StockMarketWire.com - Condor Gold is encouraged by latest drill results on the Mestiza vein set at its La India project in Nicaragua.

The objective is to convert an historic Soviet mineral resource (2,392 kt at 10.2 g/t gold for 785,694 oz gold) to Canadian NI 43-101 standard.

The initial focus is on the Tatiana vein, one of the 4 constituent veins and the largest portion of the resource.

Condor said results were excellent and had identified a high grade ore shoot in the area of a major dilational bend.

It said the programme continued with two drill rigs and had now been expanded to 6,000 m in total.

Highlights:

- LIDC348 drill width 3.6 m (true width 2.3 m) at 23.3 g/t gold and 66.6 g/t silver from 160.5 m depth.

- LIDC348 is 100 m vertically down dip of a previously reported drill hole (LIDC344; drill width 3.3 m at 28.3 g/t gold) and demonstrates a high grade ore shoot which extends to at least 150 m below surface and may have a strike extent of about 300 m.

- LIDC360 drill width 3.1 m (true width 2.7 m) at 14.4 g/t gold and 29.2 g/t silver from 40.3 m depth.

- 3,000 m drilling programme is now expanded to 6,000 m.

- The Tatiana vein has excellent continuity for 1.5 km and is a 4-5 m wide mineralised structure. The average true width of the high grade portion, comprising mostly fault breccia, is approximately 2.5 m.

- High recoveries have been achieved in the mineralized zone, including mineralised fault breccias that previous drilling failed to recover.

Chairman and chief executive Mark Child said: "The drill result of 3.6 m at 23.3 g/t gold on the Tatiana vein is very encouraging because it is approximately 100 m below our previously reported drill intercept of 3.3 m at 28.3 g/t gold.

"This and neighbouring drill holes define a high grade shoot which is open down dip and along strike for approximately 300 m. In light of this, the drill programme has been modified from broadly 100 m centres, to include drilling some 50 m step out holes in this high grade zone.

"The overall objective is to convert an historic Soviet-style mineral resource (2,392 kt at 10.2 g/t gold for 785,694 oz gold) to Canadian NI 43-101 standard. This will hopefully boost the current NI 43-101-compliant Inferred Mineral Resource at Mestiza (1,490 kt at 7.47 g/t for 333,000 oz 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.

"The Tatiana vein has excellent continuity for more than 1.5 km and we hope to identify further high grade shoots by targeting bends in the vein, which are more dilational and seem to have controlled gold grade."


At 9:55am: [LON:CNR] Condor Gold PLC share price was +0.5p at 56p



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