LONDON, September 21, 2017 /PRNewswire/ --
Highlights
Condor Gold PLC ("Condor Gold", "Condor", the "Group" or the
"Company"), an AIM-listed gold exploration company, presents its
unaudited interim financial report for the six month period to
30 June 2017.
Condor completed a Pre-Feasibility Study ("PFS") and two
Preliminary Economic Assessments ("PEAs") on La India Project in
Nicaragua in December 2014. Whittle Consulting Limited
produced a mining optimisation study in January 2016, which produced an average NPV
US$196 million and average IRR 30%
across four production scenarios. Production ranges from 101,000oz
gold per annum from a single open pit to 165,000oz gold per annum
once feeder pits and underground production is included. Condor has
applied to permit a base case, which has a processing plant of
2,800 tonnes per day capable of producing 100,000oz gold per annum
for the first five years of production from a single open pit.
Condor's drilling programme in the first half of 2017 was aimed at
expanding the current mineral resource of 18Mt at 4.0g/t gold for
2.31Moz gold and proving a major Gold District.
Highlights to 30 June
2017
- £5.242 M raised by way of a private placement of new ordinary
shares.
- 7,291 m drilling completed on the Mestiza vein set and scout
drilling prospects.
- High grade ore shoot on the Tatiana vein identified for a
strike length 300 m, depth of 200 m and average width of 2.2
m.
- LIDC348 drill width 3.6 m (true width 2.3 m) at 23.3 g/t gold
and 66.6 g/t silver from 160.5 m depth.
- LIDC348 is 100 m vertically down dip of LIDC344 drill width 3.3
m at 28.3 g/t gold and demonstrates a high grade ore shoot which
extends to 200 m below surface.
- LIDC360 drill width 3.1 m (true width 2.7 m) at 14.4 g/t gold
and 29.2 g/t silver from 40.3 m depth.
- Soil geochemistry survey completed over entire 313 km² La India
Project area identifying two major basement feeder zones in a
structurally complete geological setting.
- Condor's shares commenced trading on the OTCQX Market in
the United States.
Post Period Highlights
- 5,922 m drill programme completed on Mestiza, with drilling
restricted to the top 200 m (below ground surface).
- A high-grade ore shoot on the Tatiana vein is defined over a
strike length of 450 m. It has mineralised true widths up to 4.6 m
(averaging 2.2 m over the main mineralised section).
- LIDC365 drill width 3.60 m (true width 3.12 m) at 13.7 g/t gold
and 13.9 g/t silver from 142.6 m downhole depth.
Mark Child, Chairman and Chief
Executive of Condor Gold, commented:
"It is a pleasure to report these results and the strong
progress that the Company has made at its La India Project. During
the first half of the year, Condor has focussed on proving a major
Gold District whilst continuing the permitting process for the
100,000 oz processing plant at the La India Project.
"We have completed a soil geochemistry programme, covering the
entire La India Project area, which has identified two major
mineralised basement feeder zones and generated several new drill
targets.
"A significant drilling programme of approximately 6,000 m has
also been undertaken at Mestiza, and current mapping has identified
a larger vein system than previously thought. Whilst this is
excluded from the PFS and PEAs, a successful resource conversion of
the Soviet style resource of 2,392 kt at 10.2 g/t gold for 785,694
oz gold has the potential to add large, high grade, and relatively
shallow resources to a future mine plan, thereby increasing the
annual gold production, life of mine, and project economics.
"In addition, a high grade ore shoot with an estimated grade of
10 g/t gold, strike length of 450 m and depth of 200 m has been
identified on the Tatiana vein, one of the highlights of the drill
results so far.
"In the coming months the Company will carry out further
exploration work in order to prove a major Gold District, and I
look forward to updating shareholders on the progress of this, and
the permitting process, in due course."
A copy of the Company's unaudited Interim Report for the six
months ended 30June 2017. Click on, or paste
the following link into your web browser, to view the associated
PDF document.
http://www.condorgold.com/investors/company-reports
For further information please visit http://www.condorgold.com
or contact:
Condor Gold plc
Mark Child,
Executive Chairman and CEO
+44(0)20-7493-2784
Beaumont Cornish Limited
Roland Cornish and James Biddle
+44(0)20-7628-3396
Numis Securities Limited
John Prior and James Black
+44(0)20-7260-1000
Blythewigh
Tim Blythe and Camilla Horsfall
+44 (0) 02 7138 3204