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Condor Gold plc Exploration Update on the La India Project

Nachrichtenquelle: Marketwired
01.07.2016, 08:30  |  696   |   |   

LONDON, UNITED KINGDOM--(Marketwired - July 1, 2016) - Condor (AIM:CNR), is pleased to provide an update on regional exploration activity at the La India Project, Nicaragua. Amongst the activities undertaken by Condor during the first half of 2016 are:

Highlights

  • Follow up field work on 33 exploration targets identified in a structural geology study and 13 exploration targets identified by the on-going soil survey as at the end of 2015
  • Initial success highlights a 12.5 km mineralised corridor 9 km north of the main La India open pit resource with high grade rock chip of 53.9 g/t gold
  • Soil survey expanded to cover the remaining 242 km² of La India Project to delineate further prospects and demonstrate the district scale gold potential
  • Dr Warren Pratt has joined Condor as a senior geological consultant and will focus on the exploration upside. He is producing a detailed geological, stratigraphic and structural map of La India Project.

Mark Child CEO comments:

"Following on from the successful structural geology study last year, which identified 33 new exploration targets, and a 71 km² soil survey that identified an additional 13 new exploration targets, Condor recently initiated a further 242 km² soil survey programme at La India Project aimed at identifying additional prospects and demonstrating the district-scale gold potential of La India Project. Recent work by Condor geologists has identified a 12.5 km long mineralised corridor 9 km to the north of La India open pit. A high grade rock chip of 53.9 g/t gold at the northern end of the Andrea-Limones mineralised corridor, some 6 km away from the nearest gold mineral resource, is highly encouraging. Follow up trenching is being planned in the area.

I am delighted that Dr Warren Pratt has joined Condor as a senior geological consultant. He will advise the Board on the exploration upside of La India Project. Earlier this month he spent two weeks at Mina La India and will lead the production of a detailed geological, stratigraphic and structural map across the entire District. Dr Pratt contributed to the due diligence ahead of the recent investment in the Company by Ross Beaty and strengthens the geological team."

Background

In 2015 Condor geologists completed a regional B-horizon 53 element ultra-trace soil geochemistry survey (a soil survey) comprising 6,156 samples covering 71 km². This included an initial phase of 5,767 samples over 55 km² on a 200m by 50m grid with some 100 m x 50 m infill sampling in La India South - Mojarra Area and a second phase of 389 samples over 16.3 km² collected on a 400 m by 100 m grid over the interpreted northwest strike extension of the El Tanque structure. A detailed review of the results identified thirteen exploration targets, including five priority targets with overlapping gold, upflow and high level indicators and a further seven targets with coincident gold and upflow indicators.

Also in 2015 senior consultant structural geologist Dr Tony Starling of Telluris Consulting Ltd completed a study on the structural geology of the La India Gold District. This work represented a stepwise improvement in our understanding of the structural evolution of the district geology and defined the favourable structural orientations that control the flow and deposition of epithermal gold. Dr Starling identified 33 exploration targets, 23 of which have known gold veining at surface (See RNS dated 15th September 2015).

Follow up of exploration of targets

Follow up geological mapping and prospecting has been carried out over the majority of the areas covered by the soil survey and structural geology study since the fourth quarter of 2015.

During this period a total of 114 rock chips were sampled (figure 1) of which 15 samples have come back with gold values of 1-5 g/t and 6 samples with gold values > 5 g/t, including a 53.9 g/t sample from a new site in the Los Limones area, at the very northwest end of the Andrea vein structure. This is significant when put into the context of the high level epithermal characteristics observed in this area, including opaline quartz, sinter and silicified wood fragments.

Some highlights of the follow up work are:

  • Several rock chips with anomalous gold values identify a possible NW striking 1.5 km structure to the southeast of the El Tanque prospect. This structure was identified as a target in Dr Starling's structural geology analysis. Rock chips have characteristic high level quartz textures and lie 70-140 m topographically above high grade samples in the main El Tanque prospect (figure 1), possibly indicating that mineralization at depth can be extended to the southeast.
  • The soil survey identified a gold anomaly along a corridor that extends from the southernmost surface exposure of the Andrea vein down to the Cristalito prospect, approximately 4.5 km to the southeast. Prospecting to date has not been able to identify a surface expression of the continuity of the Andrea vein to the southeast, but high level textures and surface silica deposits identified recently, may represent the surface expression of a deeper level mineralized structure that connects the Andrea vein with the Cristalito prospect.
  • To the northwest of the Andrea vein, several rockchips with anomalous gold values and boiling textures were collected in an area previously not sampled that connects the Andrea vein to the Los Limones area, where high grade veins have been sampled, including a 53.9 g/t Au. These findings indicate that the NW mineralised corridor possibly extends for 12.5 km from the Cristalito prospect northwest to Los Limones area.

Figure 1. Location of rock chip samples obtained during the period October 2015-May 2016.

http://media3.marketwire.com/docs/1061236fig1.jpg.

District wide soil sampling

During the first week of June 2016, Condor initiated a district wide soil sampling survey to cover the remaining areas of Condor Gold´s concession package in La India project, not covered by the 2015 survey. An estimated total of 6,300 samples will be collected covering an approximate area of 242 km2.

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