Condor Gold plc announced that a second drill rig had started a 4,000 metre infill diamond drilling programme at the ‘high-grade’ starter pits La India, Nicaragua.
The company said that the starter pits were designed pits containing 445Kt at 4.17g/t gold for 59,700 oz gold using a 2.0g/t gold cut-off.
The rig was mobilised for close-spaced work following the start of the drilling programme in early December 2020.
PROGRAMME AIMS
Condor Gold said the programme had three aims, the first of which was to tighten the drill hole spacing within the planned high-grade starter pits on the principal La India Vein.
The results will provide the sample density required to finalise pit designs and mine schedules ahead of production.
The second aim is designed to replace approximately 90% of the historical reverse circulation (RC) drill holes within the overall La India open-pit mineral resource. Results will improve the geological model and sample quality.
Thirdly, the diamond drilling is targeting near-by inferred mineral resources potentially to upgrade the target to an indicated mineral resource, and its then potential inclusion in the mine.
The infill drilling might then upgrade the indicated mineral resource to the measured mineral resource category.
Drilling will focus on shallow (around 35m depth), high-grade starter pits within the main La India open pit and final drilling will make the starter pits ‘shovel ready’ ahead of production.
Condor Gold, which owns 100% of the fully permitted La India, has to date completed six drill holes and is awaiting assay results.
The company added that following the infill drilling programme on La India starter pits the two drill rigs would relocate to the permitted high grade Mestiza open pit to conduct an infill drilling programme.
Chairman and chief executive Mark Child said that the arrival of the second drill rig would accelerate the infill drilling programme at La India.
“As Condor progresses towards production it has been decided to initiate mine production with high grade starter pits within the permitted main La India open pit and the permitted high grade Mestiza open pit.
“La India open pit hosts a probable mineral reserve of 6.9 million tonnes (Mt) at 3.01 g/t gold for 675,000 oz gold with all-in-sustaining-cash costs of $690 per oz gold.
“The drill programme within the La India starter pits will close up the sample density to 25 metre by 25 metre spacing and is the final drilling ahead of extraction.
“Mining the higher grade will bring forward cashflow, shorten the payback period and enhance project economics.”
LA INDIA
La India project comprises 9.85 million tonnes (Mt) at 3.6 g/t gold for 1,140,000 oz gold in the indicated category, and 8.48Mt at 4.3g/t gold for 1,179,000 oz gold in the inferred category.
The mineral resource estimate on the Mestiza open pit is 92Kt at a grade of 12.1 g/t gold for 36,000 oz contained gold in the indicated category, and 341Kt at a grade of 7.7 g/t gold for 85,000 oz contained gold in the inferred category.