Condor receives latest drilling results from La India

The AIM-traded firm said the highlight of the new drill result was LIDC464, of 6.6 metres true width at 10.51 grams of gold per tonne.

It said the drilling programme was successful on its four objectives, with the first being to tighten the drill hole spacing to 25 metres by 25 metres within high-grade starter pits, within the fully-permitted La India open pit.

Secondly, it provided the sample density required to finalise pit designs and mine schedules ahead of production.

The third objective was for the diamond drilling programme to replace all historical RC drill holes within the overall La India open pit mineral resource and reserve, the results of which would improve the integrity of the geological model and sample quality.

Finally, Condor said the diamond drilling targeted nearby inferred mineral resources, to potentially upgrade the target to an indicated mineral resource, and its then potential inclusion in the mine plan.

The firm said the highlights included 22.05 metres at 6.48 grams of gold per tonne from 24.75 metres drill depth, including 15.35 metres at 8.68 grams per tonne from 24.75 metres in hole LIDC413.

It also reported 60.6 metres at 1.98 grams of gold per tonne from 4.15 metres, including 5.75 metres at 16.88 grams per tonne from 42.55 metres in hole LIDC452, located between the two proposed starter pits.

Lastly, it highlighted 16 metres at 5.3 grams of gold per tonne from 18.35 metres, including 5.9 metres at 12.35 grams per tonne from 22.1 metres on hole LIDC416.

The company said the wide zone of gold mineralisation of 54.5 metres true width at 1.98 grams of gold per tonne near surface had the potential to reduce the strip ratio in the area between the starter pits, due to the increase in gold-mineralised tonnage verses waste rock, thus potentially improving the project’s economics.

It also pointed to the potential to amalgamate the two starter pits into a single, larger starter pit as a “broad zone” of high-grade gold mineralisation, including a high-grade intercept, was previously interpreted as a low-grade zone within the main La India open pit.

“This has been a very successful drill programme and achieved a number of key objectives,” said chairman and chief executive officer Mark Child.

“The replacement of RC drill holes with diamond core drilling strengthens the geological model ahead of production.

“Project economics are likely to improve with confirmation of a broad zone of mineralisation between the starter pits which should reduce the overall strip ratio, and the discovery of an additional vein in the footwall.”

At 1255 BST, shares in Condor Gold were down 4.55% at 42p.