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Nicaragua-focused Condor Gold (LON:CNR) (TSX:COG) has sold its Potrerillos exploration and exploitation concession to Nicoz Resources, a subsidiary of Canadian junior Mako Mining (TSX-V: MKO) for $600,000.
The asset comprises 12 km2 of sub surface mineral rights and is located in Nuevo Segovia, in the country’s north, adjacent to and along strike from Mako’s San Albino gold project, which includes the former namesake mine.
The net sale proceeds would be used by Condor as working capital for its flagship La India gold project, a 313 km² concession package covering 98% of the historic La India Gold Mining District.
Canadian junior Mako Mining, which is developing the nearby San Albino gold project, is Potrerillos’ buyer.
The proposed open pit mine holds 9.85 million tonnes at 3.6 grams per tonne of gold for 1.14 million indicated ounces. It also has a total underground resource of 1.27 million tonnes at a grade of 5.8g/t gold for 238,000 gold ounces in the indicated category and 5.47 million tonnes at a grade of 5.1g/t gold for 889,000 ounces of gold in the inferred category.
The company’s plan is to start mining first two satellites deposits — Mestiza and America — located about 2km and 4km, respectively, from the mine’s processing plant.
Condor Gold initially 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 knowledge to tap into its reserves.
The transfer of the Potrerillos concession is subject to approval by the Nicaraguan Ministry of Mines and Energy, which is expected by the end of May 2020.
