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Grant of Las Cruces Concession

PR-Inside.com: 2018-12-07 08:01:57
Condor expands the La India Project land package by 45% to 455.6 km2 with the grant of a significant concession that is potentially the heat engine and metal source that caused gold mineralisation across the entire La India Gold District.


LONDON, UK / ACCESSWIRE / December 7, 2018 / Condor (AIM: CNR; TSX: COG; OTCQX: CNDGF), is pleased to announce that 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 km2, to the Company's wholly-owned Nicaraguan subsidiary Condor S.A. The concession is adjacent to, and south-east of, the La India Project (Figure 1). 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% to 455.6 km2.


Mark Child Chairman and CEO comments:


''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 km2 Las Cruces concession expands the La India Project area by 45%. 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 5 million ounces (''Moz'') of gold.


Condor's geologists have identified a major north-northeast-striking basement feeder zone through the Project (the ''La India Corridor'') which hosts 90% of Condor's 2.4 Moz gold resource. The feeder zone can be projected south-east into 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 mineralisation (copper and/or gold). This porphyry is potentially the 'heat engine' and metal source that caused gold mineralisation across the entire La India Gold District. We are particularly keen to follow up on anomalous samples of up to 0.1% copper.''


Background


The Las Cruces concession is to the south-east of the La India Project, next to Condor's La Mojarra concession (Figure 1).


Figure 1 Location of the Las Cruces concession within the La India Project area.


The area was visited several times by Condor's geologists after a major colour anomaly was identified in satellite imagery within a major Tertiary volcanic caldera (Güisisil caldera) (Figure 2). This circular caldera is about 9 km wide. There were also rumours of artisanal gold mining.


Figure 2 Location of the Güisisil caldera and alteration zones within the Las Cruces concession.


The caldera lies directly along strike from the La India Corridor, a proposed basement fracture that controls high grade epithermal veins (Figure 3).


Rock sampling of altered rock and reconnaissance mapping were carried out. The area has extensive argillic (clay) alteration and oxides, with discrete patches of vuggy silica and steam-heated alteration on hilltops. At lower elevations, along creeks, strongly altered and sulphide-rich (marcasite + pyrite) lapilli tuffs and andesites are found.


Trace element concentrations, including anomalous samples of up to 0.1% copper, seem to favour the following possibilities: 1) an extensive fossil water table alteration related to low sulfidation epithermal veins (similar to La India); 2) a distal part of a high sulfidation gold/copper deposit, hosted by advanced argillic alteration (vuggy silica), or 3) a lithocap above a porphyry (gold, or copper/gold).


Figure 3 The location of Las Cruces in respect to the La India Corridor (on a background of antimony anomalies - warm colours indicate anomalous values).


Following the grant of the concession, we 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.


Competent Person's Declaration


The information in this announcement that relates to the mineral potential, geology, exploration results and database is based on information compiled, reviewed and approved by Dr Warren Pratt, Chartered Geologist (1994), Fellow of the Geological Society of London and Fellow of the Society of Economic Geologists. Dr Pratt is a geologist with over 23 years of experience in the exploration of precious metal mineral resources. Dr Pratt consults to Condor Gold plc on an ad hoc basis and has considerable experience in epithermal mineralization, the type of deposit under consideration, and enough experience in the type of activity that he is undertaking to qualify as a 'Competent Person' as defined in the June 2009 Edition of the AIM Note for Mining and Oil & Gas Companies. Dr Pratt consents to the inclusion in the announcement of the matters based on their information in the form and context in which it appears and confirms that this information is accurate and not false or misleading. Dr Pratt is also a Qualified Person under Canadian National Instrument 43-101.


Technical Glossary


Argillic alteration


Argillic and Advanced Argillic alteration are shallow types of alteration encountered in a variety of different types of hydrothermal systems. Argillic alteration forms at lower temperatures and primarily consists of kaolinite + montmorillonite clay minerals.


Caldera


A ring-shaped depression caused by the collapse of an area of land at the centre of a volcanic complex caused by the emptying of the underlying magma chamber.


Epithermal


Hydrothermal deposits formed at shallow depths below a boiling hot spring system are commonly referred to as epithermal, a term retained from an old system of classifying hydrothermal deposits based on the presumed temperature and depth of deposition.


Geophysics survey


Systematic collection of geophysical data to determine characteristics of underlying rocks and structures.


High sulphidati

Press Information


Published by
Fred Gautreau
14037173898
e-mail
www.fscwire.com



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