Condor Gold has reported results from an initial 2,000m drill programme on the Mestiza Vein Set (Mestiza) at La India Project, Nicaragua.
The aim of this drill programme is to test a historic and relatively shallow mineral resource.
The company stated that the initial results from the Tatiana Vein, which is one of the constituent veins, have been excellent and therefore, the drilling programme will continue.
LIDC344 was drilled at a width of 3.3m and had indicated 28.3g/t gold and 38.9g/t silver, including 0.95m at 75.6g/t Au. In addition, LIDC348 was drilled at a width of 2.65m and indicated 12.6g/t gold and 21.8g/t silver, including 0.6m at 27.7g/t Au.
Following these results, the initial 2,000m drilling programme has been expanded to 3,000m.
The Tatiana vein has indicated continuity for 1.5km and is a 4m-5m-wide mineralised structure. High recoveries achieved in this vein zone include mineralised fault breccias that earlier drilling could not recover.
The second rig has now been mobilised and drilling has started.
Condor Gold chairman and CEO Mark Child said: "The initial drill results at Mestiza of 3.3m at 28.3g/t gold and 2.65m at 12.6g/t gold are highly encouraging. The objective is to convert an historic Soviet-style mineral resource of 2,392kt at 10.2g/t gold for 785,694oz gold to Canadian NI 43-101 standard. This will boost the current NI 43-101-compliant Inferred mineral resource at Mestiza of 1,490kt at 7.47g/t for 333,000oz gold.
“Mestiza is excluded from the current mine plans in the PFS and PEAs. A successful resource conversion has the potential to add large, high-grade, and relatively shallow resources to a future mine plan, thereby increasing the annual gold production, life of mine and project economics."
La India Project's existing NI 43-101-compliant mineral resource stands at 18Mt at 4.0g/t Au for 2.31Moz gold. This consists of seven separate resources, all open along strike and at depth.