Condor Gold granted Las Cruces concession
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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