Drill Intercept 22.05 m (21.6 m true width) at 6.48 g/t gold from 24.75 m drill depth in La India Starter Pits
(firmenpresse) -
29 April 2021.Condor Gold (AIM: CNR; TSX: COG - https://www.commodity-tv.com/ondemand/companies/profil/condor-gold-plc/) (Condor, Condor Gold or the Company) is pleased to announce that infill drilling on the La India Starter Pits has been completed, and that all assay results have now been received for the Northern Starter Pit. The two planned high-grade Starter Pits (up to 35 m deep) have now been drill tested at 25 m by 25 m spacing. A total of forty-four diamond core drill holes for 2,290 metres have been drilled within and immediately adjacent to the starter pits, infilling between the pre-existing diamond core drill holes and also replacing eight Reverse Circulation (RC) drill holes with the higher quality diamond core. Two drilling rigs are currently re-drilling the remaining 1,142 m of RC drill samples that fall outside of the starter pits but are within the main La India Mineral Resource open pit shell with diamond drill core, approximately 600 m remains to be drilled
Assay results have been returned for 29 of the drillholes; providing a complete dataset for the Northern Starter Pit and the first six drill holes in the Southern Starter Pit. The drilling results received to date support, and add considerable confidence to, the geological model used in the mineral resource and mineral reserve estimations and mine plan.
Highlights
- 22.05 m (21.6 m true width) at 6.48 g/t gold from 24.75 m drill depth including 15.35 m (15.0 m true width) at 8.68 g/t gold from 24.75 m drilled depth (drill hole LIDC413).
- 16.00 m (15.7 m true width) at 5.30 g/t gold from 18.35 m drill depth, including 5.90 m (5.8 m true width) at 12.35 g/t gold from 22.10 m drilled depth (drill hole LIDC416).
- 19.40 m (18.7 m true width) at 2.80 g/t gold from 28.45 m drill depth, including 8.20 m (7.9 m true width) at 4.90 g/t gold (drill hole LIDC433).
- 44 drill holes for a combined 2,290 m of infill and RC replacement drilling completed within La India Starter Pits.
- Drilling is currently underway to complete twin drilling of the remaining 1142 m RC holes in the main La India open pit shell. 600 m drilling remains of the current programme.
Mark Child, Chairman and CEO commented:
A drill intersect in LIDC413 of 22.05 m (21.6 m true width) at 6.48 g/t gold including 15 m true width at 8.68 g/t gold from 24.75 m drill depth in a starter pit is exceptional in terms of width and grade near surface. The drill intercept in LIDC416 of 16.00 m (15.7m true width) at 5.30 g/t gold from 18.35 m drill depth including 5.8 m true width at 12.35g/t is also very impressive. Both drill results add considerable confidence to the geological model, the mineral resource and mineral reserve calculations and the mine plan.
The starter pits are shallow, within 35 m of the surface and contain 455Kt at 4.17g/t gold for 59,674 oz gold using a 2.00g/t cut off grade. The intention is to mine them early to quicken the payback period and enhance the Projects economics. The starter pits sit within the main fully permitted La India open pit, which has a Mineral Reserve Estimate of 6.9Mt at 3.1 g/t gold for 675,000 oz gold.
Northern Starter Pit Assay Results
Results have now been received for 23 drill holes, drilled at 25 m by 25 m spacing, all located in the Northern Starter Pit. The results of the first six holes were reported in RNS announcements dated the 9th and 30th March. The drilling has confirmed continuity of gold mineralisation in the La India orebody and supports the geological model used in the mineral resource and mineral reserve estimations. The holes drilled at the upper levels of the starter pit confirmed that low to moderate grade gold mineralisation was left in the footwall of the historic mine workings by Noranda Mining in the 1940s and 1950s (reflecting the economics and mining method of the time). Holes drilled to test the lower levels of the starter pit sampled the entire mineralised vein set and confirmed that the historic miners only extracted a very narrow high-grade core zone, leaving behind considerable widths of mineralisation in both the hangingwall and footwall zones, including some high grade veins. Notable intercepts, from north to south along a 175 m strike length, include:
- A combined and amalgamated 22.05 m (21.6 m true width) at 6.48 g/t gold from 24.75 m drill depth on either side of a 4.35 m (4.3 m true width) , including 4.75 m (4.7 m true width) of historic mine workings including a hangingwall intercept of 15.35 m (15.0 m true width) at 8.68 g/t gold from 24.75 m drilled depth (drill hole LIDC413).
- 16.00 m (15.7 m true width) at 5.30 g/t gold from 18.35 m drill depth, including 5.90 m (5.8 m true width) at 12.35 g/t gold in the hangingwall of the historic mine working from 22.10 m drilled depth (drill hole LIDC416).
- 8.10 m (7.5 m true width) at 2.69 g/t gold from 18.60m drill depth, including 3.30 m (3.1 m true width) at 6.00 g/t gold from 18.60 m drilled depth (drill hole LIDC422).
- A combined 22.60 m (22.0 m true width) at 1.77 g/t gold in bedrock and backfilled historic mine workings from 5.35 m drill depth, including 7.35 m (7.2 m true width) at 2.74 g/t gold in the hangingwall faulted quartz veins from 12.85 m drilled depth (LIDC430).
- A combined and amalgamated 27.65 m (26.8 m true width) at 1.59 g/t gold from 29.80 m drill depth, including in the bedrock beneath the colluvial cover 21.30 m (20.7 m true width) at 1.87 g/t gold from 8.50 m drilled depth (drill hole LIDC429).
Southern Starter Pit Assay Results
Assay results from the first six drill holes in the Southern Starter Pit have been received and appear to confirm continuity of gold mineralisation in the La India structure and support the geological model used in the mineral resource and reserve estimation. Notable results include an amalgamated 19.40 m (18.7 m true width) at 2.80 g/t gold from 28.45 m drill depth, including 8.20 m (7.9 m true width) (at) 4.90 g/t gold in the hangingwall of an historic mine working (drill hole LIDC433).
Table 1: Assay results from La India infill drilling.
Drill CollarDrillFromTo DrilTrueAu (Ag (Comment
hole UTM incl l Widg/t g/t
ID WGS84/azi Width ) )
-16N th (m)
(m)
LIDC41574899-50/28.759.851.101.1 1.808.4 Vein +
3 E 37 footwall
14099 breccia
X-sect50N
11200 351
mamsl
24.751.422.021.66.4815.7Amalgamated
5 0 5 vein stack
incl.
depleted
lower zone.
Incl. 24.740.115.315.08.6821.2Faulted vein
5 0 5 stack
#1
(Incl. 34.138.44.354.3 17.535.8vein
) 0 5 2
Incl. 40.141.91.851.8 0.164.0 Stockwork
0 5
Excl. 41.943.92.002.0 - - Mine cavity
5 5
Incl. 43.945.11.201.2 2.5440 Quartz breccia
5 5
Excl. 45.147.92.752.7 - - Mine
5 0 cavity+fill
Incl. 47.951.43.503.4 1.782.70Faulted
0 0 quartz
breccia
55.355.40.100.1 4.523.0 Vein
0 0
LIDC41574922-48/235.336.31.001.0 3.9911.0Quartz breccia
4 E 36 0 0
14099
X-sect30N
11175 350
mamsl
42.550.75.255.2 1.956.1 Amalgamated
0 0 HW+FW
Incl. 42.545.63.103.1 2.264.7 HW vein
0 0
Excl. 45.648.52.952.9 - - Mine cavity
0 5
Incl. 48.550.72.152.1 1.498.3 FW Quartz
5 0 breccia
57.160.33.253.2 3.035.2 Quartz
0 5 vein+breccia
68.371.63.303.2 1.723.4 Quartz
0 0 vein+stockwor
k
LIDC41574915-51/232.432.60.250.2 3.0110.0Hangingwall
5 E 39 0 5 quartz
14098 breccia
X-sect94N
11150 357
mamsl
37.939.61.701.7 10.382.4HW vein
5 5 8
51.152.71.601.6 1.07<2.0Footwall
0 0 narrow
veins
LIDC41574892-51/218.334.316.015.75.3014 Amalgamated
6 E 36 5 5 0 hangingwall
14099 stockwork
X-sect45N and vein and
11200 351 footwall
mamsl breccia
Incl. 22.128.05.905.8 12.322 Hangingwall
0 0 5 vein
Incl. 28.030.22.252.2 0.5311
0 5
Excl. 30.233.2- - - - Mine cavity
5 0
Incl. 33.234.31.151.1 1.038 Footwall
0 5 breccia
49.951.01.051.0 2.095 Stockwork
5 0
LIDC41574916-51/231.538.36.856.7 0.597 Footwall
8 E 39 0 5 breccia
14098
X-sect48N
11125 358
mamsl
Incl. 27.329.82.502.4 0.47<2 Hangingwall
0 0 backfill and
stockwork
Excl. 29.834.0- - - - Mine cavity
0 0
Incl. 34.037.83.803.7 0.7012 Footwall
0 0 breccia
LIDC41574926-51/233.246.413.212.90.273 Faulted veins
9 E 40 0 0 0 and
14098 breccias
X-sect33N
11100 358
mamsl
Incl. 33.534.81.351.3 0.34<2 Faulted
0 5 breccia
Incl. 38.439.00.600.6 0.683 Faulted
0 0 breccia
Incl. 44.045.21.201.2 0.802 Stockwork
0 0
LIDC42574877-49/20.603.753.153.1 2.7211 Colluvium
0 E 40
14098
X-sect14N
11100 379
mamsl
7.8012.04.204.1 0.524 Breccia
0
LIDC42574898-50/211.916.74.854.7 3.076 Stockwork +
1 E 40 0 5 vein
14098
X-sect33N
11100 365
mamsl
Incl. 15.016.71.751.7 7.8516 Hangingwall
0 5 vein above
cavity
LIDC42574998-60/218.626.78.107.5 2.6912 Vein and
2 E 37 0 0 breccia
14098
X-sect34N
11100 365
mamsl
Incl. 18.621.93.303.1 6.0022 vein
0 0
37.338.41.101.0 0.52<2 Stockwork
5 5
LIDC42574962-52/232.333.61.351.3 0.544 Stockwork in
3 E 41 0 5 volcaniclasti
14097 c
X-sect89N
11050 357
mamsl
47.648.81.251.2 0.387 Vein
0 5
52.153.31.251.2 0.33<2 Stockwork
0 5
67.168.41.251.2 0.925 Stockwork
5 0
LIDC42574879-51/24.055.651.601.6 5.987 Vein
4 E 39
14097
X-sect78N
11075 395
mamsl
6.858.151.301.3 0.935 Poor recovery
of
footwall
breccia
LIDC42574883-50/24.055.951.901.9 0.6811 Saprolite
5 E 38 (stockwork)
14097
X-sect56N
11050 400
mamsl
20.921.30.400.4 1.765 Stringer
0 0 veinlets
LIDC42574895-51/20.0010.410.410.21.4111 Tectonic
6 E 39 5 5 breccia and
14097 stacked
X-sect25N veins
11025 412
mamsl
Incl. 6.058.152.102.0 3.8415 Vein
Incl. 8.558.850.300.3 3.218 Vein
Incl. 9.609.900.300.3 2.499 Vein
Incl. 10.210.40.200.2 5.2815 Vein
5 5
16.417.41.001.0 0.376 Stockwork or
0 0 stringers
23.424.81.451.4 0.415 Stockwork
0 5
42.945.52.602.5 0.49<2 Stockwork and
0 0 vein
LIDC42574920-50/25.6515.610.09.8 2.852 Colluvium and
7 E 40 5 0 vein
14097
X-sect42N
11025 397
mamsl
Incl. 5.658.102.452.4 0.82<2 Colluvium
Incl. 8.1013.35.205.1 4.885 Vein
0
22.628.05.405.3 0.852 Veins and
0 0 stockwork
(open to
depth -
abandoned
hole)
Incl. 27.628.00.400.4 2.614 Vein (open to
0 0 depth)
LIDC42575018-52/20.004.104.103.9 1.4410 Hangingwall
8 E 41 faulted
14095 vein/breccia
X-sect46N
10800 428
mamsl
4.106.902.802.7 Mine cavity
6.909.953.052.9 2.3117 Mine backfill
LIDC42574920-52/22.1529.827.626.81.5922 Amalgamated
9 E 39 0 5 colluvium
14097 and
X-sect42N stockwork
11025 397
mamsl
Incl. 2.158.506.356.2 0.63<2 Colluvium
Incl. 8.5029.821.320.71.871 Stockwork
0 0
(Incl. 8.5012.13.653.5 7.616 Stockwork
) 5
39.143.83.703.6 0.581 Amalgamated
5 5 hangingwall,
backfill and
footwall
Incl. 39.140.21.101.1 0.58<2 Hangingwall
5 5 stockwork
Excl. 40.241.21.001.0 - - Mine cavity
5 5
Incl. 41.241.60.350.3 1.5518 Backfill
5 0
Incl. 41.643.82.252.2 0.43<2 Footwall
0 5 breccia
54.257.53.353.3 0.93<2 Breccia
0 5
LIDC43574898-51/25.3527.922.622.01.7711 Combined
0 E 39 5 0 stockwork,
14097 veins and
X-sect58N backfill
11050 398
mamsl
Incl. 4.3512.88.508.3 0.919 Stringers
5
Incl. 12.820.27.357.2 2.7413 Tectonic
5 0 brecciated
veins
Incl. 21.227.96.756.6 2.4210 Backfill
0 5
54.355.61.251.2 0.56<2 Stockwork
5 0
LIDC43575083-50/20.004.404.404.3 7.1419 Backfill
1 E 40
14094
X-sect87N
10725 409
mamsl
LIDC43575084-49/20.006.156.156.0 4.2128 Backfill
2 E 42
14094
X-sect88N
10725 409
mamsl
9.2515.15.855.7 1.769 Vein and
0 stockwork
Incl. 10.211.41.201.2 6.2424 Vein
5 5
11.415.13.653.5 0.574 Stockwork
5 0
LIDC43575060-50/228.451.019.418.72.8012 Amalgamated
3 E 39 5 5 0 hangingwall
14095 and
X-sect63N footwall
10800 408
mamsl
Incl. 28.436.68.207.9 4.9023 Hangingwall
5 5 faulted vein
stack
Incl. 36.040.34.304.0 - - Mine cavity
5 5 (0. (1. (8) incl, 0.5m (at)
5) 45) 1.45g/t Au
backfill
Incl. 40.346.56.206.0 1.809 Footwall
5 5 faulted vein
stack
Incl. 46.551.04.504.3 0.53<2 Stockwork
5 5
58.562.84.304.2 0.66<2 Stockwork
0 0
73.575.01.501.4 0.503 Stockwork
0 0
88.690.01.401.4 3.214 Stockwork
0 0
LIDC43575034-51/213.320.43.953.8 2.5314 Amalgamated
4 E 37 0 5 vein and
14095 backfill
X-sect49N
10800 420
mamsl
Incl. 13.313.50.200.2 14.811 Hangingwall
0 0 0 vein
Incl. 13.520.43.753.6 1.8814 Backfill
0 5
34.835.50.700.7 3.949 Breccia
0 0
Incl. 41.041.70.700.7 1.034 Breccia
0 0
LIDC43575066-50/220.038.314.113.61.9310 Amalgamated
5 E 39 0 0 0 hangingwall,
14095 backfill and
X-sect45N footwall
10775 408
mamsl
Incl. 20.025.35.355.2 1.585 Hangingwall
0 5 stockwork
Excl. 25.327.32.002.0 - - Mine cavity
5 5
Incl. 22.033.46.105.9 2.6016 Backfill or
0 5 pillar
stockwork
Excl. 33.435.62.102.1 - - Mine cavity
5 5
Incl. 35.638.32.652.6 1.067 Footwall
5 0 stockwork
Incl. 41.442.30.900.9 0.713 Stockwork
5 5
True width is an interpretation based on the current interpretation of the veins and may be revised in the future.
La India Pit Drilling Programme - Looking Ahead
Both drill rigs are currently drilling to replace the remaining fourteen reverse circulation (RC) drill holes (1142 m of drilling) that are located within the La India mineral resource pit shell of which 600 m remains.
About the Drilling Techniques
Drilling is being undertaken using heavy duty track-mounted drilling rigs. All of the drilling is being undertaken using diamond core drilling techniques employing large diameter PQ core barrels and triple tube in the mineralised zones to ensure good sample recovery. Drilling close to surface and in proximity to historical and artisanal mine workings can present challenges to the driller, however, the drilling programme is benefitting from employment of local geologists, field support staff and experienced drill contractors, all with a decade of experience of drilling at La India. Consequently, all target depths have been met and good sample recovery is being achieved.
About the Assaying
Drill core is cut, and half core samples collected and bagged by Condor staff on-site. Samples are 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 are forwarded for assay to Bureau Veritas accredited analytical laboratory in Vancouver, Canada. As with many other operators, delays in the return of assay results are being experienced due to industry demand and COVID-19 pandemic restrictions.
About the Starter Pits
On 25 January 2019, SRK Consulting (UK) Limited completed an updated Mineral Resource Estimate (the MRE; see RNS dated 28 January 2019) on Condors 100% owned La India Project in Nicaragua comprising 9.85 million tonnes (M tonnes or Mt) at 3.6 g/t gold for 1,140,000 oz gold in the Indicated category and 8.48M tonnes at 4.3g/t gold for 1,179,000 oz gold in the Inferred category.
The La India Vein Set hosts an open pit Mineral Resource of 8,377kt at 3.1g/t gold for 837Koz gold in the Indicated category and 887kt at 2.4 g/t gold for 69,000oz gold in the Inferred category. Beneath the La India open pit is an underground Mineral Resource estimate of 678kt at 4.9g/t gold for 107Koz gold in the Indicated category and 1,718kt at 5.6 g/t gold for 309,000 oz gold in the Inferred category.
The 25 January 2019 MRE update did not materially change the La India open pit Mineral Resource estimate and consequently the 2014 Pre-Feasibility Study (PFS) remained unchanged. La India open pit has an existing Probable Mineral Reserve of 6.9 million tonnes (Mt) at 3.01 g/t gold for 675,000 oz gold.
As announced on 4 March 2020 (see RNS), Condor completed internal studies on readily accessible high-grade material within the permitted La India open pit. The starter pits within La India open pit contain a diluted tonnage of 387Kt at 4.29g/t gold for 53,000 oz gold. Condor has subsequently further advanced these studies. Within a designed pit shell, the starter pits have two scenarios. At 0.75g/t gold cut-off grade, 635Kt at 3.32g/t gold for 67,800 oz gold with a 4.5 to 1 strip ratio. Using a 2.0g/t cut-off grade, 445Kt at 4.17g/t gold for 59,700 oz gold with a 6.8 to 1 strip ratio. See Table 1 below:
Table 2: Starter Pits within the Main Permitted La India Open Pit
https://www.irw-press.at/prcom/images/messages/2021/58111/Condor_RNS_ThirdDrillingUpdate_FINAL290421_PRcom.001.png
- 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
Blytheweigh
Tim Blythe and Megan Ray
+44 (0) 20 7138 3204
In Europa:
Swiss Resource Capital AG
Jochen Staiger
info(at)resource-capital.ch
www.resource-capital.ch
Condor Gold plc
7/8 Innovation Place
Douglas Drive
Godalming
Surrey
GU7 1JX
Tel: +44 (0) 207 493 2784
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. Condor Gold published a Pre-Feasibility Study (PFS) on the project in December 2014, summarised in the Technical Report, as defined below. The PFS details an open pit gold Mineral Reserve in the Probable category of 6.9 Mt at 3.0 g/t gold for 675,000 oz gold, producing 80,000 oz gold per annum for 7 years. La India Project contains a Mineral Resource of 9,850 Kt at 3.6 g/t gold for 1.14 Moz gold in the Indicated category and 8,479 Kt at 4.3 g/t gold for 1.18 Moz gold in the Inferred category. The Indicated Mineral Resource is inclusive of the Mineral Reserve. 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 Moz gold open pit Mineral Resources permitted for extraction, inclusive of a Mineral Reserve of 6.9 Mt at 3.0 g/t gold for 675,000 oz gold.
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 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.
Technical Information
Certain disclosure contained in this news release of a scientific or technical nature has been summarised or extracted from the technical report entitled Technical Report on the La India Gold Project, Nicaragua, December 2014, dated November 13, 2017 with an effective date of December 21, 2014 (the Technical Report), prepared in accordance with NI 43-101. The Technical Report was prepared by or under the supervision of Tim Lucks, Principal Consultant (Geology & Project Management), Gabor Bacsfalusi, Principal Consultant (Mining), Benjamin Parsons, Principal Consultant (Resource Geology), each of SRK Consulting (UK) Limited, and Neil Lincoln of Lycopodium Minerals Canada Ltd., each of whom is an independent 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, resources and reserves; 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 Companys annual information form for the fiscal year ended December 31, 2019 dated March 31, 2020 and available under the Companys 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.
Down-dip Further down towards the deepest parts of an
ore body or zone of
mineralisation.
Epithermal Hydrothermal deposits formed at shallow
depths below a boiling hot spring system are
commonly referred to as
epithermal, a term retained from an old
system of classifying hydrothermal deposits
based on the presumed temperature and depth
of
deposition.
Fault The plane along which two rock masses have
moved or slide against each other in
opposing
directions.
Felsic Igneous rock relatively rich in the minerals
feldspar and silica. It is a broad term
including the common intrusive rocks granite
and diorite, and the volcanic rocks rhyolite
and
dacite,
Footwall Originally a miners term to refer to the
rock below the mineralised zone that they
exploited. Now often used to the rock
adjacent to and below an ore or mineralised
body or geological fault. Note that on
steeply-dipping tabular ore or mineralised
bodies the foot wall will be inclined nearer
to the vertical than
horizontal.
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
Hanging wall Originally a miners term to refer to the
rock above the mineralised zone that they
exploited. Now often used to refer to the
rock adjacent to and above an ore or
mineralised body or geological fault. Note
that on steeply-dipping tabular ore or
mineralised bodies the hanging wall will be
inclined nearer to the vertical than
horizontal.
Hydrothermal Hot water caused by heating of groundwater by
near surface magmas and often occurring in
association with volcanic activity.
Hydrothermal waters can contain significant
concentrations of dissolved
minerals.
Inferred That part of a Mineral Resource for which
Mineral tonnage, grade and mineral content can be
Resource 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 A concentration or occurrence of material of
Resource economic interest in or on the Earths 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 A method of extracting minerals from the
mining earth by excavating downwards from the
surface such that the ore is extracted in
the open air (as opposed to underground
mining).
Stockwork Multiple connected veins with more than one
orientation, typically consisting of
millimetre to centimetre thick fracture-fill
veins and
veinlets.
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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