Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Condor Gold (LON:CNR) (TSX:COG) said on Monday it had found a gold intercept at its Cacao prospect in Nicaragua, which supports its view that the asset has the potential to host a significant gold deposit.
The miner said the gold intercept was the best to date at Cacao, which is located about 4 km from a planned processing plant at its flagship La India gold mine and is being evaluated as a potential satellite deposit.
Cacao has an existing resource of 662,000 tonnes at 2.8 grams gold for 60,000 ounces of gold on a strike length of only 600 meters.
“Potential to add gold mineral resource ounces from Cacao may have a significant impact of the overall value of our existing La India project”
Condor Chief executive Mark Child
“The potential to add further gold mineral resource ounces from Cacao may have a significant impact on the overall value of our existing La India project,” said chief executive Mark Child in a media statement.
Condor Gold staked concessions in Nicaragua, Central America’s largest country, in 2006. Since then, mining has significantly taken off due to the arrival of foreign companies with the cash and expertise to tap into existing reserves.
The government of Nicaragua granted Condor Gold in 2019 the 132.1 km2 Los Cerritos exploration and exploitation concession, which expanded 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 2019, has operated in the country for two decades.
