Condor Gold shares gained 5% to 33.1p in late afternoon trading on Monday, after the mining firm reported a slate of positive assay results from the sampling of geotechnical drill holes on its La India open pit project.
Condor Gold confirmed promising discoveries in its planned Northern Starter pit, with 34.1 metres true width at 2.5 grams per tonne of gold amalgamated from 2.8 metres drill depth, including six metres at 4.3 grams per tonne of gold, two metres at 5.3 gram per tonne of gold and 3.6 metres at 8.7 grams per tonnes of gold at drill hole LIGT536.
The group also reported 28.7 metres true width at 2.6 grams per tonne of gold in the hanging-wall of historic mine workings at drill hole LIGT528, and 5.3 metres true width at 3.1 grams per tonnes of gold from 36 metres drill depth, along with a 5.1 metre true width at 2.7 grams per tonnes of gold from 51.4 metres drill depth at drill hole LIGT531, located in a zone which had been previously identified as low-grade between two high-grade shoots that host the planned starter pits.
“A wide zone of 34.1 metres true width of good open pit grade gold mineralisation of 2.56 g/t gold from only 2.80 metres drill depth is ideal material as initial mill feed for the permitted processing plant and supports the attractive project economics and 12 month pay back detailed in the PEA technical report filed in October 2021,” said Condor Gold CEO Mark Child.
“This was a geotechnical drill hole within La India open pit that was initially surveyed and analysed for structures and rock strength, which once completed, was assayed for gold and silver.”
“It adds confidence to the geological model for the forthcoming Feasibility Study and serves as a timely reminder of the wide zones of material with good open pit gold grade available near surface within the fully permitted La India Project.”