Condor Gold Announces 10,000m Drilling Planned in 2017 to Expand the Resource and Prove a Major Gold District
(firmenpresse) - LONDON, ENGLAND -- (Marketwired) -- 03/31/17 -- Condor Gold (AIM: CNR) ('Condor', 'Condor Gold' or 'the Company') is pleased to announce that, following a Placing which raised GBP 5.242 million (See RNS dated 20th February 2017), work is now underway on a 10,000 m drilling programme for 2017 at the La India Project, Nicaragua (the "La India Project"). This will have dual objectives, being (i) resource expansion- to increase the existing mineral resource (18 Mt at 4.0 g/t Au for 2.31 Moz gold) over the La India Project, and (ii) scout drilling, which hopes to identify new resources hosted in additional veins sets on the 313 km2 Project and demonstrate a major Gold District.
Resource Expansion
In accordance with the first objective, Condor has completed approximately 360 m of a 2,000 m drilling programme, which has commenced on the Mestiza Vein Set ('Mestiza'). This will test a historic Soviet mineral resource. If successful, it is expected that further drilling of about 4,000 m would be needed to convert the majority of the Soviet mineral resource to a NI 43-101-compliant Inferred Mineral Resource. This is significant for four reasons:
Table 1 Mestiza Vein Set NI 43-101 Mineral Resource Estimate
Table 2 Mestiza Vein Set Soviet GKZ Mineral Resource Estimate (including the above NI-43- 101 resources)
To view Figure 1, please visit the following link: .
Note: The numbers in Table 1, Table 2 and Figure 1 have been rounded where appropriate.
Scout Drilling
In line with the second objective, and as announced on 27 January 2017, as part of a 4,000 m scout drilling campaign, drilling at the Cacao Prospect has been completed. A total of 720 m of drilling demonstrated a significant dilational vein, below near surface phreatic breccia and sinter. Drill intercepts included 7.85 m at 3.75 g/t, and 7.85 m at 2.95 g/t gold. There is the prospect of a much larger gold resource and future drilling is planned.
Furthermore, Condor has completed 6 drill holes, for a total of 945 m, on the Andrea Vein. This is an entirely grassroots discovery, with generally low grades at surface and scattered high grade grab samples (in excess of 30 g/t gold). The principal vein, and veins which split from it, have a strike length of at least 2.2 km. It forms a zone of anomalous soil and rock geochemistry (the 'Andrea Corridor', see RNS dated 29th January 2017) with a much greater strike length. The drill program, with a man-portable rig because of poor access roads, tested for potential La India-style mineralization (an epithermal vein with a boiling zone and high gold grade).
The 6 relatively shallow holes on the Andrea Vein encountered abundant zeolite veinlets, minerals typical of the upper parts of epithermal systems (above the boiling zone) . The northern holes hit barren quartz/carbonate veins, but the deepest, and southernmost, hole encountered significant gold mineralization, with 5.1 m (at) 1.9 g/t gold. This began at 186 m depth. Drilling at Andrea was suspended because of the lack of water required for drilling. Future drilling is planned to follow up on these encouraging results and will probably recommence in the wet season, expected to be in 6 months' time. It will target the southern portion and be deeper.
The drill rig also completed 429 m drilling at Real De la Cruz and 664 m drilling at Tatescame. Drill results from Real de la Cruz demonstrated poor continuity of the high-grade veins, though it may still have bulk mineable potential. The drilling at Tatescame gave poor results and it has been downgraded. It effectively demonstrated that the known vein, with grades up to at least 10 g/t gold, terminates towards the West.
Several new scout drilling targets have been identified and are being ranked in order of priority. The market will be updated as these are drilled.
Competent Person's Declaration
The information in this announcement that relates to the mineral potential, geology, exploration results and database is based on information compiled, and reviewed, by Dr Warren Pratt, Chartered Geologist (1994), Fellow of the Geological Society of London and Fellow of the Society of Economic Geologists. Dr Pratt is a geologist with over twenty five years of experience in the exploration of precious metal mineral resources. Dr Pratt consults to Condor Gold plc on an ad hoc basis and has considerable experience in epithermal mineralization, the type of deposit under consideration, and sufficient experience in the type of activity that 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. Dr Pratt 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.
Technical Glossary
For further information please visit .
About Condor Gold plc:
Condor Gold plc was admitted to AIM on 31st May 2006. The Company is a gold exploration and development company with a focus on Central America.
Condor completed a Pre-Feasibility Study (PFS) and two Preliminary Economic Assessments (PEA) on La India Project in Nicaragua in December 2014. The PFS details an open pit gold mineral reserve of 6.9 Mt at 3.0 g/t gold for 675,000 oz gold producing 80,000 oz gold p.a. for 7 years. The PEA for the open pit only scenario details 100,000 oz gold production p.a. for 8 years whereas the PEA for a combination of open pit and underground details 140,000 oz gold production p.a. for 8 years. La India Project contains a total attributable mineral resource of 18.08 Mt at 4.0 g/t for 2.31 M oz gold and 2.68 M oz silver at 6.2 g/t to the CIM Code.
In El Salvador, Condor has an attributable 1,004,000 oz gold equivalent at 2.6 g/t JORC compliant resource. 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.
Contacts:
Condor Gold plc
Mark Child
Executive Chairman and CEO
+44 (0) 20 7493 2784
Beaumont Cornish Limited
Roland Cornish and James Biddle
+44 (0) 20 7628 3396
Numis Securities Limited
John Prior and James Black
+44 (0) 20 7260 1000
Farm Street Media
Simon Robinson
+44 (0) 7593 340107
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Datum: 31.03.2017 - 06:30 Uhr
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