Condor Gold PLC (AIM:CNR, TSX:COG, OTC:CNDGF) has completed geotechnical drilling for the upcoming feasibility study at its La India gold project in Nicaragua.
The programme consisted of a total of 2,551.5 metres (m) of oriented core drilling backed by the use of optical and acoustic televiewer scanning, as well as geotechnical lab testing on core samples.
In total, a combined 32 geotechnical drill holes for 3,251.5m has been completed on the La India open pit providing sufficient data for feasibility study-level design pit angles for the pit over the life of mine.
Mark Child, chairman and chief executive of Condor Gold, said the work represented “as significant milestone”.
Condor put out the results of an updated preliminary economic assessment back in September of this year.
It suggested an open pit and underground scenario with a post-tax NPV of US$418mln and an internal rate of return of 54%, based around average production of 150,000 oz gold per year for nine years.