Condor Gold provides drilling update

The 4000 m infill drilling programme started in early December 2020 (see RNS dated 7 December 2020). The programme’s objectives are three-fold; firstly, to tighten the drill hole spacing within the planned high-grade starter pits on the principal La India Vein. The results of this drilling will provide the sample density required to finalise pit designs and mine schedules ahead of production. Secondly, the diamond drilling programme is designed to replace approximately 90% of the historical reverse circulation (RC) drill holes within the overall La India opencast mineral resource, the results of which will improve the geological model and sample quality. Thirdly, the diamond drilling is targeting near-by inferred mineral resources to potentially upgrade the target to an indicated mineral resource, and its then potential inclusion in the mine plan, furthermore the infill drilling may upgrade the indicated mineral resource to the measured mineral resource category.

Highlights

• Second drill rig mobilised on 4000 m infill drilling programme within permitted La India opencast.
• Drilling focused on shallow (to around 35 m depth) high-grade starter pits within the main La India opencast.
• Final drilling to make the starter pits ‘shovel ready’ ahead of production.
• Six drill holes completed to date. Assay results are pending.
• Second drill rig to accelerate the drill programme.
• Starter pits are designed pits containing 445 000 t at 4.17 g/t gold for 59 700 oz gold using a 2 g/t gold cut-off.
• Aim to convert a small near-by tonnage in the inferred mineral resource category to the higher confidence indicated mineral resource category, and its potential inclusion in the mine plan.
• Aim to convert some of the indicated mineral resource to the higher confidence measured mineral resource category.
• Replacement of historical RC drilling within the main La India opencast with diamond core drilling to enhance sample quality and the database ahead of extraction and assist with mine scheduling.

Mark Child, Chairman and CEO, commented: “In early December 2020, Condor initiated a 4000 m infill drilling programme within the La India starter pits, which are within the main, permitted La India opencast mine. Six drill holes have been completed to date, assay results are pending. The arrival of a second drill rig will accelerate the infill drilling programme. As Condor progresses towards production it has been decided to initiate mine production with high grade starter pits within the permitted main La India opencast mine and the permitted high grade Mestiza open pit. La India open pit hosts a probable mineral reserve of 6.9 million y at 3.01 g/t gold for 675 000 oz gold with all-in-sustaining-cash costs of US$690/oz gold. The La India starter pits are designed pits; the estimated mill feed is 445 000 t at 4.17 g/t gold for 59 700 oz gold using a 2 g/t cut-off. The starter pits have a maximum depth of 35 m and have a relatively low strip ratio. The drill program within the La India starter pits will close-up the sample density to 25 m by 25 m spacing and is the final drilling ahead of extraction. Mining the higher grade will bring forward cashflow, shorten the payback period and enhance project economics.”

Read the article online at: https://www.globalminingreview.com/mining/19012021/condor-gold-provides-drilling-update/