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Nicaragua
La India Project

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 Location:
2.3 km NNW from La Cruz de la India, Nicaragua

  Project Contacts:
7/8 Innovation Place Douglas Drive
Godalming
United Kingdom
GU7 1JX
Phone  ...  Subscription required
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WebsiteWeb
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  • Overview
  • Owners
  • Geology
  • Mining
  • Processing
  • Production
  • Reserves
  • Costs & Financials
  • Fleet
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  • Filings & News

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Overview

StagePermitting
Mine TypeOpen Pit
Commodities
  • Gold
  • Silver
Mining Method
  • Truck & Shovel / Loader
Mine Life9 years (as of Jan 1, 2021)
The Technical Report covers two scenarios: Scenario A in which the mining is undertaken from four open pits, termed La India, America, Mestiza and Central Breccia Zone (CBX) which targets a plant feed rate of 1.4 million tonnes per annum (”Mtpa”), and Scenario B where the mining is extended to cover three underground operations, at La India, America and Mestiza, in which the processing rate is increased to 1.5 Mtpa.

In parallel to field investigations relating to the wider project, given the previous Pre-feasibility study conducted on the La India deposit, SRK supports Condor’s decision to proceed directly to a Feasibility Study based solely on a La India open pit operation. SRK notes that Condor has purchased a new Semi-Autogenous (SAG) mill from First Majestic Silver that could be operated at 2,300 tpd, potentially expandable to 2,800 tpd. Studies are currently underway for a FS level processing plant design which incorporates this mill.


Owners

Source: p. 18
CompanyInterestOwnership
Condor Gold Plc 100 % Indirect
Condor holds 100% ownership of a 588 km2 concession package covering 98% of the historical La India Gold Mining District.

Contractors

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Deposit Type

  • Epithermal
  • Vein / narrow vein
  • Breccia pipe / Stockwork


Summary:

La India
The La India Vein Set comprises two cross-cutting structures. The bulk of the mineral resource is hosted by the India-California structure, a normal fault striking 330° and dipping ENE at approximately 70° in the southern zone, 50-60° in the central zone and 45° in the northern zone. The India-California structure displays evidence of trans-tensional movement with a sinistral transverse component inferred.

In the hangingwall zone, a series of steep-dipping veins have formed in contact with the main structure that are interpreted as tension gash fill. The result is a thick mineralised sequence of anastomosing quartz veins and breccias. At the southern strike extent of the structure the mineralised veins do not reach surface, but drilling has demonstrated that the mineralised fault system remains open along strike at depth.

A smaller mineral resource is contained within the approximately EW striking Teresa-Agua Caliente-Arizona veins. These veins form a set of discrete, parallel, and vertical to steeply north dipping veins. The Company has produced a series of detailed geological sections which show the various volcanic lithologies, which have been used as a basis for the geological and mineralisation models.

America Mine
The gold mineralisation at America occurs along the faulted contacts which separate three structural blocks. The America-Escondido structure forms two of the three recognised block boundaries. The structure ........


Mining Methods

  • Truck & Shovel / Loader


Summary:

The open pit mining consist of four deposits: La India, America, Mestiza, and CBX.

The study envisages the development of a large open pit to exploit the La India deposit, which is planned to be approximately 1,275 m long, 475 m wide, with a maximum depth of 370 m. The main geotechnical challenge to the project is the variability in rockmass strength. Several large-scale structures exist in the pit area. Most of these are favourably orientated; however, a few structures are unfavourably orientated or positioned, and thus may affect the stability of some of the slopes.

SRK proposed the following slope geometry for all fresh rock slopes to be used when developing the engineered pit, to achieve the recommended inter-ramp angle:
• 20 m bench height;
• 75° bench face angle;
• 8 m berm width;
• 100 m maximum stack height;
• 30 m ramp/geotechnical berm width; and
• 56° inter-ramp angle.
The overall slope angle is therefore governed by the overall slope height and overburden thickness.

An overall slope angle of 40° has been assumed when developing optimised pits for America, Mestiza and CBZ.

All OP mines are expected to be conventional drill, blast, load and haul operations, with material hauled to the WRD, LG stockpile, or directly tipped at the crusher.

Two Mining Contractors, Espinoza Ingenioros S.A. and Explotec, were approached by the Client in 2019, to provide quotes for the potential min ........


Crushing and Grinding
Source: Subscription required

- subscription is required.


Processing

Flow Sheet: Subscription required

Summary:

- subscription is required.


Projected Production:

CommodityUnitsAvg. AnnualLOM
Gold koz 125862
Silver koz  ......  Subscription required
All production numbers are expressed as metal in doré.

Operational Metrics:

Metrics
Stripping / waste ratio  ......  Subscription required
Waste tonnes, LOM  ......  Subscription required
Ore tonnes mined, LOM  ......  Subscription required
Total tonnes mined, LOM  ......  Subscription required
Daily processing capacity  ......  Subscription required
Tonnes processed, LOM  ......  Subscription required
Annual processing capacity  ......  Subscription required
Annual ore mining rate  ......  Subscription required
* According to 2021 study.
Subscription required - Subscription is required.

Reserves at January 25, 2019:
The Open Pit cut-off grade of 0.5 g/t Au.
The Underground cut-off grade at 2.0 g/t Au.

CategoryOreTypeTonnage CommodityGradeContained Metal
Indicated In-Situ (OP) 8,583 kt Gold 3.3 g/t 902 koz
Indicated In-Situ (UG) 1,267 kt Gold 5.8 g/t 238 koz
Indicated Total 9,850 kt Gold 3.6 g/t 1,140 koz
Indicated In-Situ (OP) 8,583 kt Silver 5.6 g/t 1,535 koz
Indicated In-Situ (UG) 1,267 kt Silver 8.5 g/t 345 koz
Indicated Total 9,850 kt Silver 5.9 g/t 1,880 koz
Inferred In-Situ (OP) 3,014 kt Gold 3 g/t 290 koz
Inferred In-Situ (UG) 3,714 kt Gold 5.1 g/t 609 koz
Inferred In-Situ (OP) 3,014 kt Silver 6 g/t 341 koz
Inferred In-Situ (UG) 3,714 kt Silver 9.6 g/t 860 koz

Commodity Production Costs:

CommodityUnitsAverage
All-in sustaining costs (AISC) Gold USD  ......  Subscription required *†
All-in costs Gold USD  ......  Subscription required *†
Assumed price Silver USD  ......  Subscription required&nbs
Assumed price Gold USD  ......  Subscription required&nbs
* According to 2021 study / presentation.
† Net of By-Product.
Subscription required - Subscription is required.

Operating Costs:

Units2021
OP mining costs ($/t milled) USD 32 *
Processing costs ($/t milled) USD  ......  Subscription required
G&A ($/t milled) USD  ......  Subscription required
Total operating costs ($/t milled) USD  ......  Subscription required
* According to 2021 study.
Subscription required - Subscription is required.

2021 Study Costs and Valuation Metrics :

MetricsUnitsLOM Total
Pre-Production capital costs $M USD  ......  Subscription required
Sustaining CapEx $M USD  ......  Subscription required
Closure costs $M USD  ......  Subscription required
Total CapEx $M USD  ......  Subscription required
OP OpEx $M USD  ......  Subscription required
Processing OpEx $M USD 208.1
G&A costs $M USD 45
Total OpEx $M USD  ......  Subscription required
Income Taxes $M USD  ......  Subscription required
Royalty payments $M USD  ......  Subscription required
Gross revenue (LOM) $M USD  ......  Subscription required
Net revenue (LOM) $M USD  ......  Subscription required
EBITDA (LOM) $M USD  ......  Subscription required
After-tax Cash Flow (LOM) $M USD  ......  Subscription required
After-tax NPV @ 5% $M USD  ......  Subscription required
After-tax NPV @ 10% $M USD  ......  Subscription required
After-tax NPV @ 8% $M USD  ......  Subscription required
After-tax IRR, %  ......  Subscription required
After-tax payback period, years  ......  Subscription required
Subscription required - Subscription is required.


Proposed Heavy Mobile Equipment as of September 9, 2021:
HME TypeModelQuantityLeased or
Contractor
Backhoe ....................... Subscription required Leased
....................... Subscription required ....................... Subscription required Leased
....................... Subscription required ....................... Subscription required ....................... Subscription required Leased
....................... Subscription required ....................... Subscription required Leased
....................... Subscription required ....................... Subscription required ....................... Subscription required Leased
....................... Subscription required ....................... Subscription required ....................... Subscription required Leased
....................... Subscription required ....................... Subscription required Leased
....................... Subscription required ....................... Subscription required Leased
....................... Subscription required ....................... Subscription required Leased
....................... Subscription required ....................... Subscription required ....................... Subscription required Leased
....................... Subscription required ....................... Subscription required Leased
Subscription required - Subscription is required.

Mine Management:

Job TitleNameProfileRef. Date
....................... Subscription required ....................... Subscription required Subscription required Sep 9, 2021
....................... Subscription required ....................... Subscription required Subscription required Nov 8, 2022
....................... Subscription required ....................... Subscription required Subscription required Nov 8, 2022
Subscription required - Subscription is required.


Corporate Filings & Presentations:

DocumentYear
................................... Subscription required 2021
................................... Subscription required 2021
................................... Subscription required 2019
Pre-Feasibility Study Report 2014
Subscription required - Subscription is required.

Subscription required - Subscription is required.

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