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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 : 2554V
Condor Gold PLC
27 January 2017
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Condor Gold plc
7(th) Floor 39 St. James's Street
London SW1A 1JD Telephone +44 020
74932794 Fax: +44 020 74938633
27(th) January 2017
Condor Gold plc
("Condor", "Condor Gold" or "the Company")
Scout Drilling Results on Cacao Show Significant Dilational Vein and "Link" Between Two Major Basement Feeder Zones, Upgrading the Prospect
Click on, or paste the following link into your web browser, to view the full press release including the maps.
http://www.rns-pdf.londonstockexchange.com/rns/2554V_1-2017-1-26.pdf
Condor Gold (AIM:CNR), is pleased to announce, further to the announcement of 15 December 2016, the scout drilling results for four drill holes totalling 719.6 m on the Cacao Prospect at the La India Project. This drilling is designed to test targets with the potential to contribute to La India's high grade mineral resource of 18 Mt at 4.0 g/t for 2.31 Moz gold. Of this, 57% or 1.3 Moz gold is hosted by the La India Vein Set and the remaining 1 Moz is hosted in 6 smaller, separate resources such as Cacao, which has 590,000 tonnes at 3.0 g/t gold for 58,000 oz gold. The scout drilling hopes to demonstrate that La India is a true gold District, with excellent potential to substantially increase the global resource.
Highlights
-- Drill core demonstrates a significant dilational vein at Cacao, with the prospect of a much larger gold resource
-- Cacao forms a major "Link" between two major basement feeder zones (La India and Andrea Corridors)
-- Drill intercepts: 7.85 m at 3.75 g/t gold, 7.85 m at 2.95 g/t gold and 17.1 m at 1.74 g/t gold, demonstrate broad zones of gold mineralisation
-- Cacao is at the top of an epithermal system, preserved because the regional Highway Fault drops down the entire system towards the southeast
-- Cacao vein is open along strike and at depth
-- Cacao vein is now upgraded and prioritised for further drilling, to increase its current resource
-- 1,812 m of 4,000 m scout drilling has been completed on three targets: Cacao, Real de La Cruz and Tatescame. The drill rig will now be moved to the 4 km long Andrea Vein with further assay results announced in due course
Mark Child CEO comments:
'Condor's strategy of proving that the La India Project is part of a major gold District continues to yield positive results. The 719.6 m drilling at Cacao demonstrates a significant dilational vein. This vein forms within a major linking structure between two major basement feeder zones identified by regional soil sampling and airborne geophysics (La India and Andrea Corridors - see map below). New drill results of 7.85 m at 3.75 g/t gold and 7.85 m at 2.95 g/t gold build on results from Condor's prior drilling (including 2.6 m at 34.13 g/t gold and 14.05 m at 6.05 g/t gold). The vein is comparable to some of the best intersections on La India vein. It is important to emphasise that Cacao is at the top of an epithermal gold system, preserved because the regional Highway Fault drops down the entire system towards the southeast. The Cacao vein is open down dip and along strike with signs of being substantially bigger and is prioritised for further drilling to expand the mineral resource.'
Cacao Prospect, Structural Setting
Cacao is shown in Figure 1, with significant trends identified by recent soil sampling, a prior helicopter borne geophysics programme and a detailed structural model (see RNS dated 15(th) December 2016).
Figure 1: Cacao Structural Setting, between Two Major Basement Feeder Zones
Cacao occurs within an east-west striking 'link' between major feeder basement structures, namely La India and Andrea Corridors. Structural analysis suggests a component of sinistral strike slip on the basement structures and the link opened a significant dilational vein at Cacao. Cacao is also considered a 'concealed' mineral deposit, because the regional Highway Fault (see Figure 1) drops down the entire epithermal system towards the southeast. This is supported by fossil hot spring material ('sinter') on surface at Cacao, its only occurrence in the District. Surface outcrops at Cacao comprise mostly phreatic breccias, again typical of hot spring areas. The entire epithermal system is therefore preserved and scout drilling was designed to test this theory and drill beneath the phreatic breccias.
Cacao Previous Drilling
Cacao was first drilled by Condor between 2007 and 2008. A total of 2,170 m was completed on fences spaced at 40 m to a maximum depth of 150 m. This shallow drilling (Figure 2) was hampered by some poor recovery and most drill intersections comprised phreatic breccia. Some deeper intersections, and those in the west, showed increasingly thicker veins and improved grades (for example 2.6 m @ 34.13 g/t gold in CCDC 020; Figure 2) suggesting potential for higher grade ore shoots within the vein system.
Figure 2: Cacao Long section with prior and current drill results
Note for Figure 2: new drill results in blue with drill collars in red
The current campaign targeted deeper intersections along previous drill fences. The best success came in CCDC 024, which showed a wide intersection of a single vein with classic epithermal textures indicating boiling (typically associated with gold enrichment). The grade was 7.85 m @ 2.95 g/t gold (not true width) (see Table 1)
Table 1: Prior and Current Drill Results on the Cacao Vein
Drill From To Drill *True Au Ag Other
hole (m) (m) Width Width (g/t) (g/t)
ID (m) (m)
--------- ------- ------- ------- ------- ------- ------- ----------------
2007-2008
Includes 1 m@
16.5 g/t & 1
CCRD002 87 101.05 14.05 6.4 6.05 2.5 m@10.75 g/t Au
------- ------- ------- ------- ------- ------- ----------------
Includes 3.6
m @ 8.57 g/t
CCRD004 123.35 128.9 5.55 1.4 6.10 12.2 Au
------- ------- ------- ------- ------- ------- ----------------
Includes 1 m
CCRD006 93.12 106.95 13.83 4.0 2.25 4.3 @ 8.17 g/t Au
------- ------- ------- ------- ------- ------- ----------------
Includes 0.85
132.9 135.5 2.6 0.8 34.13 4.8 m@ 99.7 g/t Au
------- ------- ------- ------- ------- ------- ----------------
CCDC020 154.5 159.28 4.78 2.6 1.37 0
------- ------- ------- ------- ------- ------- ----------------
163 167.15 4.15 2.3 2.93 0
--------- ------- ------- ------- ------- ------- ------- ----------------
Includes 0.85
CCRD014 134.63 137.28 2.65 1.7 8.45 0 m@ 20.1g/t Au
------- ------- ------- ------- ------- ------- ----------------
144.18 148.63 4.45 2.8 1.21 0
--------- ------- ------- ------- ------- ------- ------- ----------------
2016
Includes 0.9
m @ 11.9 g/t
& 0.5 m @1 2.6
CCDC023 157.4 165.25 7.85 3.9 3.75 5.1 g/t Au
------- ------- ------- ------- ------- ------- ----------------
167.3 169.5 2.2 1.1 2.24 10.2
------- ------- ------- ------- ------- ------- ----------------
Includes 2 m
CCDC024 199.75 207.6 7.85 4.2 2.95 17.2 @ 6.06 g/t Au
------- ------- ------- ------- ------- ------- ----------------
CCDC025 80 82.3 2.3 1.5 1.31 <2
------- ------- ------- ------- ------- ------- ----------------
Includes 1.7
92.7 109.8 17.1 11.2 1.74 1.3 m @ 6.0 g/t Au
------- ------- ------- ------- ------- ------- ----------------
CCDC026 142.3 144.9 2.6 1.2 1.19 2.5
------- ------- ------- ------- ------- ------- ----------------
150.9 152.5 1.6 0.8 1.89 3.03
--------- ------- ------- ------- ------- ------- ------- ----------------
Conclusion
The Company considers that the potential of Cacao is now demonstrated. It is open at depth and along strike in both directions. The vein width is comparable to the best intersections at La India and the hanging wall of the vein is increasingly stockworked, as at La India. As at La India, structurally controlled ore shoots are to be expected in this major dilational, and continuous, vein. The next phase of drilling at Cacao will concentrate on defining these ore shoots and increasing the current mineral resource (590,000 t at 3.0 g/t gold for 58,000 oz gold).
Scout Drilling Update
Condor initiated 4,000 m of scout drilling on several prospects on 7(th) November 2016, starting with Cacao (See RNS dated 10(th) November 2016). Four drill holes for a combined drilling of 719.6 m have been completed at Cacao. Four drill holes for a combined 428.8 m have been completed on Real de La Cruz. Three drill holes for a combined 663.8 m have been completed on Tatescame. The drill rig is being moved to the 4 km long Andrea Vein, which has never been drill tested, where six drill holes for 580 m are planned. Further assay results will be announced in due course.
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 years of experience in the exploration 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
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
------------------------ ---------------------------------------------------
Dilational A mineral deposit in a vein space formed
Vein by bulging of the walls, contrasted
with veins formed by wall-rock replacement.
------------------------ ---------------------------------------------------
En echelon In structural geology, en echelon veins
are structures within rock caused by
tension fractures that are parallel
to the major stress orientation. They
appear as sets of short, parallel, planar,
mineral-filled lenses within a body
of rock.
------------------------ ---------------------------------------------------
Geochemistry The study of the elements and their
interaction as minerals to makeup rocks
and soils
------------------------ ---------------------------------------------------
Geophysics The measurement and interpretation of
the earth's physical parameters using
non-invasive methods such as measuring
the gravity, magnetic susceptibility,
electrical conductivity, seismic response
and natural radioactive emissions.
------------------------ ---------------------------------------------------
Hydrothermal Hot water circulation often caused by
heating of groundwater by near surface
magmas and often occurring in association
with volcanic activity. Hydrothermal
waters can contain significant concentrations
of dissolved minerals.
------------------------ ---------------------------------------------------
Magnetic (aeromagnetic) The measurement of the magnetic properties
survey of the earth surface as controlled by
the concentration and distribution of
magnetic minerals, particularly magnetite,
in the rock. Rocks containing higher
levels of iron, such as mafic igneous
rocks or some sedimentary rocks will
have a higher magnetic susceptibility
than felsic igneous rocks, siliciclastic
and carbonate sediments and their metamorphic
derivatives..
------------------------ ---------------------------------------------------
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
------------------------ ---------------------------------------------------
Mineral Reserve 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.
------------------------ ---------------------------------------------------
Phreatic breccias
------------------------ ---------------------------------------------------
Radiometric Also known as gamma ray spectrometry,
is the measure of natural radiation
on the top 30-45cm of the earth's surface.
The abundance of the three naturally
occurring radioactive elements, potassium
(K), thorium (Th) and uranium (U), is
proportional to the abundance of minerals
containing those elements. This information
can be used in mapping the surface geology
including the definition of areas of
potassium enrichment related to hydrothermal
alteration.
------------------------ ---------------------------------------------------
Rock chip A sample of rock collected for analysis,
from one or several close spaced sample
points at a location. Unless otherwise
stated, this type of sample is not representative
of the variation in grade across the
width of an ore or mineralised body
and the assay results cannot be used
in a Mineral Resource Estimation
------------------------ ---------------------------------------------------
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.
------------------------ ---------------------------------------------------
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.
------------------------ ---------------------------------------------------
- Ends -
For further information please visit www.condorgold.com or contact:
Condor Gold plc Mark Child, Executive
Chairman and CEO
+44 (0) 20 7493 2734
Beaumont Cornish Roland Cornish and
Limited 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
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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
DRLUNRBRBVAAUAR
(END) Dow Jones Newswires
January 27, 2017 02:00 ET (07:00 GMT)
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