TIDMCNR
RNS Number : 0664M
Condor Gold PLC
17 September 2021
Condor Gold plc
7/8 Innovation Place
Douglas Drive
Godalming
Surrey
GU7 1JX
17 September 2021
Condor Gold Plc
("Condor", "Condor Gold" or the "Company")
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
Please view the following link for full release including images
and figures:
http://www.rns-pdf.londonstockexchange.com/rns/0664M_1-2021-9-16.pdf
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 Intercept Intercept Interval True Au Ag True RL (mamsl)
hole From To (m) (m) Width (g/t) (g/t) grade-width
ID (m) (m) (gm/t)
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 (25(th) January 2019; SRK
Consulting (UK) Ltd).
Vein name Cut-off Tonnes (kt) Gold grade (g/t) Contained gold (koz)
0.5 g/t
El Cacao(1) (OP) 188 2.3 14
--------- ------------ ----------------- ---------------------
2.0 g/t
El Cacao(2) (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 - 48deg,
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 Collar Drill From To Drill True Au Ag Comment
hole UTM WGS84-16N incl/azi Width Width (ppm) (ppm)
ID (m) (m)
---------------- ---------- ------- ------- ------- ------- ------- -------
CCDC029 580250E
X-sect 1411900N
80-250 453mamsl -50/360 190.62 198.25 763 5.2 1.75 6
--------- ---------------- ---------- ------- ------- ------- ------- ------- ------- ------------------
CCDC030 580250E
X-sect 1411899N
80-250 453mamsl -60/360 222.65 230.27 7.62 4.2 2.34 7
--------- ---------------- ---------- ------- ------- ------- ------- ------- ------- ------------------
CCDC031 580047E
X-sect 1411918N Cacao hangingwall
80-050 450mamsl -55/360 144.57 144.97 0.40 0.2 0.82 5 vein
------- ------- ------- ------- ------- ------- ------------------
154.02 162.65 8.63 5.3 1.14 10
-------------------------- ---------- ------- ------- ------- ------- ------- ------- ------------------
CCDC032 580047E
X-sect 1411919N
80-050 450mamsl -65/360 189.10 195.20 6.10 2.9 1.58 7
--------- ---------------- ---------- ------- ------- ------- ------- ------- ------- ------------------
CCDC033 580148E
X-sect 1411886N
80-150 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 580349E
X-sect 1411863N
80-350 452mamsl -53/360 236.37 244.00 7.63 5.6 0.82 2
--------- ---------------- ---------- ------- ------- ------- ------- ------- ------- ------------------
CCDC035 580549E
x-sect 1411869N
80-550 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 580648E
x-sect 1411888N
80-650 450mamsl -51/360 143.35 146.40 3.05 2.3 0.40 <2 Cacao
--------- ---------------- ---------- ------- ------- ------- ------- ------- ------- ------------------
CCDC037 580752E
x-sect 1411826N
80-750 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 580849E
x-sect 1411848N
80-850 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 580946E -45/360 NA NA NA NA NA NA Cacao
x-sect 1411841N
80-950 434mamsl
--------- ---------------- ---------- ------- ------- ------- ------- ------- ------- ------------------
CCDC040 582200E
x-sect 1411670N
82-200 445mamsl -45/360 41.17 44.22 3.05 2.5 0.20 <2 Cacao Sth
--------- ---------------- ---------- ------- ------- ------- ------- ------- ------- ------------------
CCDC041 582100E
x-sect 1411620N
82-100 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 Ewan Leggat
LLP +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
50-300degC.
--------------------------------------------------------------
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 That part of a Mineral Resource for which tonnage,
Resource 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 That part of a Mineral Resource for which tonnage,
Resource 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.
--------------------------------------------------------------
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END
DRLBLGDCGBBDGBL
(END) Dow Jones Newswires
September 17, 2021 01:59 ET (05:59 GMT)
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