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(Sharecast News) - Condor Gold announced the results of an updated mineral resource estimate on its wholly-owned La India Project in Nicaragua on Wednesday.
The AIM-traded firm said the updated estimate was 9,672 kilotonnes at 3.5 grams of gold per tonne, for 1,087,000 ounces of gold in the indicated category, and 8,642 kilotonnes at 4.3 grams per tonne, for 1,189,000 ounces of gold in the inferred category.
It said the open pit mineral resource estimate was 8,693 kilotonnes at 3.2 grams of gold per tonne for 893,000 ounces of indicated gold, and 3,026 kilotonnes at three grams per tonne for 291,000 ounces of inferred gold.
Total underground mineral resource estimates showed 979 kilotonnes at 6.2 grams of gold per tonne for 194,000 ounces of indicated gold, and 5,615 kilotonnes at five grams per tonne for 898,000 ounces of inferred gold.
A feasibility study was being conducted on La India vein set open pit, meanwhile, which had a mineral resource estimate of 8,487 kilotonnes at three grams of gold per tonne in for 827,000 ounces of indicated gold, and 893 kilotonnes at 2.4 grams per tonne for 69,000 ounces of inferred gold, and a "small" silver content of 1,803,000 ounces.
The Cacao mineral resource, meanwhile, had increased 69% to 1,164 kilotonnes at 2.5 grams of gold per tonne for 101,000 ounces of inferred gold, with the deposit remaining "open" on strike and at depth.
Updated geological interpretations and integrated litho-structural, weathering and mineralisation models were integrated in the mineral resource estimate, and reflected the higher degree of detail that was warranted for a feasibility level of study on La India open pit.
The company said that was supported by closer-spaced diamond drilling within the upper portion of the main La India pit, along with additional detailed deposit-scale surface mapping.
"Condor has produced a much more robust and conversative mineral resource estimate for the entire La India Project, which comprises six separate deposits all of which have potential to be expanded," said chairman and chief executive officer Mark Child.
"The focus has been on strengthening the confidence of the geological model ahead of a forthcoming feasibility study on La India open pit.
"The update on La India open pit includes assay results from infill drilling, a new lithological, structural and weathering model, a new depletion model for historic and artisanal mining and an increase in the cut-off grade to 0.65 grams of gold per tonne from 0.5 grams per tonne."
Child said the updated mineral resource included the latest operating costs and bulk density measurements.
"I am pleased the drilling on the Cacao deposit increased the mineral resource estimate in the inferred mineral resource category by 69% - the interpretation is that drilling has clipped the top of a fully preserved epithermal vein system with a strike length of at least one kilometres.
"There is an additional 289,000 ounces of gold classified as open pit material outside the main La India open pit, some in permitted pits, which will be targeted for additional early mill feed.
"The plan is to add the substantial underground mineral resource, currently in excess of one million ounces of gold, to the mine plan once in production."
At 1414 BST, shares in Condor Gold were up 2.55% at 24.1p.
Reporting by Josh White at Sharecast.com.
