Vancouver, B.C., May 10, 2023 – Condor Resources Inc. – (“Condor” or the “Company”) (TSXV:CN) announces that it was successful at a sealed bid auction conducted by a branch of the Peruvian Ministry of Energy and Mines in late March, and has now acquired the 2.55 sq km Yerupaja 103 concession, bringing the total area of the 100% owned Quriurqu project to over 11 sq kms. The project is approximately 12 kilometres (“km”) south of the Soledad project under option to Chakana Copper Corp., and 45 km south of the Pierina Mine.
Condor made application for the Yerupaja 103 concession in January 2014 together with 15 other competing parties, including several majors. When the March 2023 auction date was eventually set several years later, only Condor and two other major mining companies remained eligible to participate in the auction. Condor was the successful bidder for this concession.
In 2008, an eight-hole drill program was completed by a former option owner on a gold prospect in this concession area (“Huarman Prospect”) and the results for the first two holes were publicly disclosed in a press release dated September 22, 2008 as summarized below:
| 2008 Huarman Prospect Drill Results (see note) | |||||
|---|---|---|---|---|---|
| Hole # | Interval (m) | From (m) | To (m) | Au g/t | Ag g/t |
| HU-08-01 | 164 | 16 | 180 | 0.33 | 13.7 |
| HU-08-02 | 110 | 0 | 110 | 0.77 | 25.0 |
| including | 54 | 10 | 64 | 1.13 | 43.6 |
Reference note: Apoquindo Minerals Inc press release dated September 22, 2008 – renamed AQM Copper Inc on www.sedar.com
Condor has located the drill collars from all eight diamond drill holes completed in 2008. Results for the other six holes were not publicly disclosed. The drilling was concentrated in an area of approximately 100m by 350m and, at the time, was stated to have targeted an east-dipping tabular polymictic volcanic breccia.
Ever Marquez, Condor’s Vice President of Exploration states “With this acquisition, Condor has secured control of an excellent precious and base metal project in the prolific Cordillera Negra belt in Central Andres. Gold and silver mineralization is related to the breccias within a high-sulphidization advanced argillic alteration system and the base metals prospects are related to hydrothermal breccia bodies, and structures with high grade silver.”
Condor is an active explorer focused exclusively on Peru, supplemented by a project generator and royalty model designed to generate exploration capital whilst minimizing shareholder dilution. Our objective in advancing our portfolio of projects is the discovery of a major new precious metals or base metals deposit in Peru. Project acquisition and exploration activities are managed by the Company’s 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
Brian Game, P.Geo. is a qualified person as defined in National Instrument 43-101 and reviewed the compilation of the information forming the basis for this release.
The drill intersections mentioned in this release may not accurately represent the true width of the intersection. The exploration activity completed in 2008 and referenced herein should not be relied upon even though this activity was supervised by a professional geologist at the time. Based on the 2008 disclosure, all 2008 core samples were analyzed by ALS Chemex in Peru.
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. This news release may contain forward looking statements based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of factors beyond its control, and actual results may differ materially from the expected results.
