LONDON (Alliance News) - Condor Gold PLC said Monday an updated mineral resources update at its La India project in Nicaragua showed the possibility of increased annual production and an extension to the life of the mine.
The gold explorer and developer said the total indicated mineral resource at the project is now 9.9 million tonnes at a grade of 3.6 grammes gold per tonne, giving total contained ounces of 1.1 million.
The project has total inferred mineral resources of 8.5 million tonnes at a grade of 4.3 grammes per tonne, giving total contained ounces of 1.2 million.
Chair & Chief Executive Officer Mark Child said it is a "timely reminder of the high grade nature" of the gold deposit.
The update also proved two new satellite open pit resources. Included is the Mestiza pit showing indicated mineral resources of 92,000 tonnes at a grade of 12.1 grammes per tonne gold, with 36,000 ounces of contained gold and inferred resources of 341,000 tonnes at a grade of 7.7 grammes per tonne gold.
Child said: "The company will conduct mining studies to determine the possibility of adding the contained gold within the satellite pits to a mine schedule to supplement the ore feed from the permitted La India open pit to the processing plant. This has the possibility to either increase annual production and/or extend the life of mine."
Shares in Condor Gold were up 3.3% Monday at 26.35 pence each.
Condor Gold (CNR)