Condor Gold PLC (AIM:CNR, TSX:COG, OTC:CNDGF) reported an updated resource estimate for its La India project in Nicaragua.
The project contains an estimated 1.087mln ounces of gold in the indicated category and 1.189mln ounces in the less certain inferred category.
The updated geological interpretations used in the new resource estimate reflect a higher degree of detail ahead of a feasibility study.
The revised estimate represents a 4.7% decline in the amount of gold contained at the indicated level and a 0.9% dip at the inferred level versus an earlier estimate due to a number of factors: the refined geological interpretation; slightly lower density values; an updated depletion model to reflect artisanal mining at La India open pit; and a higher cut-off grade.
“Condor has produced a much more robust and conservative Mineral Resource Estimate (MRE) for the entire La India project, which comprises 6 separate deposits all of which have potential to be expanded,” said chairman and chief executive Mark Child.
“The focus has been of strengthening the confidence of the geological model ahead of a forthcoming feasibility study on La India open pit.”
The MRE continues to demonstrate the open pit and underground mining potential of the La India project. In addition to the main La India open pit there are four satellite pits that have the potential to provide additional mineralized material to the fully permitted La India processing plant.
The Cacao mineral resource increased 69% to 101,000 ounces of contained gold in the inferred category. Three other satellite pits – La Mestiza vein set, America vein and Central Breccia – were not updated as no new work has been completed since the previous January 2019 estimate.