High grades confirmed at Mestiza, says Condor Gold
Source - SMW
Condor Gold said drilling results have confirmed high grade gold mineralisation at the Mestiza vein set at the La India project in Nicaragua.
Condor said a drill programme of 5,922 metres was completed in August with the initial focus on the Tatiana vein, one of the four constituent veins at Mestiza, along with the nearby Buenos Aires and Jícaro veins.
It said the objective was to convert the upper part of a historic Soviet mineral resource (2,392,000 tonnes at 10.2 grams per tonne gold for 785,694 ounces of gold) to Canadian NI 43-101 standard however this had now also developed into allowing Condor to better understand the extent of the mineralisation and further resource potential at Mestiza, which is open along strike beyond the Soviet resource.
- 5,922 metres completed, with drilling restricted to the top 200 metres (below ground surface), which demonstrates excellent continuity of the structures, high-grade ore from surface, and open pit potential
- A high-grade oreshoot ('Big Bend') on the Tatiana vein is defined over a strike length of 450 metres and depth of 200 metres. It has mineralised true widths up to 4.6 metres (averaging 2.2 metres over the main mineralised section), in addition to a hanging wall vein up to 6.1 metres true width (averaging 1.0 metre)
- Best results received from the final six drill holes (totalling 850 metres) include:
* LIDC378 drill width 0.50 metres (true width 0.4 metres) at 17.4 g/t gold and 3.0 g/t silver from 77.30 metres downhole depth.
* LIDC383 drill width 1.40 metres (true width 1.1 metres) at 18.50 g/t gold and 22.1 g/t silver from 19.60 metre.
* Mapping and trenching continues on the extensions along strike of the constituent veins on Mestiza
Chairman and chief executive Mark Child said: 'The final six drill holes of a 43 drill hole programme, totalling about 6,000 metres, at Mestiza demonstrate high grade gold mineralisation from surface to a depth of up to 200 m beneath surface.
'The discovery of a high-grade oreshoot ("Big Bend") on the Tatiana vein, which has a strike length of 450 metres, an estimated average true width of 2.2 metres and a depth of at least 200 metres, is material to the Project.
'Additionally, there is potential for a small open pit on the Tatiana vein that can add high grade gold to the mine plan, reduce the payback period and enhance the project economics.
'On one section line in Big Bend, LIDC383 intersects the vein 20 metres beneath surface and has a drill width of 1.40 metres at 18.50 g/t gold.
'From previously reported drilling on the same section: LIDC 344 (80 metres beneath surface) has a drill width of 3.30 metres at 28.3 g/t gold; LIDC 358 (160 metres beneath surface) has a drill width of 3.55 metres at 23.3 g/t gold.
'Finally, as Condor has only drilled to a depth of up to 200 metres beneath surface, there is further potential in the lower half of the historic Russian resource, which was up to a depth of approximately 500 metres and remains untested.'
At 9:44am: (LON:CNR) Condor Gold PLC share price was 0p at 41p