Condor Gold Share News (CNR)

(Sharecast News) - Condor Gold announced on Thursday that infill drilling on the La India starter pits had been completed, with all assay results received for the Northern starter pit.
The AIM-traded firm said the two planned high-grade starter pits of up to 35 metres in depth had now been drill tested at spacing of 25 metres by 25 metres.

A total of 44 diamond core drill holes for 2,290 metres was drilled within and immediately adjacent to the starter pits, infilling between the pre-existing diamond core drill holes and also replacing eight reverse circulation drill holes with the higher-quality diamond core.

Two drilling rigs were currently re-drilling the remaining 1,142 metres of reverse circulation drill samples that fell outside of the starter pits, but within the main La India mineral resource open pit shell with diamond drill core, with around 600 metres still to be drilled.

Assay results had been returned for 29 of the drill holes, providing what the board described as a "complete dataset" for the Northern starter pit and the first six drill holes in the Southern starter pit.

The drilling results received to date supported, and added "considerable confidence" to, the geological model used in the mineral resource and mineral reserve estimates and mine plan.

Condor said the drilling highlights included 22.05 metres at 6.48 grams of gold per tonne from 24.75 metres depth, including 15.35 metres at 8.68 grams per tonne from 24.75 metres at hole LIDC413.

It also highlighted 16 metres at 5.3 grams of gold per tonne from 18.35 metres, including 5.9 metres at 12.35 grams per tonne from 22.1 metres on hole LIDC416, and 19.4 metres at 2.8 grams of gold per tonne from 28.45 metres, including 8.2 metres at 4.9 grams per tonne on hole LIDC433.

"A drill intersect in LIDC413 of 22.05 metres at 6.48 grams of gold per tonne, including 15 metres true width at 8.68 grams per tonne from 24.75 metres depth in a starter pit is exceptional in terms of width and grade near surface," said chairman and chief executive officer Mark Child.

"The drill intercept in LIDC416 of 16 metres at 5.3 grams per tonne from 18.35 metres depth including 5.8 metres true width at 12.35 grams per tonne is also very impressive.

"Both drill results add considerable confidence to the geological model, the mineral resource and mineral reserve calculations and the mine plan."

Child described the starter pits as shallow, within 35 metres of the surface and containing 455,000 tonnes at 4.17 grams of gold per tonne for 59,674 ounces of gold, using a cut-off grade of two grams per tonne.

"The intention is to mine them early to quicken the payback period and enhance the project's economics.

"The starter pits sit within the main fully permitted La India open pit, which has a mineral reserve estimate of 6.9 million tonnes at 3.1 grams of gold per tonne for 675,000 ounces of gold."

At 1520 BST, shares in Condor Gold were up 1.38% at 46.63p.