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Drill Update Cacao: Fully Preserved Epithermal Vein System Identified Over a 1,000 m Strike Length, With a 10 m True Width, Open Along Strike and to Depth

SURREY, BC / ACCESSWIRE / September 17, 2021 / Condor Gold (AIM:CNR; TSX:COG) is pleased to announce that drilling has been completed and all assay results…

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SURREY, BC / ACCESSWIRE / September 17, 2021 / Condor Gold (AIM:CNR; TSX:COG) is pleased to announce that drilling has been completed and all assay results returned from exploration drilling at the Cacao Prospect. Fifteen drill holes for 3,500 m were completed to test the geological concept that the near surface gold mineralisation at Cacao is the top of a fully preserved epithermal gold system. Secondly to test that the gold mineralizing system extends, buried below surface, beyond the 450 m long outcrop where all the drilling had been concentrated to-date. Both objectives have been achieved with a wide zone of high-grade gold mineralisation intercepted below the current mineral resource, and a wide low-grade gold anomaly identified along strike of the outcropping mineralisation that may be the top of a completely hidden, deep-seated extension of the Cacao epithermal gold system. Follow-up drilling is being planned to test both targets at greater depths.

Highlights

  • Cacao epithermal gold system is interpreted as being fully preserved, open along strike and to depth. The latest drilling is clipping the top of the system.
  • 10 metre plus true width mineralised zone including the Cacao vein has been confirmed for a strike length of approximately 1,000 m beneath and along strike of the existing Cacao mineral resource
  • 25.93 m (14.9 m true width) at 3.94 g/t Au from 263.82 m, including 4.58 m (2.6 m true width) at 7.76 g/t Au from 282.12m drill depth (drill hole CCDC033) below the Cacao mineral resource and open to depth and along strike in both directions.
  • 39.65 m (32.9 m true width) at 0.38 g/t Au from 181.47 m, including 3.05 m (2.5 m true width) at 2.34 g/t Au from 218.07 m drill depth (drill hole CCDC028) beneath alluvial cover some 400 m along strike of the Cacao mineral resource, interpreted as the top of an epithermal system.

Mark Child, Chairman and CEO commented:

“Part of Condor’s strategy is to demonstrate a 5M oz Gold District. The recently completed 3,500m exploration drill programme has been a success. 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 (see Figure 1). Cacao is interpreted as a fully preserved epithermal gold system due to the sinter on the surface and its preservation in a downthrown block. 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 that 10 m 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”.

Background

The Cacao prospect is a low-sulphidation epithermal gold vein deposit with an Inferred Mineral Resource of 188,000 tonnes at 2.3 g/t for 14,000 oz open-pittable gold, and 474,000 tonnes at 3.0 g/t for 46,000 oz with underground mining potential, contained within a 450 m strike length to a depth of 150-250 m below surface. It has been identified as a potential satellite deposit for processing at the Company’s fully permitted processing plant to be located 4 km away. The mineral resource modelling indicates that Cacao could support a small open pit. Current exploration drilling is focused towards identifying deeper level mineralisation that could support a larger pit or underground mining.

The Cacao prospect sits on a major east-west trending structure with a 3-4 km strike length identified in Condor’s regional geophysics and soil sampling data. Other isolated exposures of bedrock along the structure have returned anomalous gold assays. The best results to the east of Cacao are rock chip samples of up to 11.6 g/t gold from artisanal mine workings approximately 1.6 km east of the mineral resource. 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. At La India erosion has exposed high-grade epithermal mineralisation at surface, however, at Cacao the low-lying downthrown block has not been significantly eroded and the epithermal mineralisation is typically hidden and interpreted to be preserved in its entirety beneath the surface.

Figure 1: Location of Cacao Relative to Permitted Mine Site Infrastructure

The latest drilling campaign has tested the geological concept that the gold-bearing rock outcrops at Cacao are part of the top of a higher grade, deep-seated, and possibly much more extensive epithermal gold deposit. The depth potential was tested by drilling 50 m and 100 m spaced step-out drill holes around and below the current mineral resource to explore for the higher-grade epithermal boiling zone interpreted to be at depth. Secondly, the deep-seated strike potential was drill tested along 500 m strike extension immediately to the east of the Cacao Mineral Resource with 100 m spaced drill holes to explore for the mineralised structure beneath the alluvial cover. Both objectives have been achieved with positive results:

  1. A wide zone of well-developed epithermal quartz veining with the best drill intercept to-date has been returned from the deepest drill hole on the prospect. Drill hole LIDC033 returned a drill intercept of 25.93 m (14.9 m true width) at 3.94 g/t Au from 263.82 m, including 4.58 m (2.6 m true width) at 7.76 g/t Au from 282.12m drill depth. This intercept is approximately 260 m below the surface outcrop and suggests that the bonanza zone of high-grade gold mineralisation where geological conditions were ideal for the deposition of gold-bearing quartz veins is found more than 200 m below surface.
  2. Wide-spaced exploratory drill holes have detected wide zones of low-grade gold mineralisation some 300-400 m along strike of the Cacao outcrop and current mineral resource at a depth of 100-150 m below surface (i.e. Drill hole LIDC038 with 39.65 m (32.9 m true width) at 0.38 g/t Au from 181.47 m, including 3.05 m (2.5 m true width) at 2.34 g/t Au from 218.07 m drill depth. This weak and diffuse gold mineralisation and associated strong hydrothermal alteration is characteristic of the depleted vapor-deposits that can occur above an epithermal deposit and it is anticipated that higher-grade gold veins will be found below.

Further drilling is being planned to follow-up on both targets. Further resource extension drilling to expand the mineral resource down into the high-grade zone at depth, and exploratory drilling along strike below the wide, low-grade gold anomaly to test the concept that this is the low grade halo above a deep strike extension of the higher grade epithermal system.

Figure 1. Long-sections looking north at the drill intercepts at Cacao and the eastern strike extension showing drill intercepts and the current resource (shaded pink) and pit shells (grey) (top), contoured gold grade (centre) and contoured true width thickness (bottom).

Long Section Greater than 10 m thick

Table 1. Top ten gold intercepts from Cacao drilling.

 

Drill hole ID

Intercept From (m)

Intercept To (m)

Interval (m)

True Width (m)

Au (g/t)

Ag (g/t)

True grade-width (gm/t)

RL (mamsl)

1

CCDC033

263.82

289.75

25.93

14.9

3.94

26

58.6

196

 

including

266.87

268.40

1.53

0.9

6.51

19

5.7

205

 

including

274.50

277.55

3.05

1.7

6.29

41

11.0

196

 

including

282.12

286.70

4.58

2.6

7.76

52

20.4

188

2

CCRD002

87.00

101.05

14.05

6.4

6.05

3

38.6

389

3

CCRD006

93.12

135.50

42.38

12.4

3.10

2

38.5

347

 

including

94.07

95.27

1.20

0.4

5.20

15

1.8

383

 

including

103.75

104.75

1.00

0.3

8.17

5

2.4

375

 

including

132.90

135.50

2.60

0.8

34.13

5

25.9

347

4

CCDC025

80.00

109.80

29.80

19.6

1.26

0

24.7

458

 

including

99.30

101.00

1.70

1.1

6.00

2

6.7

458

5

CCDC023

157.40

169.50

12.10

6.1

2.90

5

17.5

457

 

including

158.80

161.50

2.70

1.3

6.76

7

9.1

457

6

CCRD014

125.00

148.63

23.63

14.9

1.32

0

19.6

336

 

including

134.00

137.28

3.28

2.1

6.92

0

14.6

345

7

CCDC028

213.50

222.65

9.15

3.6

3.98

7

14.2

243

 

including

216.55

219.60

3.05

1.2

8.17

10

9.7

246

8

CCDC024

199.75

207.60

7.85

4.2

2.95

17

12.3

452

 

including

200.70

202.70

2.00

1.1

6.06

39

6.4

452

9

CCRD004

123.35

128.90

5.55

1.9

6.10

12

11.6

362

10

CCDC030

222.65

230.27

7.62

4.2

2.34

0

9.7

266

Cacao: Discovery to Inferred Mineral Resource

An east-west-striking ridge of chalcedonic phreatic breccia, 10 to 50 m wide and about 600 m long, was first identified at Cacao in 2006. Rock chip and trench sampling by Condor in 2006-2007 identified some gold-bearing subvertical crustiform quartz veins within the breccia with trench intercepts of up to 1.0 m at 11.54 g/t gold.

Drilling in 2007 and 2008 demonstrated that the phreatic breccia narrows downwards and gives way to a higher grade, classic crustiform epithermal vein. Identification of float boulders of hot spring sinter in 2015 provided the evidence that there has been minimal erosion in the Cacao area, suggesting that the epithermal boiling zone where the bulk of the gold would be expected to be deposited is still preserved and concealed at depth. Drilling in 2016 added support to this model and further highlighted that the epithermal mineralisation is part of a long-lived hydrothermal system with numerous mineralising ‘events’ and early hydrothermal breccias cut by later crustiform veins, and some significant drill intercepts of up to 7.85 m (3.9 m true thickness) at 3.75 g/t gold (CCDC023, approximately 150 m below surface).

Mineral resource modelling based on the 26 drill holes for 2890 m drilled by the end of 2016 suggested that Cacao is amenable to open pit and underground mining despite the lower grades encountered at surface. A mineral resource estimate published in January 2019 contained 188,000 tonnes at 2.3 g/t for 14,000 oz open-pit gold, and 474,000 tonnes at 3.0 g/t for 46,000 oz with underground mining potential. This mineral resource is contained within a 450 m strike length to a depth of 150-250 m below surface (Table 2).

Table 2: Cacao Inferred Mineral Resource, prepared in accordance with CIM and Canadian NI 43-101 (25th January 2019; SRK Consulting (UK) Ltd).

Vein name

Cut-off

Tonnes (kt)

Gold grade (g/t)

Contained gold (koz)

El Cacao(1)

0.5 g/t (OP)

188

2.3

14

El Cacao(2)

2.0 g/t (UG)

474

3.0

46

(1) The methods applied to conducting the geological modelling and estimation have not changed from those described in the Technical Report. The Cacao pits are amenable to open pit mining and the Mineral Resource Estimates are constrained within Whittle optimised pits, which SRK based on the following parameters: A Gold price of USD1,500 per ounce of gold with no adjustments. Prices are based on experience gained from other SRK projects. Metallurgical recovery assumptions are between 91-96% for gold, based on testwork conducted to date. Marginal costs of USD19.36/t for processing, USD5.69/t G&A and USD2.35/t for mining, slope angles defined by the Company Geotechnical study which range from angle 40 – 48°, a haul cost of USD1.25/t was added to the Mestiza ore tonnes to consider transportation to the processing plant.

(2) Underground Mineral Resources beneath the open pit are reported at a cut-off grade of 2.0 g/t over a minimum width of 1.0m. Cut-off grades are based on a price of USD1,500 per ounce of gold and gold recoveries of 91 percent for resources, costs of USD19.36/t for processing, USD4.55/t G&A and USD50.0/t for mining, without considering revenues from other metals.

Table 3. Assay results from Cacao exploration drilling.

Drill hole ID

Collar UTM WGS84-16N

Drill incl/azi

From

To

Drill Width (m)

True Width (m)

Au (ppm)

Ag (ppm)

Comment

CCDC029 X-sect

80-250

580250E 1411900N 453mamsl

-50/360

190.62

198.25

763

5.2

1.75

6

 

CCDC030 X-sect

80-250

580250E 1411899N 453mamsl

-60/360

222.65

230.27

7.62

4.2

2.34

7

 

CCDC031 X-sect

80-050

580047E 1411918N 450mamsl

-55/360

144.57

144.97

0.40

0.2

0.82

5

Cacao hangingwall vein
     

154.02

162.65

8.63

5.3

1.14

10

 

CCDC032 X-sect

80-050

580047E 1411919N 450mamsl

-65/360

189.10

195.20

6.10

2.9

1.58

7

 

CCDC033

X-sect

80-150

580148E 1411886N 448mamsl

-65/360

263.82

289.75

25.93

14.9

3.94

26

Cacao composite

Incl.

   

266.87

268.40

1.53

0.9

6.51

19

south

Incl.

   

274.50

277.55

3.05

1.7

6.29

41

central

Incl.

   

282.12

286.70

4.58

2.6

7.76

52

north

CCDC034 X-sect

80-350

580349E 1411863N 452mamsl

-53/360

236.37

244.00

7.63

5.6

0.82

2

 

CCDC035

x-sect

80-550

580549E 1411869N 451mamsl

-45/360

140.30

158.60

18.30

15.0

0.28

<2

Cacao Sth
     

176.90

192.15

15.25

12.5

0.13

<2

Cacao Nth

CCDC036

x-sect

80-650

580648E 1411888N 450mamsl

-51/360

143.35

146.40

3.05

2.3

0.40

<2

Cacao

CCDC037

x-sect

80-750

580752E 1411826N 447mamsl

-46/360

172.32

175.37

3.05

2.5

0.52

<2

Cacao Sth
     

197.50

201.30

3.80

3.1

0.36

10

Cacao Nth

CCDC038

x-sect

80-850

580849E 1411848N 444mamsl

-44/360

181.47

184.52

39.65

32.9

0.38

<2

Cacao

Incl.

   

181.47

184.52

3.05

2.5

1.04

4

Cacao Sth

Incl.

   

193.67

196.72

3.05

2.5

0.68

<2

Cacao Central-Sth

Incl.

   

205.87

208.92

3.05

2.5

0.45

<2

Cacao Central-Nth

Incl.

   

218.07

221.12

3.05

2.5

2.34

<2

Cacao Nth

CCDC039

x-sect

80-950

580946E 1411841N 434mamsl

-45/360

NA

NA

NA

NA

NA

NA

Cacao

CCDC040

x-sect

82-200

582200E 1411670N 445mamsl

-45/360

41.17

44.22

3.05

2.5

0.20

<2

Cacao Sth

CCDC041

x-sect

82-100

582100E 1411620N 445mamsl

-60/360

93.02

102.17

9.15

5.9

0.13

<2

Cacao Nth

*Note: Bureau Veritas Mineral Laboratories, Canada. www.bureauveritas.com/um was used for the drill assay results.

Notes:

  1. The sample chain of custody is managed by the Condor’s Geology Team on site. Reported results are from diamond drilled core samples. Intervals of core to be analysed are split into half using a mechanized core cutter, with one half sent to the Laboratory for geochemical analysis and the remaining half kept in storage for future reference and uses. Diamond drilled core has been a HQ size and recoveries are consistently 100% across all drill holes intercept reported.
  2. Sampling and analytical procedures are subject to a comprehensive quality assurance and quality control program. The QAQC program involves insertion of duplicate samples, blanks and certified reference materials in the sample stream. Gold analyses are performed by standard fire assaying protocols using a 50-gram charge with atomic absorption (AAS) finish and a gravimetric finish performed for assays greater than 10 grams per tonne.
  3. Sample preparation and analysis are performed by the independent Bureau Veritas Laboratories, Canada. Samples are crushed and prepared in Managua and pulp samples for fire assay are dispatched to Vancouver, Canada. The Laboratory meets the requirements of ISO/IEC 17025 & ISO 9001, and employs a Laboratory Information Management System for sample tracking, quality control and reporting.

About the Sampling & Assay Procedures

Drill core was cut, and half core samples collected and bagged by Condor staff on-site. Samples were transported to Bureau Veritas accredited sample preparation laboratory in Managua every week in batches of two or three drill holes, generally being submitted to the lab within 5-10 days of completing the drill hole. Sub-samples of the pulverised rock samples were forwarded for assay to Bureau Veritas accredited analytical laboratory in Vancouver, Canada.

– Ends –

For further information please visit www.condorgold.com or contact:

Condor Gold plc Mark Child, Chairman and CEO
+44 (0) 20 7493 2784
 

Beaumont Cornish Limited

Roland Cornish and James Biddle
+44 (0) 20 7628 3396
 

SP Angel Corporate Finance LLP

Ewan Leggat 
+44 (0) 20 3470 0470

 

H&P Advisory Limited

Andrew Chubb and Nilesh Patel
+44 207 907 8500

 

Blytheweigh

Tim Blythe and Megan Ray
+44 (0) 20 7138 3204
 

About Condor Gold plc:

Condor Gold plc was admitted to AIM in May 2006 and dual listed on the TSX in January 2018. The Company is a gold exploration and development company with a focus on Nicaragua.

In August 2018, the Company announced that the Ministry of the Environment in Nicaragua had granted the Environmental Permit (“EP“) for the development, construction and operation of a processing plant with capacity to process up to 2,800 tonnes per day at its wholly-owned La India gold project (“La India Project”). The EP is considered the master permit for mining operations in Nicaragua.

La India Project contains a Mineral Resource of 9,850 Kt at 3.6 g/t gold for 1.14 M oz gold in the Indicated category and 8,479 Kt at 4.3 g/t gold for 1.18 M oz gold in the Inferred category. A gold price of $1,500/oz and a cut-off grade of 0.5 g/t and 2.0 g/t gold were assumed for open pit and underground resources, respectively. A cut-off grade of 1.5 g/t gold was furthermore applied within a part of the Inferred Resource. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that any part of the Mineral Resources will be converted to Mineral Reserves.

Environmental Permits were granted in April and May 2020 for the Mestiza and America open pits respectively, both located close to La India. The Mestiza open pit hosts 92 Kt at a grade of 12.1 g/t gold (36,000 oz contained gold) in the Indicated Mineral Resource category and 341 Kt at a grade of 7.7 g/t gold (85,000 oz contained gold) in the Inferred Mineral Resource category. The America open pit hosts 114 Kt at a grade of 8.1 g/t gold (30,000 oz) in the Indicated Mineral Resource category and 677 Kt at a grade of 3.1 g/t gold (67,000 oz) in the Inferred Mineral Resource category. Following the permitting of the Mestiza and America open pits, together with the La India open pit Condor has 1.12 M oz gold open pit Mineral Resources permitted for extraction.

Disclaimer

Neither the contents of the Company’s website nor the contents of any website accessible from hyperlinks on the Company’s website (or any other website) is incorporated into, or forms part of, this announcement.

Qualified Persons

The Mineral Resource Estimate has been completed by Ben Parsons, a Principal Consultant (Resource Geology) with SRK Consulting (U.S.) Inc, who is a Member of the Australian Institute of Mining and Metallurgy, MAusIMM(CP). He has some nineteen years’ experience in the exploration, definition and mining of precious and base metals. Ben Parsons is a full-time employee of SRK Consulting (U.S.), Inc, an independent consultancy, and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration, and to the type of activity which he is undertaking to qualify as a “qualified person” as defined under National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) of the Canadian Securities Administrators and as required by the June 2009 Edition of the AIM Note for Mining and Oil & Gas Companies. Ben Parsons 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.

The Qualified Persons responsible for the Technical Report are Dr Tim Lucks of SRK Consulting (UK) Limited, and Mr Fernando Rodrigues, Mr Stephen Taylor and Mr Ben Parsons of SRK Consulting (U.S.) Inc. Mr Parsons assumes responsibility for the MRE, Mr Rodrigues the open pit mining aspects, Mr Taylor the underground mining aspects and Dr Lucks for the oversight of the remaining technical disciplines and compilation of the report.

The technical and scientific information in this press release has been reviewed, verified and approved by Gerald D. Crawford, P.E., who is a “qualified person” as defined by NI 43-101 and is the Chief Technical Officer of Condor Gold plc.

The technical and scientific information in this press release has been reviewed, verified and approved by Andrew Cheatle, P.Geo., who is a “qualified person” as defined by NI 43-101.

Forward Looking Statements

All statements in this press release, other than statements of historical fact, are ‘forward-looking information’ with respect to the Company within the meaning of applicable securities laws, including statements with respect to: the ongoing mining dilution and pit optimisation studies, and the incorporation of same into any mining production schedule, future development and production plans at La India Project. Forward-looking information is often, but not always, identified by the use of words such as: “seek”, “anticipate”, “plan”, “continue”, “strategies”, “estimate”, “expect”, “project”, “predict”, “potential”, “targeting”, “intends”, “believe”, “potential”, “could”, “might”, “will” and similar expressions. Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management at the date the statements are made including, among others, assumptions regarding: future commodity prices and royalty regimes; availability of skilled labour; timing and amount of capital expenditures; future currency exchange and interest rates; the impact of increasing competition; general conditions in economic and financial markets; availability of drilling and related equipment; effects of regulation by governmental agencies; the receipt of required permits; royalty rates; future tax rates; future operating costs; availability of future sources of funding; ability to obtain financing and assumptions underlying estimates related to adjusted funds from operations. Many assumptions are based on factors and events that are not within the control of the Company and there is no assurance they will prove to be correct.

Such forward-looking information involves known and unknown risks, which may cause the actual results to be materially different from any future results expressed or implied by such forward-looking information, including, risks related to: mineral exploration, development and operating risks; estimation of mineralisation and resources; environmental, health and safety regulations of the resource industry; competitive conditions; operational risks; liquidity and financing risks; funding risk; exploration costs; uninsurable risks; conflicts of interest; risks of operating in Nicaragua; government policy changes; ownership risks; permitting and licencing risks; artisanal miners and community relations; difficulty in enforcement of judgments; market conditions; stress in the global economy; current global financial condition; exchange rate and currency risks; commodity prices; reliance on key personnel; dilution risk; payment of dividends; as well as those factors discussed under the heading “Risk Factors” in the Company’s annual information form for the fiscal year ended December 31, 2020 dated March 31, 2021 and available under the Company’s SEDAR profile at www.sedar.com.

Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise unless required by law.

Technical Glossary

Assay

The laboratory test conducted to determine the proportion of a mineral within a rock or other material. Usually reported as parts per million which is equivalent to grams of the mineral (i.e. gold) per tonne of rock

Ag

Silver

Au

Gold

Breccia

A fragmental rock, composed of rounded to angular broken rock fragments held together by a mineral cement or in a fine-grained matrix. They can be formed by igneous, tectonic, sedimentary or hydrothermal processes.

Chalcedonic

A variety of quartz formed by microscopic or submicroscopic crystals. In an epithermal environment, chalcedony is formed in low temperature and pressure conditions high in the system.

Crustiform

A quartz vein texture describing successive banding oriented parallel to vein walls and defined by differences in the size of the crystals, mineral composition or colour.

Down-dip

Further down towards the deepest parts of an ore body or zone of mineralisation.

Down-throw

Referring to the rock that has moved downwards on a fault relative to the other side.

Epithermal

Mineral veins and ore deposited from fluids at shallow depths at low pressure and temperatures ranging from 50-300°C.

Fault

The plane along which two rock masses have moved or slide against each other in opposing directions.

Grade

The proportion of a mineral within a rock or other material. For gold mineralisation this is usually reported as grams of gold per tonne of rock (g/t)

g/t

grams per tonne

Indicated Mineral Resource

That part of a Mineral Resource for which tonnage, densities, shape, physical characteristics, grade and mineral content can be estimated with a reasonable level of confidence. It is based on exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes. The locations are too widely or inappropriately spaced to confirm geological and/or grade continuity but are spaced closely enough for continuity to be assumed.

Inferred Mineral Resource

That part of a Mineral Resource for which tonnage, grade and mineral content can be estimated with a low level of confidence. It is inferred from geological evidence and assumed but not verified geological and/or grade continuity. It is based on information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes that may be limited, or of uncertain quality and reliability,

Kt

Thousand tonnes

Mineral Resource

A concentration or occurrence of material of economic interest in or on the Earth’s crust in such a form, quality, and quantity that there are reasonable and realistic prospects for eventual economic extraction. The location, quantity, grade, continuity and other geological characteristics of a Mineral Resource are known, estimated from specific geological knowledge, or interpreted from a well constrained and portrayed geological model.

NI 43-101

Canadian National Instrument 43-101 a common standard for reporting of identified mineral resources and ore reserves

Open pit mining

A method of extracting minerals from the earth by excavating downwards from the surface such that the ore is extracted in the open air (as opposed to underground mining).

Phreatic breccias

Fragmental rocks formed near the Earth’s surface by the interaction of hot rock and cold water, or vice versa. Commonly occur at the top of mineralized epithermal gold systems.

Quartz veins

Deposit of quartz rock that develop in fractures and fissures in the surrounding rock. They are deposited by saturated geothermal liquids rising to the surface through the cracks in the rock and then cooling, taking on the shape of the cracks that they fill.

Sinter

A mineral deposit that presents a porous or vesicular texture; its structure shows small cavities. These may be siliceous deposits or calcareous deposits.

Strike length

The longest horizontal dimension of an ore body or zone of mineralisation.

Vein

A sheet-like body of crystallised minerals within a rock, generally forming in a discontinuity or crack between two rock masses. Economic concentrations of gold are often contained within vein minerals.

SOURCE: Condor Gold plc

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Author: Condor Gold plc

Today’s News

Giyani Announces Filing of Final Prospectus for $10 Million Bought Deal Equity Offering and Amended Technical Report

Not for distribution to U.S. newswire services or for dissemination in the United States TORONTO, Nov. 30, 2021 (GLOBE NEWSWIRE) — Giyani Metals Corp….

Not for distribution to U.S. newswire services or for dissemination in the United States

TORONTO, Nov. 30, 2021 (GLOBE NEWSWIRE) — Giyani Metals Corp. (TSXV:EMM, GR:A2DUU8) (“Giyani” or the “Company“), announces the filing of its final prospectus for its previously announced bought deal public offering of units to raise approximately $10 million (the “Offering“).

The Offering is led by Cormark Securities Inc. and Beacon Securities Limited (the “Co-Lead Underwriters“) pursuant to which the Co-Lead Underwriters have agreed to purchase 22,727,300 units (the “Units“) from the treasury of the Company, at a price of $0.44 per Unit for total gross proceeds to Giyani of approximately $10 million. Each Unit will consist of one common share of the Company (a “Common Share“) and one-half of one common share purchase warrant of the Company (each whole common share purchase warrant, a “Warrant“). Each Warrant will entitle the holder thereof to acquire one Common Share from the Company at a price of $0.60 per Common Share for a period of 24 months after the closing of the Offering.

The Offering is now expected to close on or about December 3, 2021.

Concurrent with the filing of the final prospectus, Giyani filed an updated and amended technical report, prepared in accordance with National Instrument 43-101 (“NI 43-101“), on its K.Hill manganese project in Botswana titled “A Mineral Resource Estimate For The Kgwakgwe Hill Manganese Project, Botswana.” The amended and restated technical report is being refiled to reflect comments received from the Staff of the Ontario Securities Commission as a part of the prospectus review process in connection with the Offering. The amended and restated technical report now includes further qualified person support for the use of proceeds, work programs and budgets of the Company disclosed in the final prospectus.

About Giyani Metals Corp.

Giyani is a mineral resource company focused on becoming one of Africa’s first low-carbon producers of high-purity electrolytic manganese precursor materials, used by battery manufacturers for the expanding electric vehicle market, through the advancement of its manganese assets in the Kanye Basin in south-eastern Botswana (the “Kanye Basin Prospects“), through its wholly-owned Botswana subsidiary Menzi Battery (Pty) Limited. The Company’s Kanye Basin Prospects consist of 10 prospecting licenses and include the past producing Kgwakgwe Hill mine and project, referred to as the K.Hill Project, the Otse manganese prospect and the Lobatse manganese prospect, all of which have seen historical mining activities.

Additional information and corporate documents may be found on www.sedar.com and on Giyani Metals Corp. website at https://giyanimetals.com/

On behalf of the Board of Directors of Giyani Metals Corp.

Robin Birchall, CEO

Contact:

Robin Birchall CEO, Director
+44 7711 313019
[email protected]

George Donne
VP Business Development
+44 7866 591 897
[email protected]

Judith Webster
Corporate Secretary and Investor Relations
+1 416 453 8818
[email protected]

Neither the TSX Venture Exchange (the “TSXV”) nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.

The securities described herein have not been registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws, and accordingly, may not be offered or sold to, or for the account or benefit of, persons in the United States or “U.S. persons,” as such term is defined in Regulation S promulgated under the U.S. Securities Act (“U.S. Persons”), except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities requirements or pursuant to exemptions therefrom. This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the Company’s securities to, or for the account of benefit of, persons in the United States or U.S. Persons.

Forward Looking Information

This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. All statements in this news release, other than statements of historical fact, that address events or developments that Giyani expects to occur, are “forward-looking statements”. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “does not expect”, “plans”, “anticipates”, “does not anticipate”, “believes”, “intends”, “estimates”, “projects”, “potential”, “scheduled”, “forecast”, “budget” and similar expressions, or that events or conditions “will”, “would”, “may”, “could”, “should” or “might” occur. Specific forward-looking statements and forward-looking information herein includes completion of the Offering.

All such forward-looking statements are based on the opinions and estimates of the relevant management as of the date such statements are made and are subject to certain assumptions, important risk factors and uncertainties, many of which are beyond Giyani’s ability to control or predict. Forward-looking statements are necessarily based on estimates and assumptions that are inherently subject to known and unknown risks, uncertainties and other factors that may cause actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. In the case of Giyani, these facts include their anticipated operations in future periods, planned exploration and development of its properties, and plans related to its business and other matters that may occur in the future. This information relates to analyses and other information that is based on expectations of future performance and planned work programs.

Forward-looking information is subject to a variety of known and unknown risks, uncertainties and other factors which could cause actual events or results to differ from those expressed or implied by the forward-looking information, including, without limitation: inherent exploration hazards and risks; risks related to exploration and development of natural resource properties; uncertainty in Giyani’s ability to obtain funding; commodity price fluctuations; recent market events and conditions; risks related to the uncertainty of mineral resource calculations and the inclusion of inferred mineral resources in economic estimation; risks in how the world-wide economic and social impact of COVID-19 is managed; risks related to governmental regulations; risks related to obtaining necessary licenses and permits; risks related to their business being subject to environmental laws and regulations; risks related to their mineral properties being subject to prior unregistered agreements, transfers, or claims and other defects in title; risks relating to competition from larger companies with greater financial and technical resources; risks relating to the inability to meet financial obligations under agreements to which they are a party; ability to recruit and retain qualified personnel; and risks related to their directors and officers becoming associated with other natural resource companies which may give rise to conflicts of interests. This list is not exhaustive of the factors that may affect Giyani’s forward-looking information. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in the forward-looking information or statements.

Giyani’s forward-looking information is based on the reasonable beliefs, expectations and opinions of their respective management on the date the statements are made, and Giyani does not assume any obligation to update forward looking information if circumstances or management’s beliefs, expectations or opinions change, except as required by law. For the reasons set forth above, investors should not place undue reliance on forward-looking information. For a complete discussion with respect to Giyani and risks associated with forward-looking information and forward-looking statements, please refer to Giyani’s Annual Information Form, all of which are filed on SEDAR at www.sedar.com.





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Today’s News

Aguila American Gold Announces Name Change

Vancouver, British Columbia–(Newsfile Corp. – November 30, 2021) – Aguila American Gold Limited (TSXV: AGL) (OTCQB: AGLAF) (WKN: A2DR6E) ("Aguila" or…

Vancouver, British Columbia–(Newsfile Corp. – November 30, 2021) – Aguila American Gold Limited (TSXV: AGL) (OTCQB: AGLAF) (WKN: A2DR6E) (“Aguila” or the “Company”) Mr. Mark Saxon, CEO, announces that effective December 3rd , 2021, the name of the Company will be changed to “Aguila Copper Corp.” The name change was approved by the board of directors, in accordance with the articles of the Company, and has been accepted by the TSX Venture Exchange. On December 3rd, 2021 , the Company’s common shares will commence trading on the TSX Venture Exchange under its new name “Aguila Copper Corp.” There is no change to the Company’s trading symbol “AGL.”

We are pleased to announce the new name for the Company, which better reflects the current and future asset portfolio,” said Mr. Mark Saxon, President & CEO. “We see tremendous opportunity for the exploration and development of copper projects in supportive North American jurisdictions, and are pleased to play a role in the provision of the essential materials for the energy transition. We will soon transition to new website and brand.”

About Aguila American Gold Ltd (TSXV: AGL) (OTCQB: AGLAF) (WKN: A2DR6E)

Aguila American Gold is an emerging copper and precious metal company enhancing shareholder value through exploration and discovery.

ON BEHALF OF THE BOARD,

“Mark Saxon”

Mark Saxon
President & CEO

For further information, please contact:
aguila.gold
1305 – 1090 West Georgia St., Vancouver, BC, V6E 3V7
[email protected]

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward-Looking Statements

Certain information set out in this news release constitutes forward-looking information. Forward-looking statements are often, but not always, identified by the use of words such as “seek”, “anticipate”, “plan”, “continue”, “estimate”, “expect”, “may”, “will”, “intend”, “could”, “might”, “should”, “believe” and similar expressions. Forward-looking statements are based upon the opinions and expectations of management of the Company as at the effective date of such statements and, in certain cases, information provided or disseminated by third parties. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, and that information obtained from third party sources is reliable, they can give no assurance that those expectations will prove to have been correct. Readers are cautioned not to place undue reliance on forward-looking statements.

These forward-looking statements are subject to a number of risks and uncertainties. Actual results may differ materially from results contemplated by the forward-looking statements. Accordingly, the actual events may differ materially from those projected in the forward-looking statements. When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and should not place undue reliance on such forward-looking statements. The Company does not undertake to update any forward-looking statements, except as may be required by applicable securities laws.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/105982



aguila american gold limited

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Today’s News

79 Resources Ltd. Closes First Tranche Of Financing

VANCOUVER, BC / ACCESSWIRE / November 30, 2021 / 79 Resources Ltd. (CSE:SNR) ("79 Resources" or the "Company") is pleased to announce that further to its…

VANCOUVER, BC / ACCESSWIRE / November 30, 2021 / 79 Resources Ltd. (CSE:SNR) (“79 Resources” or the “Company”) is pleased to announce that further to its press release dated October 27, 2021, the Company has closed a first tranche of its non-brokered private placement. The Company issued 1,575,000 non-flow-through common share units (the “Units”) at a price of $0.10 per Unit and 1,077,000 flow-through common share units (the “FT Units”) at a price of $0.125 per FT Unit, for aggregate gross proceeds of $292,152.00.

Each Unit is comprised of one common share (a “Share”) and one transferable Share purchase warrant (a “Warrant”) of the Company and each FT Unit is comprised of one flow-through common share (a “Flow-Through Share”) and one half of one transferable Share purchase warrant. Each whole Warrant will entitle the holder to purchase one Share (a “Warrant Share”) at a price of $0.20 per Warrant Share for a 24-month period. The shares and warrants comprising the units are subject to a 4 month hold period expiring April 1, 2022.

Finders’ fees of $19,570 and 178,560 finder’s warrants were paid to arm’s-length parties. Finder’s warrants entitle the finder to purchase one common share in the Company at a price of $0.20 for a period of 24 months from the date of closing.

Proceeds raised from the Private Placements will, as applicable, be used to advance the Company’s exploration projects, including its recently acquired Five Point Property (a district-scale exploration opportunity covering nearly 120,000 hectares in central British Columbia that is located contiguous to Sun Summit Minerals Corp.‘s Buck Project), and for general working capital.

About 79 Resources Ltd.

79 Resources is a Canadian-based junior mining exploration company. Traded on the Canadian Securities Exchange under the symbol SNR, the company seeks to acquire, explore and develop high-potential mining projects. The Company is currently focused on the Five Point Copper-Gold Project (British Columbia) and the North Preston Uranium Project (Saskatchewan).

ON BEHALF OF THE BOARD
“Ryan Kalt”
Ryan Kalt, Director

FOR FURTHER INFORMATION, PLEASE CONTACT:
Tel. 1-604-683-3995
Toll Free. 1-888-845-4770

Neither the Canadian Stock Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

SOURCE: 79 Resources Ltd.

View source version on accesswire.com:
https://www.accesswire.com/675413/79-Resources-Ltd-Closes-First-Tranche-Of-Financing





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