Condor Gold awarded adjacent concession at La India

Condor Gold announced on Monday that the Ministry of Energy and Mines of Nicaragua (MEM) has officially notified it of the grant of a 25-year exploration and mining concession over a 132.1 square kilometre area to the northwest of La India Project, called the Cerro Los Cerritos concession.

The AIM-traded firm said the addition of the Cerro Los Cerritos concession would expand the La India Project concession package to a total of 587.7 square kilometres.

It said its geologists had identified the Cerro Los Cerritos concession as a greenfield exploration target, based on the “highly prospective” geological setting and the continuation of soil geochemistry and geophysics anomalies along strike from Los Rodeos and la Cuchilla concessions to the south west.

Following concession grant by MEM, Condor said it would immediately apply for the Category III environmental authorisation from the Ministry of Environment and Natural Resources regional office in Estelí, which would permit low-impact activities such as geological mapping, prospecting and limited trenching and drilling in a designated area.

Meetings with stakeholders would also be planned to explain the company’s activities, and to obtain and access permits from landowners prior to proceeding with surface exploration of the concession area.

Amongst the initial exploration activities planned were geological mapping, prospecting and regional soil geochemistry surveys.

Following the identification of mineral prospects of interest, Condor said further work such as trenching, geophysical surveys and exploratory drilling could be carried out.

“I am delighted that the Government of Nicaragua has granted Condor Gold a major exploration and exploitation concession adjacent to the La India Project,” said chief executive officer Mark Child.

“This confirms that the country is pro-mining, open for business and supportive of Condor.

“It follows the grant of the 142.6 square kilometre Las Crucs concession in December.”

Child noted that the Cerro Los Cerritos concession would expand the La India Project area by 29%.

“Cerro Los Cerritos was available for grant by the government under a 25 year exploration and exploitation concession.

“We remain convinced that the La India Project is a major gold district with the potential to host over 5 million ounces of gold.”