Results included 25.93m (14.9m true width) at 3.94g/t gold from 263.82m below the existing Cacao resource; and 39.65m (32.9m TW) at 0.38g/t from 181.47m beneath alluvial cover 400m along strike of the Cacao resource, estimated as the top of an epithermal system.
Chairman and CEO Mark Child said drilling had been a success.
“A 10m-plus true width mineralised zone including the main Cacao vein has been confirmed for a strike length of approximately 1,000m beneath and extending to the east of the current Cacao mineral resource of 662,000t at 2.8g/t gold for 60,000oz,” he said.
Condor has more than 1.1Moz permitted for mining at its La India, Mestiza and America openpits.
Follow-up drilling was being planned for Cacao and Child said part of the company’s strategy was to demonstrate a 5 million ounce gold district.
Condor had released a technical report to preliminary economic assessment standards earlier this month looking at two production scenarios at La India.
The openpit and underground scenario put initial capex at US$160 million, post-tax NPV5 of $418 million and IRR of 54%, using a $1,700/oz gold price, with average annual gold production of 150,000oz over the initial nine years.
The base case put after-tax NPV5 at $312 million and IRR at 43% using a $1,550/oz gold price.
The openpit-only option put initial capex at $153 million, after-tax NPV5 at $302 million, IRR of 58%, using a $1,700/oz gold price, and average annual production of 120,000oz over six years.
Condor’s Toronto-listed shares gained 9.6% on Friday to close at C80c, valuing it about $108 million (US$84 million).
