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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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 29.00 | 28.50 | 29.50 | 29.00 | 29.00 | 29.00 | 160,378 | 07:34:45 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Gold Ores | 0 | -2.53M | -0.0140 | -20.71 | 52.43M |
From Apr 2021 to Apr 2024
TIDMCNR
RNS Number : 8257M
Condor Gold PLC
24 September 2021
Hot Features
Premium
Condor Gold plc
7/8 Innovation Place
Douglas Drive
Godalming
Surrey
GU7 1JX
24 September 2021
Condor Gold Plc
("Condor", "Condor Gold" or the "Company")
3.60m True Width @ 29.1 g/t gold intercept and 4.10m True Width @ 15.23 g/t gold
Drill Update at the Mestiza Open Pit
For Full Release Including Figures Use the Following Link:
http://www.rns-pdf.londonstockexchange.com/rns/8257M_1-2021-9-23.pdf
Condor Gold (AIM: CNR; TSX: COG) is pleased to announce that the first phase of infill drilling of 39 drill holes for 3371.58 metres using diamond core drilling has been completed on the Mestiza Open Pit and all assay results received. 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 programme on Mestiza Open Pit is approximately 7800 metres, 2 drill rigs are operating on site, the drilling should be completed within 6 weeks. The primary objective of the drill programme is to convert the Inferred Mineral Resource to a higher level of confidence Indicated Mineral Resource for inclusion in an economic Mineral Reserve and prepare the permitted Mestiza Open Pit for extraction.
Highlights
-- 4.1 m true width at 15.23 g/t gold from 47.80 m (drill hole LIDC514) approximately 40 m below surface.
-- 3.6 m true width at 29.1 g/t gold from 105.70 m (drill hole LIDC471) approximately 85 m 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 programme on Mestiza Open Pit is approximately 7800 metres, 2 drill rigs are operating on site, the drilling should be completed within 6 weeks.
-- Mestiza Open Pit has currently estimated fully diluted feed mill feed in the September 2021 PEA of 499Kt at 5.37g/t gold for 86,000 oz gold and is targeted for early extraction.
Mark Child, Chairman and CEO commented:
"I am delighted with the initial results of the 7800 metre infill drilling programme on our permitted high grade Mestiza Open Pit, which is targeted for early production. The high grade drill intercepts announced today of 4.1 m true width at 15.23 g/t gold and 3.6 m true width at 29.1 g/t gold, approximately 40 m and 85 m 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 499Kt at 5.37g/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".
About the Mestiza Open Pit
The Mestiza Open Pit sits within the La Mestiza Vein Set, which host a high grade open pit Mineral Resource Estimate ("MRE") of 432kt at 8.6g/t gold (92kt at 12.1g/t gold for 36,000 oz gold in the Indicated Category and 341kt at 7.7 g/t gold for 85,000 oz gold in the in the Inferred Category), and an underground Mineral Resource of 118kt at 5.5g/t gold in the Indicated category and 984kt at 5.3 g/t gold for 169,000 oz gold in the Inferred category (see RNS dated 28 January 2019 and Table 1 below). The Mestiza Vein Set is part of Condor's 100% owned La India Project (the "Project").
On 9 September 2021, Condor announced the key findings of a technical report on the Project prepared by SRK Consulting (UK) Limited ("SRK"). This technical report (the "Technical Report") presents the results of a strategic mining study to Preliminary Economic Assessment ("PEA") standards completed on the Project in 2021 (See RNS dated 9 September 2021). The 2021 PEA Technical Report will be issued within 45 days of the public disclosure to NI 43-101 standards. The PEA includes open pit mining scenarios containing mill feed from the Mestiza Open Pit. The estimated fully diluted feed mill feed for the PEA is 499Kt at 5.37g/t gold for 86,000 oz gold. Assuming a 91% metallurgical recovery and a gold price of US$1700 per oz, gold production would be 78,260 oz gold and revenues US$133M.
The Mestiza Vein Set is located only 3 km from the permitted processing plant on Condor's La India Project, comprises of several gold-bearing quartz veins spread across an 800 m wide corridor, and striking for 1500 m to 2000 m in north-northwest to south southeast direction along the top of a broad ridge (see Figure 1). The gold mineralised veins are contained within steep-dipping faults and to a lesser extent as breccia and stockwork veinlets within fracture zones on the walls of the faults. The gold mineralisation is best developed where the host rock on both sides of the fault is a hard, welded volcanic tuff. The high-grades occur with the faults where early quartz veins and quartz breccias have been ground to fault breccia, quartz sands or even fault clays by movement along the fault planes. A later stage, post-fault quartz mineralisation is recognised in some places overprinting the fault breccias and sands. The gold mineralisation is interpreted to be associated with both phases of quartz development.
The La Mestiza Vein Set is open along strike and down dip and has parallel veins identified by rock chip sampling, which are outside the area of Mestiza Vein Set's MRE. The MRE of the deposit can potentially be increased in size with further drilling.
Figure 1. The Location of the Fully Permitted Mestiza Open Pits in Relation to the Permitted Mine Infrastructure. Open Pit Mineral Resources Shown in Blue.
About the Infill Drilling
The first phase of 3371.58 m of infill drilling has 'tightened-up' the drill spacing from a mix of 50 m to 100 m spacing to a regular 50 m along strike and 50 m down-dip grid. A second phase of approximately 4500 m of infill drilling to 25 m along strike and 50 m down-dip spacing is currently underway in the area of the principal open pit resource on the Tatiana Vein. The objective of the drilling program is to further improve the confidence of the geological model and future mine schedules, aiming to upgrade a significant proportion of the 85,000 oz gold open pit MRE in the Inferred category to the Indicated category.
Discussion of the Assay Results
Assay results are generally consistent with the previous wider spaced drilling. High-grade gold intercepts have been returned from the drill holes that infill between previous high-grade intercepts, and are interpreted to demonstrate good continuity of gold mineralization in the area. (Table 1 below shows the top 8 drill intercepts to-date). The Company notes that the best drill intercept from Mestiza Open Pit to-date has been of returned at the base of the principal open pit with 3.90 m (3.6 m true width) at 29.1 g/t gold from 105.70 m in drill hole LIDC471. This is supported approximately 50 m up-dip and 25 m along strike by an intercept of 4.5m (4.11m true width) at 15.23g/t gold from 47.8m drill depth (drill hole LIDC514). The second phase of infill drilling to 25 m along strike by 50 m down-dip drill sample spacing in the areas of the open pits is underway with the goal to add further confidence to the geological model and mineral resource estimate.
Table 1. Top eight gold intercepts from drilling at Mestiza's Tatiana vein.
Drill Intercept Intercept Interval True Au Ag True
hole From To (m) (m) Width (g/t) (g/t) grade-width
ID (m) (m) (gm/t)
1 LIDC471 105.70 109.60 3.90 3.6 29.09 51 104.4
2 LIDC344 76.70 80.00 3.30 2.4 28.34 39 68.4
3 LIDC514 47.80 52.30 4.50 4.1 15.23 23 62.6
4 LIDC358 160.50 164.05 3.55 2.6 23.34 67 60.6
5 LIDC365 142.60 146.20 3.60 3.3 13.72 14 45.5
6 LIDC523 21.20 22.35 1.15 1.0 43.40 34 45.2
7 LIDC360 40.30 43.40 3.10 2.6 14.44 29 38.0
8 LIDC500 206.05 208.92 2.87 2.7 13.91 15 37.7
Table 2 Mineral Resource Estimate - Mestiza Vein Set (January 2019)
SRK MESTIZA MINERAL RESOURCE STATEMENT SPLIT PER VEIN
as of January 2019 (3),(4),(5)
Category Area Vein Name Cut-Off gold silver
Name
----------- ---------- ------------- ------------------------- ----------------
Tonnes Gold Gold Silver Silver
(kt) Grade (Koz) Grade (Koz)
(g/t) (g/t)
----------- ---------- ------------- ------- ------- ------- ------- -------
0.5
Mestiza g/t
Indicated veinset Tatiana (OP) 92 12.1 36 19.5 57
----------
2.0
g/t
Tatiana (UG) 118 5.5 21 11.3 43
------------- -------------------------------- ------- ------- ------- ------- -------
0.5
Mestiza g/t
Inferred veinset Tatiana(1) (OP) 220 6.6 47 13.6 97
----------- ----------
2.0
g/t
Tatiana(2) (UG) 615 3.9 77 8.8 174
------- ------- ------- ------- -------
0.5
Buenos g/t
Aires(1) (OP) 120 9.8 38
2.0
Buenos g/t
Aires(2) (UG) 188 7.1 43
------- ------- ------- ------- -------
2.0
g/t
Espenito(2) (UG) 181 8.4 49
------- ------- ------- ------- -------
(1) The Mestiza pits are amenable to open pit mining and
the Mineral Resource Estimates are constrained within
Whittle optimised pits, which SRK based on the following
parameters: A Gold price of USD1,500 per ounce of gold
with no adjustments. Prices are based on experience gained
from other SRK Projects. Metallurgical recovery assumptions
of 96% for gold are based on testwork conducted to date.
Marginal costs of USD19.36/t for processing, USD5.69/t
G&A and USD2.35/t for mining, slope angles defined by
the Company Geotechnical study of 45deg, haul cost of
USD1.25/t was added to the Mestiza ore tonnes to consider
transportation to the plant.
(2) Underground mineral resources beneath the open pit
are reported at a cut-off grade of 2.0 g/t over a minimum
width of 1.0m. Cut-off grades are based on a price of
USD1,500 per ounce of gold and gold recoveries of 91 percent
for resources, costs of USD19.36/t for processing, USD4.55/t
G&A and USD50.0/t for mining, without considering revenues
from other metals.
(3) Mineral Resources are not Ore Reserves and do not
have demonstrated economic viability. All figures are
rounded to reflect the relative accuracy of the estimate
and have been used to derive sub-totals, totals and weighted
averages. Such calculations inherently involve a degree
of rounding and consequently introduce a margin of error.
Where these occur, SRK does not consider them to be material.
All composites have been capped where appropriate. The
Concession is wholly owned by and exploration is operated
by Condor Gold plc
(4) The reporting standard adopted for the reporting of
the MRE uses the terminology, definitions and guidelines
given in the Canadian Institute of Mining, Metallurgy
and Petroleum (CIM) Standards on Mineral Resources and
Mineral Reserves (May 2014) as required by NI 43-101.
(5) SRK Completed a site inspection to the deposit by
Mr Benjamin Parsons, MSc (MAusIMM(CP), Membership Number
222568, an appropriate "independent qualified person"
as this term is defined in National Instrument 43-101.
----------------------------------------------------------------------------------------------
Table 3. New drill intercepts on the Tatiana vein from the 2021 infill drilling campaign.
Drill Collar Drill From To Drill True Gold Silver Comment
hole UTM WGS84-16N incl/azi Width Width (g/t) (g/t)
ID (m) (m)
---------------- ---------- ------- ------- ------- ------- ------- -------
LIDC465 574141E
X-sect 1413300N Tatiana faulted
2000 557mamsl -45/030 173.70 174.40 0.70 0.7 11.2 10 vein
--------------- ---------------- ---------- ------- ------- ------- ------- ------- ------- -----------------
LIDC466 574186E
X-sect 1413307N Tatiana HW
1975 561mamsl -51/059 100.15 100.85 0.70 0.6 1.69 3 faulted vein
------- ------- ------- ------- ------- ------- -----------------
Tatiana faulted
quartz vein
137.10 141.10 4.00 3.7 3.38 12 and breccia
------- ------- ------- ------- ------- ------- -----------------
Tatiana faulted
Incl. 138.10 139.20 1.10 1.0 9.98 22 vein
--------------------------------- ---------- ------- ------- ------- ------- ------- ------- -----------------
LIDC467 574222E Tatiana faulted
X-sect 1413288N quartz vein
1925 562mamsl -49/061 105.60 110.85 5.25 4.9 4.68 12 and breccia
------- ------- ------- ------- ------- ------- -----------------
Tatiana faulted
Incl. 108.20 109.45 1.25 1.2 16.76 21 quartz vein
--------------------------------- ---------- ------- ------- ------- ------- ------- ------- -----------------
574200E
LIDC469X-sect 1413383N Tatiana faulted
1950 559mamsl -47/028 74.00 75.25 1.25 1.2 4.84 16 quartz vein
--------------- ---------------- ---------- ------- ------- ------- ------- ------- ------- -----------------
LIDC470 574228E
X-sect 1413361N Tatiana HW3
1950 555mamsl -48/029 62.80 63.30 0.50 0.5 1.70 2 fault breccia
------- ------- ------- ------- ------- ------- -----------------
Tatiana HW2
67.00 67.35 0.35 0.3 3.57 4 fault breccia
------- ------- ------- ------- ------- ------- -----------------
Tatiana HW1
71.00 73.25 2.25 2.1 1.46 6 fault breccia
------- ------- ------- ------- ------- ------- -----------------
Tatiana faulted
78.40 79.30 0.90 0.8 15.53 32 vein
-------------------------------- ---------- ------- ------- ------- ------- ------- ------- -----------------
LIDC471 574090E
X-sect 1413428N Tatiana faulted
2125 554mamsl -50/028 105.70 109.60 3.90 3.6 29.09 51 vein
--------------- ---------------- ---------- ------- ------- ------- ------- ------- ------- -----------------
Tatiana faulted
LIDC472 574238E vein and
X-sect 1413344N hangingwall
1925 551mamsl -48/059 66.30 70.65 4.35 4.1 5.71 24 stockwork
------- ------- ------- ------- ------- ------- -----------------
Tatiana faulted
Incl. 68.50 70.65 2.15 2.0 8.54 24 vein
--------------------------------- ---------- ------- ------- ------- ------- ------- ------- -----------------
LIDC473 574270E
X-sect 1413180N Tatiana fault
1825 550mamsl -49/058 81.80 90.80 9.00 8.3 1.69 8 zone
------- ------- ------- ------- ------- ------- -----------------
Tatiana
hangingwall
fault/stockwork
incl. 81.80 82.00 0.20 0.2 3.12 3 zone
------- ------- ------- ------- ------- ------- -----------------
Tatiana
hangingwall
fault/stockwork
incl. 84.90 85.70 0.80 0.7 1.56 7 zone
------- ------- ------- ------- ------- ------- -----------------
Tatiana
hangingwall
fault/stockwork
incl. 87.20 88.10 0.90 0.8 0.58 9 zone
------- ------- ------- ------- ------- ------- -----------------
Tatiana faulted
incl. 88.45 90.80 2.35 2.2 5.27 17 vein
-------------------------------- ---------- ------- ------- ------- ------- ------- ------- -----------------
LIDC474 574120E
X-sect 1413372N Tatiana faulted
2050 556mamsl -46/030 134.20 136.71 2.51 2.4 3.06 10 vein
--------------- ---------------- ---------- ------- ------- ------- ------- ------- ------- -----------------
LIDC475 574359E
X-sect 1413163N
1750 534mamsl -48/029 10.95 13.20 2.25 2.1 1.61 11 Tatiana Upper
------- ------- ------- ------- ------- ------- -----------------
16.05 18.80 2.75 2.6 3.93 13 Tatiana Lower
-------------------------------- ---------- ------- ------- ------- ------- ------- ------- -----------------
LIDC476 574405E
X-sect 1413106N
1675 530mamsl -68/028 31.50 32.65 1.15 0.9 0.04 -2 Tatiana fault
--------------- ---------------- ---------- ------- ------- ------- ------- ------- ------- -----------------
LIDC477 574054E Tatiana Vein
X-sect 1413496N and footwall
2175 553mamsl -67/031 99.12 106.36 7.24 5.5 4.21 10 breccia
------- ------- ------- ------- ------- ------- -----------------
Faulted quartz
incl. 100.65 102.17 1.52 1.2 17.6 27 vein
------- ------- ------- ------- ------- ------- -----------------
Faulted quartz
incl. 104.30 106.36 2.06 1.6 1.39 8 breccia
-------------------------------- ---------- ------- ------- ------- ------- ------- ------- -----------------
LIDC478 574456E Tatiana fault
X-sect 1413089N brecciated
1625 526mamsl -48/030 12.50 14.45 1.95 1.8 0.75 5 vein
--------------- ---------------- ---------- ------- ------- ------- ------- ------- ------- -----------------
LIDC482 574500E Tatiana fault
X-sect 1413071N and footwall
1575 523mamsl -48/029 8.15 10.45 2.30 2.1 0.45 10 breccia
--------------- ---------------- ---------- ------- ------- ------- ------- ------- ------- -----------------
Tatiana
LIDC483 574079E hangingwall
X-sect 1413527N breccia and
2175 555mamsl -58/030 45.75 48.43 2.68 2.3 3.75 13 faulted vein
------- ------- ------- ------- ------- ------- -----------------
Incl. 47.77 48.43 0.66 0.6 13.16 23 Faulted vein
-------------------------------- ---------- ------- ------- ------- ------- ------- ------- -----------------
LIDC484 574551E Tatiana
X-sect 1413044N hangingwall
1525 520mamsl -57/030 4.10 5.60 1.50 1.3 1.17 -2 over cavity
--------------- ---------------- ---------- ------- ------- ------- ------- ------- ------- -----------------
LIDC485 574598E
X-sect 1413011N Tatiana fault
1450 517mamsl -49/029 11.40 17.70 6.30 5.8 0.04 -2 breccia
--------------- ---------------- ---------- ------- ------- ------- ------- ------- ------- -----------------
LIDC486 574668E
X-sect 1412996N
1400 525mamsl -46/030 5.60 7.15 1.55 1.5 0.11 2 Tatiana footwall
--------------- ---------------- ---------- ------- ------- ------- ------- ------- ------- -----------------
LIDC487 574030E
X-sect 1413548N Tatiana faulted
2225 554mamsl -54/032 59.47 60.10 0.63 0.6 1.09 2 quartz breccia
--------------- ---------------- ---------- ------- ------- ------- ------- ------- ------- -----------------
LIDC488 574695E Tatiana fault
X-sect 1412975N breccia with
1375 526mamsl -49/029 20.45 22.25 1.80 1.7 0.80 2 quartz vein
--------------- ---------------- ---------- ------- ------- ------- ------- ------- ------- -----------------
LIDC489 574710E Tatiana fault
X-sect 1412963N breccia with
1350 526mamsl -50/029 28.05 30.70 2.65 2.4 0.49 13 quartz fragments
--------------- ---------------- ---------- ------- ------- ------- ------- ------- ------- -----------------
LIDC491 574327E Tatiana fault
X-sect 1413219N brecciated
1800 540mamsl -50/059 11.90 13.00 1.10 6.0 1.27 6 quartz breccia
--------------- ---------------- ---------- ------- ------- ------- ------- ------- ------- -----------------
LIDC492 574055E
X-sect 1413451N Tatiana faulted
2150 554mamsl -61/032 123.06 126.57 3.51 2.9 3.96 17 quartz vein
------- ------- ------- ------- ------- ------- -----------------
Incl. 123.52 125.05 1.53 1.3 7.54 28
-------------------------------- ---------- ------- ------- ------- ------- ------- ------- -----------------
LIDC493 574268E
X-sect 1413245N Tatiana HW1
1875 550mamsl -69/061 64.40 65.80 1.40 0.9 0.89 5 faulted veinlet
------- ------- ------- ------- ------- ------- -----------------
Tatiana
brecciated
73.10 75.40 2.30 1.1 0.71 8 quartz (breccia)
-------------------------------- ---------- ------- ------- ------- ------- ------- ------- -----------------
LIDC494 574049E
X-sect 1413329N Tatiana HW
2100 556mamsl -48/033 190.62 193.67 3.05 2.8 1.59 4 banded veins
------- ------- ------- ------- ------- ------- -----------------
Fractured with
204.35 205.87 1.52 1.4 0.58 3 quartz stockwork
------- ------- ------- ------- ------- ------- -----------------
210.45 218.60 8.15 7.6 0.67 3 Fault zone
------- ------- ------- ------- ------- ------- -----------------
Faulted quartz
Incl. 216.30 217.20 0.90 0.8 3.64 6 vein
-------------------------------- ---------- ------- ------- ------- ------- ------- ------- -----------------
LIDC495 574301E
X-sect 1413259N
1850 543mamsl -60/060 17.65 19.20 1.55 1.3 1.86 6 Tatiana vein
--------------- ---------------- ---------- ------- ------- ------- ------- ------- ------- -----------------
LIDC498 574294E Tatiana
X-sect 1413309N hangingwall
1875 551mamsl -51/059 14.90 19.85 4.95 4.5 1.13 10 faulted vein
------- ------- ------- ------- ------- ------- -----------------
Tatiana faulted
24.45 27.65 3.20 2.9 1.14 4 vein
-------------------------------- ---------- ------- ------- ------- ------- ------- ------- -----------------
LIDC499 574616E
X-sect 1412929N Tatiana faulted
1400 537mamsl -48/030 107.45 109.00 1.55 1.4 1.67 7 vein
--------------- ---------------- ---------- ------- ------- ------- ------- ------- ------- -----------------
Tatiana faulted
LIDC500 574105E vein and
X-sect 1413292N footwall
2025 558mamsl -46/030 206.05 208.92 2.87 2.7 13.91 15 breccia
------- ------- ------- ------- ------- ------- -----------------
Tatiana faulted
Incl. 206.05 206.87 0.82 0.8 47.70 40 vein
-------------------------------- ---------- ------- ------- ------- ------- ------- ------- -----------------
LIDC501 574669E
X-sect 1412917N Tatiana faulted
1350 523mamsl -48/030 89.05 89.75 0.70 0.7 5.47 6 quartz breccia
--------------- ---------------- ---------- ------- ------- ------- ------- ------- ------- -----------------
LIDC502 574063E
X-sect 1413403N
2125 554mamsl -50/030 34.45 35.07 0.62 0.6 6.67 6 HW to Tatiana
------- ------- ------- ------- ------- ------- -----------------
Tatiana fault
and quartz
145.96 153.60 7.64 7.0 0.13 1 breccia
------- ------- ------- ------- ------- ------- -----------------
LIDC508 574836E
X-sect 1412923N
1225 535mamsl -51/030 30.35 31.85 1.50 1.4 0.42 -2 Tatiana fault
---------------- ---------- ------- ------- ------- ------- ------- ------- -----------------
LIDC509 574088E HW
X-sect 1413378N calcite-quartz
2100 555mamsl -50/032 108.80 110.40 1.60 1.5 0.53 -2 breccia
------- ------- ------- ------- ------- ------- -----------------
HW
calcite-quartz
120.47 121.00 0.53 0.5 1.22 5 vein
------- ------- ------- ------- ------- ------- -----------------
HW quartz
137.86 138.97 1.11 1.0 2.56 3 stockwork
------- ------- ------- ------- ------- ------- -----------------
Fault brecciated
147.60 148.52 0.92 0.8 1.80 7 Tatiana vein
-------------------------------- ---------- ------- ------- ------- ------- ------- ------- -----------------
LIDC511 574791E
X-sect 1412946N Tatiana
1275 526mamsl -51/030 23.15 23.60 0.45 0.4 0.16 4 Structure
--------------- ---------------- ---------- ------- ------- ------- ------- ------- ------- -----------------
Tatiana fault
LIDC512 574140E gouge and
X-sect 1413490N footwall
2100 557mamsl -49/030 28.20 32.95 4.75 4.4 2.88 13.9 breccia
--------------- ---------------- ---------- ------- ------- ------- ------- ------- ------- -----------------
LIDC513 574519E
X-sect 1413400N Buenos Aires
1725 571mamsl -54/032 133.30 134.20 0.90 0.8 1.70 -2.0 1
--------------- ---------------- ---------- ------- ------- ------- ------- ------- ------- -----------------
Tatiana
amalgamated
pillar and
LIDC514 574130E footwall
X-sect 1413474N (partially
2100 556mamsl -51/030 47.80 52.30 4.50 4.1 15.23 23.4 depleted)
------- ------- ------- ------- ------- ------- -----------------
Artisanal mine
Incl. 44.80 46.30 - - - - cavity
------- ------- ------- ------- ------- ------- -----------------
Pillar artisanal
Incl. 46.30 46.80 0.50 0.5 1.35 16 mine
------- ------- ------- ------- ------- ------- -----------------
Artisanal mine
Incl. 46.80 48.30 - - - - cavity
------- ------- ------- ------- ------- ------- -----------------
Footwall
artisanal
Incl. 48.30 52.30 4.00 3.7 16.96 24 mine
-------------------------------- ---------- ------- ------- ------- ------- ------- ------- -----------------
LIDC522 573876E Tatiana fault
X-sect 1413771N brecciated
2475 508mamsl -55/032 34.95 36.15 1.20 1.0 7.25 15.9 vein
------- ------- ------- ------- ------- ------- -----------------
Buenos Aires
1 fault
brecciated
42.22 42.34 0.12 0.1 7.38 6.0 vein
------- ------- ------- ------- ------- ------- -----------------
Buenos Aires
2 fault
brecciated
47.84 50.32 2.48 2.1 1.09 -2.0 vein
-------------------------------- ---------- ------- ------- ------- ------- ------- ------- -----------------
LIDC523 573897E Tatiana fault
X-sect 1413764N brecciated
2450 508mamsl -50/31 21.20 22.35 1.15 1.0 43.40 34 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.
- Ends -
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 Ewan Leggat
LLP +44 (0) 20 3470 0470
H&P Advisory Limited Andrew Chubb and Nilesh Patel
+44 207 907 8500
Blytheweigh 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.
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.
La India Project contains a Mineral Resource of 9,850 Kt at 3.6 g/t gold for 1.14 M oz gold in the Indicated category and 8,479 Kt at 4.3 g/t gold for 1.18 M oz gold in the Inferred category. A gold price of $1,500/oz and a cut-off grade of 0.5 g/t and 2.0 g/t gold were assumed for open pit and underground resources, respectively. A cut-off grade of 1.5 g/t gold was furthermore applied within a part of the Inferred Resource. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that any part of the Mineral Resources will be converted to Mineral Reserves.
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 Mineral Resource Estimate has been completed by Ben Parsons, a Principal Consultant (Resource Geology) with SRK Consulting (U.S.) Inc, who is a Member of the Australian Institute of Mining and Metallurgy, MAusIMM(CP). He has some nineteen years' experience in the exploration, definition and mining of precious and base metals. Ben Parsons is a full-time employee of SRK Consulting (U.S.), Inc, an independent consultancy, and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration, and to the type of activity which he is undertaking to qualify as a "qualified person" as defined under National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") of the Canadian Securities Administrators and as required by the June 2009 Edition of the AIM Note for Mining and Oil & Gas Companies. Ben Parsons 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.
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.
The technical and scientific information in this press release has been reviewed, verified and approved by 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.
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.
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
Ag Silver
--------------------------------------------------------------
Au Gold
--------------------------------------------------------------
Breccia A fragmental rock, composed of rounded to angular
broken rock fragments held together by a mineral cement
or in a fine-grained matrix. They can be formed by
igneous, tectonic, sedimentary or hydrothermal processes.
--------------------------------------------------------------
Down-dip Further down towards the deepest parts of an ore body
or zone of mineralisation.
--------------------------------------------------------------
Epithermal Mineral veins and ore deposited from fluids at shallow
depths at low pressure and temperatures ranging from
50-300degC.
--------------------------------------------------------------
Fault The plane along which two rock masses have moved or
slide against each other in opposing directions.
--------------------------------------------------------------
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
--------------------------------------------------------------
Indicated Mineral That part of a Mineral Resource for which tonnage,
Resource 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,
--------------------------------------------------------------
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.
--------------------------------------------------------------
Kt Thousand tonnes
--------------------------------------------------------------
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.
--------------------------------------------------------------
NI 43-101 Canadian National Instrument 43-101 a common standard
for reporting of identified mineral resources and
ore reserves
--------------------------------------------------------------
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 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.
--------------------------------------------------------------
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.
--------------------------------------------------------------
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