UK-based AIM and TSX-listed exploration company Condor Gold has reported its audited results for the year ended 31 December 2017.
Highlights
- £ 5.24 million raised by way of a private placement of new ordinary shares.
- Approximately 2000 m drilling on 3 scout targets completed on Real de la Cruz, Tatescame and Andrea.
- 5922 m drill campaign completed at Mestiza. The objective of the drill campaign at Mestiza is to convert an historic Soviet-era resource to NI 43-101 standard.
- The highlight of the drill results on Mestiza is a high-grade ore shoot in the Tatiana vein. This has a strike length of 450 m and an estimated average true width of 2.2 m. The shoot can be extrapolated approximately 200 m below surface; LIDC 344, which has a drill width 3.30 m at 28.3 g/t gold, is 60 m vertically beneath surface. LIDC 358, drill width of 3.55 m at 23.3 g/t gold, is approximately 100 m vertically below LIDC 344.
- Soil geochemistry survey completed in August 2017 over the entire 313 km² of La India Project, included several high-grade rock chip samples of over 10 g/t gold, highlighting several new exploration targets.
- Regional structural geological model updated highlighting two major basement feeder zones, La India Corridor and the Andrea Corridor, together with a linking structure in the South.
- Significant progress made by the social team on gaining a social licence to operate.
- Secondary trading on the OTCQX Best Market in the US commenced in April 2017.
- Conditional approval received to dual-list the company’s shares on the Toronto Stock Exchange.
2018 highlights to date
- Shares of the company were dual-listed on the Toronto Stock Exchange on 15 January 2018.
- Roger Davey retired from the Board after 6 years and was replaced by Andrew Cheatle, a Canadian mining industry professional.
- La India Open pit was redesigned to avoid resettlement and a corresponding amendment to the Environmental and Social Impact Assessment, which forms a key part of the application for the Environmental Permit, was submitted to the Ministry of the Environment and Natural Resources.
- Redesigned open pit is not expected to materially alter a prefeasibility study open pit gold mineral reserve in the Probable category of 6.9 million t at 3.0 g/t gold for 675 000 oz gold, producing 80 000 oz gold per annum for seven years.