LONDON, Aug 30, 2017 /PRNewswire/ -- Condor Gold (AIM:
CNR) ('Condor', 'Condor Gold' or 'the Company') is pleased to
announce new results from drilling on the Mestiza Vein Set
('Mestiza') at the La India Project, Nicaragua. A drill programme of 5,922 m has
now been completed. The initial focus was on the Tatiana Vein, one
of the four constituent veins; later drilling tested the nearby
Buenos Aires and Jicaro veins. The
objective is to convert an historic Soviet mineral resource (2,392
kt at 10.2 g/t gold for 785,694 oz gold) to Canadian NI 43-101
standard.
Highlights:
- 5,922 m completed, with drilling restricted to the top 200 m
(below ground surface).
- A high-grade ore shoot on the Tatiana vein is defined over a
strike length of 450 m. It has mineralised true widths up to 4.6 m
(averaging 2.2 m over the main mineralised section), in addition to
a hanging wall vein up to 6.1 m true width (averaging 1 m)
- Best results received from the most recent 2,848 m include:
o LIDC365 drill width 3.60 m (true width 3.12 m) at 13.7 g/t
gold and 13.9 g/t silver from 142.6 m downhole depth.
o LIDC363 drill width 7.00 m (true width 6.10 m) at 2.90 g/t
gold from 145.5 m.
- Best results received from the 5,922 m
o LIDC 344 drill width 3.30 m (true width 2.20 m) at 28.3 g/t
gold and 38.9 g/t silver from 76.70 m.
o LIDC 358 drill width 3.55 m (true width 2.30 m) at 23.3 g/t
gold and 66.6 g/t silver from 160.50 m.
- Prospect mapping has shown that the Mestiza vein system has a
strike length of over 3.5 km. Historic sampling includes 41.5 g/t
Au and 47.7 g/t Au up to 2 km north of the recent drilling
Mark Child, Chairman and CEO
comments:
'The drill programme of approximately 6,000 m on Mestiza has
been completed and drill rigs stood down. The highlight of results
so far is a high-grade ore shoot in the Tatiana vein. This has a
strike length of 450 m and an estimated average true width of 2.2
m. The shoot can be extrapolated approximately 200 m below surface;
LIDC 344, which has a drill width 3.30 m at 28.3 g/t gold, is 60 m
vertically beneath surface. LIDC 358, drill width of 3.55 m at 23.3
g/t gold, is approximately 100 m vertically below LIDC 344.
New mapping has identified a larger vein system than previously
thought. The Mestiza vein set is about 3.5 km long and about 1 km
wide. Surface samples of 41.5 g/t and 47.7 g/t gold are 2 km north
of the recent drilling. Mapping will continue and is aimed at
identifying further high grade shoots by targeting dilational bends
in the veins.
Mestiza is excluded from the current mine plans in the PFS and
PEA. A successful resource conversion of the Soviet-style resource
has the potential to add large, high grade, and relatively shallow
resources to a future mine plan, thereby increasing the annual gold
production, life of mine, and project economics.'
Background
La India Project's existing NI 43-101-compliant mineral resource
is 18 Mt at 4.0 g/t Au (2.31 Moz gold). This consists of seven
separate resources, most of them open along strike and at depth. It
includes Mestiza, which hosts a NI 43-101-compliant Inferred
mineral resource of 1,490 kt at 7.47 g/t (333,000 oz gold). Here,
Soviet-backed drilling in 1991 estimated a Soviet-style mineral
resource of 2,392 kt at 10.2 g/t gold (785,694 oz gold) (See RNS
dated 22nd May 2017). The
bulk of the resources are contained within the Tatiana vein, the
largest of the four main veins at Mestiza, which also includes the
Buenos Aires and Jicaro veins to
the north of, and Espinito vein set to the west of Tatiana.
Current Drill Plan
Condor commenced drilling with one drill rig on the
23rd March 2017, to test
the Soviet drilling and convert the Soviet mineral resource to
Canadian NI 43-101 standard (See RNS dated 31st
March 2017). The first batch of
assays was reported on the 22nd May 2017. A second rig was introduced and the
second batch of assays was reported on the 29th
June 2017.
This initial programme is now concluded, with the completion of
43 drill holes for 5,922 m in total. Table 1 lists the best
intercepts above 20 g*m (grade x thickness) gold (Au). Results for
LIDC361 to 377 are presented in Table 2. Assays from the last six
holes are awaited.
Table 1 Best Drill Results from the Tatiana
vein
Prospect
|
Drill
hole ID
|
From**
|
To**
|
Drill
Width
(m)
|
True
Width
(m)*
|
Au
(g/t)
|
Ag
(g/t)
|
Tatiana
|
LIDC344
|
76.70
|
80.00
|
3.30
|
2.20
|
28.3
|
38.9
|
Tatiana
|
LIDC358
|
160.50
|
164.05
|
3.55
|
2.30
|
23.3
|
66.6
|
Tatiana
|
LIDC365
|
142.60
|
146.20
|
3.60
|
3.12
|
13.7
|
13.9
|
Tatiana
|
LIDC360
|
40.30
|
43.40
|
3.10
|
2.70
|
14.4
|
29.2
|
Tatiana
|
LIDC348
|
91.00
|
93.65
|
2.65
|
1.70
|
12.6
|
21.8
|
Tatiana
|
LIDC346
|
83.80
|
86.85
|
3.05
|
2.30
|
6.79
|
14.1
|
Tatiana
|
LIDC345
|
129.60
|
133.00
|
3.40
|
2.20
|
6.06
|
21.4
|
Tatiana
|
LIDC363
|
145.50
|
152.50
|
7.00
|
6.10
|
2.90
|
0.4
|
* Intercepts
calculated above a 0.5 g/t Au cut off. True width is an
interpretation based on the current understanding of the veins and
may be revised in the future.
|
** Depth down hole
from surface
|
Drilling with large diameter ('PQ') core was a priority because
it provided high recoveries and large sample sizes. The drill rigs
have achieved this, but are only able to test the top 200 m. More
powerful rigs are required to drill deeper. Therefore, the rigs
have been stood down while the results are received and
interpreted.
Drill results for most recent 2,848 m of the 5,922 m drill
programme
New drill results (from holes LIDC361 to 377) are shown in Table
2. The drill plan (Figure 1) shows the distribution of these holes.
Of note, LIDC370 cut the Tatiana Vein 40 m below surface and proved
a wide zone at lower grade (5.30 m @ 1.11 g/t Au). Holes LIDC363,
LIDC365, LIDC367 and LIDC369 were drilled into the heart of Big
Bend, at 90 to 200 m below surface. They gave high grades, similar
to others in this zone (e.g. LIDC365 3.60 m @ 13.7 g/t Au). Holes
LIDC361, LIDC366, LIDC368, LIDC370, LIDC371, intersected the
Tatiana Vein at 180 to 220 m below surface and gave lower grades
and narrower widths. However, LIDC368 (0.55 m @ 6.10 g/t Au) shows
that high gold grades do persist at depth in places. The overall
pattern may reflect the base of supergene enrichment of gold at
around 200 m below surface. Alternatively, the vein may pinch at
depth. Further drilling is required to fully understand the system
and this will require a more powerful drill rig.
LIDC372 to LIDC377 were drilled to test the Buenos Aires and Jicaro Veins. They
intersected generally narrow veins and provided better information
on the position of these veins. Further mapping has been conducted
here, and over the Espinito Vein, to help better site future drill
holes.
Table 2 New Drill Results from Mestiza Vein Set
Prospect
|
Drill
hole ID
|
From**
|
To**
|
Drill
Width
(m)
|
*True
Width
(m)
|
Au
(g/t)
|
Ag
(g/t)
|
Other
|
Tatiana
|
LIDC361
|
147.95
|
148.05
|
0.10
|
0.10
|
1.00
|
15.0
|
|
148.80
|
149.05
|
0.25
|
0.20
|
1.05
|
9.00
|
|
Tatiana
|
LIDC362
|
132.20
|
133.25
|
1.05
|
0.90
|
7.01
|
6.00
|
|
167.80
|
169.70
|
1.90
|
1.60
|
3.66
|
6.95
|
Including 0.5 m@ 9.45
g/t Au and 7.0 g/t
Ag
|
172.50
|
174.90
|
2.40
|
2.10
|
2.31
|
0.80
|
|
Tatiana
|
LIDC363
|
145.50
|
152.50
|
7.00
|
6.10
|
2.90
|
0.40
|
Including 0.4 m@
10.55 g/t Au and 9.6
g/t Au
|
161.30
|
163.30
|
2.00
|
1.70
|
2.72
|
5.10
|
|
Tatiana
|
LIDC364
|
188.40
|
191.00
|
2.60
|
1.99
|
2.45
|
1.40
|
|
193.60
|
194.35
|
0.75
|
0.57
|
1.18
|
3.00
|
|
206.40
|
206.85
|
0.45
|
0.34
|
1.57
|
<2.00
|
|
Tatiana
|
LIDC365
|
142.60
|
146.20
|
3.60
|
3.12
|
13.7
|
13.9
|
Including 1.0 m @
44.47 g/t Au and 35.4
g/t Ag
|
Tatiana
|
LIDC366
|
39.80
|
41.70
|
1.90
|
1.30
|
2.34
|
4.70
|
|
133.60
|
134.00
|
0.40
|
0.30
|
3.93
|
7.00
|
|
181.70
|
182.75
|
1.05
|
0.70
|
1.16
|
4.00
|
|
Tatiana
|
LIDC367
|
55.60
|
56.00
|
0.40
|
0.30
|
5.25
|
53.0
|
|
85.70
|
87.70
|
2.00
|
1.50
|
3.00
|
10.0
|
Including 0.8 m @
6.28 g/t Au and 13.0
g/t Ag
|
Tatiana
|
LIDC368
|
41.50
|
43.10
|
1.60
|
1.03
|
1.01
|
<2.00
|
|
105.15
|
105.70
|
0.55
|
0.35
|
6.10
|
5.00
|
|
198.55
|
200.90
|
2.35
|
1.51
|
2.89
|
8.50
|
Including 0.75
m @ 7.28 g/t Au and 20.1
g/t Ag
|
Tatiana
|
LIDC369
|
46.60
|
46.80
|
0.20
|
0.08
|
2.60
|
3.00
|
|
81.60
|
82.90
|
1.30
|
0.55
|
11.8
|
21.4
|
|
104.00
|
106.50
|
2.50
|
1.06
|
1.65
|
3.40
|
|
Tatiana
|
LIDC370
|
34.70
|
40.00
|
5.30
|
4.59
|
1.11
|
9.70
|
|
41.50
|
41.90
|
0.4
|
0.35
|
1.48
|
4.00
|
|
Tatiana
|
LIDC371
|
196.70
|
197.50
|
0.80
|
0.61
|
0.95
|
<2.00
|
|
Tatiana
|
LIDC372
|
26.30
|
26.80
|
0.50
|
0.38
|
6.26
|
7.00
|
|
Buenos
Aires
|
LIDC372
|
163.75
|
164.20
|
0.45
|
0.34
|
4.47
|
2.00
|
|
Buenos
Aires
|
LIDC373
|
93.30
|
94.00
|
0.70
|
0.63
|
11.9
|
7.00
|
|
Jicaro
|
LIDC374
|
33.70
|
34.60
|
0.90
|
0.78
|
0.86
|
6.00
|
|
Buenos
Aires
|
82.60
|
82.95
|
0.35
|
0.30
|
9.20
|
11.0
|
Immediately above
this 0.90 m void
probably artisanal workings
|
Buenos
Aires
|
LIDC375
|
88.20
|
88.50
|
0.30
|
0.18
|
4.98
|
4.00
|
|
104.80
|
106.20
|
1.40
|
1.01
|
1.55
|
<2.00
|
|
112.35
|
112.90
|
0.55
|
0.40
|
1.05
|
<2.00
|
|
Jicaro
|
LIDC376
|
73.85
|
74.10
|
0.25
|
0.17
|
3.25
|
5.00
|
|
Buenos
Aires
|
104.00
|
104.30
|
0.30
|
0.24
|
4.59
|
3.00
|
|
Buenos
Aires
|
LIDC377
|
|
|
|
|
|
|
No significant
mineralisation
|
* Intercepts
calculated above a 0.5 g/t Au cut off. True width is an
interpretation based on the current understanding of the veins and
may be revised in the future
|
** Depth down hole
from surface
|
Figure 1 Map of Mestiza Vein Set Showing 4 Main Veins
https://www.juniorminingnetwork.com/images/news/August_2017/Condor_Gold_8-30-2017_1.jpg
Green line in Figure 1 above is the section shown in Figure
2
Figure 2 Cross section 2050 of Tatiana Vein
https://www.juniorminingnetwork.com/images/news/August_2017/Condor_Gold_8-30-2017_2.jpg
Note: The pink line in Figure 2 above represents the Tatiana
Vein at Cross Section 2050
Discussion of Drill Results
Mineralisation occurs within a 4 to 6 m wide mineralised
structure cutting a major unit of welded tuff with conspicuous
fiamme. The structure consists of:
- An early-stage broad zone of jigsaw and crackle hydrothermal
breccia with drusy and comb vein quartz in the matrix. These
support angular clasts of weakly silicified wall rock. This phase
normally has lower gold grade.
- A central high-grade quartz vein, typically 0.5-1.0 m wide,
with comb and drusy quartz and minor chalcedony. Textures of the
vein vary between holes, from massive silica to locally colloform
banded pale green chalcedony with fine streaks of sulphide
mineralization and leaching textures with moulds after
calcite.
- Late fault breccias contain clasts of vein and hydrothermal
breccia in a sooty, black, manganiferous gouge and brick red
smectite. These can contain high grade gold.
Gold mineralisation is associated with the quartz vein and fault
breccia over true widths of up to 3 m. The nature of the fault
breccia, with variable amounts of gold-mineralised vein clasts in a
'difficult to recover' clay gouge, leads to high grade variability
across the deposit. There is also a supergene effect as suggested
by enrichment in silver in some of the deeper historic holes (e.g.
0.7 m @ 356 g/t Ag from 198.1 m in LIDC030B).
A long section of the Tatiana Vein (Figure 3) plots the drill
hole intercepts where they pierce the vein. It shows all historic
and new drilling. Each point is described by a grade x thickness
factor; this is the downhole intercept length multiplied by the
gold grade. At the local scale, this shows the highly variable
nature of mineralisation, but at the larger scale shows that the
vein is broadly well mineralised and forms high grade shoots
separated by intervening areas of low grade where the mineralised
zone is thinner.
A geological model has been developed which correlates high
grade gold mineralisation with bends in the vein (see 'Big Bend' in
Figure 1). These bends created more open space, allowing more
hydrothermal fluid circulation, resulting in higher grade. The Big
Bend high grade shoot, which appears to pitch almost vertically,
extends over a strike length of approximately 450 m.
The deepest drill holes, about 200 m below surface, intersected
lower grades. This may reflect pinching of the vein or the base of
supergene enrichment. This has only been tested in two holes at the
western end of Big Bend; further deeper drilling is required to
test this observation.
Figure 3 Long Section of Tatiana Indicating a High Grade Ore
Shoot
https://www.juniorminingnetwork.com/images/news/August_2017/Condor_Gold_8-30-2017_3.jpg
Mapping at Mestiza
Detailed mapping was initiated at Mestiza to better understand
the geometry of the veins and identify new bends that may warrant
drill testing. Figure 4 shows the distribution of quartz veining
together with rock chip and channel assay highlights.
The dominant lithology is a welded tuff showing different
facies: it includes a pumice-rich lithic tuff unit and a
pumice-poor crystal tuff unit. The latter seems to be a more
competent rock for vein development. The tuff is at least 200 m
thick. It is underlain by a sequence of andesites and
sediments.
Mapping has traced epithermal quartz veins over a strike length
of at least 3.5 km in the Mestiza area. The Tatiana, Jicaro and
Buenos Aires veins coalesce in the
northwest and appear to combine into a single northwest-striking
vein. There is also a newly discovered, parallel vein, the Tortuga
Vein, which assayed up to 6.1 g/t Au in a mullock rock sample.
Historic sampling of the northwestern extension of all these veins
includes 47.7 g/t Au over 0.2 m, at 450 m along strike from the
westernmost Tatiana vein exposures.
The Espinito Vein has been traced over a strike length of 2 km,
and shows a jog in the Chaparro area (Figure 4). It hosts numerous
artisanal workings and previous sampling returned up to 41.5 g/t Au
over 0.5 m. A series of ENE-WSW linking structures, with a strike
length of over 300 m, occur between the southernmost part of the
Espinito vein and the Tatiana vein. These probably represent more
dilational structures, exploited by mineralizing fluids. Historic
sampling includes 17.3 g/t Au over 0.1 m.
Trenching of key areas is proposed and will be completed and
reviewed prior to recommending drilling.
Figure 4 Mestiza Vein Set; geological map and selected gold
assay
https://www.juniorminingnetwork.com/images/news/August_2017/Condor_Gold_8-30-2017_4.jpg
Mestiza in the context of La India
Mestiza is significant for five reasons:
- It already hosts a NI 43-101-compliant mineral resource of
1,490 kt at 7.47 g/t; 333,000 oz gold, although a Soviet mineral
resource of 2,392 kt at 10.2 g/t gold for 785,694 oz gold was
previously defined over the area and hence an opportunity exists to
upgrade the former. This is excluded from the current
Pre-Feasibility Study ('PFS') and Preliminary Economic Assessment
('PEA') at La India.
- The PEA (December, 2014) has an open pit and underground mining
scenario using a 1.6 Mtpa processing plant recovering 1,203 koz
gold over the life of mine, with the first 5 years production
averaging 138,000 oz gold pa.
- The January 2016 Whittle
Enterprise Optimisation to NPV of the above PEA materially
increased the recovered gold and project economics. Using the same
1.6 Mtpa processing plant, recovered gold increased to 1,437 koz
gold over the life of mine, with the first five years of production
averaging 165,000 oz gold pa.
- All production scenarios exclude Mestiza, which is in close
proximity to La India (See Figure 5). There is excellent potential
to bring high grade gold from Mestiza into a future mine plan,
feeding a centralised processing plant.
- Importantly, Mestiza hosts a relatively shallow, high-grade,
oxidised resource. This is currently viewed as a combined open
pit-underground mining target. The average drill depth is 112 m for
the 6,000 m resource conversion drilling programme. The existing
resource is open along strike in both directions and at depth. Its
shallow, high grade nature suggests it could be added early on to
the mine plan, enhancing the production profile and economics of
the project.
Figure 5 Location of 7 resources that comprise the La India
Project
https://www.juniorminingnetwork.com/images/news/August_2017/Condor_Gold_8-30-2017_5.jpg
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 Mr Peter Flindell, Member of the Australian
Institute of Geoscientists, Member of the Australasian Institute of
Mining and Metallurgy and Member of the Society of Economic
Geologists. Mr Flindell is a geologist with over thirty years of
experience in the exploration of precious metal mineral resources.
Mr Flindell is a non-executive director on the Board of Condor Gold
plc who also provides technical leadership to the technical team in
Nicaragua 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. Mr Flindell
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
|
Ag
|
Silver
|
Au
|
Gold
|
breccias
|
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.
|
C1
|
C1 reserves are
broadly equivalent to JORC indicated resources and have been
estimated by a sparse grid of trenches, drill holes or underground
workings. The quality and properties of the deposit are known
tentatively by analyses and by analogy with known deposits of the
same type. The general conditions for exploitation are partially
known
|
C2
|
C2 reserves are
broadly equivalent to JORC inferred resources and have been
extrapolated from limited data, probably only a single
hole
|
Chalcedony
|
A variety of quartz
formed by microscopic or submicroscopic crystals. In an epithermal
environment, chalcedony is formed in low temperature and pressure
conditions high in the system.
|
Colloform
banded
|
A texture found in
fine grained quartz (chalcedony) veins where crystals have grown in
a radiating and concentric manner form a vein centreline to give a
finely banded appearance
|
Comb
quartz
|
A quartz vein texture
describing masses of parallel long, thin crystals growing inwards
from the vein margins produce a texture like that of a
comb.
|
Drusy
quartz
|
A coating of fine
quartz crystals on a rock fracture surface, which may be an open
space in the vein.
|
Fiamme
|
Fragments of volcanic
ejecta, often pumice, that have been flattened by compaction to
form flame-like shapes
|
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.
|
Kt
|
Thousand
tonnes
|
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.
|
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
|
Phreatic
breccias
|
Fragmental rocks
formed near the Earth's surface by the interaction of hot rock and
cold water, or vice versa. Commonly occur at the top of mineralized
epithermal gold systems.
|
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
|
Soviet
Classification
|
The former Soviet
system for classification of reserves and resources, developed in
1960 and revised in 1981, which divides mineral concentrations into
seven categories of three major groups, based on the level of
exploration performed: explored reserves (A, B, C1), evaluated
reserves (C2) and prognostic resources (P1, P2, P3)
|
Soviet GKZ
|
The former Soviet
State Commission for Mineral Reserves.
|
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.
|
Welded
tuff
|
A fragmental volcanic
rock formed by sufficiently hot volcanic ejecta that the fragments
weld together
|
Zeolite
veinlets
|
Zeolites are hydrated
aluminosilicates found in gas bubbles within basalts and in
geothermal districts. They also found in the upper parts of
gold-bearing epithermal systems.
|
Condor Gold plc
7th Floor 39 St. James's Street London SW1A 1JD
Telephone +44-020-74932794 Fax: +44-020-74938633
For further information please visit www.condorgold.com or
contact:
Condor Gold plc
Mark Child,
Executive Chairman and CEO
+44(0)20-7493-2784
Beaumont Cornish Limited
Roland Cornish and 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 its wholly owned 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.
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.