3rd Sep 2007 09:28
Condor Resources PLC03 September 2007 3 September 2007 Condor Resources plc (''Condor'' or ''the Company'') Further High Grade Trench Results at the Arras Prospect (San Albino Licence), Nicaragua Highlights •Results include 24 metres at 7.17 grams per tonne gold •High grade gold mineralisation defined over 200 metres strike length and open in all directions San Albino Licence, Arras Prospect Condor Resources Plc (AIM: CNR) is pleased to announce the results of extensionand infill trenching at it's Aguja de Arras (Arras) Prospect in NorthernNicaragua close to the historical high grade San Albino Gold Mine. Extensions totrenches excavated in the first phase of trenching, as well as an infill trenchdesigned to close the trench spacing to 40 metres along strike, has extended thewidth and better defined the orientation of the high-grade gold mineralisationreported in May 2007 (RNS "Significant High Grade Trenching Results at the SanAlbino Project, Nicaragua" dated 18th May 2007). A mineralised zone up to 24 metres width at a grade of 7.17 gram per tonne gold(SATR003 - including a 3 metre wide zone of internal waste) has now beendefined, with individual assay results of up to 1 metre at 47.5 gram per tonnegold. The high grade gold mineralisation has been intercepted in five adjacenttrenches and currently defines a strike length of 200m, open along strike inboth directions, with a maximum width of 24 metres which remains unconstrained. Significant results from the five trenches include: +---------------+----------+------------+-----------------------------------------+| Trench Number | Width | Gold Grade | Comments |+---------------+----------+------------+-----------------------------------------+| STRR003 |24 metres | 7.17g/t |Includes 3 metres of internal waste. || | | |Includes: || SATR003 |18 metres | 8.80g/t | || | | |Extended from 12 metres at 5.59g/t gold, || | | |and |+---------------+----------+------------+-----------------------------------------+| SATR003 | 2 metres | 5.80g/t |New result extending width of || | | |mineralisation |+---------------+----------+------------+-----------------------------------------+| SATR010 |18 metres | 6.77g/t |Previously reported |+---------------+----------+------------+-----------------------------------------+| SATR010* | 8 metres | 8.82g/t |Previously reported as two separate || | | |intercepts now includes 2 metres of || | | |internal waste |+---------------+----------+------------+-----------------------------------------+| SATR011 |16 metres | 7.89g/t |Previously reported |+---------------+----------+------------+-----------------------------------------+| SATR024 | 1 metre | 5.15g/t |New result, 40m spaced infill trench |+---------------+----------+------------+-----------------------------------------+| SATR024 | 2 metres | 5.01g/t |New result, 40m spaced infill trench |+---------------+----------+------------+-----------------------------------------+| SATR024 | 2 metres | 6.27g/t |New result, 40m spaced infill trench |+---------------+----------+------------+-----------------------------------------+| SATR024 | 5 metres | 6.97g/t |New result, 40m spaced infill trench |+---------------+----------+------------+-----------------------------------------+| SATR013 | 3 metres | 4.99g/t |Previously reported |+---------------+----------+------------+-----------------------------------------+ Intercepts calculated using 1g/t gold lower cut and allowing 1m internal waste.The inclusion of internal waste in measurements has the effect of reducing thegold grade per tonne and providing an indicative gold grade more applicable tobulk tonnage recovery. * Discretionary 2m of internal waste at over 0.5g/t gold grade included in thisintercept. High grade gold mineralisation at the Arras Prospect is hosted by both quartzveins and the adjacent altered wall rock, in a package of graphitic schistwithin the under-explored Guayape Suture Zone. The Directors believe thatmultiple rock chip samples assaying over 1 gram per tonne gold indicate half adozen or more parallel mineralised systems throughout the company's San AlbinoLicence and extending onto the adjacent Potrerillos Licence. Condor'sapplication for the 12 km2 Potrerillos Licence was granted in July this year andfield rock chip sampling has already commenced. At the Arras Prospect, further extensions to the existing trenches andadditional trenching along strike is already underway. Preparations have beencompleted for a combined reverse circulation and diamond core drilling programmeto test the mineralisation at depth. Other gold mineralised trends identified by regional rock chip sampling withinthe San Albino Licence area are being systematically tested by trenching andCondor is confident that this work will result in the discovery of further highgrade gold mineralised systems comparable to the Arras Prospect. Cacao Licence, Nicaragua Drilling has been completed at the Cacao Licence and the rig mobilised to theArras Prospect where initial drilling has commenced on receipt of the necessarypermit, to complete approximately 1000 metres of combined Reverse Circulationand Diamond drilling. Condor is awaiting results from the Cacao drilling program and expects torelease an initial resource estimate for both the Cacao Licence and the ArrasProspect before the end of the year. El Potosi Licence, El Salvador Condor has recently completed a full technical review of drilling and surfacedata at the El Potosi Licence in El Salvador. The review suggests that althoughgold is present in the system, the mineralised structures are narrow and verydiscrete with little or no wall-rock alteration, thus proving a hard andexpensive target to define further. It was therefore decided that Condor's otherprojects, such as Arras and San Albino, should be given every opportunity to bedeveloped into profitable mines and the US$1.25 million payment due to BrettResources within 30 days of the 24th August under the El Potosi Option Agreement(RNS 15 February 2007) would be better spent funding exploration and developmentof those projects. Brett has therefore been formally advised that Condor iswithdrawing from the El Potosi Option Agreement. 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 21 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 BSIInspectorate Laboratories, Guatemala for completion of the sample preparationphase. Prepared samples are then forwarded by courier to BSI Laboratories inSparks, Nevada, USA for final assay determinations. 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