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Condor Gold (LON:CNR) said a recent round of soil sampling has “enhanced” the potential of its La India property in Nicaragua.
La India is already host to 2.4mln ounces of gold, including a high-grade open pit resource of just under 1.1mln ounces.
The latest work is designed to give some indication of just what surrounds the main project.
In particular Condor is looking for indications as to whether La India has the potential to be a much larger ‘district-scale’ opportunity.
Geologists soil sampled six areas covering 55 square kilometres – around a sixth of the licence area. These plots were chosen as they potentially contain underground gold deposits.
Of particular interest was what Condor’s chairman Mark Child describes as “a clear linear anomaly” that appears to be a southeast strike continuation of the already-discovered Andrea Vein.
“Condor has commissioned an expert structural geologist to compile a detailed structural model aimed at producing additional exploration targets, a summary of the report will be released in the near future," Child told investors.
The shares were up 3.7% in afternoon trade at 56p.
“This is a positive update form Condor Gold that demonstrates the significant upside potential for deep-seated mineralisation at the La India Project, located in Nicaragua,” said City broker Northland Capital.
“Condor has identified a series of gold in-soil anomalies on the Cacao-Central Breccia trend, and in the; El Tanque area, Tatascame area, Santa Barbara Hill and Real de La Cruz area that could add further upside to the high grade resource.”