LONDON, UK / ACCESSWIRE / September 7, 2021 / The Board of Directors of SolGold (LSE:SOLG)(TSX:SOLG) wishes to provide an update on the Company's Regional Exploration Portfolio in Ecuador. SolGold's exploration team has recommended to the Board and the Board has approved to rationalise its exploration portfolio to focus resources on the Company's highest priority targets.
SolGold intends to relinquish 10 of the 72 concessions held within the Company's four 100% owned subsidiaries in Ecuador largely due to lower assessed geological prospectivity compared to our other project areas. These concessions cover approximately 37,000 hectares in total.
The relinquishment of these concessions will allow our exploration teams to focus on higher priority projects and lower the Company's exploration commitments, made when SolGold acquired the licences, by circa USD 75.6 million. With a large portfolio in Ecuador, SolGold's exploration strategy has always been to explore as much ground as possible and relinquish less prospective areas in our search for Tier 1 deposits. With a cash position of approximately USD 109.6 million at 30 June 2021, the group is well funded to advance its regional work programme and able to re-allocate funds. The Company is required to impair these 10 concessions in-line with International Financial Reporting Standards (IAS 36). The impairment charges of USD 3.1 million are immaterial compared to the asset base of the Company and will be disclosed as a subsequent event in the 30 June 2021 yearly accounts to be released shortly.
SolGold continues to pursue its strategy as an integrated explorer and developer and the Company maintains its plan of applying its exploration blueprint of systematic evaluation of its exploration assets across Ecuador. This process will likely involve further consolidation of our project portfolio as a result of SolGold's ongoing exploration and evaluation activities. Drilling is currently underway at the Cascabel, Porvenir, Sharug and Rio Amarillo projects, and soon to commence at the Cisne Loja project. Field exploration activities continue to focus on Helipuerto, Cisne-Victoria and Chical. The Company also continues to seek strategic partners to advance certain projects with discussions underway with several interested parties.
Keith Marshall, Interim CEO of SolGold commented: "The objective of a rationalised exploration portfolio is to allow our exploration teams to focus on our best targets, while reducing expenditure commitments. Early-stage results from SolGold's regional exploration programme are encouraging with the discovery of significant near-surface copper-gold mineralisation at the Cacharposa porphyry target at Porvenir as well as the discovery of significant geochemical and geophysical hallmarks of large porphyry systems identified at the Rio Amarillo, Cisne Loja, Sharug and Helipuerto projects."
Jason Ward, Executive Director - Exploration commented: "We want to focus our attention on the exploration projects where we see the best chance to deliver additional Tier 1 discoveries. Our success to date in Ecuador with discoveries at Alpala, Tandayama and Cacharposa endorses our targeting and field strategy. Importantly, we retain all our high priority projects and have identified additional porphyry targets in close proximity to the Cacharposa ore body within the Porvenir project.''
By order of the Board
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Certain information contained in this announcement would have been deemed inside information.
SolGold is a leading resources company focussed on the discovery, definition and development of world-class copper and gold deposits. In 2018, SolGold's management team was recognised by the "Mines and Money" Forum as an example of excellence in the industry and continues to strive to deliver objectives efficiently and in the interests of shareholders. SolGold is aggressively exploring the length and breadth of this highly prospective and gold-rich section of the Andean Copper Belt which is currently responsible for c40% of global mined copper production.
The Company operates with transparency and in accordance with international best practices. SolGold is committed to delivering value to its shareholders, while simultaneously providing economic and social benefits to impacted communities, fostering a healthy and safe workplace and minimizing the environmental impact.
SolGold employs a staff of over 800 employees of whom 98% are Ecuadorean. This is expected to grow as the operations expand at Alpala, and in Ecuador generally. SolGold focusses its operations to be safe, reliable and environmentally responsible and maintains close relationships with its local communities. SolGold has engaged an increasingly skilled, refined and experienced team of geoscientists using state of the art geophysical and geochemical modelling applied to an extensive database to enable the delivery of ore grade intersections from nearly every drill hole at Alpala. SolGold has over 80 geologists on the ground in Ecuador exploring for economic copper and gold deposits.
About Cascabel and Alpala
The Alpala deposit is the main target in the Cascabel concession, located on the northern section of the heavily endowed Andean Copper Belt, the entirety of which is renowned as the base for nearly half of the world's copper production. The project area hosts mineralisation of Eocene age, the same age as numerous Tier 1 deposits along the Andean Copper Belt in Chile and Peru to the south. The project base is located at Rocafuerte within the Cascabel concession in northern Ecuador, an approximately three-hour drive on sealed highway north of the capital Quito, close to water, power supply and Pacific ports.
Having fulfilled its earn-in requirements, SolGold is a registered shareholder with an unencumbered legal and beneficial 85% interest in ENSA (Exploraciones Novomining S.A.) which holds 100% of the Cascabel concession covering approximately 50km2. The junior equity owner in ENSA is required to repay 15% of costs since SolGold's earn in was completed, from 90% of its share of distribution of earnings or dividends from ENSA or the Cascabel concession. It is also required to contribute to development or be diluted, and if its interest falls below 10%, it shall reduce to a 0.5% NSR royalty which SolGold may acquire for US$3.5million.
SolGold's Regional Exploration Drive
SolGold is using its successful and cost-efficient blueprint established at Alpala, and Cascabel generally, to explore for additional world class copper and gold projects across Ecuador. SolGold is the largest and most active concessionaire in Ecuador.
The Company wholly owns four other subsidiaries active throughout the country that are now focussed on thirteen high priority gold and copper resource targets, several of which the Company believes have the potential, subject to resource definition and feasibility, to be developed in close succession or even on a more accelerated basis compared to Alpala.
SolGold is listed on the London Stock Exchange and Toronto Stock Exchange (LSE/TSX: SOLG). The Company has on issue a total of 2,293,816,433 fully paid ordinary shares and 105,125,000 share options.
News releases, presentations and public commentary made by SolGold plc (the "Company") and its Officers may contain certain statements and expressions of belief, expectation or opinion which are forward looking statements, and which relate, inter alia, to interpretations of exploration results to date and the Company's proposed strategy, plans and objectives or to the expectations or intentions of the Company's Directors, including the plan for developing the Project currently being studied as well as the expectations of the Company as to the forward price of copper. Such forward-looking and interpretative statements involve known and unknown risks, uncertainties and other important factors beyond the control of the Company that could cause the actual performance or achievements of the Company to be materially different from such interpretations and forward-looking statements.
Accordingly, the reader should not rely on any interpretations or forward-looking statements; and save as required by the exchange rules of the TSX and LSE or by applicable laws, the Company does not accept any obligation to disseminate any updates or revisions to such interpretations or forward-looking statements. The Company may reinterpret results to date as the status of its assets and projects changes with time expenditure, metals prices and other affecting circumstances.
This release may contain "forward‑looking information" within the meaning of applicable Canadian securities legislation. Forward‑looking information includes, but is not limited to, statements regarding the Company's plans for developing its properties. Generally, forward‑looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved".
Forward‑looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward‑looking information, including but not limited to: transaction risks; general business, economic, competitive, political and social uncertainties; future prices of mineral prices; accidents, labour disputes and shortages and other risks of the mining industry. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause 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. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, risks relating to the ability of exploration activities (including assay results) to accurately predict mineralization; errors in management's geological modelling and/or mine development plan; capital and operating costs varying significantly from estimates; the preliminary nature of visual assessments; delays in obtaining or failures to obtain required governmental, environmental or other required approvals; uncertainties relating to the availability and costs of financing needed in the future; changes in equity markets; inflation; the global economic climate; fluctuations in commodity prices; the ability of the Company to complete further exploration activities, including drilling; delays in the development of projects; environmental risks; community and non-governmental actions; other risks involved in the mineral exploration and development industry; the ability of the Company to retain its key management employees and skilled and experienced personnel; and those risks set out in the Company's public documents filed on SEDAR at www.sedar.com. Accordingly, readers should not place undue reliance on forward‑looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
The Company and its officers do not endorse, or reject or otherwise comment on the conclusions, interpretations or views expressed in press articles or third-party analysis, and where possible aims to circulate all available material on its website.
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Vior Confirms High-Grade Gold Potential at Belleterre, QC with up to 274.9 g/t Au in Surface Sampling
Vior to host a webcast with 6ix on September 30, 2021 at 12:00pm EST to provide a Corporate update with a focus on the exploration program at Belleterre….
MONTREAL, QC / ACCESSWIRE / September 17, 2021 / Vior Inc. ("Vior"), (TSXV:VIO)(FRANKFURT:VL51) is pleased to announce field exploration results that demonstrate the high-grade gold potential at its district-scale Belleterre gold project ("Belleterre") in the Abitibi-Témiscamingue region of Quebec. Of 1,328 samples completed during the Summer 2021 exploration program at Belleterre and currently being processed at the laboratory, these first gold results consist of a targeted validation sampling process where lab results were expedited in preparation for the upcoming Phase 1 Fall drill program. The Vior technical team's objective is to validate the presence of gold grades and the precise locations of historic gold showings in the Brownfield areas at Belleterre. The results indicate that out of 38 samples recently sent to the laboratory, the three highest grade samples returned respectively 274.9 grams per tonne ("g/t") gold ("Au"), 121.3 g/t Au and 77.4 g/t Au. Another 17 samples contained values between 66.5 g/t Au and 10 g/t Au with all but one of the remaining samples containing gold content (see Table 1 and maps below). In addition, these results validate over 10 historic gold showings and confirm the high exploration potential at Belleterre.
Mark Fedosiewich, President & CEO of Vior, stated, "These field results are exciting and confirm the presence of significant gold from the historical showings. We also know that previous drill programs in the Brownfield areas at Belleterre were only undertaken to shallow depths and were non continuous along strike. These results validate the hard work of the exploration and management team through 2021 to consolidate this highly prospective mining camp, and we are encouraged more than ever that Belleterre offers a tremendous exploration opportunity for our shareholders."
Vior is also pleased to release the results of its high-resolution magnetic survey (see Figure 1) covering the entire Belleterre Project. This high-resolution magnetic survey is a valuable exploration tool that will help Vior's exploration team focus on the continuities of the main gold bearing structures within the known historical high-grade zones along strike and at depth including past producing Belleterre gold mine with a historic production of 2.18 Mt at 10.7 g/t Au (source DV-89-01 from MRNQ: Ministère de l'Énergie et des Ressources naturelles du Québec) and Aubelle deposit with a non 43-101 compliant current resource of 353.7 Kt at 3.6 g/t Au (source DV-89-01 from MRNQ). This helicopter-borne magnetic survey was carried out by Novatem Inc., of Mont-Saint-Hilaire, QC for a total of 6,750 linear kilometers with line spacing every 50 meters.
Vior's Executive Vice-President, Laurent Eustache, stated, "In conjunction with the new structural interpretation derived from our new high-resolution magnetic survey and the compilation of historical data and geological modeling (with our consultant 3DGeo Solution Inc.), we are now in an excellent position to better define the high-potential drill targets for our upcoming 4,000-metre Fall drill program. By incorporating all of the various technical data sets available from the consolidated area, which has never been attempted due to the previously fragmented ownership positions at Belleterre, we are now able to build a cohesive 3D structural model. We are confident that our new systematic and holistic approach will play a major positive role in our overall exploration strategy to help unlock the full potential of the Belleterre mining camp."
Figure 1. Vior's consolidated Belleterre land package with high-resolution magnetic survey and locations of detailed Map 1 and Map 2.
Map 1. Detailed map showing the location of highest gold values and draped LIDAR/high-resolution magnetic survey background.
Map 2. Detailed map showing the location of highest gold values and draped LIDAR/high-resolution magnetic survey background.
Table 1. Belleterre Project - 2021 gold values from summer exploration program
Vior has implemented a quality assurance and quality control (QA/QC) program to ensure sampling and analysis of all exploration work is conducted in accordance with industry best practices, including certified reference material (CRM) standards and blank material inserted every 20 samples. The gold analyses were completed by fire-assays with an atomic absorption finish (TMT-G5B). Repeats were carried out by fire-assay followed by gravimetric testing (TMT-G5C) on each sample containing more than 3.0 g/t Au. Metallic Sieve (MS) on 350 grams of material was carried out on samples that presented a great variation in gold content or as per recommendation from the laboratory. All samples from the Belleterre project were analyzed at Activation Laboratories Ltd (Actlabs) in Sainte-Germaine-Boulé, QC.
The property is located near the town of Belleterre in the Abitibi-Témiscamingue region of Quebec, 95 km south of Rouyn-Noranda, QC. The property consists of 531 claims over 29,129 hectares (291.3 sq km), forming a district-scale exploration land package with strike length of 37 km and including the option to acquire the former high-grade Belleterre Gold Mine that produced 750,000 oz gold and 95,000 oz silver between 1936 and 1959. The property has been under-explored for the past 50 years and has never been the subject of such significant consolidation until now. More on Belleterre can be found HERE.
About Vior Inc.
Vior is a hybrid junior mining exploration company based in Quebec whose corporate strategy is to generate, explore and develop high-quality projects in proven and favourable mining jurisdictions in North America. Through the years, Vior's management and technical teams have demonstrated their ability to discover several gold deposits and many high-quality mineral prospects.
The technical content disclosed in this press release was reviewed and approved by Laurent Eustache, Executive Vice-President of Vior and Christian Blanchet, Operations Manager of Vior, and Qualified Persons as per National Instrument 43-101.
For further information, please contact:
President and CEO
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.
This news release contains forward-looking statements. All statements, other than of historical facts, that address activities, events or developments that the Corporation believes, expects or anticipates will or may occur in the future including, without limitation, the planned exploration program on the Belleterre project, the expected positive exploration results, the timing of the exploration results, the ability of the Corporation to continue with the exploration program, the availability of the required funds to continue with the exploration and the approval from the Ministère de l'énergie et des ressources naturelle ("MERN") of the request for abandonment of the two mining concessions filed by 9293-0122 Québec Inc. are forward-looking statements. Forward-looking statements are generally identifiable by use of the words "will", "should", "continue", "expect", "anticipate", "estimate", "believe", "intend", "to earn", "to have', "plan" or "project" or the negative of these words or other variations on these words or comparable terminology. Forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the Corporation's ability to control or predict, that may cause the actual results of the Corporation to differ materially from those discussed in the forward-looking statements. Factors that could cause actual results or events to differ materially from current expectations include, among other things, failure to meet expected, estimated or planned exploration expenditures, the possibility that future exploration results will not be consistent with the Corporation's expectations, general business and economic conditions, changes in world gold markets, sufficient labour and equipment being available, changes in laws and permitting requirements, unanticipated weather changes, title disputes and claims, environmental risks, the refusal by the MERN to approve the request for abandonment of the two mining concessions held by 9293-0122 Québec Inc. as well as those risks identified in the Corporation's annual Management's Discussion and Analysis. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described and accordingly, readers should not place undue reliance on forward-looking statements. Although the Corporation has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Corporation does not intend, and does not assume any obligation, to update these forward-looking statements except as otherwise required by applicable law.
SOURCE: Vior, Inc.
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Critical Elements Announces the Appointment of Mrs. Ani Markova as Director and the Results from the Annual Shareholders Meeting
MONTREAL, QUEBEC / ACCESSWIRE / September 17, 2021 / Critical Elements Lithium Corporation (the "Corporation" or "Critical Elements") (TSX.V:CRE) (OTCQX:CRECF)…
MONTREAL, QUEBEC / ACCESSWIRE / September 17, 2021 / Critical Elements Lithium Corporation (the "Corporation" or "Critical Elements") (TSX.V:CRE) (OTCQX:CRECF) (FSE:F12) is pleased to announce that at its Annual shareholders meeting (the "Meeting") held on September 16, 2021, shareholders of the Corporation approved all the resolutions, as follows:
- Election of Eric Zaunscherb, Jean-Sébastien Lavallée, Steffen Haber, Marc Simpson, Matthew Lauriston Starnes, Marcus Brune, Ani Markova as directors; and
- Appointment of KPMG LLP as auditors.
The Board of Directors of the Corporation is pleased to announce the appointment of Mrs. Ani Markova, MBA, CFA, CDI.D as an Independent Director.
Mrs. Markova is a senior executive and an award-winning portfolio manager with more than 15 years of experience investing in the mining and metals industry. She is currently a corporate director with Golden Star Resources and SilverCrest Mining. She is the Chair of the Safety, Environmental and Social Sustainability Committee at SilverCrest and a member of the Corporate Responsibility Committee at Golden Star. She also sits on their Audit and Governance and Compensation committees. She is the Founder and CEO of Investor View Advisory, which is engaged with public companies on Environmental, Social and Governance (ESG) reporting and integration. Mrs. Markova holds an MBA from George Washington University in Washington DC, Chartered Financial Analyst (CFA), Canadian Investment Management (CIM), and Corporate Board International (CDI.D) designations.
In connection with this appointment, Mrs. Markova has been awarded 200,000 stock options of the Corporation at an exercise price of $1.35 per share for a term of five years.
"We are pleased to appoint Mrs. Ani Markova to the Critical Elements Board of Directors," stated Jean-Sébastien Lavallée, CEO of Critical Elements. "Her governance, advisory, investor, professional and executive experience strengthens and complements the experiences of our incumbent Board of Directors."
Mr. Charles B. Main and Mr. Jean-Raymond Lavallée were not standing for re-election at the Meeting held on September 16, 2021. "The Board of Directors thanks both Mr. Main and Mr. Lavallée for their contributions during their tenures, " said Eric Zaunscherb, Chairman of the Corporation.
About Critical Elements Lithium Corporation
Critical Elements Lithium Corporation aspires to become a large, responsible supplier of lithium to the flourishing electric vehicle and energy storage system industries. To this end, Critical Elements Lithium is advancing the wholly owned, high purity Rose lithium project in Quebec. Rose is the Company's first lithium project to be advanced within a highly prospective land portfolio of over 700 square kilometers. In 2017, the Company completed a robust feasibility study on Rose Phase 1 for the production of high quality spodumene concentrate. The internal rate of return for the Project is estimated at 34.9% after tax, with a net present value estimated at C$726 million at an 8% discount rate. Capital cost parameters were confirmed in 2019 by Primero Group in the context of a Guaranteed Maximum Price under an Early Contractor Involvement agreement, as a prelude to an Engineering, Procurement and Construction process. Detailed engineering for Phase I is expected to conclude this year as the Company plans to deliver technical studies for Phase II; the conversion of spodumene concentrate to high quality lithium hydroxide. In the Company's view, Quebec is strategically well-positioned for US and EU markets and boasts exceptional infrastructure including a low-cost, low-carbon power grid featuring 93% hydroelectricity. The project has received approval from the Federal Minister of Environment and Climate Change on the recommendation of the Joint Assessment Committee, comprised of representatives from the Impact Assessment Agency of Canada and the Cree Nation Government; we await similar approval under the Quebec environmental assessment process near-term. The Company also has a strong, formalized relationship with the Cree Nation.
For further information, please contact:
Cautionary statement concerning forward-looking statements
This news release contains "forward-looking information" within the meaning of Canadian Securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "scheduled", "anticipates", "expects" or "does not expect", "is expected", "scheduled", "targeted", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information contained herein include, without limitation, statements relating to the completion of the Project's approval, the completion of the provincial permitting process, mineral reserve estimates, mineral resource estimates, realization of mineral reserve and resource estimates, capital and operating costs estimates, the timing and amount of future production, costs of production, success of mining operations, the ranking of the project in terms of cash cost and production, permitting, economic return estimates, power and storage facilities, life of mine, social, community and environmental impacts, lithium and tantalum markets and sales prices, off-take agreements and purchasers for the Company's products, environmental assessment and permitting, securing sufficient financing on acceptable terms, opportunities for short and long term optimization of the Project, and continued positive discussions and relationships with local communities and stakeholders. Forward-looking information is based on assumptions management believes to be reasonable at the time such statements are made. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information.
Although Critical Elements has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Factors that may cause actual results to differ materially from expected results described in forward-looking information include, but are not limited to: the completion of the Project's approval, the completion of the provincial permitting process, Critical Elements' ability to secure sufficient financing to advance and complete the Project, uncertainties associated with the Company's resource and reserve estimates, uncertainties regarding global supply and demand for lithium and tantalum and market and sales prices, uncertainties associated with securing off-take agreements and customer contracts, uncertainties with respect to social, community and environmental impacts, uncertainties with respect to optimization opportunities for the Project, as well as those risk factors set out in the Company's year-end Management Discussion and Analysis dated August 31, 2020, the Company's Annual Information Form dated August 3, 2021, and other disclosure documents available under the Company's SEDAR profile. Forward-looking information contained herein is made as of the date of this news release and Critical Elements disclaims any obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is described in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Critical Elements Lithium Corporation
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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…
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.
- 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".
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:
- 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.
- 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)
True Width (m)
True grade-width (gm/t)
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).
Gold grade (g/t)
Contained gold (koz)
0.5 g/t (OP)
2.0 g/t (UG)
(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 Width (m)
True Width (m)
|580250E 1411900N 453mamsl|
|580250E 1411899N 453mamsl|
|580047E 1411918N 450mamsl|
|Cacao hangingwall vein|
|580047E 1411919N 450mamsl|
|580148E 1411886N 448mamsl|
|580349E 1411863N 452mamsl|
|580549E 1411869N 451mamsl|
|580648E 1411888N 450mamsl|
|580752E 1411826N 447mamsl|
|580849E 1411848N 444mamsl|
|580946E 1411841N 434mamsl|
|582200E 1411670N 445mamsl|
|582100E 1411620N 445mamsl|
*Note: Bureau Veritas Mineral Laboratories, Canada. www.bureauveritas.com/um was used for the drill assay results.
- 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.
- 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.
- 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
H&P Advisory Limited
Andrew Chubb and Nilesh Patel
|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.
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.
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.
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
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.
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.
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.
Further down towards the deepest parts of an ore body or zone of mineralisation.
Referring to the rock that has moved downwards on a fault relative to the other side.
Mineral veins and ore deposited from fluids at shallow depths at low pressure and temperatures ranging from 50-300°C.
The plane along which two rock masses have moved or slide against each other in opposing directions.
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)
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,
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.
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).
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.
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.
A mineral deposit that presents a porous or vesicular texture; its structure shows small cavities. These may be siliceous deposits or calcareous deposits.
The longest horizontal dimension of an ore body or zone of mineralisation.
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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