Condor Gold plc reported a more detailed and conservative mineral resource estimate (MRE) for its 100% owned La India project in Nicaragua.
MRE
The revised MRE is 9,672 kt at 3.5g/t gold for 1,087,000 oz gold in the indicated category, and 8,642 kt at 4.3 g/t gold for 1,189,000 oz gold in the inferred category.
The company added that the figures represented a reduction of 4.7% in the indicated and 0.9% in the inferred mineral resources compared with the previous MRE.
Condor said that the reduction was due to a number of factors including refinements in the geological interpretation; slightly lower density values in some zones of La India deposit; an updated depletion model to reflect artisanal mining, and a higher cut-off grade.
The open pit MRE is 8,693 kt at 3.2 g/t gold for 893,000 oz gold (indicated) and 3,026 kt at 3.0 g/t gold for 291,000 oz gold (inferred).
Total underground MRE is 979 kt at 6.2 g/t gold for 194,000 oz gold (indicated) and 5,615 kt at 5.0 g/t gold for 898,000 oz gold (inferred).
A feasibility study is currently underway on La India vein set open pit, which has an MRE of 8,487 kt at 3.0g/t gold in for 827,000 oz gold (indicated) and 893 Kt at 2.4 g/t gold for 69,000 oz gold (inferred).
There is also a small silver content of 1,803,000 oz.
CACAO
The Cacao mineral resource has increased 69% to 1,164 kt at 2.5g/t gold for 101,000 oz gold in the inferred mineral resource category.
The company interpreted drilling had clipped the top of a fully preserved epithermal vein system with a strike length of at least 1km.
The deposit remains open on strike and at depth.
POTENTIAL
“Condor has produced a much more robust and conservative mineral resource estimate for the entire La India project, which comprises six separate deposits all of which have potential to be expanded,” added chairman and chief executive Mark Child.
“The focus has been of strengthening the confidence of the geological model ahead of a forthcoming feasibility study on La India open pit.”