Gold explorer Condor said Friday that a soil sampling survey carried out on the Central Breccia Prospect at La India Project in Nicaragua identified a number of anomalous zones that may indicate the presence of hidden gold mineralised zones, spread over a 1200m by 500m area.
Mark Child, the Chairman and Chief Executive Officer of Condor explained: "The Central Breccia is interpreted as a breccia pipe with a surface area of 300m by 150m. The recently conducted soil sampling programme has identified three geochemical anomalies, which may identify three additional breccia pipes within an area of 1200m by 500m containing the Central Breccia.
"It is important to emphasise that this hydrothermal breccia area, containing pyrites, is a very different gold mineralization than the epithermal gold mineralization that contains the bulk of Condor's 2.4M oz gold at 4.6g/t resource within La India Project.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
"The structural setting of the three geochemical anomalies is significant as the Central Breccia area is interpreted as the structural centre and possible "feeder zone" of La India Gold District; there remains the prospect of significant additional gold discoveries within the vicinity."
The share price rose 0.62% to 162.50p by 10:40.
NR
-
Going part-time could leave a £58,000 hole in your pension: how to plug the gapThere are many reasons for switching to part-time work, but some savers don’t consider the impact on their pension until it is too late
-
Three bargain investment trusts to add to your portfolioThese three investment trusts are bargains compared to their net asset value (NAV), but one fund analyst thinks the deep discounts are unwarranted.
