UK-based Condor Gold has started the permitting process for the America and Mestiza high-grade satellite feeder pits, aiming to increase open pit production by 50% to 120,000 oz gold per annum.
The America and Mestiza pits are located about 2km and 4km, respectively, from the location of the processing plant for the company’s permitted and 100% owned La India Project in Nicaragua.
Condor Gold chairman and CEO Mark Child said: “The feeder pits have in aggregate 206 thousand tonnes (Kt) at a grade of 9.9 g/t (66,000 oz contained metal) in the Indicated category and 1,018Kt at 4.6 g/t (152,000 oz contained gold in the Inferred category).”
“The feeder pits complement the main, fully permitted La India open pit, which has a robust, economically viable Pre-Feasibility Study (PFS) with Mineral Reserves of 6.9 million tonnes at 3.0 g/t for 675,000 oz gold, which demonstrates annual production of 79,300 oz gold and lower quartile all-in-sustaining cash costs (AISC) of US$690 per oz gold.”
Condor Gold applied to the Ministry of Environment and Natural Resources (MARENA) in January this year, for terms of reference to produce an Environmental Impact Assessment for an environmental permit to develop and extract contained gold at the Mestiza and America pits.
MARENA granted the terms of reference to Condor Gold recently after it conducted a site visit inspection of the proposed layout of the pits, waste dumps and associated mine site infrastructure along with the Ministry of Energy and Mines and Ministry of Forestry.
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Permitting additional high-grade open pit material within the Mestiza and America open pits has the potential to increase the annual production and the life of mine.