Vancouver, B.C., October 25, 2017 – Condor Resources Inc. – (“Condor” or the “Company”) (TSX.V: CN) is pleased to provide the summary drill results from the ongoing diamond drill program at the Soledad project in the Ancash Department, Peru.
Further to our news release of October 6th, results of the third, fourth, and fifth drillholes completed by Chakana Resources S.A.C. were published today in a press release issued by Remo Resources Corp. (“Remo”). In a news release issued October 6th, 2017, Remo disclosed the proposed reverse takeover of Remo pursuant to an amalgamation agreement with Chakana Copper Corp (“Chakana”), as well as the results from the first and second drill holes.
Chakana has the option to earn a 100% interest in Soledad, subject to a 2% net smelter return royalty in favour of Condor, by completing 12,500m of diamond drilling, making cash payments to Condor totalling US $5.375m, and issuing 500,000 Chakana shares to Condor.
Table 1: SUMMARY RESULTS OF FIRST FIVE DRILLHOLES OF 2017
| DDH # | Azimuth | Dip | From | To | Core Length* | Au g/t | Ag g/t | Cu % |
|---|---|---|---|---|---|---|---|---|
| SDH17-017 | 360 | -85 | 0 | 146.6 | 146.6 | 2.51 | 48.6 | 0.77 |
| Includes | 0 | 44.0 | 44.0 | 3.92 | 29.6 | – | ||
| Includes | 44.0 | 146.6 | 102.6 | 1.91 | 56.8 | 1.10 | ||
| SDH17-018 | 297 | -81 | 0 | 209.0 | 209.0 | 2.22 | 69.6 | 0.96 |
| Includes | 0 | 40.0 | 40.0 | 4.21 | 18.6 | – | ||
| Includes | 40.0 | 114.0 | 74.0 | 3.31 | 65.5 | 1.11 | ||
| Includes | 145.0 | 209.0 | 64.0 | 0.71 | 139.1 | 1.84 | ||
| SDH17-019 | 235 | -77 | 0 | 21.0 | 21.0 | 4.06 | 24.4 | – |
| and | 87.0 | 124.0 | 37.0 | 0.80 | 136.1 | 2.20 | ||
| and | 205.0 | 230.3 | 25.3 | 1.72 | 221.4 | 1.64 | ||
| SDH17-020 | 55 | -87 | 0 | 113.0 | 113.0 | 3.58 | 51.5 | 1.17 |
| Includes | 0 | 43.0 | 43.0 | 4.41 | 31.8 | – | ||
| Includes | 43.0 | 113.0 | 70.0 | 3.25 | 63.6 | 1.87 | ||
| SDH17-021 | 55 | -60 | 0 | 36.8 | 36.8 | 4.42 | 23.2 | – |
*The true widths of the mineralized intervals reported are difficult to ascertain and additional drilling will be required to determine the geometry of the mineralized zones.
To date, all Chakana’s drillholes have been located at breccia pipe #1, and are designed to provide detailed information on the geometric size and mineralized grades of this tourmaline breccia pipe. It is expected up to 12 drill holes will be completed at breccia pipe #1, and then the drill rig will be relocated to breccia pipe #5, where a similar program will be undertaken.
Condor is an explorer and project generator focused exclusively on Peru, and our objective is the discovery of a major new precious metals or base metals deposit. Project acquisition and development is managed by our Lima based exploration team.
ON BEHALF OF THE BOARD
Lyle Davis,
President & Chief Executive Officer
For further information please contact the Company at 1-866-642-5707, or by email at info@condorresources.com OR
Renmark Financial Communications Inc.
Barry Mire: BMire@renmarkfinancial.com
Tel: (416) 644-2020 or (514) 939-3989
www.renmarkfinancial.com
Mr. Brian D. Game, P.Geo, is the Qualified Person under NI 43-101 who has approved the scientific and technical content of this news release.
Quality Assurance/Quality Control. Chakana Resources S.A.C. are operators of the drill program, and have reported the following QA/QC procedures: “All core drilled to date has been HQ diameter with down-hole surveying using a Reflex tool. Drill core is photographed, logged and sampled at the project site. Core is split in half using a diamond saw with half of the interval used for assay and the other half for permanent archive. Sample intervals are 1 metre in mineralized breccia and 2 metres in un-mineralized host rock unless there is an important contact between these intervals. Samples for assay are placed in individual plastic bags with a unique sample identification, sealed with a plastic zip tie, and stored in a secured area until transport in batches to the ALS facility in Callao, Lima Peru. Samples are processed under the control of ALS with the samples including certified reference materials, a coarse and finely-crushed blank and duplicates samples. All samples are analyzed using the ME-MS41 procedure in order to obtain a comprehensive multi-element overview of the geochemistry. Gold is analyzed by ME-MS41 (not considered reliable), AA24 (higher precision) and GRA22 when values exceed 10 g/t. Over limit Silver, copper, lead and zinc is analyzed using the OG-46 procedures.”
Cautionary Statement Regarding Forward-Looking Information: All statements, trend analysis and other information contained in this press release relative to markets about anticipated future events or results constitute forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, “expect” and “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions. Forward-looking statements are subject to business and economic risks and uncertainties and other factors that could cause actual results of operations to differ materially from those contained in the forward-looking statements. Forward-looking statements are based on estimates and opinions of management at the date the statements are made. The Company does not undertake any obligation to update forward-looking statements even if circumstances or management’s estimates or opinions should change. Investors should not place undue reliance on forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
