11th Dec 2007 07:01
Condor Resources PLC11 December 2007 11th December 2007 Condor Resources plc (''Condor'' or ''the Company'') Trenching Results from El Gigante Prospect, El Salvador Condor Resources Plc (AIM: CNR) announces that the initial trenching resultsfrom the Company's El Gigante prospect in El Salvador are positive, showingencouraging gold and silver grades. Highlights: €10 metres at 1.43g/t gold, 24.4g/t silver €6 metres at 1.38g/t gold, 183.0g/t silver €20 metres at 1.55g/t gold, 26.7g/t silver €31 metres at 1.67g/t gold, 43.0g/t silver including 1 metre at 9.93g/t gold, 207.0g/t silver •Gold mineralization complimenting previous drilling results received by Intrepid Minerals Corp. of Canada of 9.65 metres at 4.00g/t gold and 213.0g/ t silver (EG06-04) and 3.35 metres at 15.61g/t gold, 1393.0g/t silver (EG01-04) has now been exposed over a 600 metre strike length over the main vein systems. •Geological indicators from ongoing trenching show mineralization defined over a total strike length of approximately 1,200 metres and open in all directions. •Further trench results are pending. El Gigante Licence, El Gigante Prospect El Gigante forms part of the El Pescadito Project. Condor's primary target isthe historic El Gigante epithermal gold and silver mine which was exploited byunderground methods during the 1930's to 1950's and is estimated to haveproduced a minimum 30,000 ounces of gold at a head grade of better than 5g/tgold. The historic workings cover approximately 500 metres of strike length ofthe vein system, down to a depth of 80 metres below surface. Initial results have been received from 29 of the 36 trenches of the first phaseof trenching at the Gigante Prospect, where trenching on 80 metre centres isfocussed not only on the surface expression of the historical El Giganteunderground gold-silver mine, but strike extensions to this mineralisedstructure. The first 29 trenches produced 1,530.20 metres of trenching for 1,249 samples.Trenches varied from 5 to 139 metres in length with samples collected fromtrench walls at sample depths varying from 1 to 1.5 metres below surface. Somesamples were collected from road cuttings at waist height. Significantintersections using a 0.5 g/t gold cut off are presented in Table 1, below. The mineralized veins exploited by the historical mining dip moderately to thenortheast and trend northwest with limited surface exposures. Historical diamonddrilling (425 metres) completed in 2002 by Intrepid Minerals, showed excellentgold intercepts beneath the old workings of 9.65 metres at 4.00g/t gold and213.0g/t silver (EG06-04) and 3.35 metres at 15.61g/t gold and 1,393.0g/t silver(EG01-04), grades which are comparable to the underground sampling of cross cutsand faces completed in the 1950's by the Butters Company (owners of the GiganteMine licence at the time) which average 5.33g/t gold and 228g/t silver. Intrepid Minerals drilling produced significant mineralization in five out ofsix holes with published results including: 3.35 metres at 15.61g/t gold and 1393.0g/t silver (EG01-04) 0.70 metres at 1.59g/t gold and 101.0g/t silver (EG02-04) 3.55 metres at 0.95g/t gold and 85.7g/t silver (EG03-04) 3.35 metres at 15.61g/t gold (EG04-04) including 0.20 metres at 44.86g/t gold and 2,516.2g/t silver; and 9.65 metres at 4.00g/t gold and 231.0g/t silver (EG06-04). Condor has negotiated with Intrepid Minerals to purchase the drill core andother geological data and will be assessing this data over the coming weeks. The Directors believe that these results were not followed up by Intrepid due tothe economic conditions prevailing at the time and Condor is confident that amineral resource calculation will be possible given recent surface trenchresults complemented by the previous underground sampling and drilling data onceall data has been collated and verified. CEO, Nigel Ferguson stated "We are very encouraged by the initial results andour geological interpretation from the El Gigante Prospect which confirm goodcontinuity of strike and grade on at least two sub parallel mineralized veinsystems of over 600 metres length. Results from Condor's trenches further alongstrike revealed hydrothermal alteration, quartz veining and mineralizationsuggestive of a potential overall strike length in the order of 1,000 metres. Weare confident that this prospect will continue to provide encouraging results." Table 1: Significant Phase 1 Trench Results from El Gigante. Length WeightedAverage Intercepts calculated using 0.5 g/t gold lower cut and allowing 1minternal waste. No top cut. The inclusion of internal waste in measurements hasthe effect of reducing the gold grade per tonne and providing an indicative goldgrade more applicable to bulk tonnage recovery. Trench Interval Gold Silver From ID (m) (g/t) (g/t) (m) GGTR003 1.00 0.91 52.00 2.00 GGTR003 1.00 0.52 57.00 13.00 GGTR004 1.00 0.51 1.00 62.00 GGTR004 10.00 1.43 24.40 69.00 GGCT005 4.00 0.68 3.00 0.00 GGCT007 6.00 1.38 183.04 64.00 GGTR008 7.00 1.88 38.00 6.00 GGTR008 7.00 0.88 33.43 25.00 GGTR008 4.00 2.10 116.79 38.00 GGTR010 2.00 3.27 1.00 40.00 GGTR010 20.00 1.55 26.68 78.00 GGTR014 31.00 1.67 42.97 10.00 Inc. 1.00 9.93 206.97 12.00 GGTR014 5.00 1.17 82.89 43.00 GGTR015 1.00 0.55 1.00 128.00 GGTR015 1.00 0.54 1.00 131.00 GGCT016 1.00 0.75 2.00 9.00 GGTR017 4.00 1.53 126.68 97.00 GGTR017 1.00 1.19 85.00 104.00 GGTR020 2.00 0.50 25.00 23.00 GGTR020 1.00 0.53 58.00 28.00 GGTR020 5.00 0.65 43.40 32.00 GGTR022 4.00 0.64 4.75 3.00 GGTR022 1.00 1.13 6.00 19.00 GGTR022 2.00 0.59 2.00 23.00 GGTR022 1.00 1.17 5.00 27.00 GGTR022 12.00 1.07 3.92 31.00 GGTR024 7.00 2.79 6.43 0.00 GGTR024 1.00 0.54 1.00 13.00 GGTR024 5.00 1.03 2.40 24.00 GGTR024 4.00 1.48 3.50 32.00 GGTR025 6.00 1.57 124.50 28.00 GGTR026 6.00 0.76 87.71 22.00 GGTR026 3.00 1.09 34.67 35.00 GGTR026 2.00 2.03 91.00 44.00 GGTR026 1.00 2.16 102.03 54.00 GGTR027 8.00 1.05 19.75 50.00 GGTR027 9.00 1.07 42.00 59.00 GGTR029 2.00 1.01 39.00 2.00 Qualified Person's Declaration The information in this announcement that relates to Exploration Results isbased on information compiled by and reviewed by Nigel Ferguson, CEO, who is aMember of the Australian Institute of Mining and Metallurgy and a geologist withover 22 years of experience in the exploration and definition of precious andbase metal Mineral Resources and has sufficient experience that is relevant tothe style of mineralization and type of deposit under consideration and to thetype of activity which he is undertaking to qualify as a Qualified Person asdefined in the March 2006 Edition of the AIM Guidance Note for Mining, Oil andGas Companies. He consents to the inclusion in the report of the matters basedon his information in the form and context in which they appear and confirmsthat this information is accurate and not false or misleading. - Ends - Enquiries: Condor Resources Plc Mark Child, Chairman +44 20 7408 1067 Nigel Ferguson, CEO +44 20 7808 7222 Nabarro Wells & Co. Limited Hugh Oram +44 20 7710 7400 Anthony Rowland +44 20 7710 7419 Mirabaud Securities Limited Rory Scott +44 20 7878 3360 Parkgreen Communications Limited Simon Robinson Erica Nelson +44 20 7851 7480 Chain of Custody Condor enforces a strict chain of custody, with all field samples beingcollected under the supervision of a qualified senior geologist. Samples aresealed in larger bags and kept under lock and key until being delivered to CASLaboratories, Honduras for completion of the sample preparation phase. About Condor Resources Plc: Condor Resources Plc was admitted to AIM on 31st May 2006 raising £4.9m. Condoris a mineral exploration company focused on El Salvador and Nicaragua. TheCompany has 100% ownership of four licenses and is earning 100% interest in afifth licence contained in three project areas in El Salvador. Condor also hasfour 100% owned licences and the option to earn an 80% interest in a furtherfour licences contained within four project areas in Nicaragua. An independent competent person's report prepared by Ravensgate and included inthe Company's Admission Document combined with a subsequent mineral resourcecalculation statement in December 2006 reported Inferred Mineral Resources, asdefined by the JORC standard of some 467,104oz gold and 18.4Moz silver withintwo project areas in El Salvador. The Company's objective is to prove up significant gold and silver resources ofbetween 1 to 2 million ounces of gold and 30 to 50 million ounces of silver toJORC reportable standards by the 31st May 2008. The Company intends to continueto drill test targets within its Project areas. The drilling programme isplanned to be between 20,000m and 40,000m of combined reverse circulation anddiamond drilling. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Condor Gold