Cacao has an existing resource of 662,000 tonnes at 2.8 grams gold for 60,000 ounces of gold on a strike length of only 600 meters.
“The potential to add further gold mineral resource ounces from Cacao may have a significant impact of the overall value of our existing La India project,” said chief executive Mark Child.
Condor Gold 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 expertise to tap into existing reserves.
The government of Nicaragua granted Condor Gold in 2019 the 132.1 km2 Los Cerritos exploration and exploitation concession, which expanded La India project concession area by 29% to a total of 587.7 km2.
Condor also attracted a partner — Nicaragua Milling. The privately held company, which took a 10.4% stake in the miner in September 2019, has operated in the country for two decades.