After 8,222m of drilling completed since September 2014 the estimate was updated by SRK Consulting to 9.85 million tonnes at 3.6g/t gold for 1.14 million ounces gold indicated, and 8.48Mt at 4.3g/t gold for 1.18Moz gold inferred.
This is up from the previous 2014 estimate of 9.56Mt at 3.5g/t gold for 1.08Moz gold indicated and 8.53Mt at 4.5g/t gold for 1.23Moz gold inferred.
The update includes a new openpit resource on Mestiza was also determined, comprising 92,000t at a grade of 12.1g/t for 36,000oz contained gold in the indicated category and 341,000t at a grade of 7.7g/t gold for 85,000oz contained gold in the inferred category.
This brought the total openpit resource to 8.58Mt at a grade of 3.3g/t gold for 902,000oz gold indicated category and 3.01Mt at a grade of 3g/t gold for 290,000 oz gold inferred.
La India also has a total underground resource of 1.27Mt at a grade of 5.8g/t gold for 238,000 oz gold in the indicated category and 5.47Mt at a grade of 5.1g/t gold for 889,000 oz gold in the inferred category.
Despite no material change in the number of ounces of gold reported, the MRE upped the indicated gold ounces by 57,000oz, the openpit indicated resource by 40,000oz, and the openpit inferred resources by 56,000oz.
Condor CEO Mark Child said the upgrade was a "timely reminder of the high-grade nature" of the La India gold deposit.
"Most importantly, the drilling has proved two new satellite openpit resources. Of note is the new open pit mineral resource on Mestiza …the four satellite openpits outside the main, permitted La India open pit have combined openpit resources of 206,000t at 9.9g/t gold for 66,000oz gold in the indicated category and 2.13Mt at 3.23g/t gold for 221,000oz gold in the inferred category," Child said.
He added that Condor would be looking at adding the satellite pits' contained gold to the mine schedule to supplement the ore feed from the La India openpit.
"This has the possibility to either increase annual production and/or extend the life of mine," he said.
Condor's shares rose 3.32% on the news to 26.35p (US34.66c).