Condor Gold PLC (AIM:CNR, TSX:COG, FRA:W5XA, OTC:CNDGF) said assays from drilling at the Cacao prospect in Nicaragua identified a gold vein system over 1,000m long and 10m wide.
Fifteen drill holes of 3,500m in total were drilled to test if near-surface gold mineralisation at Cacao is the top of a fully preserved epithermal gold system, the exploration company said.
Condor also wanted to assess if the gold mineralisation extended beyond a 450m long outcrop where drilling had been concentrated to date.
Both objectives were achieved, it said, with a wide zone of high-grade gold mineralisation intercepted below the current mineral resource and a wide low-grade gold anomaly identified along the strike of the outcropping mineralisation.
Mark Child, chairman and chief executive, added: “A 10 metre plus true width mineralised zone including the main Cacao vein has been confirmed for a strike length of approximately 1,000 m beneath and extending to the East of the current Cacao Mineral Resource of 662 Kt at 2.8 g/t gold for 60,000 oz gold.
“Drill hole CCDC033 intercepted 14.9 m true width at 3.94g/t gold beneath the existing mineral resource, and 700 m along strike of this intercept, drill hole CCDC028 intercepted 32.9 m true width at 0.38g/t gold
“The current round of drilling has been interpreted to be clipping the top of the gold mineralising system, with the gold grade increasing at depth.
“It is highly significant that a wide, greater than 10m true width, mineralised zone for a strike length of 1,000 m, open along strike and down dip, has been identified with grades increasing at depth”.
Follow-up drilling is being planned to test both targets at greater depths, he added.
The Cacao structure occurs within a major downthrown geological block, separated from the company’s principal gold deposit at La India by the late-stage Highway Fault.
