LONDON (ShareCast) - Condor Gold extended its La India project in Nicaragua on Tuesday after acquiring a prospect to the north and west for 275,000 dollars, the company announced Tuesday.
The gold exploration company purchased 100% of the 86.4 sq km HEMCO-SRP-NS Concession from HEMCO Nicaragua SA, increasing its La India project area to 280 sq km from 194 sq km.
HEMCO Nicaragua owns and operates the Bonanza gold mine in Nicaragua, which produced circa 50,000 ounces of gold in 2012.
"The purchase of the 86sq km HEMCO-SRP-NS concession on the eastern edge of La India Project is part of Condor's strategy of consolidating the sub surface mineral rights around the 2.4m oz gold resource on La India Project," Chairman, Mark Child, said.
"The dominant trend of the quartz veins that comprise La India Project is from the North-West to the South-East."
Gold mineralisation was recorded in rockchip samples within 600 meters of the southern boundary of the concession.Four areas of quartz veining were also identified during reconnaissance exploration by geologists.
Shares rose 1.8% to 171.50p at 9:00 Tuesday.