Condor Gold PLC (LON:CNR, TSX:COG) said the final assay results from drilling at the La India Starter Pits were excellent and further de-risk the project ahead of production.
Results from an infill drilling programme confirmed that the two La India Starter Pits, which sit within the fully permitted La India Open Pit in Nicaragua, contain about 447,000 tonnes at gold grades of 4.17 grammes a tonne (g/t) for 59,672 ounces of contained gold within 35 metres of surface.
The results support the company’s plan to target the Starter Pits early for extraction.
"Final drill assay results from the La India Starter Pits infill drilling programme include 6.26g/t gold over 8.1m true width from 38.0m drill depth (LIDC442) just beneath the Starter Pit, which indicates the pit could push deeper and 6.05g/t gold over 5.8m true width from 10.2m drill depth (LIDC448),” said chairman and chief executive Mark Child.
“Both drill assay results are excellent and add considerable confidence to the geological model, the mineral resource and mineral reserve calculations and the mine plan.”
The drill results strengthen the case for the Starter Pits to be mined early to quicken the payback period and enhance the project's economics, he said.
La India open pit contains about 675,000 ounces of gold, according to a mineral reserve estimate.