Condor Gold PLC (CNR.TSX.L) 60.60 m (54.5 m true width) at 1.98 g/t gold

60.60 m (54.5 m true width) at 1.98 g/t gold, Near Surface, incl. 5.75 m (5.2 m true width) at 16.88 g/t gold within the Fully Permitted La India Open Pit

Condor Gold (AIM: CNR; TSX: COG) is pleased to announce assay results from a further twelve diamond core drill holes located between and along strike of the planned high-grade La India Starter Pits, which sit within the fully permitted La India Open Pit Mineral Reserve Estimate of 6.9Mt at 3.1 g/t gold for 675,000 oz gold. The Company is encouraged by higher than expected grades in three of the drill holes, particularly as two high grade, wide intercepts are between the two starter pits in an area previously interpreted as having lower grade gold mineralisation. These results will be incorporated into a revised feasibility-level mine plan and are expected to have a positive impact on the Project’s economics.

Highlights of New Drill Assay Results

· 60.60 m (54.5 m true width) at 1.98 g/t gold from 4.15 m drill depth, including 5.75 m (5.2 m true width) at 16.88 g/t gold from 42.55 m drill depth in drill hole LIDC452 located between the two proposed starter pits.

· The wide zone of gold mineralization near surface has the potential to reduce the strip ratio in this area due to the increase in gold mineralized tonnage verse waste rock, thus improving Project economics.

· 3.75 m (3.4 m true width) at 9.94 g/t gold from the hanging wall of the historic mine workings in drill hole LIDC454 located between the two starter pits.

· Potential to amalgamate the two Starter Pits into a single, larger Starter Pit as a broad zone of high grade gold mineralization was previously interpreted as a low grade zone with the main La India open pit.

· 9.00 m (8.5 m true width) amalgamated width at 4.98 g/t gold from 55.05 m drill depth in the hangingwall and footwall of the historic mine workings, including 5.35 m (5.0 m true width) at 6.61 g/t in the hangingwall of drill hole LIDC456. This drill intercept is located to the south and below the Southern Starter Pit.

Mark Child, Chairman and CEO commented:

“The high grade, wide, drill assay results between the two La India Starter Pits are a positive surprise as this area was previously interpreted as a lower grade zone within the main fully permitted La India open pit. LIDC452 returned 60.60 m (54.5 m true width) at 1.98 g/t gold from 4.15 m drill depth, including 5.75 m (5.2 m true width) at 16.88 g/t gold. Mine schedules will be re-run to determine whether the two Starter Pits can be amalgamated into one Starter Pit and thus provide additional high grade mill feed from surface. Furthermore, the broad zone of mineralization is likely to reduce the overall strip ratio for the main La India open pit, as there is more mineralized gold tonnage verses waste rock, thus potentially improving the Project’s economics.

The drill results strengthen the case for expanding the Starter Pits, which are within 35 m of the surface and contain approximately 455Kt at 4.17g/t gold for 59,674 oz gold using a 2.00g/t cut off grade. The intention is to mine the Starter Pits early to quicken the payback period. The Starter Pits sit within the main fully permitted La India open pit, which has a Mineral Reserve Estimate of 6.9Mt at 3.1 g/t gold for 675,000 oz gold”.

Background

Following the recent completion of a 25 m-spaced infill and reverse circulation (RC) replacement drilling on the La India Starter Pits (see RNS dated 5th July 2021), a programme of diamond core drilling to replace 90% of the remaining RC drill holes that fall within the main La India open pit shell was completed. A total of twenty-three RC drill holes (for 1632.05 m) were twinned by diamond core drilling, including both those that intercepted mineralisation within and adjacent to the high-grade starter pits, as well as holes drilled in lower grade zones further along strike and beneath the high-grade starter pits.

The current open-pit Mineral Resource partially relies upon chip samples from RC drilling. Whilst it is generally recognised that RC drilling provides reliable gold-grade data at regular metre-scale sample intervals suitable for inclusion in an open-pit Mineral Resource estimation, better and more detailed geological information on the structures that contain the gold mineralised veins and breccia is provided by diamond core drilling. This additional data will further enhance the current Mineral Resources and Mineral Reserves and be utilised in final mine schedules.

Latest Assay Results

Results for many of the RC-twin drill holes that occur within or near to the starter pits were reported in a RNS update dated 5th July 2021. Results for a further twelve diamond core drill holes from for a total of 844.15 m that twinned RC holes between, along strike and below the starter pits, but within the main La India open pit shell have been received. The Company is encouraged that these include three significant drill intercepts in two zones that were previously modelled as lower grade zones largely depleted by historic mining; two were drilled in what was considered low-grade zone between the two Starter Pits and one was drilled along to the south of the Southern Starter Pit:

1. 60.60 m (54.5 m true width) at 1.98 g/t gold from 4.15 m drill depth, including 5.75 m (5.2 m true width) at 16.88 g/t gold from 42.55 m drill depth in drill hole LIDC452 located between the two proposed starter pits.

2. 3.75 m (3.4 m true width) at 9.94 g/t gold from the hanging wall of the historic mine workings in drill hole LIDC454 located between the two starter pits.

3. 9.00 m (8.5 m true width) amalgamated width at 4.98 g/t gold from 55.05 m drill depth in the hangwall and footwall of the historic mine workings, including 5.35 m (5.0 m true width) at 6.61 g/t in the hangingwall of drillhole LIDC456. This drill intercept is located to the south and below the Southern Starter Pit.

Looking Ahead

Condor is very encouraged by these high-grade, high width drilling intercepts and will assess whether the starter pits can be extended along strike and to depth, and possibly amalgamated into one larger starter pit. An updated mineral resource and mineral reserve estimation and revised mine plan will be produced at feasibility level of detail using these new results along with the recent 25 m-spaced infill drilling.

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