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Condor Gold looks to boost size of potential open pit at La India with additional drilling

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Condor Gold PLC (LON:CNR)(TSE:COG) has commenced a 1,700 metre infill geotechnical drilling programme within the permitted La India open pit in Nicaragua.

Two diamond drill rigs have been deployed.

The programme is likely to take five-to-six weeks to complete. The geotechnical drilling programme has been designed to achieve a feasibility-level of design by SRK Consulting and will complement other ongoing feasibility study-level work programmes already underway.

The programme will collect high quality data that will allow for the refinement of  pit wall design slopes, potentially positively impacting on the waste stripping quantities, which if successful, could subsequently positively expand the reserves within La India open pit, particularly if the pit pushes deeper.

In addition, because the 2014 pre-feasibility study was conducted at a US$1,250 per ounce gold price, there is considerable room for manoeuvre now, given that gold is at around US$1,900.

Accordingly, the current work programme will align  final pit slopes and future pit designs with current gold market conditions, where it is anticipated that this may push the pit deeper and convert the current underground mineral resource, beneath the pit, into an open pit mineral resource.

“The feasibility-level of designs of the geotechnical study builds on the 2014 pre-feasibility study on La India open pit, which hosts a probable mineral reserve of 6.9mln tonnes at 3.1 grams per tonne gold for 675,000 ounces of gold,” said Condor chief executive Mark Child.

“The PFS was conducted at a US$1,250 gold price. Beneath La India open pit there is an underground mineral resource of 678,000 tonnes at 4.9 grams per tonne gold for 107,000 ounces of gold in the indicated category and 1.116mln tonnes at 5.6 grams per tonne gold for 209,000 ounces of gold in the inferred category”.

 

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