Dual-listed Condor Gold has received the results of an updated mineral resource estimate (MRE) for its La India project, where drilling proved two new satellite openpit resources.
The mineral resource update, prepared by SRK Consulting, includes 8 222 m of drilling completed since the previous mineral resource update in September 2014.
The MRE has indicated a new openpit mineral resource on Mestiza of 92 000 t at a grade of 12.1 g/t gold for 36 000 oz contained gold in the indicated category and 341 000 t at a grade of 7.7 g/t gold for 85 000 oz contained gold in the inferred category.
The four satellite openpits outside the main, permitted La India openpit have combined openpit resources of 206 000 t at 9.9 g/t gold for 66 000 oz gold in the indicated category and 2.13-million tonnes at 3.23 g/t gold for 221 000 oz gold in the inferred category.
The company will conduct mining studies to determine the possibility of adding the contained gold within the satellite pits to a mine schedule to supplement the ore feed from the permitted La India openpit to the processing plant. This has the possibility to either increase yearly production and/or extend the life-of-mine.
The MRE as at January 25, is 9.85-million tonnes at 3.6 g/t gold for 1.14-million ounces gold in the indicated category and 8.48-million tonnes at 4.3 g/t gold for 1.18-million ounces in the inferred category.
Further, it indicates a total openpit mineral resource of 8.58-million tonnes at a grade of 3.3 g/t gold for 902 000 oz gold in the indicated category and 3.01-million tonnes at a grade of 3.0 g/t gold for 290 000 oz gold in the inferred category.
There is a total underground mineral resources of 1.27-million tonnes at a grade of 5.8 g/t gold for 238 000 oz gold in the indicated category and 5.47-million tonnes at a grade of 5.1 g/t gold for 889 000 oz gold in the inferred category
Commenting in a statement on Monday, Condor Gold CEO and chairman Mark Child indicated that the update was a “timely reminder of the high-grade nature of this gold deposit”.