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Condor Gold's La India project: site visit by Proactive's mining analyst, Ryan Long

Proactive's mining analyst, Dr Ryan Long, updates on his site visit to Condor Gold’s wholly-owned La India Gold Project, located within the Leon Region of Nicaragua.

Condor Gold PLC -

We started our site visit with Condor Gold PLC (LON:CNR, TSE:COG) in Managua, the capital city of Nicaragua. From Managua, we drove for around two hours to the north on a sealed highway (Figure 1).

Figure 1: Location of the La India Gold Project

ocation of the La India Gold Project

Source: Condor Gold

Hosting the visit was Dave Crawford, Condor’s chief technical officer and Carlos Pullinger, Condor’s senior geologist.

Crawford is a mining engineer with 36 years’ experience in project studies, mine design, economic analysis and resource estimation. He is a registered professional engineer and a "qualified person" under CNI 43-101.

Pullinger has 25 years’ experience as a geologist in volcanology, geothermal and epithermal gold exploration.

Condor’s La India Project covers the majority of the La India Gold District, an impressive ground holding that Condor has put together over the past 14 years (Figure 2). La India is a low-sulphidation epithermal system made up of a series of veins with a dominant north-west to south-east strike (Figure 3) .

Figure 2: Tenements that make up the La India Project

Tenements that make up the La India Project

Source: Condor Gold

Figure 3: Location of known veins at the La India Project

Location of known veins at the La India Project

Source: Condor Gold

The first location of our site visit was on the eastern edge of the planned open pit on the La India Vein (Figure 4). Here we can see the La India Vein exposed at surface dipping towards the east. The vein is contained within a breccia and hosted in ignimbrites. Overlying the ignimbrites in the foot-wall to the west are felsic rocks, while in the hanging wall is a band of andesites that overlie felsic rocks; both dip towards the west. The La India Vein hosts a mineral resource estimate of around 1.3mln ounces (moz) at a grade of 3.5 grams per tonne (g/t) gold (Au).

Figure 4: The Geology of the La India Project

The Geology of the La India Project

Source: Proactive

Moving down the valley we get a closer look at some of the workings being operated by local miners, as well as the material being extracted. The veins display typical low-sulphidation epithermal textures including bladed quartz pseudomorphs of calcite (Figure 5) and banded quartz veins (Figure 6).

Figure 5: bladed quartz pseudomorphs

bladed quartz pseudomorphs

Source: Proactive

Figure 6: banded quartz veins

banded quartz veins

Source: Proactive

From the valley bottom we move north to the Mestiza Vein area, which also contains abundant workings used by the local miners (Figure 7). At Mestiza the geology changes with ignimbrites in both the hanging-wall and foot-wall and there is also an absence of breccias surrounding the vein. The gold grade improves in the Mestiza area, with 333,000 oz of gold in resource estimate at a high-grade of 7.5g/t Au.

Figure 7: local working on the Mestiza Vein

local working on the Mestiza Vein

Source: Proactive

Our final location is the America Vein (Figure 7), where the geology has aspects of both the La India Vein and the Mestiza Vein. Like Mestiza, America is hosted in ignimbrites in both the hanging-wall and foot-wall but like La India it is surrounded by a breccia. The resource estimate at American contains around 479,000 oz of gold a grade of 4.9 g/t Au.

Figure 8: local working on the America Vein

Local working on the America Vein

Source: Proactive

 

 

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Price: 42.5 GBX

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Market Cap: £49.75 m
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