Condor Gold provides La India MRE update

The MRE was prepared by SRK Consulting (US) Inc. and uses the terminology, definitions and guidelines given in the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Standards on Mineral Resources and Mineral Reserves (May 2014) and The CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines (MRMR Best Practice Guidelines, November 2019).

Highlights

• Updated MRE of 9 672 000 t at 3.5 g/t Au for 1 088 000 oz Au in the indicated mineral resource category and 8 642 000 t at 4.3 g/t Au for 1 190 000 oz Au in the inferred mineral resource category.
• The opencast MRE is 8 693 000 t at 3.2 g/t Au for 893 000 oz Au in the indicated mineral resource category and 3 026 000 t at 3 g/t Au for 291 000 oz Au in the inferred mineral resource category.
• Total underground MRE is 979 000 t at 6.2 g/t Au for 194 000 oz Au in the indicated mineral resource category and 5 615 000 t at 5 g/t Au for 898 000 oz Au in the inferred mineral resource category.
• A feasibility study is being conducted on La India vein set opencast (La India Open Pit), which has a MRE of 8 487 000 t at 3 g/t Au in for 827 000 oz Au in the indicated mineral resource category and 893 000 t at 2.4 g/t Au for 69 000 oz Au in the inferred mineral resource category. There is a small silver content of 1 803 000 oz.
• The Cacao mineral resource has increased 69% to 1 164 000 t at 2.5 g/t Au for 101 000 oz Au in the inferred mineral resource category. The deposit remains ‘open’ on strike and at depth.
• Updated geological interpretations and integrated litho-structural, weathering and mineralisation models are integrated in the MRE and reflect the higher degree of detail that is warranted for a feasibility level of study on La India Open Pit. This is supported by closer-spaced diamond drilling within the upper portion of the main La India pit, along with additional detailed deposit-scale surface mapping.

Mark Child, Chairman and CEO, commented: “Condor has produced a much more robust and conservative MRE for the entire La India Project, which comprises six separate deposits, all of which have potential to be expanded. The focus has been of 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 g/t Au from 0.5 g/t Au. The updated mineral resource includes the latest operating costs and bulk density measurements. I am pleased the drilling on the Cacao deposit increased the MRE in the inferred mineral resource category by 69% to 101 000 oz Au at 2.5 g/t Au, the interpretation is that drilling has clipped the top of a fully preserved epithermal vein system with a strike length of at least 1 km.

“The updated MRE is 9 672 000 t at 3.5 g/t Au for 1 088 000 oz Au in the indicated mineral resource category and 8 642 000 t at 4.3 g/t Au for 1 190 000 oz Au in the inferred mineral resource category. A feasibility study is being conducted on La India Open Pit which has a MRE of 8 487 000 t at 3 g/t Au in for 827 000 oz Au in the indicated mineral resource category and 893 000 t at 2.4 g/t Au for 69 000 oz Au in the inferred mineral resource category. There is an additional 289 000 oz Au classified as opencast 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 1 million oz Au, to the mine plan once in production.”

Read the article online at: https://www.globalminingreview.com/exploration-development/23082022/condor-gold-provides-la-india-mre-update/