Condor Gold plc Trench Results and Initiation of Mechanized trenching on America Vein Set
(firmenpresse) - LONDON, ENGLAND -- (Marketwire) -- 10/01/12 -- Condor Gold plc ("Condor" or "the Company") (AIM: CNR) -
Mark Child, Chairman and CEO commented:
"The historic mine on the America vein is estimated to have produced circa 250,000 oz gold at 13.5g/t prior to its closure in 1956, which is the same amount of gold production as the historic mine on La India vein. The recently announced open pit resource on La India/California veins of 954,000 oz gold at 3.6g/t gold encompasses a large part of the historic La India mine. We aim to prove whether the success of the open pit resource on La India veins can be repeated on the America veins. The initial trench results are encouraging, demonstrating multiple mineralised zones over a 30m length.
The old mine workings on the America vein have a strike length of approximately 1,200m and were mined on 9 levels to a depth of circa 250m. These have never been drill tested to determine whether remnant wall rock remains in the hanging wall and footwall of the old mine workings and whether there are parallel veins at surface or at depth which coalesce. A mechanical digger is now on site, trenching at 50m intervals over a 1,200m strike length. Condor plans to follow up with a 2,000m drill programme through the old mine workings, if successful this may prove a second open pit resource on La India Project."
(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 that exploratory trenching across the surface exposure of the historic mine workings on the America Vein have demonstrated substantial thicknesses of gold mineralisation remains in pillars and the wall rock of the old mine workings. There is also the presence of parallel gold mineralised veins and breccias over a thickness of at least 30m. To progress these positive results, the company has commenced a programme of 50m spaced trenching along a planned 1,200m strike length using a combination of mechanical and manual excavation to fully define the width and grade of remnant gold mineralisation in the wall rock. The trench results will guide a follow up drilling programme to test the remnant wall rock mineralisation at depth and potential parallel veins.
The Mineral Resource for Condor's wholly-owned La India Project currently 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. Of this, the America Vein Set contains the second largest single Mineral Resource with 2.11Mt at 6.0g/t for 405,000 oz gold, of which 288,000 oz gold is on the interconnected America-Constancia-Escondido veins, including 480kt at 7.8g/t for 120,000 oz gold in the Indicated category (Figure 1 below). The historic America underground mine was developed on a similar scale to the La India underground workings located less than 2km to the South. The America-Constancia veins were exploited along a 2km strike length. Most of the mining concentrated on a 1,200m strike length of the America-Constancia vein and a 250m strike length of the intersecting Escondido vein where they worked up to nine different levels to a depth of 250m using traditional narrow vein shrinkage stoping techniques. Based on the dimensions of the workings, it is estimated that approximately 40% of the total gold production from the La India Mining District, equivalent to approximately 250,000 oz gold at 13.5g/t was from the America Mine. Reconciliation during the mineral resource calculation appears to confirm this value.
There is no representative trench or drill sampling data on the 1,200m strike interval of the main America Mine underground workings; all previous exploration has been confined to the strike extensions to the East and northwest. Encouraged by the discovery of wide zones of significant remnant wallrock at the nearby historic La India mine workings the Company has completed seven exploratory trenches spaced at 5m to 140m intervals along a 400m strike length of the America Vein where suitable exposures of in situ quartz veining could be found on the surface expression of the historic mine workings. The trenches were designed to test both the gold mineralisation in remnant pillars and the possibility of additional gold mineralisation in the wallrock. The trenching was limited to easily accessible rock exposures and tested a maximum of only 40m width of wallrock, and in all but one case was restricted to the hangingwall of the old mine workings. This exploratory trenching returned successful intercepts from both targets:
The full trench intercept results are presented in Table 1 below.
To follow-up these initial positive results and establish the full grade, width and distribution of wallrock gold mineralisation the Company has started a programme of 80m to 100m long trenches at 50m intervals along the 1,200m strike length of the principal old mine workings. Approximately half of the trenches will be completed by mechanised excavator and the remainder, where topography is too steep to allow easy access to heavy machinery, will be completed manually. Trenching by both methods is already underway and the initial results are expected before the end of October. The trench results will guide a follow-up drilling programme to test the wallrock mineralisation at depth.
The Company is encouraged by the early results which suggest that mining on the America-Constancia vein followed the same pattern as at nearby La India by exploiting only a narrow high-grade part of the vein using the shrinkage stoping technique and leaving remnant gold mineralisation in the wallrock. If results prove to be comparable to La India then this work programme has the potential to prove a second substantial open-pittable deposit less than 2km away from the La India Vein Set.
To view "Figure 1. Location of trenching on the America Vein Set within the La India Project area," please visit the following link: .
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.
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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 31st 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 CIM/JORC compliant resource base of 2,497,000 ounces of gold equivalent at 4.6g/t in Nicaragua and an attributable 973,000 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
Contacts:
Condor Gold plc
Mark Child
Chairman and CEO
+44 (0) 20 7408 1067
Condor Gold plc
Luc English
Country Manager, Nicaragua & El Salvador
505 8854 0753
Beaumont Cornish Limited
Roland Cornish
+44 (0) 20 7628 3396
Beaumont Cornish Limited
James Biddle
+44 (0) 20 7628 3396
Ocean Equities Limited
Will Slack
+44 (0) 20 7786 4385
Farm Street Media
Simon Robinson
+44 (0) 7593 340107
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Datum: 01.10.2012 - 06:00 Uhr
Sprache: Deutsch
News-ID 187994
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