Con­dor Gold granted Las Cruces con­ces­sion

Stockwatch Daily - - MINES & METALS - Mr. Mark Child re­ports

THE MIN­ISTRY of En­ergy and Mines of Nicaragua (MEM) has granted the Las Cruces con­ces­sion, a 25-year ex­plo­ration and ex­ploita­tion con­ces­sion cover­ing an area of 142.6 square kilo­me­tres, to Con­dor Gold PLC’s wholly owned Nicaraguan sub­sidiary, Con­dor SA. The con­ces­sion is ad­ja­cent to, and south­east of, the La In­dia pro­ject. The La In­dia pro­ject now com­prises 11 ad­ja­cent and con­tigu­ous ex­plo­ration and ex­ploita­tion con­ces­sions, ac­quired by Con­dor over 12 years. The ad­di­tion of Las Cruces ex­pands the La In­dia pro­ject pack­age by 45 per cent to 455.6 square kilo­me­tres.

Mark Child, chair­man and chief ex­ec­u­tive of­fi­cer, com­mented: “I am de­lighted that the gov­ern­ment of Nicaragua has granted Con­dor a ma­jor ex­plo­ration and ex­ploita­tion con­ces­sion ad­ja­cent to the La In­dia pro­ject. This con­firms that the coun­try is pro-min­ing and open for busi­ness. The 142.6-square-kilo­me­tre Las Cruces con­ces­sion ex­pands the La In­dia pro­ject area by 45 per cent. Las Cruces was avail­able for grant by the gov­ern­ment un­der a 25-year ex­plo­ration and ex­ploita­tion con­ces­sion. We re­main con­vinced that the La In­dia pro­ject is a ma­jor gold dis­trict with the po­ten­tial to host over five mil­lion ounces of gold.

“Con­dor’s ge­ol­o­gists have iden­ti­fied a ma­jor north-north­east-strik­ing base­ment feeder zone through the pro­ject (La In­dia cor­ri­dor) which hosts 90 per cent of Con­dor’s 2.4-mil­lion-ounce gold re­source. The feeder zone can be pro­jected south­east int o Las Cruces. Map­ping and early prospect­ing/sam­pling show that Las Cruces lies in­side a vol­canic caldera and has ex­ten­sive clay al­ter­ation and rare vuggy sil­ica. This al­ter­ation ap­pears to be a litho­cap, which raises the pos­si­bil­ity of un­der­ly­ing por­phyry-style min­er­al­iza­tion (cop­per and/or gold). This por­phyry is po­ten­tially the heat en­gine and metal source that caused gold min­er­al­iza­tion across the en­tire La In­dia gold dis­trict. We are par­tic­u­larly keen to fol­low up on anoma­lous sam­ples of up to 0.1 per cent cop­per.”

Fol­low­ing the grant of the con­ces­sion, the com­pany will ap­ply for en­vi­ron­men­tal au­tho­riza­tion to carry out low-im­pact ac­tiv­i­ties such as ge­o­log­i­cal map­ping, prospect­ing, and lim­ited trench­ing and drilling.

Meet­ings with stake­hold­ers are planned to ex­plain our ac­tiv­i­ties and to ob­tain per­mis­sion from landown­ers prior to ex­plo­ration. Ini­tial ex­plo­ration will in­clude de­tailed ge­o­log­i­cal map­ping, prospect­ing and soil geo­chem­istry sur­veys to bet­ter un­der­stand the ex­tent of the al­ter­ation zones. Fol­low­ing the iden­ti­fi­ca­tion of min­eral prospects of in­ter­est, fur­ther work such as trench­ing, geo­phys­i­cal sur­veys and ex­ploratory drilling may be car­ried out.

We seek Safe Har­bor.

Mike Caswell con­densed this news re­lease ([email protected]­watch.com).

An­drew Mark Chea­tle, Mark L Child, Kate Har­court, James Mellon

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