19th Aug 2021 13:38
(Alliance News) - Condor Gold PLC on Thursday said its six-month 3,370 metre drilling programme in Nicaragua was successful in tightening drilling space and upgrading gold potential.
The Surrey-based gold miner ran the programme between December and June at its La India, Nicaragua site, which holds starter pit infill and reserve circulation-replacement drill holes.
The drilling returned "grades and widths of the principal gold mineralised structures in-line with expectations", Condor said.
Drill hole space in the La India open pit is now 25 metres by 25 metres.
It also replaced all historical reserve circulation drill holes within the open pit, which the miner says "will improve the integrity of the geological model and sample quality" of its gold.
By using a 2.0 grams per tonne cut-off grade, the starter pits drilled contain 445 carat for 59,700 ounces of gold, with a 6.8-to-2 strip ratio. The starter pits represent less than 10% of the full permitted La India open pit.
Shares were down 4.6% at 42.00 pence in London on Thursday in afternoon trading.
By Josie O'Brien; [email protected]
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