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Bullion declined by as much as 1% Friday, on track for its biggest weekly fall since May.
Nicaragua-focused Condor Gold (LON:CNR) (TSX:COG) said on Friday it has identified a gold vein system over 1,000m long and 10m wide at the Cacao prospect in Nicaragua, located close to its flagship La India.
Following the successful completion of drilling and the receipt of all assay results returned from Cacao, the company concluded the find corresponds to a fully preserved epithermal gold system, with grades increasing at depth.
Condor Gold said the result adds confidence to the belief that Condor could become a potential satellite deposit for processing at the company’s fully permitted plant, to be located 4 kms (2.5 miles) away.
The announcement comes a week after the company outlined two mining scenarios for La India in an updated technical study.
Condor Gold staked concessions in Nicaragua, Central America’s largest country, in 2006. Since then, mining has significantly taken off in the country due to the arrival of foreign companies with the cash and expertise to tap into existing reserves.
The government of Nicaragua granted Condor in 2019 the 132.1 km2 Los Cerritos exploration and exploitation concession, which expanded the La India project concession area by 29% to a total of 587.7 km2.
Condor also attracted a partner — Nicaragua Milling. The privately held company, which took a 10.4% stake in the miner in September last year, has operated in the country for two decades.
