TIDMCNR
RNS Number : 9859W
Condor Gold PLC
29 April 2021
Condor Gold plc
7/8 Innovation Place
Douglas Drive
Godalming
Surrey
GU7 1JX
Tel: +44 (0) 207 493 2784
29 April 2021
Condor Gold Plc
("Condor", "Condor Gold" or the "Company")
Drill Intercept 22.05 m (21.6 m true width) at 6.48 g/t gold
from 24.75 m drill depth in La India Starter Pits
Condor Gold (AIM: CNR; TSX: COG) is pleased to announce that
infill drilling on the La India Starter Pits has been completed,
and that all assay results have now been received for the Northern
Starter Pit. The two planned high-grade Starter Pits (up to 35 m
deep) have now been drill tested at 25 m by 25 m spacing. A total
of forty-four diamond core drill holes for 2,290 metres have been
drilled within and immediately adjacent to the starter pits,
infilling between the pre-existing diamond core drill holes and
also replacing eight Reverse Circulation ("RC") drill holes with
the higher quality diamond core. Two drilling rigs are currently
re-drilling the remaining 1,142 m of RC drill samples that fall
outside of the starter pits but are within the main La India
Mineral Resource open pit shell with diamond drill core,
approximately 600 m remains to be drilled.
Assay results have been returned for 29 of the drillholes;
providing a complete dataset for the Northern Starter Pit and the
first six drill holes in the Southern Starter Pit. The drilling
results received to date support, and add considerable confidence
to, the geological model used in the mineral resource and mineral
reserve estimations and mine plan.
Highlights
-- 22.05 m (21.6 m true width) at 6.48 g/t gold from 24.75 m
drill depth including 15.35 m (15.0 m true width) at 8.68 g/t gold
from 24.75 m drilled depth (drill hole LIDC413).
-- 16.00 m (15.7 m true width) at 5.30 g/t gold from 18.35 m
drill depth, including 5.90 m (5.8 m true width) at 12.35 g/t gold
from 22.10 m drilled depth (drill hole LIDC416).
-- 19.40 m (18.7 m true width) at 2.80 g/t gold from 28.45 m
drill depth, including 8.20 m (7.9 m true width) at 4.90 g/t gold
(drill hole LIDC433).
-- 44 drill holes for a combined 2,290 m of infill and RC
replacement drilling completed within La India Starter Pits.
-- Drilling is currently underway to complete twin drilling of
the remaining 1142 m RC holes in the main La India open pit shell.
600 m drilling remains of the current programme.
Mark Child, Chairman and CEO commented:
"A drill intersect in LIDC413 of 22.05 m (21.6 m true width) at
6.48 g/t gold including 15 m true width at 8.68 g/t gold from 24.75
m drill depth in a starter pit is exceptional in terms of width and
grade near surface. The drill intercept in LIDC416 of 16.00 m
(15.7m true width) at 5.30 g/t gold from 18.35 m drill depth
including 5.8 m true width at 12.35g/t is also very impressive.
Both drill results add considerable confidence to the geological
model, the mineral resource and mineral reserve calculations and
the mine plan.
"The starter pits are shallow, within 35 m of the surface and
contain 455Kt at 4.17g/t gold for 59,674 oz gold using a 2.00g/t
cut off grade. The intention is to mine them early to quicken the
payback period and enhance the Project's economics. The starter
pits sit within the main fully permitted La India open pit, which
has a Mineral Reserve Estimate of 6.9Mt at 3.1 g/t gold for 675,000
oz gold."
Northern Starter Pit Assay Results
Results have now been received for 23 drill holes, drilled at 25
m by 25 m spacing, all located in the Northern Starter Pit. The
results of the first six holes were reported in RNS announcements
dated the 9(th) and 30(th) March. The drilling has confirmed
continuity of gold mineralisation in the La India orebody and
supports the geological model used in the mineral resource and
mineral reserve estimations. The holes drilled at the upper levels
of the starter pit confirmed that low to moderate grade gold
mineralisation was left in the footwall of the historic mine
workings by Noranda Mining in the 1940's and 1950's (reflecting the
economics and mining method of the time). Holes drilled to test the
lower levels of the starter pit sampled the entire mineralised vein
set and confirmed that the historic miners only extracted a very
narrow high-grade core zone, leaving behind considerable widths of
mineralisation in both the hangingwall and footwall zones,
including some high grade veins. Notable intercepts, from north to
south along a 175 m strike length, include:
-- A combined and amalgamated 22.05 m (21.6 m true width) at
6.48 g/t gold from 24.75 m drill depth on either side of a 4.35 m
(4.3 m true width) , including 4.75 m (4.7 m true width) of
historic mine workings including a hangingwall intercept of 15.35 m
(15.0 m true width) at 8.68 g/t gold from 24.75 m drilled depth
(drill hole LIDC413).
-- 16.00 m (15.7 m true width) at 5.30 g/t gold from 18.35 m
drill depth, including 5.90 m (5.8 m true width) at 12.35 g/t gold
in the hangingwall of the historic mine working from 22.10 m
drilled depth (drill hole LIDC416).
-- 8.10 m (7.5 m true width) at 2.69 g/t gold from 18.60m drill
depth, including 3.30 m (3.1 m true width) at 6.00 g/t gold from
18.60 m drilled depth (drill hole LIDC422).
-- A combined 22.60 m (22.0 m true width) at 1.77 g/t gold in
bedrock and backfilled historic mine workings from 5.35 m drill
depth, including 7.35 m (7.2 m true width) at 2.74 g/t gold in the
hangingwall faulted quartz veins from 12.85 m drilled depth
(LIDC430).
-- A combined and amalgamated 27.65 m (26.8 m true width) at
1.59 g/t gold from 29.80 m drill depth, including in the bedrock
beneath the colluvial cover 21.30 m (20.7 m true width) at 1.87 g/t
gold from 8.50 m drilled depth (drill hole LIDC429).
Southern Starter Pit Assay Results
Assay results from the first six drill holes in the Southern
Starter Pit have been received and appear to confirm continuity of
gold mineralisation in the La India structure and support the
geological model used in the mineral resource and reserve
estimation. Notable results include an amalgamated 19.40 m (18.7 m
true width) at 2.80 g/t gold from 28.45 m drill depth, including
8.20 m (7.9 m true width) @ 4.90 g/t gold in the hangingwall of an
historic mine working (drill hole LIDC433).
Table 1: Assay results from La India infill drilling.
Drill Collar Drill From To Drill True Au Ag Comment
hole UTM WGS84-16N incl/azi Width Width (g/t) (g/t)
ID (m) (m)
---------------- ---------- ------ ------ ------- ------- --------- -------
LIDC413 574899E
X-sect 1409950N Vein + footwall
11200 351 mamsl -50/237 8.75 9.85 1.10 1.1 1.80 8.4 breccia
------ ------ ------- ------- --------- ------- -----------------------
Amalgamated vein
stack incl. depleted
24.75 51.40 22.05 21.6 6.48 15.7 lower zone.
====== ====== ======= ======= ========= ======= =======================
Faulted vein
Incl. 24.75 40.10 15.35 15.0 8.68 21.2 stack #1
------ ------ ------- ------- --------- ------- -----------------------
(Incl.) 34.10 38.45 4.35 4.3 17.52 35.8 vein
------ ------ ------- ------- --------- ------- -----------------------
Incl. 40.10 41.95 1.85 1.8 0.16 4.0 Stockwork
------ ------ ------- ------- --------- ------- -----------------------
Excl. 41.95 43.95 2.00 2.0 - - Mine cavity
------ ------ ------- ------- --------- ------- -----------------------
Incl. 43.95 45.15 1.20 1.2 2.54 40 Quartz breccia
------ ------ ------- ------- --------- ------- -----------------------
Excl. 45.15 47.90 2.75 2.7 - - Mine cavity+fill
------ ------ ------- ------- --------- ------- -----------------------
Faulted quartz
Incl. 47.90 51.40 3.50 3.4 1.78 2.70 breccia
------ ------ ------- ------- --------- ------- -----------------------
55.30 55.40 0.10 0.1 4.52 3.0 Vein
-------------------------- ---------- ------ ------ ------- ------- --------- ------- -----------------------
LIDC414 574922E
X-sect 1409930N
11175 350 mamsl -48/236 35.30 36.30 1.00 1.0 3.99 11.0 Quartz breccia
------ ------ ------- ------- --------- ------- -----------------------
42.50 50.70 5.25 5.2 1.95 6.1 Amalgamated HW+FW
====== ====== ======= ======= ========= ======= =======================
Incl. 42.50 45.60 3.10 3.1 2.26 4.7 HW vein
------ ------ ------- ------- --------- ------- -----------------------
Excl. 45.60 48.55 2.95 2.9 - - Mine cavity
------ ------ ------- ------- --------- ------- -----------------------
Incl. 48.55 50.70 2.15 2.1 1.49 8.3 FW Quartz breccia
------ ------ ------- ------- --------- ------- -----------------------
57.10 60.35 3.25 3.2 3.03 5.2 Quartz vein+breccia
------ ------ ------- ------- --------- ------- -----------------------
68.30 71.60 3.30 3.2 1.72 3.4 Quartz vein+stockwork
-------------------------- ---------- ------ ------ ------- ------- --------- ------- -----------------------
LIDC415 574915E
X-sect 1409894N Hangingwall quartz
11150 357 mamsl -51/239 32.40 32.65 0.25 0.2 3.01 10.0 breccia
------ ------ ------- ------- --------- ------- -----------------------
37.95 39.65 1.70 1.7 10.38 82.4 HW vein
------ ------ ------- ------- --------- ------- -----------------------
Footwall narrow
51.10 52.70 1.60 1.6 1.07 <2.0 veins
-------------------------- ---------- ------ ------ ------- ------- --------- ------- -----------------------
Amalgamated
hangingwall
LIDC416 574892E stockwork and
X-sect 1409945N vein and footwall
11200 351 mamsl -51/236 18.35 34.35 16.00 15.7 5.30 14 breccia
====== ====== ======= ======= ========= ======= =======================
Incl. 22.10 28.00 5.90 5.8 12.35 22 Hangingwall vein
====== ====== ======= ======= ========= ======= =======================
Incl. 28.00 30.25 2.25 2.2 0.53 11
====== ====== ======= ======= ========= ======= =======================
Excl. 30.25 33.20 - - - - Mine cavity
====== ====== ======= ======= ========= ======= =======================
Incl. 33.20 34.35 1.15 1.1 1.03 8 Footwall breccia
====== ====== ======= ======= ========= ======= =======================
49.95 51.00 1.05 1.0 2.09 5 Stockwork
-------------------------- ---------- ------ ------ ------- ------- --------- ------- -----------------------
LIDC418 574916E
X-sect 1409848N
11125 358 mamsl -51/239 31.50 38.35 6.85 6.7 0.59 7 Footwall breccia
------ ------ ------- ------- --------- ------- -----------------------
Hangingwall backfill
Incl. 27.30 29.80 2.50 2.4 0.47 <2 and stockwork
====== ====== ======= ======= ========= ======= =======================
Excl. 29.80 34.00 - - - - Mine cavity
====== ====== ======= ======= ========= ======= =======================
Incl. 34.00 37.80 3.80 3.7 0.70 12 Footwall breccia
--------------------------- ---------- ------ ------ ------- ------- --------- ------- -----------------------
LIDC419 574926E
X-sect 1409833N Faulted veins
11100 358 mamsl -51/240 33.20 46.40 13.20 12.9 0.27 3 and breccias
====== ====== ======= ======= ========= ======= =======================
Incl. 33.50 34.85 1.35 1.3 0.34 <2 Faulted breccia
====== ====== ======= ======= ========= ======= =======================
Incl. 38.40 39.00 0.60 0.6 0.68 3 Faulted breccia
====== ====== ======= ======= ========= ======= =======================
Incl. 44.00 45.20 1.20 1.2 0.80 2 Stockwork
--------------------------- ---------- ------ ------ ------- ------- --------- ------- -----------------------
LIDC420 574877E
X-sect 1409814N
11100 379 mamsl -49/240 0.60 3.75 3.15 3.1 2.72 11 Colluvium
------ ------ ------- ------- --------- ------- -----------------------
7.80 12.00 4.20 4.1 0.52 4 Breccia
-------------------------- ---------- ------ ------ ------- ------- --------- ------- -----------------------
LIDC421 574898E
X-sect 1409833N
11100 365 mamsl -50/240 11.90 16.75 4.85 4.7 3.07 6 Stockwork + vein
====== ====== ======= ======= ========= ======= =======================
Hangingwall vein
Incl. 15.00 16.75 1.75 1.7 7.85 16 above cavity
--------------------------- ---------- ------ ------ ------- ------- --------- ------- -----------------------
LIDC422 574998E
X-sect 1409834N
11100 365 mamsl -60/237 18.60 26.70 8.10 7.5 2.69 12 Vein and breccia
====== ====== ======= ======= ========= ======= =======================
Incl. 18.60 21.90 3.30 3.1 6.00 22 vein
------ ------ ------- ------- --------- ------- -----------------------
37.35 38.45 1.10 1.0 0.52 <2 Stockwork
-------------------------- ---------- ------ ------ ------- ------- --------- ------- -----------------------
LIDC423 574962E
X-sect 1409789N Stockwork in
11050 357 mamsl -52/241 32.30 33.65 1.35 1.3 0.54 4 volcaniclastic
------ ------ ------- ------- --------- ------- -----------------------
47.60 48.85 1.25 1.2 0.38 7 Vein
------ ------ ------- ------- --------- ------- -----------------------
52.10 53.35 1.25 1.2 0.33 <2 Stockwork
------ ------ ------- ------- --------- ------- -----------------------
67.15 68.40 1.25 1.2 0.92 5 Stockwork
-------------------------- ---------- ------ ------ ------- ------- --------- ------- -----------------------
LIDC424 574879E
X-sect 1409778N
11075 395 mamsl -51/239 4.05 5.65 1.60 1.6 5.98 7 Vein
------ ------ ------- ------- --------- ------- -----------------------
Poor recovery
6.85 8.15 1.30 1.3 0.93 5 of footwall breccia
-------------------------- ---------- ------ ------ ------- ------- --------- ------- -----------------------
LIDC425 574883E
X-sect 1409756N
11050 400 mamsl -50/238 4.05 5.95 1.90 1.9 0.68 11 Saprolite (stockwork)
------ ------ ------- ------- --------- ------- -----------------------
20.90 21.30 0.40 0.4 1.76 5 Stringer veinlets
-------------------------- ---------- ------ ------ ------- ------- --------- ------- -----------------------
LIDC426 574895E
X-sect 1409725N Tectonic breccia
11025 412 mamsl -51/239 0.00 10.45 10.45 10.2 1.41 11 and stacked veins
====== ====== ======= ======= ========= ======= =======================
Incl. 6.05 8.15 2.10 2.0 3.84 15 Vein
====== ====== ======= ======= ========= ======= =======================
Incl. 8.55 8.85 0.30 0.3 3.21 8 Vein
====== ====== ======= ======= ========= ======= =======================
Incl. 9.60 9.90 0.30 0.3 2.49 9 Vein
====== ====== ======= ======= ========= ======= =======================
Incl. 10.25 10.45 0.20 0.2 5.28 15 Vein
------ ------ ------- ------- --------- ------- -----------------------
Stockwork or
16.40 17.40 1.00 1.0 0.37 6 stringers
------ ------ ------- ------- --------- ------- -----------------------
23.40 24.85 1.45 1.4 0.41 5 Stockwork
------ ------ ------- ------- --------- ------- -----------------------
Stockwork and
42.90 45.50 2.60 2.5 0.49 <2 vein
-------------------------- ---------- ------ ------ ------- ------- --------- ------- -----------------------
LIDC427 574920E
X-sect 1409742N Colluvium and
11025 397 mamsl -50/240 5.65 15.65 10.00 9.8 2.85 2 vein
====== ====== ======= ======= ========= ======= =======================
Incl. 5.65 8.10 2.45 2.4 0.82 <2 Colluvium
====== ====== ======= ======= ========= ======= =======================
Incl. 8.10 13.30 5.20 5.1 4.88 5 Vein
------ ------ ------- ------- --------- ------- -----------------------
Veins and stockwork
(open to depth
22.60 28.00 5.40 5.3 0.85 2 - abandoned hole)
====== ====== ======= ======= ========= ======= =======================
Vein (open to
Incl. 27.60 28.00 0.40 0.4 2.61 4 depth)
--------------------------- ---------- ------ ------ ------- ------- --------- ------- -----------------------
LIDC428 575018E
X-sect 1409546N Hangingwall faulted
10800 428 mamsl -52/241 0.00 4.10 4.10 3.9 1.44 10 vein/breccia
------ ------ ------- ------- --------- ------- -----------------------
4.10 6.90 2.80 2.7 Mine cavity
------ ------ ------- ------- --------- ------- -----------------------
6.90 9.95 3.05 2.9 2.31 17 Mine backfill
------ ------ ------- ------- --------- ------- -----------------------
LIDC429 574920E
X-sect 1409742N Amalgamated colluvium
11025 397 mamsl -52/239 2.15 29.80 27.65 26.8 1.59 22 and stockwork
====== ====== ======= ======= ========= ======= =======================
Incl. 2.15 8.50 6.35 6.2 0.63 <2 Colluvium
====== ====== ======= ======= ========= ======= =======================
Incl. 8.50 29.80 21.30 20.7 1.87 1 Stockwork
------ ------ ------- ------- --------- ------- -----------------------
(Incl.) 8.50 12.15 3.65 3.5 7.61 6 Stockwork
------ ------ ------- ------- --------- ------- -----------------------
Amalgamated
hangingwall,
backfill and
39.15 43.85 3.70 3.6 0.58 1 footwall
====== ====== ======= ======= ========= ======= =======================
Incl. 39.15 40.25 1.10 1.1 0.58 <2 Hangingwall stockwork
====== ====== ======= ======= ========= ======= =======================
Excl. 40.25 41.25 1.00 1.0 - - Mine cavity
====== ====== ======= ======= ========= ======= =======================
Incl. 41.25 41.60 0.35 0.3 1.55 18 Backfill
====== ====== ======= ======= ========= ======= =======================
Incl. 41.60 43.85 2.25 2.2 0.43 <2 Footwall breccia
------ ------ ------- ------- --------- ------- -----------------------
54.20 57.55 3.35 3.3 0.93 <2 Breccia
-------------------------- ---------- ------ ------ ------- ------- --------- ------- -----------------------
LIDC430 574898E
X-sect 1409758N Combined stockwork,
11050 398 mamsl -51/239 5.35 27.95 22.60 22.0 1.77 11 veins and backfill
====== ====== ======= ======= ========= ======= =======================
Incl. 4.35 12.85 8.50 8.3 0.91 9 Stringers
====== ====== ======= ======= ========= ======= =======================
Tectonic brecciated
Incl. 12.85 20.20 7.35 7.2 2.74 13 veins
====== ====== ======= ======= ========= ======= =======================
Incl. 21.20 27.95 6.75 6.6 2.42 10 Backfill
------ ------ ------- ------- --------- ------- -----------------------
54.35 55.60 1.25 1.2 0.56 <2 Stockwork
------ ------ ------- ------- --------- ------- -----------------------
LIDC431 575083E
X-sect 1409487N
10725 409 mamsl -50/240 0.00 4.40 4.40 4.3 7.14 19 Backfill
====== ====== ======= ======= ========= ======= =======================
LIDC432 575084E
X-sect 1409488N
10725 409 mamsl -49/242 0.00 6.15 6.15 6.0 4.21 28 Backfill
====== ====== ======= ======= ========= ======= =======================
9.25 15.10 5.85 5.7 1.76 9 Vein and stockwork
====== ====== ======= ======= ========= ======= =======================
Incl. 10.25 11.45 1.20 1.2 6.24 24 Vein
------ ------ ------- ------- --------- ------- -----------------------
11.45 15.10 3.65 3.5 0.57 4 Stockwork
====== ====== ======= ======= ========= ======= =======================
LIDC433 575060E Amalgamated
X-sect 1409563N hangingwall
10800 408 mamsl -50/239 28.45 51.05 19.40 18.7 2.80 12 and footwall
====== ====== ======= ======= ========= ======= =======================
Hangingwall faulted
Incl. 28.45 36.65 8.20 7.9 4.90 23 vein stack
====== ====== ======= ======= ========= ======= =======================
Mine cavity incl,
4.0 0.5m @ 1.45g/t
Incl. 36.05 40.35 4.30 (0.5) - (1.45) - (8) Au backfill
====== ====== ======= ======= ========= ======= =======================
Footwall faulted
Incl. 40.35 46.55 6.20 6.0 1.80 9 vein stack
====== ====== ======= ======= ========= ======= =======================
Incl. 46.55 51.05 4.50 4.3 0.53 <2 Stockwork
------ ------ ------- ------- --------- ------- -----------------------
58.50 62.80 4.30 4.2 0.66 <2 Stockwork
------ ------ ------- ------- --------- ------- -----------------------
73.50 75.00 1.50 1.4 0.50 3 Stockwork
------ ------ ------- ------- --------- ------- -----------------------
88.60 90.00 1.40 1.4 3.21 4 Stockwork
-------------------------- ---------- ------ ------ ------- ------- --------- ------- -----------------------
LIDC434 575034E
X-sect 1409549N Amalgamated vein
10800 420 mamsl -51/237 13.30 20.45 3.95 3.8 2.53 14 and backfill
====== ====== ======= ======= ========= ======= =======================
Incl. 13.30 13.50 0.20 0.2 14.80 11 Hangingwall vein
====== ====== ======= ======= ========= ======= =======================
Incl. 13.50 20.45 3.75 3.6 1.88 14 Backfill
------ ------ ------- ------- --------- ------- -----------------------
34.80 35.50 0.70 0.7 3.94 9 Breccia
====== ====== ======= ======= ========= ======= =======================
Incl. 41.00 41.70 0.70 0.7 1.03 4 Breccia
--------------------------- ---------- ------ ------ ------- ------- --------- ------- -----------------------
Amalgamated
LIDC435 575066E hangingwall,
X-sect 1409545N backfill and
10775 408 mamsl -50/239 20.00 38.30 14.10 13.6 1.93 10 footwall
====== ====== ======= ======= ========= ======= =======================
Incl. 20.00 25.35 5.35 5.2 1.58 5 Hangingwall stockwork
====== ====== ======= ======= ========= ======= =======================
Excl. 25.35 27.35 2.00 2.0 - - Mine cavity
------ ------ ------- ------- --------- ------- -----------------------
Backfill or pillar
Incl. 22.00 33.45 6.10 5.9 2.60 16 stockwork
------ ------ ------- ------- --------- ------- -----------------------
Excl. 33.45 35.65 2.10 2.1 - - Mine cavity
------ ------ ------- ------- --------- ------- -----------------------
Incl. 35.65 38.30 2.65 2.6 1.06 7 Footwall stockwork
====== ====== ======= ======= ========= ======= =======================
Incl. 41.45 42.35 0.90 0.9 0.71 3 Stockwork
--------------------------- ---------- ------ ------ ------- ------- --------- ------- -----------------------
True width is an interpretation based on the current
interpretation of the veins and may be revised in the future.
La India Pit Drilling Programme - Looking Ahead
Both drill rigs are currently drilling to replace the remaining
fourteen reverse circulation (RC) drill holes (1142 m of drilling)
that are located within the La India mineral resource pit shell of
which 600 m remains.
About the Drilling Techniques
Drilling is being undertaken using heavy duty track-mounted
drilling rigs. All of the drilling is being undertaken using
diamond core drilling techniques employing large diameter PQ core
barrels and triple tube in the mineralised zones to ensure good
sample recovery. Drilling close to surface and in proximity to
historical and artisanal mine workings can present challenges to
the driller, however, the drilling programme is benefitting from
employment of local geologists, field support staff and experienced
drill contractors, all with a decade of experience of drilling at
La India. Consequently, all target depths have been met and good
sample recovery is being achieved.
About the Assaying
Drill core is cut, and half core samples collected and bagged by
Condor staff on-site. Samples are transported to Bureau Veritas
accredited sample preparation laboratory in Managua every week in
batches of two or three drill holes, generally being submitted to
the lab within 5-10 days of completing the drill hole. Sub-samples
of the pulverised rock samples are forwarded for assay to Bureau
Veritas accredited analytical laboratory in Vancouver, Canada. As
with many other operators, delays in the return of assay results
are being experienced due to industry demand and COVID-19 pandemic
restrictions.
About the Starter Pits
On 25 January 2019, SRK Consulting (UK) Limited completed an
updated Mineral Resource Estimate (the "MRE"; see RNS dated 28
January 2019) on Condor's 100% owned La India Project in Nicaragua
comprising 9.85 million tonnes ("M tonnes" or "Mt") at 3.6 g/t gold
for 1,140,000 oz gold in the Indicated category and 8.48M tonnes at
4.3g/t gold for 1,179,000 oz gold in the Inferred category.
The La India Vein Set hosts an open pit Mineral Resource of
8,377kt at 3.1g/t gold for 837Koz gold in the Indicated category
and 887kt at 2.4 g/t gold for 69,000oz gold in the Inferred
category. Beneath the La India open pit is an underground Mineral
Resource estimate of 678kt at 4.9g/t gold for 107Koz gold in the
Indicated category and 1,718kt at 5.6 g/t gold for 309,000 oz gold
in the Inferred category.
The 25 January 2019 MRE update did not materially change the La
India open pit Mineral Resource estimate and consequently the 2014
Pre-Feasibility Study ("PFS") remained unchanged. La India open pit
has an existing Probable Mineral Reserve of 6.9 million tonnes
("Mt") at 3.01 g/t gold for 675,000 oz gold.
As announced on 4 March 2020 (see RNS), Condor completed
internal studies on readily accessible high-grade material within
the permitted La India open pit. The starter pits within La India
open pit contain a diluted tonnage of 387Kt at 4.29g/t gold for
53,000 oz gold. Condor has subsequently further advanced these
studies. Within a designed pit shell, the starter pits have two
scenarios. At 0.75g/t gold cut-off grade, 635Kt at 3.32g/t gold for
67,800 oz gold with a 4.5 to 1 strip ratio. Using a 2.0g/t cut-off
grade, 445Kt at 4.17g/t gold for 59,700 oz gold with a 6.8 to 1
strip ratio. See Table 2 below:
Table 2: Starter Pits within the Main Permitted La India Open
Pit
Cutoff
2.00g/t
Cutoff 0.75g/t (4)
--------
Ore Tonnes dmt 634,540 444,600
Gold Grade g/t Au 3.32 4.17
Silver Grade g/t Ag 6.53 7.91
Gold Ounces tr.ozs 67,801 59,672
Silver Ounces tr.ozs 133,316 113,114
---------------- -------- ---------------------------
Waste Material dmt 2,845,209 3,035,149
Total Matl dmt 3,479,749 3,479,749
---------------- -------- --------------------------
Strip Ratio 4.5 6.8
-------------------------- --------------------------- --------------------------
Notes:
1) Resources include indicated and
inferred material within the 2019
resource model
2) Resource tabulation from internal Condor
estimates, which may differ slightly from SRK
totals
3) Resources are contained within
the sub-pits Tajo 3,4,and 7
4) Cutoff at 2.0 g/t requires that 190kt at
1.33 g/t (8,100oz) be stockpiled for future
processing
- Ends -
For further information please visit www.condorgold.com or
contact:
Condor Gold plc Mark Child, Chairman and CEO
+44 (0) 20 7493 2784
Beaumont Cornish Limited Roland Cornish and James Biddle
+44 (0) 20 7628 3396
SP Angel Corporate
Finance LLP Ewan Leggat
+44 (0) 20 3470 0470
Blytheweigh Tim Blythe and Megan Ray
+44 (0) 20 7138 3204
About Condor Gold plc:
Condor Gold plc was admitted to AIM in May 2006 and dual listed
on the TSX in January 2018. The Company is a gold exploration and
development company with a focus on Nicaragua.
In August 2018, the Company announced that the Ministry of the
Environment in Nicaragua had granted the Environmental Permit
("EP") for the development, construction and operation of a
processing plant with capacity to process up to 2,800 tonnes per
day at its wholly-owned La India gold project ("La India Project").
The EP is considered the master permit for mining operations in
Nicaragua. Condor Gold published a Pre-Feasibility Study ("PFS") on
the project in December 2014, summarised in the Technical Report,
as defined below. The PFS details an open pit gold Mineral Reserve
in the Probable category of 6.9 Mt at 3.0 g/t gold for 675,000 oz
gold, producing 80,000 oz gold per annum for 7 years. La India
Project contains a Mineral Resource of 9,850 Kt at 3.6 g/t gold for
1.14 Moz gold in the Indicated category and 8,479 Kt at 4.3 g/t
gold for 1.18 Moz gold in the Inferred category. The Indicated
Mineral Resource is inclusive of the Mineral Reserve. A gold price
of $1,500/oz and a cut-off grade of 0.5 g/t and 2.0 g/t gold were
assumed for open pit and underground resources, respectively. A
cut-off grade of 1.5 g/t gold was furthermore applied within a part
of the Inferred Resource. Mineral Resources are not Mineral
Reserves and do not have demonstrated economic viability. There is
no certainty that any part of the Mineral Resources will be
converted to Mineral Reserves.
Environmental Permits were granted in April and May 2020 for the
Mestiza and America open pits respectively, both located close to
La India. The Mestiza open pit hosts 92 Kt at a grade of 12.1 g/t
gold (36,000 oz contained gold) in the Indicated Mineral Resource
category and 341 Kt at a grade of 7.7 g/t gold (85,000 oz contained
gold) in the Inferred Mineral Resource category . The America open
pit hosts 114 Kt at a grade of 8.1 g/t gold (30,000 oz) in the
Indicated Mineral Resource category and 677 Kt at a grade of 3.1
g/t gold (67,000 oz) in the Inferred Mineral Resource category.
Following the permitting of the Mestiza and America open pits,
together with the La India open pit Condor has 1.12 Moz gold open
pit Mineral Resources permitted for extraction, inclusive of a
Mineral Reserve of 6.9 Mt at 3.0 g/t gold for 675,000 oz gold.
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.
Qualified Persons
The Mineral Resource Estimate has been completed by Ben Parsons,
a Principal Consultant (Resource Geology) with SRK Consulting
(U.S.), Inc, who is a Member of the Australian Institute of Mining
and Metallurgy, MAusIMM(CP). He has some nineteen years' experience
in the exploration, definition and mining of precious and base
metals. Ben Parsons is a full-time employee of SRK Consulting
(U.S.), Inc, an independent consultancy, and has sufficient
experience which is relevant to the style of mineralisation and
type of deposit under consideration, and to the type of activity
which he is undertaking to qualify as a "qualified person" as
defined under National Instrument 43-101 - Standards of Disclosure
for Mineral Projects ("NI 43-101") of the Canadian Securities
Administrators and as required by 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.
The technical and scientific information in this press release
has been reviewed, verified and approved by Gerald D. Crawford,
P.E., who is a "qualified person" as defined by NI 43-101 and is
the Chief Technical Officer of Condor Gold plc.
The technical and scientific information in this press release
has been reviewed, verified and approved by Andrew Cheatle, P.Geo.,
who is a "qualified person" as defined by NI 43-101 .
Technical Information
Certain disclosure contained in this news release of a
scientific or technical nature has been summarised or extracted
from the technical report entitled "Technical Report on the La
India Gold Project, Nicaragua, December 2014", dated November 13,
2017 with an effective date of December 21, 2014 (the "Technical
Report"), prepared in accordance with NI 43-101. The Technical
Report was prepared by or under the supervision of Tim Lucks,
Principal Consultant (Geology & Project Management), Gabor
Bacsfalusi, Principal Consultant (Mining), Benjamin Parsons,
Principal Consultant (Resource Geology), each of SRK Consulting
(UK) Limited, and Neil Lincoln of Lycopodium Minerals Canada Ltd.,
each of whom is an independent "qualified person" as defined by NI
43-101 .
Forward Looking Statements
All statements in this press release, other than statements of
historical fact, are 'forward-looking information' with respect to
the Company within the meaning of applicable securities laws,
including statements with respect to: the ongoing mining dilution
and pit optimisation studies, and the incorporation of same into
any mining production schedule, future development and production
plans at La India Project. Forward-looking information is often,
but not always, identified by the use of words such as: "seek",
"anticipate", "plan", "continue", "strategies", "estimate",
"expect", "project", "predict", "potential", "targeting",
"intends", "believe", "potential", "could", "might", "will" and
similar expressions. Forward-looking information is not a guarantee
of future performance and is based upon a number of estimates and
assumptions of management at the date the statements are made
including, among others, assumptions regarding: future commodity
prices and royalty regimes; availability of skilled labour; timing
and amount of capital expenditures; future currency exchange and
interest rates; the impact of increasing competition; general
conditions in economic and financial markets; availability of
drilling and related equipment; effects of regulation by
governmental agencies; the receipt of required permits; royalty
rates; future tax rates; future operating costs; availability of
future sources of funding; ability to obtain financing and
assumptions underlying estimates related to adjusted funds from
operations. Many assumptions are based on factors and events that
are not within the control of the Company and there is no assurance
they will prove to be correct.
Such forward-looking information involves known and unknown
risks, which may cause the actual results to be materially
different from any future results expressed or implied by such
forward-looking information, including, risks related to: mineral
exploration, development and operating risks; estimation of
mineralisation, resources and reserves; environmental, health and
safety regulations of the resource industry; competitive
conditions; operational risks; liquidity and financing risks;
funding risk; exploration costs; uninsurable risks; conflicts of
interest; risks of operating in Nicaragua; government policy
changes; ownership risks; permitting and licencing risks; artisanal
miners and community relations; difficulty in enforcement of
judgments; market conditions; stress in the global economy; current
global financial condition; exchange rate and currency risks;
commodity prices; reliance on key personnel; dilution risk; payment
of dividends; as well as those factors discussed under the heading
"Risk Factors" in the Company's annual information form for the
fiscal year ended December 31, 2019 dated March 31, 2020 and
available under the Company's SEDAR profile at www.sedar.com .
Although the Company has attempted to identify important factors
that could cause actual actions, events or results to differ
materially from those described in forward-looking information,
there may be other factors that cause actions, events or results
not to be as anticipated, estimated or intended. There can be no
assurance that such information will prove to be accurate as actual
results and future events could differ materially from those
anticipated in such statements. The Company disclaims any intention
or obligation to update or revise any forward-looking information,
whether as a result of new information, future events or otherwise
unless required by law.
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
Ag Silver
-----------------------------------------------------------
Au Gold
-----------------------------------------------------------
Breccia A fragmental rock composed of rounded to angular
broken rock fragments held together by a mineral
cement or in a fine-grained matrix. They can be
formed by igneous, tectonic, sedimentary or hydrothermal
processes.
-----------------------------------------------------------
Down-dip Further down towards the deepest parts of an ore
body or zone of mineralisation.
-----------------------------------------------------------
Epithermal Hydrothermal deposits formed at shallow depths below
a boiling hot spring system are commonly referred
to as epithermal, a term retained from an old system
of classifying hydrothermal deposits based on the
presumed temperature and depth of deposition.
-----------------------------------------------------------
Fault The plane along which two rock masses have moved
or slide against each other in opposing directions.
-----------------------------------------------------------
Felsic Igneous rock relatively rich in the minerals feldspar
and silica. It is a broad term including the common
intrusive rocks granite and diorite, and the volcanic
rocks rhyolite and dacite,
-----------------------------------------------------------
Footwall Originally a miner's term to refer to the rock below
the mineralised zone that they exploited. Now often
used to 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.
-----------------------------------------------------------
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 Originally a miner's term to refer to the rock above
the mineralised zone that they exploited. Now often
used to refer to 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.
-----------------------------------------------------------
Hydrothermal Hot water caused by heating of groundwater by near
surface magmas and often occurring in association
with volcanic activity. Hydrothermal waters can
contain significant concentrations of dissolved
minerals.
-----------------------------------------------------------
Inferred Mineral That part of a Mineral Resource for which tonnage,
Resource 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,
-----------------------------------------------------------
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.
-----------------------------------------------------------
NI 43-101 Canadian National Instrument 43-101 a common standard
for reporting of identified mineral resources and
ore reserves
-----------------------------------------------------------
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).
-----------------------------------------------------------
Stockwork Multiple connected veins with more than one orientation,
typically consisting of millimetre to centimetre
thick fracture-fill veins and veinlets.
-----------------------------------------------------------
Strike length The longest horizontal dimension of an ore body
or zone of mineralisation.
-----------------------------------------------------------
Vein A sheet-like body of crystallised minerals within
a rock, generally forming in a discontinuity or
crack between two rock masses. Economic concentrations
of gold are often contained within vein minerals.
-----------------------------------------------------------
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END
DRLSEEFUAEFSEFL
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April 29, 2021 02:00 ET (06:00 GMT)
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