Jun 29 2015
Condor, is pleased to announce that the company's wholly-owned Nicaraguan subsidiary Condor S.A. has been granted a 25 year exploration and mining concession over a 32 km2 area on the western side of La India Project called the Tierra Blanca Concession (see Figure 1 below).
The addition of the Tierra Blanca Concession expands the La India Project concession package to a total of 313 km2.
Mark Child CEO comments:
"The 32 km2 Tierra Blanca Concession on the western edge of La India Project was available for grant by the Government of Nicaragua under a 25 year exploration and exploitation concession. Condor's geologists completed a field visit and concluded that the Tierra Blanca concession offers excellent greenfield exploration potential based on historic exploration data. It is also located 30km from B2Gold's El Limon mine and only 10km due west of Condor's La India gold mineral resource of 2.33M oz gold at 4.0g/t gold. Condor has now been officially notified of the successful application for the concession."
The Tierra Blanca Concession is located on the western side of the La India Project adjacent and to the south of Condor's La Cuchilla Concession This new addition partially bridges the gap between La India Project and other neighbouring gold projects. The La India Project is located at the south-eastern end of a 75km long gold corridor. The Tierra Blanca Concession is situated within this corridor, 2.5km to the northwest of the core gold mineralisation zone at La India. A further 2km to the northwest of Tierra Blanca, Canadian explorer Cassius Ventures defined the Las Mercedes gold mineralised area with reports of up to 55g/t gold in rock chip samples (Cassius Ventures TSX-V:CV Press Release dated 1st February 2013). Beyond this the gold corridor can be traced for at least 55km further northwest via Cassius' Santa Barbara and Cerro Rojo areas to B2Gold's Villa Nueva Project near their currently active El Limon Gold Mine (see Figure 2 below).
Tierra Blanca covers the central part of a 10km wide, circular geological structure identified in satellite imagery, topography and Condor's airborne geophysics data that is interpreted as a caldera. The northern half of the caldera falls within Condor's La Cuchilla Concession. An active gypsum mine exploiting hydrothermal gypsum veins is located within the caldera on a small mining concession sandwiched between Condor's La India Concession and the Tierra Blanca Concession. The gypsum veins, which are on the eastern zone of the interpreted caldera indicate that mineral rich hydrothermal fluids were circulating within the caldera in the geological past, the heat source is likely to have been a magma chamber below the caldera.
Condor geologists identified Tierra Blanca as a greenfield exploration target based on the highly prospective geological setting: the magma chamber that was located beneath the caldera provided a heat source to generate mineralised fluids, and the complex structures caused by the magma movement which ultimately formed the caldera provided a network of faults to transport and deposit minerals. The location within a broad corridor of gold mineral occurrences and the proximity of known gold mineralisation on opposite sides of the concession, demonstrate that gold mineralised fluids were actively flowing in the region.
To view "Figure 1. Location of the Tierra Blanca Concession within the La India Project area", please visit on the following link: http://media3.marketwire.com/docs/CNR-figure1-626.pdf.
To view "Figure 2. Location of the Tierra Blanca Concession within a 75km long gold mineralised corridor between the Villa Nueva areas and Condor's La India Mining District", please visit the following link: http://media3.marketwire.com/docs/CNR-figure2-626.pdf.