Condor Gold Share Discussion Threads

[mellifluous] 06/11/2012 10:05

MC has spoken. No need for others to put forth their trivial and inconsequential opinions.

[usmcgs] 06/11/2012 10:01

New interview From siroilsalotnot on lse:


Ref the new interview:
1. investec too part for £1 mill but MC states ther remain 'supportive' ..... hmmmmm
2. Our in ground price is only 2% of price of gold
from condor_forever on lse:
Here are just some parts of the video that interested me:

min 10,000m of drilling
Investec participated in the recent fundraising, investing £1m
Sedentry are one of the top 5 mining funds
We are not in production yet
Looking at 4-5 mill oz
Drilling update end of this week, 3 drills on site. Conc on open pit indicated and expand.
Target America vein set with drilling. 4-5 weeks for the results on that, but MC is confident we have another open pit.

[usmcgs] 06/11/2012 09:59

Ref the new interview:
1. investec too part for £1 mill but MC states ther remain 'supportive' ..... hmmmmm
2. Our in ground price is only 2% of price of gold
from condor_forever on lse:
Here are just some parts of the video that interested me:

min 10,000m of drilling
Investec participated in the recent fundraising, investing £1m
Sedentry are one of the top 5 mining funds
We are not in production yet
Looking at 4-5 mill oz
Drilling update end of this week, 3 drills on site. Conc on open pit indicated and expand.
Target America vein set with drilling. 4-5 weeks for the results on that, but MC is confident we have another open pit.

[hellisreal] 06/11/2012 09:56

7558. Nice link

[mellifluous] 06/11/2012 08:57

Stocktube interview with Mark Childs

[theabbey] 06/11/2012 06:53

Condor Gold technical resource paves way for La India PEA, says broker
Mon 4:00 pm by Philip Whiterow

The main conclusion from the NI 43-101 report published today by Condor Gold (LON:CNR) on its La India gold project is that it should move to the Preliminary Economic Assessment (PEA) stage, said Ocean Equities.

Consultant SRK, which compiled the NI 43-101, also believes focus of the project in Nicuragua should be the La India-California open pit resource, said the broker.

Condor wants to fast-track La India project into production and completion of a PEA will be a major milestone on the path to achieve this, the broker added.

The report's focus was on the technical aspects of the recently announced updated resource for La India of 2.4Moz gold at 4.5g/t gold.

Ocean added that a technical 43-101 report gives detail on how the independent consultants have calculated the resource estimate.

Ocean adds that while Condor has said it wants to take La India through to production, "given its recent exploration success there is no doubt that there will be more interest from third parties in Condor's flagship asset".

Ensuring that the exploration data presented in the best possible manner is a major part of de-risking assets for a potential trade sale, it added.

SRK also makes the comment that more independent sampling and verification work be completed with the same goal to add confidence for "third party project viewers".

The resource estimate includes an NI 43-101 compliant open pit resource of about 1moz gold.

SRK also alludes to the exploration potential of Condor's large landholding in Nicaragua. Ocean says it is highly likely that Condor will find additional open pit resource targets that will bolster the underground resource it has already delineated.

"Open pit targets are a bonus for Condor as the already defined open pit and underground potential of the area is well understood if not fully valued.

"Being able to define areas where the company could employ bulk mining techniques will have a great effect on the overall project as it could support a much large gold recovery plant at La India to be fed by both open pit and underground ores."

The next major milestone for Condor will be the completion of a PEA on the project, the broker added.

"All the major data requirements for the PEA have been met and it is now a relatively simple step for an independent consultant to complete this technical study."

Shares were 180p today.

[theabbey] 06/11/2012 06:51

From Jibbo on LSE (17:36, 05/11):

"Some interesting points in the report about Mestiza. We know that there is another 500k oz of Russian resource still to come from the concession and it is worth remembering that so far CNR has added 50% to the Russian resource where the company has subsequently drilled. The report mentioned the following:

1. There is open pit potential where the Buenos Aires and Jacaro veins coalesce.

2. An adit on the concession has been reopened and resampled and results have confirmed the exciting findings by Diadem Resources who drove the adit. i.e several coalescing veins, high grades and mineralized wallrock between the veins.

3. There is a 20m deep oxidized layer at surface on certain parts of the concession which may have led to poor trench results in places. It seems likely that drilling beneath this zone will produce much higher grades."

[rame4] 05/11/2012 10:24

PEA next week then...

[mellifluous] 05/11/2012 08:57

All about capex now.

The fund manager from New City is his name Wong ? who spoke at Minesite made the case very well. Worth looking at the webcast video. Illustrates what serious professional money managers are looking for in projects.

[mellifluous] 05/11/2012 08:38

NI43-101 or whatever the Canadian standard is called is much stricter than JORC so having achieved such a good result is excellent news.

[steeplejack] 05/11/2012 08:38

Ah the ol'"vuggy quartz veinlets",my granny had those.Surgical stockings recommended.

[theabbey] 05/11/2012 08:30

Okay, can anyone beat this term - "vuggy quartz veinlets"? (para 7).

Definitely out of my depth on some of this :-I

[theabbey] 05/11/2012 08:16

1.12 RECOMMENDATIONS
1.12.1 Introduction
The mineralised veins included in the current Mineral Resource Estimate are reasonably understood and the strike extents typically known from the current exploration. There still remains potential at depth on a number of veins where high-grade intersections were drilled historically and confirmed during 2011 by the Company, which could materially impact on the overall project form both a technical and economic perspective.
The other potential lies in the discovery of additional hanging wall or footwall veins which run parallel to the main structures, in a similar style to the lower grade zones of coalescing and bifurcating veins as interpreted during 2012 on the La India-California vein trend.
In general, SRK recommends the following which can be divided into further exploration, and work associated with data quality and quantity:

1.12.2 Data Quality And Quantity
• SRK recommend that the Company continues with the programme of twinned DD and RC during the next phase, and twinned drilling a portion of historical holes, where areas of low recovery have been noted.
• Given the increase in the size of the database SRK recommend the Company consider migrating the current database into either a commercial geological database system, or into a customised Access or SQL based system, which would ensure data quality and provide an audit trail of any changes made to the data.
• SRK recommends improvements be made to the density measurement protocol to ensure higher quality and hence confidence in the density measurements is completed during the next phase of the project.
• Undertake some independent sampling and verification work to support the existing QAQC data and add confidence to third-party project reviewers.

1.12.3 Strategy
The Company has currently commissioned the services of SRK to review potential mining aspects as part of a Preliminary Economic Assessment for the Project.
SRK recommends that if the budget is available, exploration work should continue at the La India Project in attempt to increase the confidence in the current estimate as outlined in Section 17.2.

1.12.4 PLANNED EXPLORATION PROGRAM
The Company's have defined two main priorities for the next phase exploration programme, which includes the conversion of the Inferred Mineral Resources within the currently defined whittle pit (on the La India-California vein trend) to an Indicated level to be able to provide future Mining Studies with reasonable levels of confidence, and secondly to test the potential for additional open pit material within the hangingwall structures of known mineralisation.
In terms of the conversion of Mineral Resources, SRK has defined a programme which places emphasis on further definition of some of the (less densely drilled) wider zones of mineralisation where multiple California veins have been interpreted to coalesce. It is recommended that the Company continues with the complete full QAQC procedures as defined by the Company guidelines.
The recommended spacing for the infill drilling programme is an approximate 50x50m grid, with targeted drilling within the existing database. The depth of the drilling is expected to range from 50 – 260 m within the infill portion of the deposit (specifically targeting the potential open pit material) and have an average depth of 135 m for a total of some 8,000 m, at an estimated contractor cost of USD225/m.
In terms of identification of additional open pit material through mapping the Company have identified an area above the historical America-Constancia Mine, where hangingwall features are present both at surface and from initial trench results. The Company plan to complete a series of mechanically cut trenches over the area on 50 m spacing with follow up drilling on potential targets. Based on the current strike length of 1,200m target and an estimated higher grade zone of approximately 400m for drilling to a grid spacing of 50x50m it is estimated 2,000m, at an estimated contractor cost of USD225/m, will be required to preliminary define any additional Mineral Resources. SRK recommend the Company continue with this programme during this current phase due to the proximity to the current La India Mineral Resource. Note SRK has not account for the cost of the trench programme as it is currently on-going and therefore discounted from any potential future costs.
SRK also recommend the Company define a trench programme for the Mestiza vein sets to target future exploration.
On completion of the exploration programme, SRK recommends the current Mineral Resource Estimate for the La India Project should be updated for use as the basis for more advanced technical studies.

1.12.5 TECHNICAL STUDY
SRK considers the current Mineral Resource Estimate to provide the Company with sufficient material and confidence to complete an initial technical study on the project in the form of a preliminary economic study for the project, with the focus on La India – California open pit. The study will assist the Company to focus the next phase of exploration to either increase the confidence within the current La India-California Mineral Resources for more advanced technical studies, or to focus on locating further Mineral Resources within the La India Project. To increase confidence in the La India-California area, SRK would recommend the current limiting Whittle shell to 50 x 50 m spacing.
SRK also comments at this stage that the other technical studies need to be advanced for more detail technical studies, such as:
• metallurgical;
• geotechnical;
• hydrogeological;
• environmental; and
• infrastructure.
In addition to the proposed work defined above, SRK recommend the following work be undertaken in order to fill in some gaps in the existing database:
• Plan a detailed (Lidar/Geo Eye/Quick Bird) Topographic survey of the entire project area including infrastructure;
• Complete a Preliminary Economic Assessment of the project economics to assist in key strategy decisions to either increase the current Mineral Resource base, or target conversion of Inferred to Indicated Mineral Resource;
• Ensure all drilling is orientated to enable quality geotechnical logging to be completed, which will be a requirement in more detailed technical mining studies in the future; and;
• Develop structural models and theories to the origins and major controls on the mineralisation, particularly at depth.

[theabbey] 05/11/2012 08:07

goneawol, you beat me to it!

There goes the day...means that the PEA won't be far off now.

[goneawol] 05/11/2012 08:03

NI43-101 link:

[steeplejack] 05/11/2012 07:45

Could someone please leaf through the 200 page SRK Consulting report and give a brief summary of the salient points by the opening.Thanks in advance.

[eugene1234] 05/11/2012 07:31

The drilling and trenching completed on the La India Vein Set since the last resource update announced on 30th December 2011, see RNS, has led to the definition of significant widths of gold mineralisation in the remnant wall rock of the historic mine workings as well as in parallel and coalescing veins and breccias from surface on the La India Vein Set. This has significantly enhanced the character of the Mineral Resource and resulted in the definition of a maiden open-pit Mineral Resource on the La India Vein Set containing 8.21 million tonnes at a grade of 3.61g/t gold containing 954,000 oz gold of which 534,000 oz gold at 3.9 g/t is in the Indicated Category and 420,000 oz gold at 3.3 g/t is in the Inferred Category

[mlangton1] 05/11/2012 07:29

RNS out, project report downloadable from the website

[rame4] 01/11/2012 12:54

a stream of news coming online shortly.

[rame4] 01/11/2012 12:53

Yes, mixed up and now corrected. Apologies.

[scyther] 01/11/2012 11:30

Where did you hear that ram?
I assumed the 43-101 would arrive first and pea middle of the months