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Condor Gold Plc
Summary
| Project: | La India | |
|---|---|---|
| Deposit: | La India | |
| Location: | Nicaragua | |
| Commodities: | Gold-Silver | |
| Date: | 1/28/2019 | |
| Report Code: | NI43-101 | |
| Report Type: | Resource Estimation | |
| Project Stage: | Mine Development | |
| Report details: | 28-1-2019: Condor Gold Plc announces a Resource Estimation report for its La India deposit at the La India project. Updated mineral resource estimate for project. Condor Gold (AIM: CNR; TSX: COG) is pleased to announce the results of an updated Mineral Re | |
| Resources: | (Resource): 9.850Mt @ 3.6g/t Au, 5.9g/t Ag (Ind) and 8.479Mt @ 4.3g/t Au, 8.2g/t Ag (Inf) | |
| CP/QP: | [Resources]: Ben Parsons (SRK Consulting (US) Inc.) | |
| ABSTRACT: | Condor Gold (AIM: CNR; TSX: COG) is pleased to announce the results of an updated Mineral Resource Estimate (the "MRE") on its 100% owned La India Project in Nicaragua. The MRE as at 25 January 2019 is 9.85 million tonnes ("M tonnes" or "Mt") at 3.6 g/t gold for 1,140,000 oz gold in the Indicated category and 8.48M tonnes at 4.3g/t gold for 1,179,000 oz gold in the Inferred category. The MRE was prepared by SRK Consulting (UK) Limited ("SRK") and uses the terminology, definitions and guidelines given in the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Standards on Mineral Resources and Mineral Reserves (May 2014). Mark Child, Chairman and Chief Executive Officer of Condor Gold, commented: "The Mineral Resource update on La India Project totals 9.85M tonnes at 3.6 g/t gold for 1,140,000 oz gold in the Indicated category and 8.48M tonnes at 4.3g/t gold for 1,179,000 oz gold in the Inferred category and is a timely reminder of the high grade nature of this gold deposit. The Mineral Resource update includes 8,222m drilling completed since the previous Mineral Resource update in September 2014. The higher level of confidence, the Indicated category of Mineral Resource, has increased by 57 Koz. Most importantly, the drilling has proved two new satellite open pit resources. Of note is the new open pit Mineral Resource on Mestiza of 92Kt at a grade of 12.1 g/t 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. The four satellite open pits outside the main, permitted La India open pit have combined open pit resources of 206Kt at 9.9g/t gold for 66,000 oz gold in the Indicated category and 2,127Kt at 3.23g/t gold for 221,000 oz gold in the Inferred category. The Company will conduct mining studies to determine the possibility of adding the contained gold within the satellite pits to a mine schedule to supplement the ore feed from the permitted La India open pit to the processing plant. This has the possibility to either increase annual production and/or extend the life of mine." | |
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