Infill Drilling Completed At The Fully Permitted La Mestiza Open Pit

SURREY, BC - Condor Gold reported that all assay results have now been received for an 8,004 m infill drilling program on the fully permitted high-grade La Mestiza Open Pit Mineral Resource at La India Project, Nicaragua. The results of the infill drilling program are consistent with previous drilling grades and widths, demonstrating good continuity in gold mineralization between adjacent drill holes in the high-grade zones and therefore adding confidence to the geological model. The drilling program has tightened drill spacing to 25 m along strike and 50 m down-dip in the zones that have the potential to support open pit mine development. The drilling was designed to upgrade the existing open pit gold mineral resource to the indicated category for the potential inclusion in a future Feasibility Study of the Company's fully permitted La India Gold Mine Development Project.

Mark Child, Chairman and CEO, said, "The assay results from 8,004 m of infill drilling within the high grade Mestiza open pit demonstrate good continuity of gold mineralization in the high-grade zones and is designed to convert the Inferred Mineral Resource to a higher degree of confidence Indicated Mineral Resource for eventual inclusion in the mine plan. Drill result 6.3 m true width at 6.84 g/t gold from only 31.45 m drill depth will be targeted for early mill feed. It has long been recognized that the Mineral Resource on the Mestiza Vein Set has the potential to double with additional drilling beyond the current mineral resource; in 1991 the Mestiza Vein Set was assigned a Soviet-style mineral inventory classification of 2,392 kt at 10.2 g/t gold for 785,694 oz gold."

The Mestiza vein set is located only 3 km from the permitted processing plant on Condor's La India Gold Mine Development Project. Prior to the latest infill drilling campaign Condor drilled 53 drill holes for 7,688 m and estimated a Mineral Resource comprising: an open pit Mineral Resource of 92 kt at 12.1 g/t for 36,000 oz gold in the Indicated category, and 341 kt at 7.7 g/t for 85,000 oz gold in the in the Inferred category, and an underground Mineral Resource of 118 kt at 5.5g /t for 21,000 oz gold in the Indicated category, and 984 kt at 5.3 g/t for 169,000 oz gold in the Inferred category.

The Mestiza Vein Set comprises several gold-bearing epithermal quartz veins within an 800 m wide corridor and striking along a distance of 1,500 m to 2,000 m in north-northwest to south-southeast direction along the top of a broad ridge. The gold mineralized veins are contained within steep-dipping faults and to a lesser extent as breccia and stockwork veinlets within fracture zones on the walls of the faults. The highest-grades and thickest intercepts occur on and near to a bend or jog in the fault which would have formed a point of dilation and low pressure for gold-bearing fluids to infill and precipitate minerals during fault movement. In these zones, early quartz veins and quartz breccias have been ground to fault breccia, quartz sands or even fault clays by movement along the fault planes. The highest gold grades often occur where later stage, post-fault quartz mineralization has overprinted and cemented the fault breccias and quartz sands. The gold mineralization is interpreted to be associated with both phases of quartz development.

The La Mestiza Vein Set is open along strike and down dip and has parallel veins identified by rock chip sampling, which are outside the area of Mestiza Vein Set's Mineral Resource. The Mineral Resource is open down dip and along strike in both directions and there are numerous parallel veins.

Condor completed an infill drilling program of ninety-six diamond core drill holes for 8,004 m in October 2021. The drilling program tightened drill sample spacing from 50 m to 100 m spacing to a 25 m along strike and 50 m down-dip in the areas that that are considered to have the highest potential to support open pit mining. The infill drilling focussed on the 85,000 oz gold that is currently categorized as an Inferred Mineral Resource, with the objective to convert the inferred category resource to the higher confidence indicated category (which would potentially be available for inclusion in future pre-feasibility or feasibility mining studies. All assay results have now been returned and the Company's geologists are working with independent geological consultants SRK (UK) Consulting Limited to update the Mineral Resource Estimate for La Mestiza.

The results of the infill drilling are consistent with previous drilling grades and widths, demonstrating good continuity in gold mineralization between adjacent drill holes in the high grade zones. Assay results returned since the last announcement (see RNS dated 21st October 2021) include an intercept of 6.90 m (6.3 m true width) at 6.84 g/t gold from 31.45 m drill depth in drill hole LIDC568; only 50 m below surface outcrop (which occurs on a rise), and also several meters outside of the edge of the current pit shell. This supports and expands on adjacent drill intercepts of 4.5m (4.1 m true width) at 15.23g/t gold from 47.8m drill depth in drill hole LIDC514 and 3.90 m (3.6 m true width) at 29.1 g/t gold from 105.70 m in drill hole LIDC471 and that were returned earlier in the drilling program and announced on the 21 October 2021.