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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Condor Gold Plc | LSE:CNR | London | Ordinary Share | GB00B8225591 | ORD 0.1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 1.25 | 4.13% | 31.50 | 31.00 | 32.00 | 31.50 | 30.25 | 30.25 | 307,134 | 16:20:33 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Gold Ores | 0 | -2.53M | -0.0140 | -22.50 | 56.95M |
TIDMCNR
RNS Number : 7339G
Condor Gold PLC
03 July 2012
Hot Features
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Condor Gold plc
7(th) Floor
39 St. James's Street
London
SW1A 1JD
Telephone +44 020 74081067
Fax: +44 020 74938633
3(rd) July 2012
Condor Gold plc
("Condor" or "the Company")
Additional High Grade Drilling Results on La India/California Vein, Nicaragua
Condor (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 further drilling results from the current diamond core and Reverse Circulation ("RC") drilling on the La India Vein Set (Figure 1 below). The latest drilling results bolster the Company's belief that the La India-California vein trend has the potential to support open pit mining. See maps, cross-sections and tables below.
Highlights
-- LIDC109 intercepted 12.2m at 34.79g/t from 173m drill depth which is 50m underneath an intercept of 34m true width at 2.31g/t (LIDC067). Grade increasing at depth.
-- LIDC121 intercepted 6.65m at 32.23g/t from 111m drill depth which is 100m underneath an intercept of 15.5m true width at 7.39g/t from surface (LIRC102).
-- 11m at 10.45g/t from 97m drill depth is 50m along strike from LIRC105 which returned 25.1m true width at 7.73g/t.
-- 28m at 1.63g/t from 49m drill depth further demonstrates near surface open pit potential.
-- Coalescence of La India Vein and California Vein continues to be proved along a 600m strike length with true width drill intercepts of 10m to 34m demonstrating continuity and width for open pit mining
-- The resource on the California veins is currently 100m to 150m beneath surface.
Drilling and trenching has extended the gold mineralisation above this vein to surface. See Figure 5 cross section.
Mark Child Chairman and CEO commented:
"Yet again these are excellent drill results. La India Vein Set has a JORC Code Resource of 730,000 oz at 5.3g/t. La India Vein and California Vein lie parallel to each other in the same valley and have strike lengths of 2,000m and 1,300m respectively. Using a 2.5g/t cut off, La India Vein has an average width of 2.5m at 6.4g/t and the California Vein has an average width of 9m at 4g/t. The drill results complete 2,613m of a current 7,000m drill programme of which 4,665m drilling has been drilled to date on La India Vein Set. They provide further evidence that La India and California veins coalesce not only at depth but at surface along a 600m strike length as exemplified with drill hole LIRC105 showing a 25.1m true width at 7.73g/t at only 25m drill depth and LIRC 102 showing 15.5m at 7.37g/t from surface, and where follow up drilling 100m down dip of the latter drill hole has just returned 6.65m at 32.23g/t in LIDC121. I am also delighted with bonanza gold grades in LIDC109 showing 10.8m true width at 34.79g/t from 173m drill depth which is 50m underneath LIDC067 which returned 34m true width at 2.31g/t as the grade increases with depth and the resource remains open to depth.
The current fully funded 7,000m drill programme on La India Vein Set has 2 objectives: to prove open pit potential; La India Vein and California Vein have a combined width of 11.5m at an average grade of circa 5g/t and merge along a minimum strike length of 600m and to a depth of at least 230m. Secondly, to increase the overall resource on La India Project to 1.75m oz from the current 1.62m oz at 5.6g/t and double the Indicated Resource to over 500,000 oz gold by October 2012, which looks increasingly achievable as the current resource on the California Vein is 100m to 150m beneath surface and the drill results this year extend the gold mineralisation above the resource to surface."
Since the last drilling update on the initial 1188m drilling (see RNS announcement dated 14(th) June 2012) Condor has received assay results for a further thirteen drillholes, accounting for a further 1529m of drilling on La India Vein Set. These results represent part of a 7000m drilling programme designed to infill and extend zones of high grade gold mineralisation at 50m drill spacing where the India and California veins are very closely spaced and coalesce. Since drilling started in mid-April the company has completed forty-two drillholes for 4665m and received assay results for twenty-four of these drillholes, accounting for 2717m of the drilling programme. Condor currently has three diamond core and one RC drilling rig operating at La India.
Most of the current drilling programme is targeting a 600m strike length at the centre of the 2000m long India-California vein trend at locations where the sub-parallel India and California veins have been shown to be very close-spaced and to merge into an interleaved stacked vein and breccia zones (Figure 2 and 3 below). Exploration to date and historical research has shown that the historic La India Mine only exploited a narrow part of these wide zones using narrow shrinkage stoping mining techniques, leaving significant widths of moderate to high-grade gold mineralisation behind. The current drilling is testing the potential for open pit mining of the gold mineralised wallrock and un-mined parallel veins. Drilling is at 50m spacing to allow any wallrock mineral resource to be estimated with Indicated category confidence and thereby accelerate the development of the project towards a mining study stage. The balance of the drilling programme is infilling deeper high-grade target zones identified in previous wide-spaced drilling to 50m drill spacing, again to convert areas of the Inferred Resource to Indicated category with a view to moving towards mining studies.
The latest results are (1) from the central and northern parts of the 600m long 'Central Zone' target, referred to as the 'Central North' and 'Central Centre' targets respectively, and (2) from the 'South' target, which is 300m south of the Central Zone as shown in Figure 3, where a high-grade zone at and beyond the southern limit of the historic mine workings is being infill drilled.
The Central North Target returned an intercept of 11m (also 11m true width) at 10.45g/t gold from 97m drill depth from RC hole LIRC120 (Figure 4 below). This intercept extends the strike length of the wide high-grade near surface gold mineralisation in the hangingwall and footwall of the historic mine workings to over 100m. The mineralisation is open along strike to the North where assay results are pending for a drillhole. From South to North along strike drilling has returned adjacent intercepts at 50m strike spacing of:
-- 16m (15.5m true width) at 7.39g/t gold from surface and ending in a 1m wide mine stope (drillhole LIRC102) announced on the 14(th) June 2012;
-- 26m (25.1m true width) at 7,73g/t gold from 25m drill depth (drillhole LIRC102) announced on the 14(th) June 2012;
-- 11m (also 11m true width) at 10.45g/t gold from 97m drill depth (drillhole LIRC120);
A follow-up drill hole completed 50m down-dip of drillhole LIRC102 showed that the gold mineralisation becomes very high grade and slightly narrower with an intercept of 6.65m (6.6m true width) at 32.23g/t from 111.25m drill depth (drillhole LIDC121).
The Central Centre Target50m spaced infill and down-dip extension drilling has confirmed and expanded the wide moderate-grade gold mineralisation recognised near to surface in the hangingwall and footwall of the historic mine workings over a strike length of at least 250m. Near surface intercepts such as 9m (8.7m true width) at 2.15g/t gold from 35m support and extend to surface the original discovery intercept of 38m (34m true width) at 2.31g/t gold from 96.01m drill depth announced on the 7(th) March 2012. As at the Central North target, an extremely high grade intercept of 12.2m (10.8m true width) at 34.79g/t gold from 173.15m drill depth (drillhole LIDC109), which includes a sample of 1.3m (1.2m true width) at 293.56g/t gold demonstrates very high grade gold mineralisation down-dip on the California Vein (Figure 5 below)
The South Target initial drilling results have confirmed significant gold grade and width with a best intercept of 7.39m (6.7m true width) at 3.79g/t gold from 96.01m drill depth in LIDC110. Further assay results are pending and further drilling is underway on this target. The infill drilling is designed to extend the current Indicated mineral resource along strike to the South beyond the historically mined area.
Table 1. Significant drill intercepts on the India-California veins
Prospect Drillhole From To Drill True Au (ppm) Ag (ppm) Vein
ID Width Width (vein assignments
subject to
revision)
---------------- ----------- ------- ------- ------- ------- --------- --------- -------------------
India Central- LIDC109 56.33 57.43 1.10 1.0 4.71 7.5 C5
------- ------- ------- ------- --------- --------- -------------------
Centre 128.00 129.60 1.60 1.4 2.11 3.9 C4
------- ------- ------- ------- --------- --------- -------------------
173.15 185.35 12.20 10.8 34.79 27.3 C1
Including 176.00 177.30 1.30 1.2 293.56 201.3
Including 177.85 180.90 3.05 2.7 10.27 19.4
------- ------- ------- ------- --------- --------- -------------------
India Central- LIRC121 111.25 117.90 6.65 6.0 32.23 39.5 C1
------- ------- ------- ------- --------- --------- -------------------
Centre 123.17 132.59 9.42 8.5 1.02 1.8 India Vein
------- ------- ------- ------- --------- --------- -------------------
India Central- LIRC120 64 67 3 3.0 1.66 2.3 C4
------- ------- ------- ------- --------- --------- -------------------
North 71 75 4 4.0 1.18 2.4 C3
------- ------- ------- ------- --------- --------- -------------------
84 87 3 3.0 1.43 2.8 C2 hangingwall
------- ------- ------- ------- --------- --------- -------------------
92 94 2 2.0 - - C1 - Stope
------- ------- ------- ------- --------- --------- -------------------
India Vein
97 108 11 11.0 10.45 11.1 open to depth
---------------------------- ------- ------- ------- ------- --------- --------- -------------------
India Central- LIRC117 1 2 1 1.0 1.36 2.9 mullock
------- ------- ------- ------- --------- --------- -------------------
Centre 24 26 2 1.9 1.17 12.1 C3
------- ------- ------- ------- --------- --------- -------------------
49 78 29 28.0 1.63 3.7 C1-C2
India South LIDC110 96.01 103.4 7.39 6.7 3.79 14.9 India Vein
---------------- ----------- ------- ------- ------- ------- --------- --------- -------------------
India South LIDC114 152.40 153.92 1.52 1.2 0.72 2.0 C1
------- ------- ------- ------- --------- --------- -------------------
170.19 175.26 5.07 4.6 5.42 3.8 India Vein
------- ------- ------- ------- --------- --------- -------------------
India Central- LIRC122 32 34 2 1.9 1.09 1.9 C1 hangingwall
------- ------- ------- ------- --------- --------- -------------------
South/Centre 34 35 1 1.0 0.00 0.0 stope
------- ------- ------- ------- --------- --------- -------------------
India Vein
35 44 9 8.7 2.15 3.8 -C1 footwall
---------------------------- ------- ------- ------- ------- --------- --------- -------------------
India Central- LIRC119 3 6 3 3.0 5.00 7.1 mullock
------- ------- ------- ------- --------- --------- -------------------
Centre/North 26 35 9 9.0 1.56 2.2 C3-C5
45 54 9 9.0 1.23 5.3 C1-C2
66 67 1 1.0 1.54 5.1 India Vein
---------------------------- ------- ------- ------- ------- --------- --------- -------------------
India Central- LIRC108 2 3 1 0.9 5.48 2.3 C1
------- ------- ------- ------- --------- --------- -------------------
India Vein
hangingwall
South 63 67 4 3.8 0.65 0.8 open to depth
------- ------- ------- ------- --------- --------- -------------------
Drillhole failed to reach the principal vein
due to mechanical problems
---------------- ----------- -----------------------------------------------------------------------------
India Central- LIRC115 18 23 5 4.8 - - Shaft
------- ------- ------- ------- --------- --------- -------------------
C1-C2 (including
Centre 30 47 17 16.4 2.02 3.9 2 mine cavities)
74 75 1 1.0 3.75 5.2 India Vein
---------------------------- ------- ------- ------- ------- --------- --------- -------------------
India Central- LIRC123 70 71 1 1.0 2.21 1.2
------- ------- ------- ------- --------- --------- -------------------
Centre 73 86 13 12.6 - - stope
------- ------- ------- ------- --------- --------- -------------------
86 93 7 6.8 1.02 3.0 footwall
------- ------- ------- ------- --------- --------- -------------------
India Central- LIRC111 0 1 1 1.0 1.03 1.5 Colluvial mullock
------- ------- ------- ------- --------- --------- -------------------
India Vein
(footwall of
South 12 15 3 2.9 1.16 5.2 stope)
----------------------------- ------- ------- ------- ------- --------- --------- -------------------
C5 (including
India Central- LIRC116 35 49 14 13.5 1.25 3.5 2 mine
Centre Including 35 39 4 3.9 2.79 5.9 cavities)
52 55 3 2.9 1.55 2.7 C4
------- ------- ------- ------- --------- --------- -------------------
68 69 1 1.0 1.15 1.2 C3
------- ------- ------- ------- --------- --------- -------------------
74 77 3 2.9 1.09 0.5 C2
------- ------- ------- ------- --------- --------- -------------------
80 81 1 1.0 1.55 1.3 C1
------- ------- ------- ------- --------- --------- -------------------
89 90 1 1.0 1.11 0.5 India Vein
---------------------------- ------- ------- ------- ------- --------- --------- -------------------
Drillholes listed by grade x width of best intercept. True width is an interpretation based on the current interpretation of the veins and may be revised in the future.
Figure 1. Location of the La India Vein Set drilling within the La India Project area.
Figure 2. Photograph looking West towards the Central Zone the India-California vein trend. Note: intercept width in metres at gold grade in g/t (i.e. 25.1m @ 7.73g/t)
Figure 3. Plan showing location of drillholes and cross-sections (Figures 4 and 5).
Figure 4. Cross-section through the Central-North target (1250 section) showing latest wide high-grade intercept near surface and continuity of mineralization to depth.
Figure 5. Cross-section through the Central target (800 section) showing extremely high grade gold mineralization at depth down-dip of near surface wide moderate grade gold mineralization.
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 sixteen years of experience in the exploration and definition of precious and base metal Mineral Resources. Luc English is a full-time employee of Condor Resources 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.
- Ends -
For an illustrated version of this announcement, please click on the following link:
http://www.rns-pdf.londonstockexchange.com/rns/7339G_1-2012-7-2.pdf
For further information please visit www.condorgold.com or contact:
Condor Gold plc Mark Child, Executive Chairman Luc English, Country
and CEO Manager Nicaragua &
+44 (0) 20 7408 1067 El Salvador
+505 8854 0753
Beaumont Cornish Limited Roland Cornish. James
Biddle
+44 (0) 20 7628 3396
Ocean Equities Limited
Will Slack
+44 (0) 20 77864385
Farm Street Media Simon Robinson
+44 (0) 7593 340107
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 31(st) 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 JORC compliant resource base of 1,707,000 ounces of gold equivalent at 5.5 g/t in Nicaragua and an attributable 1,004,000 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
Adit An adit is a horizontal or near horizontal
tunnel driven into the side of a hill, either
directly along an ore body or as an access
to an ore body.
---------------------- --------------------------------------------------------
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
---------------------- --------------------------------------------------------
Breccia A rock made up of angular rock fragments cemented
together by a finer grained matrix
---------------------- --------------------------------------------------------
Channel sample Samples taken from a rockface along a specified
line for a distance along which the sample
volume per unit length is contant in order
to collect a representative sample.
---------------------- --------------------------------------------------------
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.
---------------------- --------------------------------------------------------
Down-dip Further down towards the deepest parts of an
ore body or zone of mineralisation
---------------------- --------------------------------------------------------
Foot wall 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
---------------------- --------------------------------------------------------
Quartz A common rock mineral composed of the elements
silicon and oxygen.
---------------------- --------------------------------------------------------
Hanging wall 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 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 That part of a Mineral Resource for which tonnage,
Resource 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
---------------------- --------------------------------------------------------
JORC Australian Joint Ore Reserves Committee, common
reference to the Australasian Code for reporting
of identified mineral resources and ore reserves
---------------------- --------------------------------------------------------
Mineral Resource 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
---------------------- --------------------------------------------------------
Mt Million tonnes
---------------------- --------------------------------------------------------
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).
---------------------- --------------------------------------------------------
oz Troy ounce
---------------------- --------------------------------------------------------
Quartz breccia Broken fragments of rock cemented together
by a network of quartz rock. The quartz is
deposited from saturated geothermal liquids
filling the space between the rock fragments.
---------------------- --------------------------------------------------------
Quartz veins Deposit of quartz rock that develop in fractures
and fissures in the surrounding rock. They
are deposited by saturated geothermal liquids
rising to the surface through the cracks in
the rock and then cooling, taking on the shape
of the cracks that they fill.
---------------------- --------------------------------------------------------
Reverse circulation A drilling method in which penetration is achieved
drilling through a combined hammer and rotary drilling
action and pulverised rock samples are transported
to the surface through the drilling rods using
compressed air. The 1m samples collected for
analysis are of sufficient quality to be used
in a Mineral Resource Estimation.
---------------------- --------------------------------------------------------
Strike length The longest horizontal dimension of an ore
body or zone of mineralisation
---------------------- --------------------------------------------------------
Trench The excavation of a horizontally elongate pit
(trench), typically up to 2m deep and up to
1.5m wide in order to access fresh or weathered
bedrock and take channel samples across a mineralised
structure. The trench is normally orientated
such that samples taken along the wall are
perpendicular to the mineralised structure
in order to establish the width and grade of
the structure.
---------------------- --------------------------------------------------------
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.
---------------------- --------------------------------------------------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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