(Alliance News) - Condor Gold PLC on Friday said has made significant progress during the first quarter of 2021, advancing and de-risking the La India project in Nicaragua to a "shovel ready" status ahead of construction.
The Surrey, England-based gold exploration and development company said a second diamond drill rig for the on-going 3,300 metre infill drilling campaign at La India starter pits was mobilisation in January.
In February, the company commenced drilling of a 5,000 metre exploration program on the Cacao prospect. The Cacao vein is one of the thickest in the district, comparable to the main La India vein, but mineral textures are identical to La India, Condor Gold said.
The primary objective of the drilling programme was to provide 25 metres spaced drill sampling within the two shallow, high-grade starter pits within the main La India open pit mineral reserve.
The company said that due to an increase in administrative expenses to GBP512,518 in the three months to the end of March from GBP386,314 a year ago, it swung to loss of GBP512,518 from GBP92,477 profit a year ago. Results for the first quarter of 2020 also include GBP477,616 gain on disposal of projects.
Condor Gold shares were trading 0.8% higher in London on Friday morning at 49.40 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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Condor Gold (CNR)