Condor Gold Update on La Mestiza Open Pit in Nicaragua
Condor Gold has commenced an 8500 meter infill diamond drilling programme within the permitted La Mestiza Open Pit mineral resource at La India Project, Nicaragua. Two diamond core drill rigs are currently operating on Mestiza and have drilled approximately 600 m to date. The programme is anticipated to take a further 4 months to complete. Condor has also provided updated preliminary mine schedules on La Mestiza Open Pits conducted by SRK Consulting (USA) Inc, based on the existing mineral resource and in support of the 8500 m drilling programme.
Existing La Mesitza Open Pit mineral resource hosts 433 000 t at 8.6 g/t gold for 120 000 oz gold (92 000 t at 12.1 g/t gold for 36 000 oz gold in the indicated category and 341 000 t at 7.7 g/t gold for 85 000 oz gold in the inferred category)
8500 m infill drilling programme has commenced on the high-grade La Mestiza Open Pit aimed at upgrading mineral resources to Indicated category such that it forms a basis for inclusion into future pre-feasibility or feasibility studies
The Mestiza Vein Set is open down dip and along strike and has the potential for a material increase with additional drilling
Preliminary mine schedules indicate the potential to deliver 499 000 t of high grade material to the processing plant at a diluted head grade of 5.37 g/t gold, with the potential to produce 86 000 oz gold
Condor Gold Chairman and CEO Mr Mark Child said “Following the purchase of a new SAG mill package in April 2021, Condor engaged SRK Consulting (USA) Inc to produce strategic mine schedules on the high-grade fully permitted La Mesitza Open Pit mineral resource, which hosts 433 000 t at 8.6g/t gold for 120 000 oz gold (92 000 t at 12.1 g/t gold for 36 000 oz gold in the indicated category and 341 000 t at 7.7 g/t gold for 85 000 oz gold in the in the inferred category). The schedules developed indicate a potential feed to the processing plant estimated at 499 000 t, at a diluted head grade of 5.37 g/t gold with potential to produce 86 000 oz gold. The aim of the 8500 m infill drilling programme in La Mestiza Open Pit is to convert a significant proportion of the inferred mineral resource to an indicated mineral resource for inclusion in future pre-feasibility study or feasibility studies, enhance the geological confidence, de-risk future mine plans and attract project financing.”