20th Dec 2006 07:01
Condor Resources PLC20 December 2006 Condor Resources plc ("Condor" or "the Company") Maiden Resource reported for the La Calera Project, El Salvador Condor Global Gold Resources up 32% Further to the exploration update announced on 13th December 2006, CondorResources plc (AIM: CNR) reports a maiden resource calculation to JORC standardsfor the La Calera Project in El Salvador that increases the Company's globalgold resources by 32%. The La Calera resource at a 0.5g/t Au bottom cut isstated as: Summary of Mineral Resources - La Calera Prospect Mineral Gross Gold Gross Silver Resources Grade Contained Grade Contained Tonnes (g/t) Metal (oz) Tonnes (g/t) Metal (oz)Total 1,692,000 2.07 112,604 1,692,000 1.79 97,373Inferred Condor's independent geological consultants, Ravensgate Pty Ltd ("Ravensgate"),have completed modelling of the La Calera data to provide the resource statementto current JORC standards. The Company's global resources now stand at some467,104 ounces of gold and 18.4 million ounces of silver. Details of theseresources are tabulated below: Global Mineral Resources - Condor Resources plc Gross Gold Gross SilverProspect JORC Tonnes Grade Contained Tonnes Grade Contained (g/t) Metal (oz) (g/t) Metal (oz) Category Loma del Caballo Inferred 2,517,300 1.44 116,500 2,517,300 39.00 3,200,000Divisidero Inferred 2,748,200 2.70 238,000 2,748,200 171.00 15,100,000La Calera Inferred 1,692,000 2.07 112,604 1,692,000 1.79 97,373TOTAL 6,957,500 2.09 467,104 6,957,500 82 18,397,373 Ravensgate's modelling of the deposit also indicates that using similarparameters for resource calculation, a further 193,000 ounces of gold and155,000 of silver are contained within the prospect, but do not meet the strictcriteria for JORC reporting and compliance. Condor is planning to drill theproject in the first quarter of 2007 to test the ore model, confirm theexistence of the further resource ounces present and bring those resource ouncesinto JORC compliance. Given the excellent results reported at La Calera the Company is furtherencouraged that its resource objectives will be achieved during 2007 withcontinued drilling of its project areas in El Salvador. 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 20 years of experience in the exploration and definition of precious andbase metal Mineral Resources and has sufficient experience that is relevant tothe style of mineralisation 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 +61 8 9240 7227 Nabarro Wells & Co. Limited Hugh Oram +44 20 7710 7400 Anthony Rowland +44 20 7710 7419 Parkgreen Communications Limited Ana Ribeiro+44 20 7851 7480 About Condor Resources Plc: Condor Resources Plc was admitted to AIM on 31st May 2006 and raised £4.9m.Condor is a mineral exploration company focused on El Salvador and Nicaragua.The Company has 100% ownership of four licences and is earning 100% interest ina fifth licence contained in three project areas in El Salvador. Condor alsohas the option to earn an 80% interest in four licences contained within threeproject areas in Nicaragua. The resources estimates reported in the independent competent person's reportprepared by Ravensgate and included in the Company's Admission Document havebeen updated by the results in this announcement and the Company's InferredMineral Resources, as defined by the JORC standard, now stand at some 467,104ozgold and 18.4Moz silver within three licences 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. Resource Calculation Notes Resource estimates completed by Ravensgate were completed using data providedand verified by Condor. The reported tonnages and grades are in accordance withthe guidelines and recommendations of the JORC Code (December 2004). Drill dataused at La Calera is predominantly from Diamond Drilling and to a lesser degreeReverse Circulation Drilling. Assay determinations were carried out by BSIInspectorate Laboratories in Sparks, Nevada, using a Fire Assay 30gm with anatomic absorption finish for gold and XRF for silver. Drill hole samples werecomposited to uniform 1m "down-hole" lengths. Variograms were developed andinterpreted by Ravensgate to define the observable spatial relationship of theAu and Ag assay grades. Density has been estimated to be 2.50 tonnes/cubicmetre. A comprehensive rock mass and structural model 3-D was constructed fromavailable logging and mapping data and then used as basis for 3-D mineralizationshell model development. Block grades were interpolated into the 3-D blockmodels using the Ordinary Kriging algorithm and were "constrained" according tothe local mineralization shell geometry, and also the understood structuralregime. 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. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Condor Gold