Condor Gold PLC (CNR.TSX.L) Drilling on the La India Starter Pits Completed

Drill Intercept 22.05 m (21.6 m true width) at 6.48 g/t gold from 24.75 m drill depth in La India Starter Pits

Condor Gold (AIM: CNR; TSX: COG) is pleased to announce that infill drilling on the La India Starter Pits has been completed, and that all assay results have now been received for the Northern Starter Pit. The two planned high-grade Starter Pits (up to 35 m deep) have now been drill tested at 25 m by 25 m spacing. A total of forty-four diamond core drill holes for 2,290 metres have been drilled within and immediately adjacent to the starter pits, infilling between the pre-existing diamond core drill holes and also replacing eight Reverse Circulation (“RC”) drill holes with the higher quality diamond core. Two drilling rigs are currently re-drilling the remaining 1,142 m of RC drill samples that fall outside of the starter pits but are within the main La India Mineral Resource open pit shell with diamond drill core, approximately 600 m remains to be drilled.

Assay results have been returned for 29 of the drillholes; providing a complete dataset for the Northern Starter Pit and the first six drill holes in the Southern Starter Pit. The drilling results received to date support, and add considerable confidence to, the geological model used in the mineral resource and mineral reserve estimations and mine plan.

Highlights

· 22.05 m (21.6 m true width) at 6.48 g/t gold from 24.75 m drill depth including 15.35 m (15.0 m true width) at 8.68 g/t gold from 24.75 m drilled depth (drill hole LIDC413).

· 16.00 m (15.7 m true width) at 5.30 g/t gold from 18.35 m drill depth, including 5.90 m (5.8 m true width) at 12.35 g/t gold from 22.10 m drilled depth (drill hole LIDC416).

· 19.40 m (18.7 m true width) at 2.80 g/t gold from 28.45 m drill depth, including 8.20 m (7.9 m true width) at 4.90 g/t gold (drill hole LIDC433).

· 44 drill holes for a combined 2,290 m of infill and RC replacement drilling completed within La India Starter Pits.

· Drilling is currently underway to complete twin drilling of the remaining 1142 m RC holes in the main La India open pit shell. 600 m drilling remains of the current programme.

Mark Child, Chairman and CEO commented:

“A drill intersect in LIDC413 of 22.05 m (21.6 m true width) at 6.48 g/t gold including 15 m true width at 8.68 g/t gold from 24.75 m drill depth in a starter pit is exceptional in terms of width and grade near surface. The drill intercept in LIDC416 of 16.00 m (15.7m true width) at 5.30 g/t gold from 18.35 m drill depth including 5.8 m true width at 12.35g/t is also very impressive. Both drill results add considerable confidence to the geological model, the mineral resource and mineral reserve calculations and the mine plan.

“The starter pits are shallow, within 35 m of the surface and contain 455Kt at 4.17g/t gold for 59,674 oz gold using a 2.00g/t cut off grade. The intention is to mine them 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.”

Northern Starter Pit Assay Results

Results have now been received for 23 drill holes, drilled at 25 m by 25 m spacing, all located in the Northern Starter Pit. The results of the first six holes were reported in RNS announcements dated the 9th and 30th March. The drilling has confirmed continuity of gold mineralisation in the La India orebody and supports the geological model used in the mineral resource and mineral reserve estimations. The holes drilled at the upper levels of the starter pit confirmed that low to moderate grade gold mineralisation was left in the footwall of the historic mine workings by Noranda Mining in the 1940’s and 1950’s (reflecting the economics and mining method of the time). Holes drilled to test the lower levels of the starter pit sampled the entire mineralised vein set and confirmed that the historic miners only extracted a very narrow high-grade core zone, leaving behind considerable widths of mineralisation in both the hangingwall and footwall zones, including some high grade veins. Notable intercepts, from north to south along a 175 m strike length, include:

· A combined and amalgamated 22.05 m (21.6 m true width) at 6.48 g/t gold from 24.75 m drill depth on either side of a 4.35 m (4.3 m true width) , including 4.75 m (4.7 m true width) of historic mine workings including a hangingwall intercept of 15.35 m (15.0 m true width) at 8.68 g/t gold from 24.75 m drilled depth (drill hole LIDC413).

· 16.00 m (15.7 m true width) at 5.30 g/t gold from 18.35 m drill depth, including 5.90 m (5.8 m true width) at 12.35 g/t gold in the hangingwall of the historic mine working from 22.10 m drilled depth (drill hole LIDC416).

· 8.10 m (7.5 m true width) at 2.69 g/t gold from 18.60m drill depth, including 3.30 m (3.1 m true width) at 6.00 g/t gold from 18.60 m drilled depth (drill hole LIDC422).

· A combined 22.60 m (22.0 m true width) at 1.77 g/t gold in bedrock and backfilled historic mine workings from 5.35 m drill depth, including 7.35 m (7.2 m true width) at 2.74 g/t gold in the hangingwall faulted quartz veins from 12.85 m drilled depth (LIDC430).

· A combined and amalgamated 27.65 m (26.8 m true width) at 1.59 g/t gold from 29.80 m drill depth, including in the bedrock beneath the colluvial cover 21.30 m (20.7 m true width) at 1.87 g/t gold from 8.50 m drilled depth (drill hole LIDC429).

Southern Starter Pit Assay Results

Assay results from the first six drill holes in the Southern Starter Pit have been received and appear to confirm continuity of gold mineralisation in the La India structure and support the geological model used in the mineral resource and reserve estimation. Notable results include an amalgamated 19.40 m (18.7 m true width) at 2.80 g/t gold from 28.45 m drill depth, including 8.20 m (7.9 m true width) @ 4.90 g/t gold in the hangingwall of an historic mine working (drill hole LIDC433).

Table 1: Assay results from La India infill drilling.

 

Drill hole ID

Collar UTM WGS84-16N

Drill incl/azi

From

To

Drill Width (m)

True Width (m)

Au (g/t)

Ag (g/t)

Comment

LIDC413

X-sect 11200

574899E 1409950N 351 mamsl

-50/237

8.75

9.85

1.10

1.1

1.80

8.4

Vein + footwall breccia

24.75

51.40

22.05

21.6

6.48

15.7

Amalgamated vein stack incl. depleted lower zone.

Incl.

24.75

40.10

15.35

15.0

8.68

21.2

Faulted vein stack #1

(Incl.)

34.10

38.45

4.35

4.3

17.52

35.8

vein

Incl.

40.10

41.95

1.85

1.8

0.16

4.0

Stockwork

Excl.

41.95

43.95

2.00

2.0

Mine cavity

Incl.

43.95

45.15

1.20

1.2

2.54

40

Quartz breccia

Excl.

45.15

47.90

2.75

2.7

Mine cavity+fill

Incl.

47.90

51.40

3.50

3.4

1.78

2.70

Faulted quartz breccia

55.30

55.40

0.10

0.1

4.52

3.0

Vein

LIDC414

X-sect 11175

574922E 1409930N 350 mamsl

-48/236

35.30

36.30

1.00

1.0

3.99

11.0

Quartz breccia

42.50

50.70

5.25

5.2

1.95

6.1

Amalgamated HW+FW

Incl.

42.50

45.60

3.10

3.1

2.26

4.7

HW vein

Excl.

45.60

48.55

2.95

2.9

Mine cavity

Incl.

48.55

50.70

2.15

2.1

1.49

8.3

FW Quartz breccia

57.10

60.35

3.25

3.2

3.03

5.2

Quartz vein+breccia

68.30

71.60

3.30

3.2

1.72

3.4

Quartz vein+stockwork

LIDC415

X-sect 11150

574915E 1409894N 357 mamsl

-51/239

32.40

32.65

0.25

0.2

3.01

10.0

Hangingwall quartz breccia

37.95

39.65

1.70

1.7

10.38

82.4

HW vein

51.10

52.70

1.60

1.6

1.07

<2.0

Footwall narrow veins

LIDC416

X-sect 11200

574892E 1409945N 351 mamsl

-51/236

18.35

34.35

16.00

15.7

5.30

14

Amalgamated hangingwall stockwork and vein and footwall breccia

Incl.

22.10

28.00

5.90

5.8

12.35

22

Hangingwall vein

Incl.

28.00

30.25

2.25

2.2

0.53

11

Excl.

30.25

33.20

Mine cavity

Incl.

33.20

34.35

1.15

1.1

1.03

8

Footwall breccia

49.95

51.00

1.05

1.0

2.09

5

Stockwork

LIDC418

X-sect 11125

574916E 1409848N 358 mamsl

-51/239

31.50

38.35

6.85

6.7

0.59

7

Footwall breccia

Incl.

27.30

29.80

2.50

2.4

0.47

<2

Hangingwall backfill and stockwork

Excl.

29.80

34.00

Mine cavity

Incl.

34.00

37.80

3.80

3.7

0.70

12

Footwall breccia

LIDC419

X-sect 11100

574926E 1409833N 358 mamsl

-51/240

33.20

46.40

13.20

12.9

0.27

3

Faulted veins and breccias

Incl.

33.50

34.85

1.35

1.3

0.34

<2

Faulted breccia

Incl.

38.40

39.00

0.60

0.6

0.68

3

Faulted breccia

Incl.

44.00

45.20

1.20

1.2

0.80

2

Stockwork

LIDC420

X-sect 11100

574877E 1409814N 379 mamsl

-49/240

0.60

3.75

3.15

3.1

2.72

11

Colluvium

7.80

12.00

4.20

4.1

0.52

4

Breccia

LIDC421

X-sect 11100

574898E 1409833N 365 mamsl

-50/240

11.90

16.75

4.85

4.7

3.07

6

Stockwork + vein

Incl.

15.00

16.75

1.75

1.7

7.85

16

Hangingwall vein above cavity

LIDC422

X-sect 11100

574998E 1409834N 365 mamsl

-60/237

18.60

26.70

8.10

7.5

2.69

12

Vein and breccia

Incl.

18.60

21.90

3.30

3.1

6.00

22

vein

37.35

38.45

1.10

1.0

0.52

<2

Stockwork

LIDC423

X-sect 11050

574962E 1409789N 357 mamsl

-52/241

32.30

33.65

1.35

1.3

0.54

4

Stockwork in volcaniclastic

47.60

48.85

1.25

1.2

0.38

7

Vein

52.10

53.35

1.25

1.2

0.33

<2

Stockwork

67.15

68.40

1.25

1.2

0.92

5

Stockwork

LIDC424

X-sect 11075

574879E 1409778N 395 mamsl

-51/239

4.05

5.65

1.60

1.6

5.98

7

Vein

6.85

8.15

1.30

1.3

0.93

5

Poor recovery of footwall breccia

LIDC425

X-sect 11050

574883E 1409756N 400 mamsl

-50/238

4.05

5.95

1.90

1.9

0.68

11

Saprolite (stockwork)

20.90

21.30

0.40

0.4

1.76

5

Stringer veinlets

LIDC426

X-sect 11025

574895E 1409725N 412 mamsl

-51/239

0.00

10.45

10.45

10.2

1.41

11

Tectonic breccia and stacked veins

Incl.

6.05

8.15

2.10

2.0

3.84

15

Vein

Incl.

8.55

8.85

0.30

0.3

3.21

8

Vein

Incl.

9.60

9.90

0.30

0.3

2.49

9

Vein

Incl.

10.25

10.45

0.20

0.2

5.28

15

Vein

16.40

17.40

1.00

1.0

0.37

6

Stockwork or stringers

23.40

24.85

1.45

1.4

0.41

5

Stockwork

42.90

45.50

2.60

2.5

0.49

<2

Stockwork and vein

LIDC427

X-sect 11025

574920E 1409742N 397 mamsl

-50/240

5.65

15.65

10.00

9.8

2.85

2

Colluvium and vein

Incl.

5.65

8.10

2.45

2.4

0.82

<2

Colluvium

Incl.

8.10

13.30

5.20

5.1

4.88

5

Vein

22.60

28.00

5.40

5.3

0.85

2

Veins and stockwork (open to depth – abandoned hole)

Incl.

27.60

28.00

0.40

0.4

2.61

4

Vein (open to depth)

LIDC428

X-sect 10800

575018E 1409546N 428 mamsl

-52/241

0.00

4.10

4.10

3.9

1.44

10

Hangingwall faulted vein/breccia

4.10

6.90

2.80

2.7

Mine cavity

6.90

9.95

3.05

2.9

2.31

17

Mine backfill

LIDC429

X-sect 11025

574920E 1409742N 397 mamsl

-52/239

2.15

29.80

27.65

26.8

1.59

22

Amalgamated colluvium and stockwork

Incl.

2.15

8.50

6.35

6.2

0.63

<2

Colluvium

Incl.

8.50

29.80

21.30

20.7

1.87

1

Stockwork

(Incl.)

8.50

12.15

3.65

3.5

7.61

6

Stockwork

39.15

43.85

3.70

3.6

0.58

1

Amalgamated hangingwall, backfill and footwall

Incl.

39.15

40.25

1.10

1.1

0.58

<2

Hangingwall stockwork

Excl.

40.25

41.25

1.00

1.0

Mine cavity

Incl.

41.25

41.60

0.35

0.3

1.55

18

Backfill

Incl.

41.60

43.85

2.25

2.2

0.43

<2

Footwall breccia

54.20

57.55

3.35

3.3

0.93

<2

Breccia

LIDC430

X-sect 11050

574898E 1409758N 398 mamsl

-51/239

5.35

27.95

22.60

22.0

1.77

11

Combined stockwork, veins and backfill

Incl.

4.35

12.85

8.50

8.3

0.91

9

Stringers

Incl.

12.85

20.20

7.35

7.2

2.74

13

Tectonic brecciated veins

Incl.

21.20

27.95

6.75

6.6

2.42

10

Backfill

54.35

55.60

1.25

1.2

0.56

<2

Stockwork

LIDC431

X-sect 10725

575083E 1409487N 409 mamsl

-50/240

0.00

4.40

4.40

4.3

7.14

19

Backfill

LIDC432

X-sect 10725

575084E 1409488N 409 mamsl

-49/242

0.00

6.15

6.15

6.0

4.21

28

Backfill

9.25

15.10

5.85

5.7

1.76

9

Vein and stockwork

Incl.

10.25

11.45

1.20

1.2

6.24

24

Vein

11.45

15.10

3.65

3.5

0.57

4

Stockwork

LIDC433

X-sect 10800

575060E 1409563N 408 mamsl

-50/239

28.45

51.05

19.40

18.7

2.80

12

Amalgamated hangingwall and footwall

Incl.

28.45

36.65

8.20

7.9

4.90

23

Hangingwall faulted vein stack

Incl.

36.05

40.35

4.30

4.0 (0.5)

– (1.45)

– (8)

Mine cavity incl, 0.5m @ 1.45g/t Au backfill

Incl.

40.35

46.55

6.20

6.0

1.80

9

Footwall faulted vein stack

Incl.

46.55

51.05

4.50

4.3

0.53

<2

Stockwork

58.50

62.80

4.30

4.2

0.66

<2

Stockwork

73.50

75.00

1.50

1.4

0.50

3

Stockwork

88.60

90.00

1.40

1.4

3.21

4

Stockwork

LIDC434

X-sect 10800

575034E 1409549N 420 mamsl

-51/237

13.30

20.45

3.95

3.8

2.53

14

Amalgamated vein and backfill

Incl.

13.30

13.50

0.20

0.2

14.80

11

Hangingwall vein

Incl.

13.50

20.45

3.75

3.6

1.88

14

Backfill

34.80

35.50

0.70

0.7

3.94

9

Breccia

Incl.

41.00

41.70

0.70

0.7

1.03

4

Breccia

LIDC435

X-sect 10775

575066E 1409545N 408 mamsl

-50/239

20.00

38.30

14.10

13.6

1.93

10

Amalgamated hangingwall, backfill and footwall

Incl.

20.00

25.35

5.35

5.2

1.58

5

Hangingwall stockwork

Excl.

25.35

27.35

2.00

2.0

Mine cavity

Incl.

22.00

33.45

6.10

5.9

2.60

16

Backfill or pillar stockwork

Excl.

33.45

35.65

2.10

2.1

Mine cavity

Incl.

35.65

38.30

2.65

2.6

1.06

7

Footwall stockwork

Incl.

41.45

42.35

0.90

0.9

0.71

3

Stockwork

True width is an interpretation based on the current interpretation of the veins and may be revised in the future.

La India Pit Drilling Programme – Looking Ahead

Both drill rigs are currently drilling to replace the remaining fourteen reverse circulation (RC) drill holes (1142 m of drilling) that are located within the La India mineral resource pit shell of which 600 m remains.

About the Drilling Techniques

Drilling is being undertaken using heavy duty track-mounted drilling rigs. All of the drilling is being 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 is benefitting 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 have been met and good sample recovery is being achieved.

About the Assaying

Drill core is cut, and half core samples collected and bagged by Condor staff on-site. Samples are 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 are forwarded for assay to Bureau Veritas accredited analytical laboratory in Vancouver, Canada. As with many other operators, delays in the return of assay results are being experienced due to industry demand and COVID-19 pandemic restrictions.

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 8,377kt at 3.1g/t gold for 837Koz 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 678kt at 4.9g/t gold for 107Koz gold in the Indicated category and 1,718kt 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 387Kt at 4.29g/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 0.75g/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, 445Kt at 4.17g/t gold for 59,700 oz gold with a 6.8 to 1 strip ratio. See Table 2 below:

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

Cutoff 0.75g/t

 Cutoff 2.00g/t (4)

Ore Tonnes

dmt

  634,540

  444,600

Gold Grade

g/t Au

  3.32

  4.17

Silver Grade

g/t Ag

  6.53

  7.91

Gold Ounces

tr.ozs

  67,801

  59,672

Silver Ounces

tr.ozs

  133,316

  113,114

Waste Material

dmt

  2,845,209

  3,035,149

Total Matl

dmt

  3,479,749

  3,479,749

Strip Ratio

  4.5

  6.8

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


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