Temujiin
15 Dec 2016
142.4 g/t gold rock chip sample 15(th) December 2016Condor Gold plc("Condor" or "the Company"
Please click on the below link to view the full press release[link] India exploration update: 142.4 g/t gold rock chip sample identified, 1,123 m of 4,000 m Scout Drilling and 168 km(2) of Soil Survey CompletedCondor (AIM:CNR), is pleased to provide an update on scout drilling and regional exploration at the La India Project, Nicaragua, which hosts a high grade mineral resource of 18.08 M tonnes at 4.0 g/t for 2.31 M oz gold.Highlights-- 142.4 g/t gold rock chip sample identified approximately 30 m along strike from a 53.9 g/t gold rock chip on the Los Limones prospect at the northern end of a 12.5 km mineralised corridor, 9 km north of the main La India open pit reserve.-- 168 km(2) of 313 km(2) soil survey completed. The aim is to identify feeder zones and new gold targets.-- Initial interpretation of soil results shows two major feeder zones, the La India and Andrea Corridors, and supports the concept of a major gold District. -- 1,123 m of 4,000 m scout drilling has been completed, assay results due in 2017. Mark Child CEO comments:"Condor's strategy of proving that La India Project is part of a major gold District is yielding positive results. A 142.4 g/t gold rock sample, 30 m along strike from a 53.9 g/t gold rock chip, at the northern end of the 12.5 km-long Andrea mineralised corridor, and 6 km away from the nearest gold resource, is highly encouraging. A regional soil survey is about 50% completed. The purpose is to generate new gold targets and better understand the district-scale mineralisation. For example, to determine upflow zones of the fossil geothermal (epithermal) system and identify new gold targets.The initial interpretation of the soil survey, combined with helicopter borne geophysics, structural and regional mapping, is that there are two major feeder zones. The La India Corridor is better understood and hosts 90% of the Project's high grade mineral resource of 18.08 M tonnes at 4.0 g/t (2.31 M oz gold). The Andrea Corridor is less well understood and is the focus of the current 4,000 m scout drilling programme".BackgroundA regional soil geochemistry survey is underway over the 313 km(2) La India Project. During 2015 and 2016 a total of 12,208 samples were collected covering 168 km(2), assays have been received for most. Samples are collected along lines at 200 m or 400 m apart and at intervals varying from 50 m to 400 m (see Figure 1 below). The survey covers both 'virgin' territory, with no mapped epithermal veins, and areas of known mineralization, such as La India, America and Mestiza. The La India Project has approximately 105 km strike length of veins, of which about 55 km have been trenched or mapped in any detail; only 13.2 km have been drill tested. Many veins have never been sampled.Samples collected to date are shown in Figure 2. The blue dots remain to be collected. Assays are awaited for the black dots.Initial Soil Survey InterpretationThe soil survey is ongoing, so this is an initial interpretation. Several elements, in particular Gold (Au), Tellurium (Te), Thallium (Tl), Arsenic (As), Silver (Ag) and Antimony (Sb), define two significant trends. These are interpreted as two major basement feeder zones: La India and Andrea Corridors (see Figure 3 below). The La India Corridor cuts obliquely across some of the better known veins, such as La India, America, Mestiza and seems to localize higher gold grades at these intersections. This understanding will help future drill targeting. There is also a suggestion that some rich veins (Tatascame, Los Limones) are en echelon structures, at high angle to the Andrea Corridor. They may have provided localized dilations for fluids to rise. Drilling to test this model at Tatascame is due to commence shortly.Antimony, along with Selenium (Se) and Te
JibboCnr
09 Dec 2016
Good news Vital that this dispute has been put to bed. Obtaining the surface rights to the land means that CNR can now crack on with purchasing the remaining land from the landowners and clearing the path to production. The issue of who owns the surface rights has no doubt been the reason why only 30% of the land had been purchased to date.
Temujiin
09 Dec 2016
Settlement of NSR dispute with B2Gold Condor Gold plc('Condor' or 'the Company')Settlement of NSR dispute with B2Gold and Royal Gold & Purchase of Land Surface RightsClick on, or paste the following link into your web browser, to view the associated PDF document.[link] Gold (AIM: CNR), the AIM-listed gold exploration company, is pleased to announce it has reached terms of a settlement with B2Gold Corporation ("B2Gold" (TSX-BTO) and Royal Gold, Inc. ("Royal Gold" (Nasdaq-RGLD) over a disputed Net Smelter Return Royalty ("NSR" over part of Condor's flagship La India Project in Nicaragua, which hosts a high grade NI 43-101 compliant mineral resource estimate of 18.08 Mtonnes at 4.0 g/t for 2.31 Moz gold. Condor is also acquiring from B2Gold approximately 3,508 hectares of land surface rights which cover the area of the estimated mineral resource and reserves and the proposed mine site infrastructure.Highlights: -- Condor reaches terms of a settlement on 3% NSR with B2Gold and Royal Gold. -- The settlement clears the way for the Project to advance towards the construction of a 1Mtpa processing plant with capacity to produce 100,000 oz gold p.a. from a single open pit.-- Purchase from B2Gold of 3,508 hectares of land surface rights covering the mine site infrastructure and the area of the mineral resource and reserve.-- Purchase of land surface rights from B2Gold removes an obstacle and allows the project to progress. -- Settlement of NSR dispute and purchase of land surface rights de-risks the Project. Mark Child, CEO comments:"I am pleased to have negotiated the terms of the settlement over a 3% NSR on part of Condor's La India Project. It ends four years of litigation in the Canadian and Nicaragua courts with B2Gold and Royal Gold. It clears the way to progress Mina La India to construction by providing clarity to potential funding partners over a protracted NSR dispute. I am equally pleased to have acquired surface rights in respect of 3,508 hectares of land from B2Gold, which covers the area of the mine site infrastructure required for the base case 1Mtpa processing plant with capacity to produce 100,000 oz gold p.a. from a single open pit. The purchase of the land surface rights removes an obstacle to construction, not least because B2Gold undertook litigation against Condor in Nicaragua in relation to these rights. The purchase of land surface rights will facilitate negotiations with local land owners and allows the project to progress forming part of Condor's strategy of de-risking the Project and achieving a clear path to production".Background: In September 2010, Condor and B2Gold (the "Parties" entered into a legally binding agreement to swap concessions in Nicaragua (see RNS dated 6(th) September 2010). In summary, Condor owned the 22sq km Cerro Quiroz Concession, which is adjacent to B2Gold's producing mining on the La Libertad Concession and B2Gold owned the 65 sq km La India Concession. B2Gold wanted to acquire the Cerro Quiroz Concession as it increased its concession package adjacent to a producing gold mine. Condor had accumulated a package of four concessions that cover an area of 96 sq km around the historic gold mine on the La India Concession, had worked in the area for 4 years and was consolidating a concession package in La India Gold District. The Parties incorporated two new companies in Nicaragua. La India Gold S.A. which today is 100% owned by Condor and Cerro Quiroz S.A. which is currently 80% owned by B2Gold and 20% by Condor. The concession swap agreement resulted in the transfer of the La India Concession to La India Gold S.A. and the Cerro Quiroz Concession to Cerro Quiroz S.A. Condor was aware of a 3% NSR on the La India Concession at the time of the concession swap, but was not provided with a copy of the NSR agreement until almost 2 years later. After consulting legal counsel, the Board of Directors
Temujiin
08 Dec 2016
Re: where do you reckon this will be thi... Glad you stayed in and caught some of the rebound with your still substantial holding.Know what you mean about insufficient funds, I don't have too much to play with nowadays but try to keep some cash available for opportunitiesBest of luck to you too
I am zely
08 Dec 2016
Re: where do you reckon this will be thi... Hi Temujiin,Still hanging in there. I'm down to about 20,000 shares and will most likely keep hold of these on a gamble that gold will pick up in the second half of 2017, combined with further good news from CNR.I even thought of buying some more this week but chickened out. All down to timing now - if I can make some money elsewhere and sell at a time when there's a dip in CNR, I may buy some more - not enough funds to play with at the minute, so sittting tight.Good luckZ
