Condor Gold drills 3.6 metres of 29.1 g/t gold at La India, Nicaragua
Condor Gold PLC [COG-TSX; CNDGF-OTC; CNR-LSE AIM] reported that the first phase of infill drilling of 39 drill holes for 3,371.58 metres using diamond core drilling has been completed on the Mestiza open pit and all assay results have been received. The Mestiza vein set is part of Condor’s 100%-owned La India project, Nicaragua.
The results of the infill drilling are consistent with previous drilling grades and widths, demonstrating good continuity in gold mineralization between adjacent drill holes in the high-grade zones, and add confidence to the geological model.
The total drilling program on Mestiza open pit is approximately 7,800 metres, two drill rigs are operating on site and the drilling should be completed within six weeks. The primary objective of the drill program is to convert inferred resources to a higher level of confidence indicated resource for inclusion in an economic mineral reserve and prepare the permitted Mestiza open pit for extraction.
Highlights include drill hole LIDC514 that returned 4.1 metres true width (TW) at 15.23 g/t gold from 47.80 metres approximately 40 metres below surface. Hole LIDC471 returned 3.6 metres (TW) of 29.1 g/t gold from 105.70 metres approximately 85 metres below surface.
Assay results demonstrate good continuity in gold mineralization between adjacent drill holes in the high-grade zones and add confidence to the geological model. The total drilling program on Mestiza open pit is approximately 7,800 metres, two drill rigs are operating on site and the drilling should be completed within six weeks.
The Mestiza open pit has currently estimated fully diluted feed mill feed in the September, 2021, PEA (preliminary economic assessment) of 499,000 tonnes at 5.37 g/t gold for 86,000 ounces of gold and is targeted for early extraction.
Mark Child, chairman and CEO, commented: “I am delighted with the initial results of the 7,800-metre infill drilling program on our permitted high-grade Mestiza open pit, which is targeted for early production. The high-grade drill intercepts announced today of 4.1 metres true width at 15.23 g/t gold and 3.6 metres true width at 29.1 g/t gold, approximately 40 metres and 85 metres, respectively, below surface may add to our mineral resource inventory at Mestiza and possibly improve the project’s economics, although this will only be confirmed at the conclusion of this drilling campaign.
“The September, 2021, PEA estimated the Mestiza open pit can currently deliver a fully diluted mill feed of 499 kt at 5.37 g/t gold for 86,000 oz gold. The tighter drill spacing has delivered relatively shallow, high-grade drill intercepts, which add considerable confidence to the existing monthly mine schedules.”
The Mestiza vein set is 3 km from the permitted processing plant on Condor’s La India project, comprises several gold-bearing quartz veins spread across an 800-metre wide corridor and strikes for 1,500 to 2,000 metres.
The Ministry of the Environment in Nicaragua has granted the environmental permit (EP) for the development, construction and operation of a processing plant with capacity to process up to 2,800 tonnes/day.