StockMarketWire.com - Condor Gold on Monday said a mineral resource update on its La India project continued to point to high-grade mineralisation, indicating the potential to expand the project.

The mineral resource update on La India Project totalled 9.85m tonnes at 3.6 grams per tonne of gold for 1.14m ounces gold in the indicated category, an increase of 57,000 ounces from the previous update.

But the increase was non-material, and as a result, wouldn't alter the mineral reserve referenced in the 2014 pre-feasibility study, the company said.

The update also included 8.48m tonnes at 4.3 grams per tonne of gold for 1.179m ounces of gold in the inferred category, serving as a timely reminder of the high grade nature of this gold deposit, the company added.

The mineral resource update included 8,222m drilling completed since the previous mineral resource update in September 2014, and proved two new satellite open pit resources, taking the total to four pits.

The four satellite pits had the potential to act as feeder pits, to 'provide mineralized material to the permitted plant, and to supplement feed from the main La India open pit, Condor said.

'The drilling has proved two new satellite open pit resources. Of note is the new open pit Mineral Resource on Mestiza of 92Kt at a grade of 12.1 g/t for 36,000 oz contained gold in the Indicated category and 341Kt at a grade of 7.7 g/t gold for 85,000 oz contained gold in the Inferred category,' said Mark Child, Chairman and Chief Executive Officer of Condor Gold.

'The four satellite open pits outside the main, permitted La India open pit have combined open pit resources of 206Kt at 9.9g/t gold for 66,000 oz gold in the Indicated category and 2,127Kt at 3.23g/t gold for 221,000 oz gold in the Inferred category.'

'The Company will conduct mining studies to determine the possibility of adding the contained gold within the satellite pits to a mine schedule to supplement the ore feed from the permitted La India open pit to the processing plant. This has the possibility to either increase annual production and/or extend the life of mine.'


At 9:32am: [LON:CNR] Condor Gold PLC share price was +0.25p at 25.75p



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