Condor Gold: New Resource Targets From Regional Exploration
Edison | Apr 06, 2014 02:42AM ET
New resource targets from regional exploration
The airborne geophysics programme of the La India district has improved understanding of the structural controls and identified eight new targets outside existing La India resource areas. Rock chip samples have returned positive values and trenching on five new targets is now underway.
A district-scale gold mineralisation geological model resulting from the airborne geophysics programme has provided a better understanding of structural controls and confirms substantial further resource potential. Rock chip sampling from eight new targets included 22 assays grading over 10g/t with the Dos Hermanos Vein, interpreted as a backbone structure, returning assays of up to 67.7g/t. A follow-up 1,400m trenching programme on five of the new target areas is underway.
The highly experienced mining engineer Dave Crawford has been appointed as COO to guide the current La India resource, 18.4Mt @ 3.9g/t (2.33Moz), through the feasibility process, with a pre-feasibility study (PFS) targeted for mid-2014. This open-pit resource of 11.6Mt @ 3.1g/t (1.14Moz) with a sensitivity study, using a 3g/t cut-off, indicates an open pit of 2.7Mt @ 6.3g/t (0.55Moz), which should be commercial at lower gold prices.
This is excellent news for Condor Gold Plc (CNDR.LSE), with increased potential for substantial additional resources in the entire La India project area and the possibility that PFS options could include an initial production profile with low costs and a short lead time.
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