UK-based gold exploration and development company Condor Gold has obtained an environmental permit for the development and exploitation of gold from the high grade Mestiza open pit mine.
The Mestiza open pit hosts 92 thousand tonnes (Kt) at a grade of 12.1 g/t gold in the Indicated Mineral Resource category and 341Kt at a grade of 7.7 g/t gold in the Inferred Mineral Resource category.
Condor Gold chairman and CEO Mark Child said: “It is a significant development, after a 15 month process, that Condor has been granted the key Environmental Permit to develop and exploit gold from the high grade Mestiza open pit.
“When added to the high grade La India open pit, Condor has just over 1 million oz gold open pit Mineral Resources, including Mineral Reserves permitted for extraction.”
The Mestiza open pit is located less than 4km from the location of the processing plant
Condor Gold said that the Mestiza open pit will complement the previously permitted La India open pit, which has an economically viable Pre-Feasibility Study (PFS) with 6.9 Mt mineral reserves at 3.0g/t for 675,000 oz gold.
The newly granted Environmental Permit allows the company to construct and operate a processing plant, with up to 2,800 tonnes per day (tpd) capacity, and develop the related mine site infrastructure for a new mine at its La India Project.
The Mestiza open pit is located withing an easy trucking distance, less than 4km from the location of the permitted processing plant, and is planned to be mined earlier to reduce the payback period and improve the internal rate of return.
Child added: “Condor also has the permit to construct and develop a processing plant with capacity of up to 2,800tpd at La India Project. The permitted high grade Mestiza open pit adds flexibility to the mine schedule, potentially improving project economics and extending the life of mine.”
