Condor Gold (AIM: CNR; TSX: COG) is pleased to announce significant
assay results from the sampling of geotechnical drill holes on the
La India Open Pit. These intercepts are located within and between
the planned high-grade starter pits and provide additional
confidence to the mineral resource in this key area.
Highlights:
- 34.1 m true width at 2.56 g/t
gold amalgamated from 2.80 m drill depth including 6.0 m
at 4.3 g/t gold, 2.0 m at 5.3 g/t gold and 3.65m at 8.75g/t gold
(drill hole LIGT536), located within the planned Northern Starter
Pit.
- 28.7 m true width at 2.62 g/t gold in the
hanging-wall of historic mine workings (drill hole LIGT528).
- 5.3 m true width at 3.11 g/t gold from 36.00 m
drill depth, and 5.1 m true width at 2.70 g/t gold
from 51.45 m drill depth in drill hole LIGT531; located in an area
that has previously been interpreted as a low-grade zone between
two high-grade shoots that host the planned starter pits.
Mark Child, Chairman and CEO
commented: “A wide zone of 34.1 metres true width of good
open pit grade gold mineralisation of 2.56 g/t gold from only 2.80
metres drill depth is ideal material as initial mill feed for the
permitted processing plant and supports the attractive project
economics and 12 month pay back detailed in the PEA technical
report filed in October 2021. This was a geotechnical drill hole
within La India open pit that was initially surveyed and analysed
for structures and rock strength, which once completed, was assayed
for gold and silver. It adds confidence to the geological model for
the forthcoming Feasibility Study and serves as a timely reminder
of the wide zones of material with good open pit gold grade
available near surface within the fully permitted La India
Project.”
Background Condor announced the
completion of 21 geotechnical drill holes on the planned La India
Open Pit in an RNS dated 30th November 2021. The drilling was
designed to provide drill core samples through all sides of the pit
wall in order to collect geotechnical information to analyse and to
determine the geotechnical parameters for the final pit design to a
Feasibility Study (FS) level of detail, which is to plus or minus
15% accuracy. In all cases the drill holes were collared within the
open pit shell and angled to pass through the pit wall at a
pre-determined location in order to sample the rock mass that will
eventually form the pit wall. Three of the geotechnical holes were
drilled through the principal La India mineralised zone to test the
pit walls on the footwall side of the pit. The drill core collected
through the mineralised zone effectively provides additional infill
drill samples, and this material was assayed after the geotechnical
test work had been completed.
Assay results The twin
geotechnical drill holes LIGT528 and LIGT536 have provided a useful
additional infill in the planned Northern Starter Pit. The drill
holes returned similar intercepts of 41.05 m (28.7 m true width) at
2.62 g/t gold and 44.85 m (30.2 m true width) at 2.55 g/t gold in
the hanging-wall of the historic mine workings. Of these only
LIGT536 successfully drilled into the historic mine footwall to
return an amalgamated hangingwall and footwall intercept of
50.70 m (34.1 m true width) at 2.56 g/t gold from 2.80 m
drill depth. This intercept includes three high-grade
veins in the hanging-wall of 6.0 m true width at 4.30 g/t gold, 2.0
m true width at 5.31 g/t gold and 3.6 m true width at 8.75 g/t
gold, as well as a 3 m wide mine cavity (see table below). These
twin holes have returned the 8th and 10th best intercepts to-date
on the La India Vein (see Table 1 below).
Geotechnical drill hole LIGT531 was drilled 150
m along strike to the southwest in the zone between the two planned
starter pits. The assay results confirmed significant
mineralisation at depth between the two starter pits in the segment
where the La India Vein splits in two: returning significant
intercepts of 7.60 m (5.3 m true width) at 3.11 g/t gold from 36.00
m drill depth (the upper La India vein), and 7.35 m (5.1 m true
width) at 2.70 g/t gold from 51.45 m drill depth (the lower La
India vein). These assay results add confidence to the geological
model.
Table 1. Top ten gold intercepts from
drilling at La India (* latest geotechnical drill
samples).
|
Drill hole ID |
InterceptFrom (m) |
InterceptTo (m) |
Interval(m) |
True width(m) |
Au (g/t) |
Ag (g/t) |
True grade-width (gm/t) |
Vein |
1 |
LIDC109 |
173.15 |
185.35 |
12.20 |
10.8 |
34.79 |
27 |
374.7 |
India upper vein |
2 |
LIDC121 |
111.25 |
117.90 |
6.65 |
6.0 |
32.23 |
40 |
194.3 |
India upper vein |
3 |
LIDC152 |
193.80 |
214.88 |
21.08 |
16.1 |
10.24 |
8 |
165.4 |
India vein |
4 |
LIDC239 |
14.40 |
19.20 |
4.80 |
4.4 |
37.24 |
120 |
162.0 |
India hangingwall |
5 |
LIDC413 |
29.35 |
51.40 |
22.05 |
21.6 |
6.48 |
16 |
139.7 |
India hangingwall |
6 |
LIDC452 |
4.15 |
64.75 |
60.60 |
54.5 |
1.98 |
5 |
107.7 |
India ramp structure |
7 |
LIDC193 |
20.70 |
27.50 |
6.80 |
6.5 |
13.99 |
22 |
91.0 |
India vein |
8 |
LIGT536* |
2.80 |
57.35 |
50.70 |
34.1 |
2.56 |
7 |
87.4 |
Amalgamated hangingwall-footwall |
9 |
LIDC416 |
18.35 |
34.35 |
16.00 |
15.7 |
5.30 |
14 |
82.9 |
India vein |
10 |
LIGT528* |
5.50 |
46.55 |
41.05 |
28.7 |
2.62 |
4 |
75.1 |
Hangingwall only (twin to LIGT536) |
True width is an interpretation based on the
current interpretation of the veins and may be revised in the
future.
Table 2. Latest and final drill intercepts
on La India vein - 2021 geotechnical drill holes.
Drill hole ID |
Collar UTMWGS84-16N |
Drillincl/azi |
From |
To |
DrillWidth(m) |
TrueWidth(m) |
Au(g/t) |
Ag(g/t) |
Comment |
LIGT528 X-sect 11025 |
574920E 1409743N 397mamsl |
-70/249 |
5.50 |
46.55 |
41.05 |
28.7 |
2.62 |
4 |
India stacked veins and breccias (open downhole) |
Incl. |
|
|
8.20 |
15.65 |
7.45 |
5.2 |
4.20 |
11 |
India upper faulted vein |
Incl. |
|
|
32.55 |
36.80 |
4.25 |
3.0 |
5.31 |
6 |
India middle vein |
Incl. |
|
|
39.65 |
46.55 |
6.90 |
4.8 |
6.28 |
6 |
Hangingwall India vein |
LIGT531 X-sect 10875 |
575001E 1409618N 410mamsl |
-70/250 |
36.00 |
43.60 |
7.60 |
5.3 |
3.11 |
10 |
India upper-mid vein |
Incl. |
|
|
36.00 |
38.75 |
2.75 |
1.9 |
2.96 |
14 |
India upper vein |
Incl. |
|
|
42.20 |
43.60 |
1.40 |
1.0 |
10.25 |
17 |
India middle vein |
|
|
|
51.45 |
58.80 |
7.35 |
5.1 |
2.70 |
6 |
India lower vein and hangingwall stockwork |
Incl. |
|
|
55.80 |
58.80 |
3.00 |
2.1 |
4.76 |
8 |
India lower vein |
LIGT536 X-sect 11025 |
574920E 1409743N 397mamsl |
-70/258 |
2.80 |
57.35 |
50.70 |
34.1 |
2.56 |
7 |
Amalgamated hangingwall and footwall India stacked veins and
breccias |
Incl. |
|
|
2.80 |
47.65 |
44.85 |
30.2 |
2.55 |
6 |
India hangingwall |
Incl. |
|
|
6.85 |
15.70 |
8.85 |
6.0 |
4.30 |
7 |
India upper faulted vein |
Incl. |
|
|
33.45 |
36.45 |
3.00 |
2.0 |
5.31 |
8 |
India middle vein |
Incl. |
|
|
42.35 |
47.65 |
5.30 |
3.6 |
8.75 |
12 |
Hangingwall India vein |
Excl. |
|
|
47.65 |
50.65 |
3.00 |
- |
- |
- |
Mine cavity |
Incl. |
|
|
50.65 |
51.45 |
0.80 |
0.5 |
7.59 |
16 |
Footwall India vein |
Excl. |
|
|
51.45 |
52.30 |
0.85 |
- |
- |
- |
Possible mine cavity |
Incl. |
|
|
52.30 |
57.35 |
5.05 |
3.4 |
2.31 |
14 |
Footwall India vein |
True width is an interpretation based on the
current interpretation of the veins and may be revised in the
future.
*Note: Bureau Veritas Mineral Laboratories,
Canada. www.bureauveritas.com/um was used for the drill assay
results.
Notes: |
|
1. |
|
The sample
chain of custody is managed by the Condor’s Geology Team on site.
Reported results are from diamond drilled core samples. Intervals
of core to be analysed are split into half using a mechanized core
cutter, with one half sent to the Laboratory for geochemical
analysis and the remaining half kept in storage for future
reference and uses. Diamond drilled core has been a HQ size and
recoveries are consistently 100% across all drill holes intercept
reported. |
|
2. |
|
Sampling and analytical procedures are subject to a
comprehensive quality assurance and quality control program. The
QAQC program involves insertion of duplicate samples, blanks and
certified reference materials in the sample stream. Gold analyses
are performed by standard fire assaying protocols using a 50-gram
charge with atomic absorption (AAS) finish and a gravimetric finish
performed for assays greater than 10 grams per tonne. |
|
3. |
|
Sample preparation and analysis are performed by the
independent Bureau Veritas Laboratories, Canada. Samples are
crushed and prepared in Managua and pulp samples for fire assay are
dispatched to Vancouver, Canada. The Laboratory meets the
requirements of ISO/IEC 17025 & ISO 9001, and employs a
Laboratory Information Management System for sample tracking,
quality control and reporting. |
|
4. |
|
All depths presented are from surface. |
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 |
|
|
H&P Advisory Limited |
Andrew Chubb
and Nilesh Patel +44 207 907 8500 |
|
|
BlytheRay |
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.
On 25 October 2021 Condor announced the filing
of a Preliminary Economic Assessment Technical Report (“PEA”) for
its La India Project, Nicaragua on SEDAR https://www.sedar.com. The
highlight of the technical study is a post-tax, post upfront
capital expenditure NPV of US$418 million, with an IRR of 54% and
12 month pay-back period, assuming a US$1,700 per oz gold price,
with average annual production of 150,000 oz gold per annum for the
initial 9 years of gold production. The open pit mine schedules
have been optimised from designed pits, bringing higher grade gold
forward resulting in average annual production of 157,000 oz gold
in the first 2 years from open pit material and underground mining
funded out of cashflow.
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 has purchased a new SAG Mill, which
has mainly arrived in Nicaragua. Site clearance and preparation is
at an advanced stage.
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 M oz gold open pit Mineral Resources permitted for
extraction.
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 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 and 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.
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, October 2021”, dated October
22, 2021 with an effective date of September 9, 2021 (the
“Technical Report”), prepared in accordance with NI 43-101. The
Qualified Persons responsible for the Technical Report are Dr Tim
Lucks of SRK Consulting (UK) Limited, and Mr Fernando Rodrigues, Mr
Stephen Taylor and Mr Ben Parsons of SRK Consulting (U.S.) Inc. Mr
Parsons assumes responsibility for the MRE, Mr Rodrigues the open
pit mining aspects, Mr Taylor the underground mining aspects and Dr
Lucks for the oversight of the remaining technical disciplines and
compilation of the report.
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 and resources; 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, 2020 dated March 31, 2021 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 |
Au |
Gold |
Breccia |
A rock made up of angular rock fragments cemented together by a
finer grained matrix |
Diamond core drilling |
A drilling method in which penetration is achieved through abrasive
cutting by rotation of a diamond encrusted drill bit. This drilling
method enables collection of tubes of intact rock (core) and when
successful gives the best possible quality samples for description,
sampling and analysis of an ore body or mineralised structure. |
Foot wall |
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. |
Indicated Mineral Resource |
That part of a Mineral Resource for which tonnage, densities,
shape, physical characteristics, grade and mineral content can be
estimated with a reasonable level of confidence. It is based on
exploration, sampling and testing information gathered through
appropriate techniques from locations such as outcrops, trenches,
pits, workings and drill holes. The locations are too widely or
inappropriately spaced to confirm geological and/or grade
continuity but are spaced closely enough for continuity to be
assumed. |
Inferred Mineral Resource |
That part of a Mineral Resource for which tonnage, 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. |
Intercept |
Refers to a sample or sequence of samples taken across the entire
width or an ore body or mineralized zone. The intercept is
described by the entire thickness and the average grade of
mineralisation |
IRR |
The Internal Rate of Return (IRR) is the discount rate that
makes the net present value (NPV) of a project zero. In other
words, it is the expected compound annual rate of return that will
be earned on a project or investment |
Kt |
Thousand tonnes |
Mineral Resource Estimate |
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. |
Mineral Reserve |
An ‘Ore Reserve’ is the economically mineable part of a Measured
and/or Indicated Mineral Resource. It includes diluting materials
and allowances for losses, which may occur when the material is
mined. Appropriate assessments and studies have been carried out,
and include consideration of and modification by realistically
assumed mining, metallurgical, economic, marketing, legal,
environmental, social and governmental factors. These assessments
demonstrate at the time of reporting that extraction could
reasonably be justified. Ore Reserves are sub-divided in order of
increasing confidence into Probable Ore Reserves and Proved Ore
Reserves. |
NI 43-101 |
Canadian National Instrument 43-101 a common standard for reporting
of identified mineral resources and ore reserves |
NPV |
Net Present Value (NPV) is the value of all future cash
flows (positive and negative) over the entire life of an
investment discounted to the present. NPV analysis is a form of
intrinsic valuation and is used extensively
across finance and accounting for determining the value
of a business, investment security, capital project, new venture,
cost reduction program, and anything that involves cash flow. It is
after deducting the upfront capital cost |
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). |
Quartz |
A common rock mineral composed of the elements silicon and
oxygen. |
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. |
True width |
The shortest axis of a body, usually perpendicular to the longest
plane. This often has to be calculated for channel or drill samples
where the sampling was not exactly perpendicular to the long axis.
The true width will always be less than the apparent width of an
obliquely intersect sample. |
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. |
Cornerstone Building Bra... (NYSE:CNR)
Historical Stock Chart
From Jul 2024 to Aug 2024
Cornerstone Building Bra... (NYSE:CNR)
Historical Stock Chart
From Aug 2023 to Aug 2024