Condor Gold
Condor Gold Plc is a UK based AIM listed exploration Company focused on proving a large commercial reserve on its 100% owned La India Project in Nicaragua.
At 18th September 2012, La India Project has a Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Standards resource of 2.4M oz gold at 4.6g/t including 751,000 oz at 4.4g/t in the Indicated Category, as required by NI 43-101 . La India Project resource includes a high grade open pit resource of 954,000 oz gold at 3.6g/t gold. A preliminary economic assessment is currently underway. In addition to the La India Resource, 87k oz gold on the Rio Luna Resource takes Condor's total resource to 2.5m oz gold in Nicaragua to CIM standards.
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Condor Gold reports new high grade drilling results from La India, Nicaragua
Condor Gold (LON:CNR) reported another set of "excellent drill results" from the current diamond core and reverse circulation drilling programme on the La India Vein Set, part of the La India project in Nicaragua.
The latest drilling results bolster the company's belief that the La India-California vein trend has the potential to support open pit mining, it said.
The drill results received so far cover 2,613 metres of a current 7,000 metre drill programme of which 4,665 metres have been drilled to date on the La India Vein Set. They provide further evidence that the La India and California veins coalesce not only at depth but at surface along a 600 metre strike length.
Drill hole LIRC105 showed 25.1 metres at 7.73 grams of gold per ton at only 25 metres depth and LIRC 102 showed 15.5 metres at 7.37g/t from surface, and where follow-up drilling 100 metres down dip of the latter drill hole has just returned 6.65 metres at 32.23g/t in LIDC121.
Bonanza grades were also found in LIDC109: 10.8 metres at 34.79 g/t from 173 metres depth which is 50 metres underneath LIDC067 which returned 34 metres at 2.31g/t.
These results confirm that the grade increases with depth, and the resource remains open to depth.
The La India Vein Set has a JORC resource of 730,000 ounces at 5.3 g/t. The La India Vein and the California Vein lie parallel to each other in the same valley and have strike lengths of 2,000 and 1,300 metres respectively.
The fully funded 7,000 metre drill programme has two objectives: to prove open pit potential and to increase the overall resource of the La India project to 1.75 million ounces from the current 1.62 million ounces at 5.6 g/t and double the indicated resource to over 500,000 ounces by October 2012.
"This looks increasingly achievable as the current resource on the California Vein is 100 to 150 metres beneath surface and the drill results this year extend the gold mineralisation above the resource to surface," said chairman and chief executive Mark Child.
Condor currently has three diamond core rigs and one RC drilling rig operating at La India.
The company changed its name to Condor Gold from Condor Resources last month to more accurately reflect its core business and to avoid being confused with Toronto-listed Condor Resources Inc.
Other Condor Gold news
- Condor Gold kicks off work to consider La India pit dynamics
2013-04-25 - Condor Gold announces next stage of drilling programme
2013-04-24 - UPDATE: Condor Gold unveils further positive La India results
2013-04-15 - Condor Gold stakeholder passes on third funding top-up
2013-03-22 - Condor Gold's drilling continues to make the grade
2013-03-04
