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LONDON (Alliance News) - Condor Gold PLC Monday said the first phase of soil sampling has been completed at the La India project in Mexico, which has enhanced the company's model and identified several gold exploration targets.
The soil sampling was conducted over a 55 kilometre squared area and the soil samples were collected on a 200 metre by 50 metre grid spacing, which was narrowed to 100 metres by 50 metres in "areas of interest", it said.
"The results have enhanced the district-scale geological and epithermal gold mineralisation model and have identified several target zones within linear features for further exploration for hidden deep-seated gold deposits," said Condor.
The soil sampling programme is part of Condor's strategy of demonstrating the significant exploration upside of its 2.4 million ounce gold reserve and resource at 4.0 grammes of gold per tonne at the La India project.
Condor has commissioned an expert structural geologist to compile a detailed structural model aimed at producing additional exploration targets. A summary of the report will be released in the near future, it said.
Condor has now extended the soil sampling programme using a broader 400 metre by 100 metre spacing.
The soil results will be integrated with other data and a review of the district-wide structural model and further exploration will be planned based on those structures that exhibit the potential to hold gold mineralisation and a geochemical signature indicative of deep-seated gold mineralisation.
The next phase of drilling is planned for the Real de La Cruz Concession.
Condor shares were up 3.7% to 56.00 pence per share on Monday morning.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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