Condor Gold
Condor Gold Plc is a UK based AIM listed exploration Company focused on proving a large commercial reserve on its 100% owned La India Project in Nicaragua.
At 18th September 2012, La India Project has a Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Standards resource of 2.4M oz gold at 4.6g/t including 751,000 oz at 4.4g/t in the Indicated Category, as required by NI 43-101 . La India Project resource includes a high grade open pit resource of 954,000 oz gold at 3.6g/t gold. A preliminary economic assessment is currently underway. In addition to the La India Resource, 87k oz gold on the Rio Luna Resource takes Condor's total resource to 2.5m oz gold in Nicaragua to CIM standards.
Related news
- Condor Gold kicks off work to consider La India pit dynamics
2013-04-25 - Condor Gold announces next stage of drilling programme
2013-04-24 - UPDATE: Condor Gold unveils further positive La India results
2013-04-15 - Condor Gold stakeholder passes on third funding top-up
2013-03-22 - Condor Gold's drilling continues to make the grade
2013-03-04 - Condor Gold successfully completes second tranche of £10 mln cash call
2013-02-22 - Condor Gold gets backing from Regent Pacific
2013-02-15 - Big share premium as Condor Gold snaps up concession next to La India
2013-02-05 - Condor says soil samples offers the prospect of "additional significant gold" at La India
2013-01-04 - Condor Gold gets ministerial sign-off for La Mojarra
2012-12-13 - Condor Gold making good progress on its La India drilling programme
2012-12-07 - Condor Gold to test for second open pit at La India
2012-12-03 - Condor Gold technical resource paves way for La India PEA, says broker
2012-11-08 - Condor Gold gets go-ahead to buy La Mojarra licence
2012-10-25 - Condor Gold raises over £4.2 million in placing to develop projects
2012-10-16 - Condor Gold:美國岩脈有可能到達它的最高目標- Ocean股
2012-10-03 - Condor Gold: America vein likely to become high priority target - Ocean Equities
2012-10-03 - Condor Gold reveals encouraging results from America vein
2012-10-01 - Condor Gold interims chart a period of significant progress
2012-09-28 - Condor Gold sees more open pit potential at La India after latest assays
2012-08-01 - Condor Gold reports new high grade drilling results from La India, Nicaragua
2012-07-03 - Condor Gold shares soar on latest drill results from La India in Nicaragua
2012-07-03 - Condor Resources says drilling at La India gold project further confirms open pit potential
2012-06-13 - Condor Resources targets gold resource upgrade at La India this year, name change to Condor Gold
2012-06-01 - Condor Resources finds high gold grades at La India’s Central Breccia prospect
2012-05-28 - Condor Resources "really pleased" with metallurgical tests at La India
2012-05-21 - Condor Resources "really pleased" with metallurgical tests at La India - UPDATE
2012-05-21 - Condor Resources - low cost gold producer in the making?
2012-05-11 - Condor Resources - low cost gold producer in the making?
2012-04-24 - Condor Resources' La India project has potential far beyond historic bounds, suggests broker
2012-04-17 - Condor Resources rallies after releasing SRK report on La India gold resource
2012-04-14 - Condor Resources flying high on the potential of La India project
2010-11-17
Company Statement
Condor Gold PLC has a number of projects in Central America that lie within major epithermal and mesothermal gold belts with the potential to host world class gold deposits.
The company has secured 100% ownership in a number of projects within Nicaragua and El Salvador. A current list of the Company's projects is available here.
Condor's objective is to maximise shareholder value through the discovery of significant high-grade gold deposits in Central America. The company believes it will achieve this by focusing exploration efforts on projects that have a robust exploration model with excellent potential to generate early cash flow.
Current Operations
* Two year extensions for all licences in administrative freeze whilst El Salvador moratorium on mining and exploration remains in effect.
Located on the isthmus between North and South America, El Salvador is dominated by late Cretaceous to Quaternary volcanic rocks including rhyolite flows and domes, voluminous andesite and basalt flows, volcaniciastics and pyroclastics which host the majority of the high-grade economic mineral deposits found in El Salvador.
Condor currently holds several exploration concessions within El Salvador with significant historical mining activity and/or the potential to host a world class high grade epithermal mineral deposit. Please click here to view a map of current projects in El Salvador.
La Calera Project
The La Calera Project, located 45km northeast of San Salvador, consists of a single concession covering 42kmž and is 100% owned by Condor's subsidiary Minerales Morazan S.A de C.V. Targets at La Calera are structurally controlled quartz-calcite veins and vein breccias, hosted by strongly propylitically altered andesitic volcanic, volcaniclastic and agglomerate units. These veins exhibit characteristics typical of epithermal gold-silver mineralisation, including quartz and bladed calcite, colloform banding, low sulphide content (pyrite generally <5%) and bonanza gold grades (up to 1m at 91g/t gold in trench samples). At La Calera a number of close-spaced parallel mineralised veins are recognised over a strike length of approximately 2km.
A total of five sub-parallel veins, striking in a generally north-northwest direction, have now been identified spread across a 500m cross-strike distance. From west to east these are referred to as the Acevedo, Escobar, Calichal, Rosa West, and Rosa vein systems. The dip of the veins varies, with all the veins dipping steeply to the northeast, except for the Rosa West veins which dip to the southwest. The Rosa, Rosa West and Calichal veins are the principal veins in terms of grade, width, and continuity of strike and dip, with over 1200m of strike length defined to date on the Rosa vein.
An extensive programme of trenching was undertaken by Condor (Minerales Morazan) in 2006 and 2007, during which time the Acevado and Escobar veins were identified and the three principal veins extended and defined at 80m trench-spacing. Significant new intercepts include 20m at 3.6g/t gold and 3.9g/t silver from the Rosa Vein, and 12m at 7.5g/t gold and 6.3g/t silver from the Rosa West Vein. A resource calculation announced in February 2008, utilising the extensive trench sampling database and supplemented by the existing drilling coverage, estimated an inferred resource of 6Mt at 1.6g/t gold and 1.4g/t silver for 310,000oz gold and 270,000oz silver.
Indications of hydrothermal alteration have been noted further along the mineralised trend and with drilling, Condor (Minerales Morazan) is confident of extending the known mineralised system to a total potential strike length of some 2,000m. As evident in the field, the main vein system can be easily traced laterally through its surface expression.
Less than 20% of the La Calera Concession has been explored to date and the possibility of similar epithermal vein gold mineralisation elsewhere on the concession is considered high. Condor (Minerales Morazan) has secured all previous data including assay results, mapping and diamond core for the concession from a previous owner. This has greatly assisted with advancing the exploration programme on the concession area. As soon as Condor (Minerales Morazan) receives the necessary environmental permits from Government further drilling and the definition of a substantial mineral resource is planned.
Please click here for La Calera Prospect plan.
Please click here for La Calera Prospect cross-section.
El Pescadito Project
El Pescadito, Carolina, El Gigante Located in eastern El Salvador, 95km east of the capital San Salvador and 20km northeast of the town of San Miguel, the El Pescadito Project comprises three contiguous concessions covering an area of 133km²: the El Pescadito, Carolina and El Gigante concessions.
Numerous old workings and mines are located within the El Pescadito Project which have been exploited intermittently since the 18th Century. The Loma del Caballo and El Divisidero prospects have been subjected to the most recent exploration with both surface and underground evaluations suggesting strong potential for the discovery and delineation of sizeable gold and silver mineralised breccia zones associated with low-sulphidation, epithermal-type systems. Although no accurate production figures are available, it is estimated by the El Salvadorian Government that 100,000oz gold and 5.6Moz silver was extracted from El Divisidero in the early 1900's at grades of 3.8g/t gold and over 200g/t silver.
Please click here for Pescadito Project plan. The Loma del Caballo Prospect contains a previously reported resource using JORC Code categories of some 116,500oz gold and 3.2Moz silver. Recent work including trenching and diamond drilling confirms the width and tenor of the mineralisation at Loma. Drill intersections such as 42.08m at 2.3g/t gold and 69.3g/t silver from 18.2m drill depth highlight the potential of this prospect.
The Divisidero area consists of numerous mineralised veins, incorporating a host of historic underground and surface workings along a major northwest trending auriferous fault / vein system and its splays. The structure begins in the vicinity of El Divisidero town (centred on the historic Divisidero/Carolina underground gold-silver mine) and trends in a general northwest direction over approximately 4,000m of strike length, with a moderate to steep dip to the northeast. The structure straddles the Pescadito and the Carolina Concession boundary. The Divisidero prospects include amongst others the Divisidero/Carolina Vein, the Protectora Vein, and the San Francisco-Tortuga veins. Field work undertaken by Condor (Minerales Morazan) between 2006 and 2007 on vein exposures in these areas produced significant trench results including 26m at 1.77g/t gold and 73.4g/t silver from 59m drill depth at Carolina, 10m at 1.66g/t gold and 216.0g/t silver from 11m drill depth at Protectora, and 9m at 0.8 g/t gold and 116.5g/t silver from 35m drill depth at San Francisco-Tortuga.
Condor (Minerales Morazan) announced a subsurface resource of 2.7Mt at 2.7g/t gold and 171g/t silver for 240,000oz gold and 15Moz silver in the Divisidero area in December 2006. Following the results of the 40m spaced trenches excavated across the structure between 2006 and 2007, this resource was supplemented by an oxide resource of 1.2Mt at 1.0g/t gold and 53g/t silver for 41,000oz gold and 2.1Moz silver announced in February 2008. Please click here for Divisidero-Carolina Resource cross-section.
Other prospects within the Pescadito Project warranting further exploration include the Agua Caliente-Virginia Prospect and the Taladro Prospect.
At the Agua Caliente-Virginia Prospect, significant assay results from rock chip sampling (up to 35.8g/t gold, 1043 g/t silver), trenching (16m at 2.66g/t gold and 368.8g/t silver, including 1m at 6.60g/t gold and 1,234.3g/t silver) and exploratory drilling (10.78m at 1.3g/t gold and 369g/t silver from 20m drill depth) identified a mineralized zone with up to 15m width of strongly propylitically altered quartz and calcite veins and vein breccias. The mineralized zone trends 500m southeast across the Rio Seco (River) to the Taladro Prospect, giving a prospective strike length of over 2,000m.
The Taladro Prospect is a site of historical surface and underground workings. Rock chip sampling of vein outcrops during reconnaissance returned peak assays of 17.4g/t gold and 1,422g/t silver.
El Gigante Concession exhibits a geological setting similar to that of the San Sebastian Gold Mine, located immediately southeast of the Pescadito Project. San Sebastian is recorded as being one of the most prolific gold producers in Central America, producing over 1.28Moz of gold at a grade of approximately 60g/t.
The mineralisation at El Gigante is an epithermal textured quartz-calcite vein and vein breccia system hosting gold-silver mineralisation. Results of initial reconnaissance mapping and sampling indicate a minimum potential strike length of 500m based on surface exposures, historical mine workings, and historical maps of underground workings. The vein systems trend west-northwest, and dip moderately to the north-northeast to a depth of at least 80m below surface. The system appears to be structurally controlled along the contact between propyllitically altered andesitic volcaniclastic units and a rhyodacitic unit of possible intrusive origin. Results from rock chips samples collected from outcropping quartz veins and vein breccias returned peak assay values of 4.8g/t gold and 639g/t silver.
Drilling by previous concession holder Intrepid Minerals produced significant mineralization in five out of six drillholes. Published results include intercepts of 3.35m at 15.61g/t gold and 1,393g/t silver, 0.20m at 44.86g/t gold and 2,516.2g/t silver, and 9.65m at 4.00g/t gold and 231g/t silver. Following compilation of historical trenching, drilling and underground sampling Condor (Minerales Morazan) announced an inferred gold resource estimation of 610,000t at 2g/t gold and 87g/t silver for 39,000oz gold and 1.7Moz silver at El Gigante in February 2008.
Please click here for El Gigante Prospect plan. Nicaragua The total Pescadito Project inferred resource currently stands at 7.1Mt at 1.90g/t gold and 96g/t silver for 430,000oz gold and 22Moz silver.
Condor (Minerales Morazan) will test the strike potential of this mineralised structure with a significant trenching program followed by drilling of the structure when the necessary environmental permits are received from Government.
Nicaragua
Nicaragua is the largest country in Central America and also has the highest recorded gold production in the region, estimated at almost 10M ounces of gold. There are currently three large modern producing gold mines; Bonanza (3.1M ounces gold and 0.6M ounces silver produced), El Limón (2.7M ounces gold and 4.5M ounces silver produced) and La Libertad (170,000 ounces gold production, 16.3Mt at 1.5g/t gold reserves). The countries gold production from these modern mines is supplemented by small scale artisanal mining of both bedrock and alluvial placer gold in mining districts throughout the country. Past mining activity includes some large resources such as the Siuna and Rosita Mining districts (3.8Mt at 5.6g/t gold).
Nicaragua’s geology is dominated by Quaternary volcanic and felsic intrusive rocks in the west and Mesozoic volcanic rocks in the east, with a belt of Palaeozoic metamorphic rocks in the north. All three geological regions host high-grade economic mineral deposits with active or historic gold mining.
Condor has secured 100% ownership of nine concessions in four project areas all with known gold mineralisation and all but one either including or proximal to historical gold mines. Condor also has a 20% interest in a concession near the La Libertad Gold Mine.
Please click here for a map of current projects in Nicaragua. |
Management
Mark Child
Executive Chairman
Mr. Child has 25 years of equity capital markets experience, as an institutional stockbroker and in corporate finance/private equity, mainly in emerging markets. He has worked for W.I. Carr Indosuez, Hoare Govett, Prudential Bache Securities and was the managing director of Sun Hung Kai Securities (UK) Ltd. At board level Mr. Child has been an executive director of Hong Kong listed Regent Pacific Group, an emerging market fund manager and private equity group, which spun off Charlemagne Capital Limited and AIM listed betinternet.com plc. In addition he has been a Non Executive director of several private companies. He joined the Board of Condor Resources on the 24th May, 2006.
Jim Mellon
Non Executive Director
Jim Mellon, based in the Isle of Man, is a renowned fund manager. He began his career with GT Management in the US and in Hong Kong and later became the co-founder and managing director of Thornton Management (Asia) Limited based in Hong Kong. He is co-founder of Regent Pacific Group and Charlemagne CapitalLimited. He is currently chairman of Manx Financial Group Plc, Speymill Plc, Speymill Deutsche Immobilien Plc, Webis Holdings plc, and Rivington Street Holdings plc, co-chairman of Regent Pacific Group Ltd and Emerging Metals Limited, a director of Charlemagne Capital Limited, Polo Resources Limited, Burnbrae Group Limited and various other investment companies. Mr Mellon holds a Master's Degree in Philosophy, Politics and Economics from Oxford University.
Roger Davey
Non Executive Director
Roger Davey is a Chartered Mining Engineer with over thirty five years' experience in the mining industry covering the feasibility, financing, development and operation of both underground and surface mining operations at senior management and Director level. Previous positions include Director and General Manager of AngloGold subsidiaries in Argentina and the Senior Mining Engineer at N M Rothschild (London) in the Mining and Metals project finance team. Roger is a graduate of the Camborne School of Mines, with a Master of Science degree in Mineral Production Management from Imperial College, London University. He is presently also a Non-Executive director of Orosur Mining, EMED Mining and Alexander Mining. He is fluent in Spanish (conversational and commercial).
Senior Management
Luc English PhD FGS CGeol
Country Manager Nicaragua & El Salvador
Dr English is a geologist with 14 years experience in exploration, mostly gained in Western and Central Australia on gold exploration projects ranging from greenfield exploration to resource definition and mine feasibility studies. He worked most recently for Tanami Gold NL during the commissioning of the Coyote Gold Mine. In addition to the Australian exploration experience he has worked as gold exploration geologist in Gabon and Eritrea in Africa, and also as a technical consultant for the oil and gas industry in the UK and Middle East.
Jose Mario Gonzalez Granados
Administration Manager - El Salvador & Nicaragua
Mr. Gonzalez has more than 16 years experience in Business Administration in El Salvador. He was involved in starting up of Condor Resources' subsidiaries Minerales Morazan, SA de CV (El Salvador , 2004) and Condor, SA ( Nicaragua , 2006). Mr. Gonzalez has been participating in meetings and negotiations with the Government regarding the metallic mining industry in El Salvador. He is also actively contributing to work to the Nicaraguan Chamber of Mines.
Armando Jose Tercero Gamez, Ing Geol
Chief Geologist - Nicaragua & El Salvador
Mr Tercero, a Nicaraguan national, graduated in Geology in the Soviet Union prior to gaining 25 years experience as an exploration geologist in Nicaragua. He has extensive experience in the discovery and definition of gold mineralised epithermal vein systems. In the late 1980's he was the principal Nicaraguan geologist in the cornerstone Soviet sponsored exploration project of the La India Mining District. Prior to joining Condor Resources in 2005 he was exploration manager for Triton, S.A., the Canadian-owned operators of Nicaragua's El Limon and La Libertad gold mines. Under Mr Tercero direction a number of significant gold-bearing veins were discovered and defined in El Limon and La India Mining Districts, including the Santa Pancha Vein which is currently being mined at Triton's multi-million ounce El Limon Gold Mine.
Major Shareholders
Significant Shareholders*
Shareholder Numbers of Shares % Held
1. Mr. Mark Child** 68,750,000 11.3%
2. Oracle Investment Management 50,991,971 8.4%
3. Macquarie Bank Limited 33,333,333 5.5%
* As of 2
nd
May 2011
** Director
N.B. at 8th May 2012 Condor Resources Plc had 610,279,086 ordinary shares in issue.
Contact Information
Registered Office
Speechly Bircham LLP
6 New Street Square
London EC4A 3LX
Telephone: +44 (0) 207 427 6400
UK London Office
Condor Gold PLC
7th Floor
39 St. James's Street
London SW1A 1JD
Tel: +44 (0) 207 408 1067
Fax: +44 (0) 207 493 8633
Email: [email protected]
Directors and Managements Contacts
Mark Child, Executive Chairman
Email: [email protected]
Jim Mellon, Non Executive Director
Email: [email protected]
Corporate Information
Broker to the Company
Ocean Equities Limited
3 Copthall Avenue
London EC2R 7BH
Telephone: +44 (0)207 786 4370
Auditors and Reporting Accountants
Crowe Clark Whitehill LLP
St. Bride's House
10 Salisbury Square
London
EC4Y 8EH
Tel: +44 (20) 7842 7100
Company Secretary
Chris Putt
6 New Street Square
London EC4A 3LX
Telephone: +44 (0)20 7395 3000
Nominated Advisor
Beaumont Cornish Limited
2nd Floor
Bowman House
29 Wilson St.
London, EC2M 2SJ
Telephone: +44 (0) 207 628 3396
Nicaragua Office
Reparto San Mateo
2a Entrada, 2 Cuadras al SurLeon,
Telephone: +505 2311 0970
Email: [email protected]
Independent Geologist
SRK Consulting (UK) Ltd.
5th Floor
Churchill House
17 Churchill Way
Cardiff CF10 2HH
Telephone: +44 29 2034 8150
El Salvador Office
San Salvador
El Salvador
Telephone: +503 2264-8058
Email: [email protected]
Solicitors to the Company UK
Speechly Bricham LLP
6 New Street Square
London EC4A 3LX
Telephone: +44 (0) 207 427 6400
Registrars
Share Registrars Limited
Craven House
West Street
Farnham
Surrey GU9 7EN
Telephone: +44 (0)1252 821390
For ruther information please click here
