Condor Gold PLC (CNR.TSX.L) Assay Results Received from La India Starter Pits

6.26g/t gold over 8.1m true width from 38.0m drill depth (LIDC442)

All Assay Results Received from Drilling La India Starter Pits

Condor Gold (AIM: CNR; TSX: COG) is pleased to announce that it has received the final assay results from the Southern Start Pit whereby all assay results have now been received for forty five diamond core drill holes for 2345.95 m in and just beneath the La India Starter Pits. The two planned high-grade Starter Pits (up to 35 m deep), the Northern and Southern Starter Pits, have now been drill tested at 25 m by 25 m spacing. These results will be used to estimate an updated mineral resource and reserve. In summary, the infill drilling programme has confirmed that the 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, contain approximately 447Kt at 4.17g/t gold for 59,672 oz contained gold within 35m of surface will be targeted early for extraction. The drill assay results further derisk the project ahead of production.

Highlights of New Drill Assay Results

· 6.26g/t gold over 8.1m true width from 38.0m drill depth (LIDC442) just beneath the Starter Pit indicate the pit could push deeper.

· 6.05g/t gold over 5.8m true width from 10.2m drill depth (LIDC448)

· 2.36g/t gold over 11.9m true width from 7.1m drill depth (LIDC436)

· Results received for 45 diamond core drill holes for a combined 2345.95 m of infill and RC replacement drilling completed within and just beneath the La India Starter Pits.

· 10 drill holes for 827.40 m replacing previous RC holes outside the Starter Pits area of influence, but within the main La India open pit have been completed.

· Drill results support strategy that approximately 447 Kt at 4.17 g/t gold for 59,672 oz contained gold with 35m of surface will be targeted early for extraction.

Mark Child, Chairman and CEO commented:

“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). 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, 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, to be mined early to quicken the payback period and enhance the Project’s economics. 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

On 25 January 2019, SRK Consulting (UK) Limited completed an updated Mineral Resource Estimate (the “MRE”; see RNS dated 28 January 2019), which includes the La India Starter Pits based on a grid of 50 m spaced drilling intercepts, including RC drilling. The infill drilling has increased the number of drill intercepts within the pit shell from eleven to thirty-nine diamond core intercepts. The results to date have improved confidence in the existing geological model and returned widths and grades of gold mineralisation in line with expectations. Importantly, the drill-holes located near-surface, in the upper 30-40 m where there has been some artisanal mining activity in recent years, have demonstrated that artisanal mining has been very localised and that there has not been any material undocumented shallow mine depletion.

Within the Northern Starter Pit twenty-one infill holes were drilled for a combined 1036.05 m of drilling which included twinning two RC drill holes. Two RC drill holes were also twinned adjacent and just beneath the Starter pit for an additional 141.30 m of drill core. The assay results are detailed in RNS announcements dated 9 March, 30 March and 29 April 2021. Condor is encouraged that the best infill diamond core drill intercepts are significantly better than the existing diamond core intercepts and that a high-grade RC drilling result has been verified with a similar diamond core intercept. The best pre-existing diamond core intercept in the Northern Starter Pit was 7.62 m (7.4 m true width) at 3.62 g/t gold from 7.62 m (in drill hole LIDC134). This has been supported by a significantly greater width and grade of 22.05 m (21.6 m true width) at 6.48 g/t gold from 29.35m in infill drill hole LIDC413. This infill drill hole also compares well with a high grade intercept returned from previous RC drilling of 26.00 m (25.1 m true width) at 7.73 g/t gold in drill hole LIRC105.

Drilling within the Southern Starter Pit shell comprised eighteen additional infill drill holes for 917.00 m, twinning two of the historical RC drill holes, and provides 25 m drill spacing throughout the starter pit shell. Drilling just beneath the Southern Starter Pit included four drill holes for 251.60 m. The assay results of the first six drill holes were reported in an RNS announcement dated 29 April 2021.

New Drill Assay Results

The remainder of the drill assay results for the Southern Starter Pit are detailed in Table 1 below. The infill drilling in and just beneath the Southern Starter Pit has returned 6.26g/t gold over 8.1m true width from 38.0m drill depth (LIDC442) and 6.05g/t gold over 5.8m true width from 10.2m drill depth (LIDC448). These results compliment the best previous in-pit diamond core drilling intercepts of up to 6.80 m (6.5 m true width) at 13.99 g/t gold from 20.7 m in drill hole LIDC193.

Table 1. Recent assay results from La India Southern Starter Pit infill drilling.

https://www.investegate.co.uk/condor-gold-plc–cnr-/rns/assay-results-received-from-la-india-starter-pits/202107050700070784E/

About the Starter Pits

On 25 January 2019, SRK Consulting (UK) Limited completed an updated Mineral Resource Estimate (the “MRE”; see RNS dated 28 January 2019) on Condor’s 100% owned La India Project in Nicaragua comprising 9.85 million tonnes (“M tonnes” or “Mt”) at 3.6 g/t gold for 1,140,000 oz gold in the Indicated category and 8.48M tonnes at 4.3g/t gold for 1,179,000 oz gold in the Inferred category.

The La India Vein Set hosts an open pit Mineral Resource of 8,377 kt at 3.1 g/t gold for 837 Koz gold in the Indicated category and 887kt at 2.4 g/t gold for 69,000oz gold in the Inferred category. Beneath the La India open pit is an underground Mineral Resource estimate of 678 kt at 4.9 g/t gold for 107 Koz gold in the Indicated category and 1,718 kt at 5.6 g/t gold for 309,000 oz gold in the Inferred category.

The 25 January 2019 MRE update did not materially change the La India open pit Mineral Resource estimate and consequently the 2014 Pre-Feasibility Study (“PFS”) remained unchanged. La India open pit has an existing Probable Mineral Reserve of 6.9 million tonnes (“Mt”) at 3.01 g/t gold for 675,000 oz gold.

As announced on 4 March 2020 (see RNS), Condor completed internal studies on readily accessible high-grade material within the permitted La India open pit. The starter pits within La India open pit contain a diluted tonnage of 387 Kt at 4.29 g/t gold for 53,000 oz gold. Condor has subsequently further advanced these studies. Within a designed pit shell, the starter pits have two scenarios. At 0.75 g/t gold cut-off grade, 635Kt at 3.32g/t gold for 67,800 oz gold with a 4.5 to 1 strip ratio. Using a 2.0g/t cut-off grade, 445 Kt at 4.17 g/t gold for 59,700 oz gold with a 6.8 to 1 strip ratio. See table 1 below:

Table 2: Starter Pits within the Main Permitted La India Open Pit

Notes:

1) Resources include indicated and inferred material within the 2019 resource model

2) Resource tabulation from internal Condor estimates, which may differ slightly from SRK totals

3) Resources are contained within the sub-pits Tajo 3,4,and 7

4) Cutoff at 2.0 g/t requires that 190kt at 1.33 g/t (8,100oz) be stockpiled for future processing

About the Drilling Techniques

Drilling was undertaken using heavy duty track-mounted drilling rigs. All of the drilling was undertaken using diamond core drilling techniques employing large diameter PQ core barrels and triple tube in the mineralised zones to ensure good sample recovery. Drilling close to surface and in proximity to historical and artisanal mine workings can present challenges to the driller, however, the drilling programme benefitted from employment of local geologists, field support staff and experienced drill contractors, all with a decade of experience of drilling at la India. Consequently, all target depths were met and good sample recovery was achieved.

About the Assaying

Drill core was cut, and half core samples collected and bagged by Condor staff on-site. Samples were transported to Bureau Veritas accredited sample preparation laboratory in Managua every week in batches of two or three drill holes, generally being submitted to the lab within 5-10 days of completing the drill hole. Sub-samples of the pulverised rock samples were forwarded for assay to Bureau Veritas accredited analytical laboratory in Vancouver, Canada.

– Ends –

For further information please visit www.condorgold.com or contact:

Condor Gold plc

Mark Child, Chairman and CEO

+44 (0) 20 7493 2784


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