1st Jul 2016 09:06
LONDON (Alliance News) - Condor Gold PLC shares rose on Friday after it said it is planning to conduct follow up trenching at the La India project in Nicaragua after finding a high grade rock chip in an area that lies a material distance away from other known resources in the area.
Condor shares were trading up 9.8% to 66.95 pence per share.
The exploratory miner conducted a geological study that identified 33 exploration targets at the project and the soil survey discovered another 13 targets. The initial success came from the idetification of a 12.5 kilometre corridor containing mineralisation.
That mineralised corridor lies 9.0 kilometres to the north of the main open pit resource at La India and has a high grade rock chip of 53.9 grammes of gold per tonne of ore.
Condor then expanded the soil survey to cover the remaining 242.0 kilometres squared that had not been surveyed in the hope of finding further prospects and demonstrate the potential for the entire district to host gold.
Chief Executive Mark Child said the discovery of the high grade rock chip was made at the northern end of the corridor, which lies 6.0 kilometres away from the nearest known gold resource in the area, suggesting the miner has either found a previously undiscovered mineralised area or an existing one that would therefore likely be of a considerable size.
Child said the high grade rock chip discovery was "highly encouraging", and said follow up trenching is being planned, which involves creating a long, narrow excavation by digging or through blasting rock to expose veins or ore structures.
By Joshua Warner; [email protected]; @JoshAlliance
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