Condor Gold starts drilling project in La India

Gold miner Condor Gold has announced that scout drilling has commenced on its flagship La India in Nicaragua.

The project hosts a high grade mineral resource of 18.08 metric tonnes at 4.0 grams per tonne (g/t) for 2.31m ounces (Moz).

The miner has started a 4,000m scout drilling programme to demonstrate the upside of the entire district which contains approximately 104.5km strike length of veins. Only 54.8km of the veins have been trenched or mapped and only 13.2km has been drill-tested.

The programme has been designed by Dr Warren Pratt who joined the company as a geological consultant in June 2016.

Pratt helped on the La India Project on behalf of Ross Beaty, a successful mining entrepreneur who became a 7.1% shareholder in April 2016.

Chief executive Mark Child said that the company’s twin strategy remains to fully permit and construct a base case 1m tonnes per annum (Mtpa), 2,800 tonnes per day (tpd) processing plant with capacity to produce 100,000 oz gold per annum from a single open pit on the La India Project and to demonstrate District-scale gold mineralisation.

“Over the last 3 years, Condor has steadily conducted fieldwork to demonstrate that La India Project is a true gold District as evidenced by 104.5 km strike length of veins of which only 13.2 km have been drill tested. I am delighted that we have now prioritised several highly promising targets and are commencing scout drilling at El Cacao and Cristalito-Tatescame.

Although each is currently relatively small, we believe that both have excellent potential to host much larger gold resources,” said Child.

The share price remained stable at 70p at 1123 GMT on Thursday.