Condor Gold announces final drill results from Mestiza
Monday, Nov 06, 2017
Final Drill Results from Mestiza: including 1.4 m @ 18.5 g/t Gold

Condor Gold (AIM: CNR) is pleased to announce, further to its 30 August 2017 announcement, the final six drill hole results from a 43 drill hole programme on the Mestiza Vein Set ('Mestiza') at the La India Project, Nicaragua. A drill programme of 5,922 metres was completed in August with the initial focus on the Tatiana Vein, one of the four constituent veins at Mestiza, along with the nearby Buenos Aires and Jícaro veins. The objective was to convert the upper part of a historic Soviet mineral resource (2,392,000 tonnes at 10.2 grams per tonne ("g/t") gold for 785,694 ounces of gold) to Canadian NI 43-101 standard however this has now also developed into allowing Condor to better understand the extent of the mineralisation and further resource potential at Mestiza, which is open along strike beyond the Soviet resource. It is now considered that drilling below 200m, as further detailed below, is required to determine the volume of the historic Soviet resource that can be converted to NI 43-101 standard.


· 5,922 metres completed, with drilling restricted to the top 200 metres (below ground surface), which demonstrates excellent continuity of the structures, high-grade ore from surface, and open pit potential

· A high-grade oreshoot ('Big Bend') on the Tatiana vein is defined over a strike length of 450 metres and depth of 200 metres. It has mineralised true widths up to 4.6 metres (averaging 2.2 metres over the main mineralised section), in addition to a hanging wall vein up to 6.1 metres true width (averaging 1.0 metre)

· Best results received from the final six drill holes (totalling 850 metres) include:

o  LIDC378 drill width 0.50 metres (true width 0.4 metres) at 17.4 g/t gold and 3.0 g/t silver from 77.30 metres downhole depth.

o  LIDC383 drill width 1.40 metres (true width 1.1 metres) at 18.50 g/t gold and 22.1 g/t silver from 19.60 metre.

·  Mapping and trenching continues on the extensions along strike of the constituent veins on Mestiza

Mark Child, Chairman and CEO comments:

"The final six drill holes of a 43 drill hole programme, totalling about 6,000 metres, at Mestiza demonstrate high grade gold mineralisation from surface to a depth of up to 200 m beneath surface.

"The discovery of a high-grade oreshoot ('Big Bend') on the Tatiana vein, which has a strike length of 450 metres, an estimated average true width of 2.2 metres and a depth of at least 200 metres, is material to the Project. Additionally, there is potential for a small open pit on the Tatiana vein that can add high grade gold to the mine plan, reduce the payback period and enhance the project economics.

"On one section line in Big Bend, LIDC383 intersects the vein 20 metres beneath surface and has a drill width of 1.40 metres at 18.50 g/t gold. From previously reported drilling on the same section: LIDC 344 (80 metres beneath surface) has a drill width of 3.30 metres at 28.3 g/t gold; LIDC 358 (160 metres beneath surface) has a drill width of 3.55 metres at 23.3 g/t gold.

"Finally, as Condor has only drilled to a depth of up to 200 metres beneath surface, there is further potential in the lower half of the historic Russian resource, which was up to a depth of approximately 500 metres and remains untested."


The La India Project's existing NI 43-101-compliant mineral resource includes 9.6 Mt at 3.5 g/t gold for 1,083,000 oz gold in the Indicated mineral resource category and 8.5 Mt at 4.5 g/t gold for 1,231,000 oz gold in the Inferred mineral resource category. This consists of seven separate resources, most of them open along strike and at depth. It includes Mestiza, which hosts a NI 43-101-compliant Inferred mineral resource of 1,490 kt at 7.47 g/t for 333,000 oz gold. Here, Soviet-backed drilling in 1991 led to a Soviet-style mineral resource estimate of 2,392 kt at 10.2 g/t gold for 785,694 oz gold (see RNS dated 22nd May 2017). The bulk of the resources are contained within the Tatiana vein, the largest of the four main veins at Mestiza, which also includes the Buenos Aires and Jicaro veins to the north, and Espinito vein set to the west, of Tatiana.

Mestiza Drill Plan

Condor commenced drilling with one rig on the 23rd March 2017, to test the Soviet drilling and convert the top half of the Soviet mineral resource to Canadian NI 43-101 standard (see RNS dated 31st March 2017). The first batch of assays was reported on the 22nd May 2017. A second rig was introduced and the second batch of assays was reported on the 29th June 2017.

This initial programme finished in August 2017, with the completion of 43 drill holes for 5,922 m in total (see RNS dated 30th August 2017). Table 1 lists the best intercepts above 20 g/t*m (grade x thickness) gold (Au) for the entire drill programme. Results for last six drill holes from LIDC378 to 383 are presented in Table 2. The drill plan (Figure 1) shows the distribution of these holes.

Drilling with large diameter (PQ) core was a priority because it provided high recoveries and larger sample sizes (see Discussion of Drill Results below). The drill rigs have achieved this, but have only been able to test the top 200 m. It is now considered that deeper holes are required to fully test the volume of the historic Soviet resource, which extends to approximately 500 m beneath surface. This will require more powerful rigs.

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