LONDON (ShareCast) - Shares in AIM-listed gold exploration company Condor Gold rose after the company issued a drilling update on its La India Project confirming continuity of gold mineralisation.

The company is focused on delineating a commercial reserve on its 100%-owned, CIM-compliant Mineral Resource of 2.4m ounces of gold at 4.6 grams per tonne at La India Project in Nicaragua.

It published results from a further 31 drill holes and initial drill testing as well as further trenching of wallrock gold mineralisation on the America Vein Set.

Condor Gold reported that a total of 35 drill holes for 5,359m have now been completed on La India open pit resource area to convert the existing resource from inferred to indicated category.

It said that drilling results “continue to confirm continuity of gold mineralisation and grade of the current geological model”.

Some 28 drill holes for 2,663.5m were completed on the America Vein Set to test for remnant wallrock gold.

Mark Child, the company's Chairman and Chief Executive Officer, said: "The assay results from the infill drilling programme within the whittle pit shell on La India open pit resource continue to demonstrate continuity of gold mineralization and grade, reaffirming our view that the current drilling programme's target of 800,000 ounces gold resource in the Indicated category should be achievable.”

Condor Gold’s share price was up 2.88% to 160.50p at 09:24 on Monday.

MF

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