averages. Such calculations
inherently involve a degree of rounding and consequently introduce
a margin of error. Where these occur, SRK does not consider them to
be material. All composites have been capped where appropriate. The
Concession is wholly owned by and exploration is operated by Condor
Gold plc
There is also considerable potential for the discovery and
definition of further Mineral Resource in La India Project on the
neighbouring America and Mestiza vein sets and elsewhere within the
La India Project. Three styles of mineralisation are targeted: (1)
wider zones of lower grade mineralisation hosted by multiple close
spaced veins and/or quartz breccias that may be amenable to bulk
open pit mining, focusing on the America and Mestiza Vein sets and
also the Central Breccia Prospect. (2) Further extension to depth
and along strike of the principal veins, (3) definition of new
narrow vein resource where previous trench sampling has already
defined the veins at surface.
Figure 1. Location of the La India Vein Set Mineral Resources
within the La India Project area.
Click on, or paste the following link into your web browser, to
view the associated PDF document.
http://www.rns-pdf.londonstockexchange.com/rns/4712M_1-2012-9-17.pdf
Resource Estimate Notes
The Mineral Resource Estimate completed by SRK Consulting (UK)
Ltd ("SRK"), and the reporting standard adopted for the reporting
of the Mineral Resources is that defined by the terms and
definitions adopted the terminology, definitions and guidelines
given in the Canadian Institute of Mining, Metallurgy and Petroleum
(CIM) Standards on Mineral Resources and Mineral Reserves (December
2005) as required by National Instrument 43-101.
The majority of the drilling during 2012 has been focused on the
La India and California veins for which SRK created a block model
was generated using block dimensions of 25 metres x 25 metres x 10
metres, into which up to 24 x 2 metre composite samples per block
were used for estimation employing an ordinary kriging routine. All
composites have been capped where appropriate.
SRK has considered geological continuity, grade continuity,
quality of the digitised database, sampling density, distance of
block estimates from samples and estimation quality in order to
classify the deposit in accordance with The CIM Code. Data quality,
drill hole spacing and the interpreted continuity of grades
controlled by the veins has allowed SRK to classify portions of the
veins in the Indicated and Inferred Mineral Resource categories.
The resource statement has been depleted for historical mining.
The La India and California Mineral Resource is constrained
within an optimised Whittle open pit shell, with SRK electing to
use a 30% premium applied to market consensus long term gold price
forecasts from over 30 contributors, resulting in a long term
optimistic gold price of US$1400 /oz; this approach is in line with
other gold producing companies' reporting methods. For the other
optimised Whittle input parameters, SRK has briefly reviewed
typical mining, processing, and administrative costs for a range of
gold mines in the region. Based on the assumed costs and a recovery
of 90% using conventional gold mineralised material processing. SRK
has applied a cut off grade of 1.0 g/t gold for the material with
potential to be mined from surface, based on benchmarked parameters
defined as part of an initial conceptual study and a cut-off grade
to 2.3 g/t gold material with the potential to be mined
underground.
In the case of veins not updated as part of the 2012 update SRK
has quoted the Mineral Resource as reported in the previous Mineral
Resource Statement (dated 30 December 2011), using a cut-off grade
of 1.5 g/t gold.
Competent Person's Declaration
The information in this announcement that relates to Exploration
Results and database is based on information compiled by and
reviewed by Dr Luc English, the Country Exploration Manager, who is
a Chartered Geologist and Fellow of the Geological Society of
London, and a geologist with seventeen years of experience in the
exploration and definition of precious and base metal Mineral
Resources. Luc English is a full-time employee of Condor Gold plc
and has sufficient experience which is relevant to the style of
mineralization and type of deposit under consideration, and to the
type of activity which he is undertaking to qualify as a Competent
Person as defined in the June 2009 Edition of the AIM Note for
Mining and Oil & Gas Companies. Luc English consents to the
inclusion in the announcement of the matters based on their
information in the form and context in which it appears and
confirms that this information is accurate and not false or
misleading.
The Mineral Resource estimate has been completed by Ben Parsons,
a Principal Resource Geologist with SRK Consulting (UK) Ltd, who is
a Member of the Australian Institute of Mining and Metallurgy,
MAusIMM(CP). Ben Parsons has some twelve years experience in the
exploration, definition and mining of precious and base metal
Mineral Resources. Ben Parsons is a full-time employee of SRK
Consulting (UK) Ltd, an independent Consultancy and has sufficient
experience which is relevant to the style of mineralization and
type of deposit under consideration, and to the type of activity
which he is undertaking to qualify as a Competent Person as defined
in the June 2009 Edition of the AIM Note for Mining and Oil &
Gas Companies. Ben Parsons consents to the inclusion in the
announcement of the matters based on their information in the form
and context in which it appears and confirms that this information
is accurate and not false or misleading.
- Ends -
For further information please visit www.condorgold.com or
contact:
Condor Gold plc Mark Child, Executive Luc English, Country
Chairman and CEO Manager Nicaragua
+44 (0) 20 7408 1067 & El Salvador
+505 8854 0753
Beaumont Cornish Roland Cornish.
Limited James Biddle
+44 (0) 20 7628 3396
Ocean Equities Will Slack
Limited +44 (0) 20 77864385
Farm Street Media Simon Robinson
+44 (0) 7593 340107
About Condor Gold plc:
Condor Gold plc is an AIM listed exploration company focused on
developing gold and silver resource projects in Central America.
The Company was admitted to AIM on 31(st) May 2006 with the stated
strategy to prove up JORC Resources in Nicaragua and El Salvador.
Condor has six 100% owned concessions in La India Mining District
("La India Project"); three 100% owned concessions in three other
project areas and 20% in the Cerro Quiroz concession in Nicaragua.
In El Salvador, Condor has 90% ownership of four licences in two
project areas.
Condor's concession holdings in Nicaragua currently contain an
attributable JORC compliant resource base of 1,707,000 ounces of
gold equivalent at 5.5 g/t in Nicaragua and an attributable
1,004,000 oz gold equivalent at 2.6g/t JORC compliant resource base
in El Salvador. The Resource calculations are compiled by
independent geologists SRK Consulting (UK) Limited for Nicaragua,
and Ravensgate and Geosure for El Salvador.
Disclaimer
Neither the contents of the Company's website nor the contents
of any website accessible from hyperlinks on the Company's website
(or any other website) is incorporated into, or forms part of, this
announcement.
Technical Glossary
Assay The laboratory test conducted
to determine the proportion
of a mineral within a
rock or other material.
Usually reported as parts
per million which is equivalent
to grams of the mineral
(i.e. gold) per tonne
of rock
---------------------- --------------------------------------
CIM Code The reporting standard
adopted for the reporting
of the Mineral Resources
is that defined by the
terms and definitions
given in the terminology,
definitions and guidelines
given in the Canadian
Institute of Mining, Metallurgy
and Petroleum (CIM) Standards
on Mineral Resources and
Mineral Reserves (December
2005) as required by NI
43-101. The CIM Code is
an internationally recognised
reporting code as defined
by the Combined Reserves
International Reporting
Standards Committee
---------------------- --------------------------------------
Diamond core drilling A drilling method in which
penetration is achieved
through abrasive cutting
by rotation of a diamond
encrusted drill bit. This
drilling method enables
collection of tubes of
intact rock (core) and
when successful gives
the best possible quality
samples for description,
sampling and analysis
of an ore body or mineralised
structure.
---------------------- --------------------------------------
Dip A line directed down the
steepest axis of a planar
structure including a
planar ore body or zone
of mineralisation. The
dip has a measurable direction
and inclination from horizontal.
---------------------- --------------------------------------
Down-dip Further down towards the
deepest parts of an ore
body or zone of mineralisation
---------------------- --------------------------------------
Fault The plane along which
two rock masses have moved
or slide against each
other in opposing directions
---------------------- --------------------------------------
Fault breccia A rock made up of angular
rock fragments cemented
together by a finer grained
matrix formed by the mechanical
grinding of rock along
the fault plane during
movement of the fault
---------------------- --------------------------------------
Fault gouge Clay filling a fault that
was formed by the mechanical
grinding of rock along
the fault plane during
movement of the fault
---------------------- --------------------------------------
Foot wall The rock adjacent to and
below an ore or mineralised
body or geological fault.
Note that on steeply-dipping
tabular ore or mineralised
bodies the foot wall will
be inclined nearer to
the vertical than horizontal.
---------------------- --------------------------------------
Gold Equivalent Gold equivalent grade
is calculated by dividing
the silver assay result
by 60, adding it to the
gold value and assuming
100% metallurgical recovery
---------------------- --------------------------------------
Grade The proportion of a mineral
within a rock or other
material. For gold mineralisation
this is usually reported
as grams of gold per tonne
of rock (g/t)
---------------------- --------------------------------------
g/t grams per tonne
---------------------- --------------------------------------
Hanging wall The rock adjacent to and
above an ore or mineralised
body or geological fault.
Note that on steeply-dipping
tabular ore or mineralised
bodies the hanging wall
will be inclined nearer
to the vertical than horizontal.
---------------------- --------------------------------------
Inferred Mineral That part of a Mineral
Resource Resource for which tonnage,
grade and mineral content
can be estimated with
a low level of confidence.
It is inferred from geological
evidence and assumed but
not verified geological
and/or grade continuity.
It is based on information
gathered through appropriate
techniques from locations
such as outcrops, trenches,
pits, workings and drill
holes that may be limited,
or of uncertain quality
and reliability
---------------------- --------------------------------------
Indicated resource that part of a Mineral
Resource for which tonnage,
densities, shape, physical
characteristics, grade
and mineral content can
be estimated with a reasonable
level of confidence. It
is based on exploration,
sampling and testing information
gathered through appropriate
techniques from locations
such as outcrops, trenches,
pits, workings and drill
holes. The locations are
too widely or inappropriately
spaced to confirm geological
and/or grade continuity
but are spaced closely
enough for continuity
to be assumed
---------------------- --------------------------------------
Intercept Refers to a sample or
sequence of samples taken
across the entire width
or an ore body or mineralized
zone. The intercept is
described by the entire
thickness and the average
grade of mineralisation
---------------------- --------------------------------------
JORC Australian Joint Ore Reserves
Committee, common reference
to the Australasian Code
for reporting of identified
mineral resources and
ore reserves
---------------------- --------------------------------------
koz Thousand troy ounces
---------------------- --------------------------------------
kt Thousand tonnes
---------------------- --------------------------------------
Mineral Resource A concentration or occurrence
of material of economic
interest in or on the
Earth's crust in such
a form, quality, and quantity
that there are reasonable
and realistic prospects
for eventual economic
extraction. The location,
quantity, grade, continuity
and other geological characteristics
of a Mineral Resource
are known, estimated from
specific geological knowledge,
or interpreted from a
well constrained and portrayed
geological model
---------------------- --------------------------------------
Open pit mining A method of extracting
minerals from the earth
by excavating downwards
from the surface such
that the ore is extracted
in the open air (as opposed
to underground mining).
---------------------- --------------------------------------
oz Troy ounce, equivalent
to 31.103477 grams
---------------------- --------------------------------------
Quartz breccia Broken fragments of rock
cemented together by a
network of quartz rock.
The quartz is deposited
from saturated geothermal
liquids filling the space
between the rock fragments.
---------------------- --------------------------------------
Quartz veins Deposit of quartz rock
that develop in fractures
and fissures in the surrounding
rock. They are deposited
by saturated geothermal
liquids rising to the
surface through the cracks
in the rock and then cooling,
taking on the shape of
the cracks that they fill.
---------------------- --------------------------------------
Resource block A 3-Dimensional model
of the ore/mineralised
body containing a Mineral
Resource estimation.
---------------------- --------------------------------------
Strike length The longest horizontal
dimension of an ore body
or zone of mineralisation.
---------------------- --------------------------------------
Trench The excavation of a horizontally
elongate pit (trench),
typically up to 2m deep
and up to 1.5m wide in
order to access fresh
or weathered bedrock and
take channel samples across
a mineralised structure.
The trench is normally
orientated such that samples
taken along the longest
wall are perpendicular
to the mineralised structure.
---------------------- --------------------------------------
True width The shortest axis of a
3 dimensional object (i.e.
ore/mineralised body),
usually perpendicular
to the longest plane.
This often has to be calculated
where channel or drill
sampling was not exactly
perpendicular to the long
axis. The true width will
always be less than the
apparent width of an obliquely
intersect sample.
---------------------- --------------------------------------
Wallrock The rock adjacent to an
ore or mineralised body
or geological fault.
---------------------- --------------------------------------
Mt Million tonnes
---------------------- --------------------------------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCLRMRTMBMBBMT
Condor Gold (LSE:CNR)
Historical Stock Chart
From Dec 2024 to Jan 2025
Condor Gold (LSE:CNR)
Historical Stock Chart
From Jan 2024 to Jan 2025
