La India Starter Pits Drill Holes Results
SURREY, UK - Condor Gold reported results from a further twelve diamond core drill holes located between and along strike of the planned high-grade La India Starter Pits, which sit within the fully permitted La India Open Pit Mineral Reserve Estimate of 6.9Mt at 3.1 g/t gold for 675,000 oz gold. The Company is encouraged by higher than expected grades in three of the drill holes, particularly as two high grade, wide intercepts are between the two starter pits in an area previously interpreted as having lower grade gold mineralization. These results will be incorporated into a revised feasibility-level mine plan and are expected to have a positive impact on the Project's economics.
Highlights of New Drill Assay Results: 60.60 m (54.5 m true width) at 1.98 g/t gold from 4.15 m drill depth, including 5.75 m (5.2 m true width) at 16.88 g/t gold from 42.55 m drill depth in drill hole LIDC452 located between the two proposed starter pits; The wide zone of gold mineralization near surface has the potential to reduce the strip ratio in this area due to the increase in gold mineralized tonnage verse waste rock, thus improving Project economics; 3.75 m (3.4 m true width) at 9.94 g/t gold from the hanging wall of the historic mine workings in drill hole LIDC454 located between the two starter pits; Potential to amalgamate the two Starter Pits into a single, larger Starter Pit as a broad zone of high grade gold mineralization was previously interpreted as a low grade zone with the main La India open pit; and 9.00 m (8.5 m true width) amalgamated width at 4.98 g/t gold from 55.05 m drill depth in the hangingwall and footwall of the historic mine workings, including 5.35 m (5.0 m true width) at 6.61 g/t in the hangingwall of drill hole LIDC456. This drill intercept is located to the south and below the Southern Starter Pit.
Mark Child, Chairman and CEO, said, “The high grade, wide, drill assay results between the two La India Starter Pits are a positive surprise as this area was previously interpreted as a lower grade zone within the main fully permitted La India open pit. LIDC452 returned 60.60 m (54.5 m true width) at 1.98 g/t gold from 4.15 m drill depth, including 5.75 m (5.2 m true width) at 16.88 g/t gold. Mine schedules will be re-run to determine whether the two Starter Pits can be amalgamated into one Starter Pit and thus provide additional high grade mill feed from surface. Furthermore, the broad zone of mineralization is likely to reduce the overall strip ratio for the main La India open pit, as there is more mineralized gold tonnage verses waste rock, thus potentially improving the
The drill results strengthen the case for expanding the Starter Pits, which are within 35 m of the surface and contain approximately 455Kt at 4.17g/t gold for 59,674 oz gold using a 2.00g/t cut off grade. The intention is to mine the Starter Pits early to quicken the payback period. The Starter Pits sit within the main fully permitted La India open pit, which has a Mineral Reserve Estimate of 6.9Mt at 3.1 g/t gold for 675,000 oz gold.”