Condor announces Sample Results from Lucero Project, Peru; Includes a number of Bonanza grade results
Vancouver, B.C., May 8, 2017 - Condor Resources Inc. - (“Condor” or the “Company”) (TSXV:CN) is pleased to report the results provided from a third party sampling program conducted at Condor’s wholly owned Lucero project in southern Peru, approximately 22 km southwest of the Orcopampa mine of Buenaventura. Lucero is currently leased to Compania Minera Casapalca S.A. (“Casapalca”) of Lima in return for a 3% NSR, which NSR is shared on an equal basis with Sandstorm Gold Ltd. Casapalca is currently procuring permits prior to commencing exploration and production, and to date Condor has received US$150,000 in minimum royalties.
The Lucero project is home to the former Shila mining district, where gold/silver mining was conducted in at least three underground locations from the late 1980s until 2005. Publicly available production records from 1998 through 2004 from the previous operator show the average grade mined during this seven year period was 14 g/t gold, and 373 g/t silver.
The sampling program was conducted in late 2016 by a third party, with the agreement of the Company and Casapalca. The sampling locations were dispersed over the concessions, and tested six different target areas. In total, 60 samples were taken and analyzed, with the majority (50) being outcrop channel samples. Most of the outcrop samples (forty-four of fifty) were taken at surface, while several of the outcrop samples (six of fifty) were taken from the wall rocks and mineralized structures inside the former underground workings. The balance of ten (non-outcrop) samples consisted of 8 grab samples taken at surface, and 2 grab samples from inside the old workings.
From the sixty samples, reported gold values ranged up to 144 g/t Au, with 21 of the samples reporting gold values greater than 1.0 g/t Au. Silver values ranged from 0.1g/t Ag to greater than 10,000 g/t Ag, with 23 of the samples reporting silver values greater than 50g/t Ag. Sample number 3938, a 1.8m rock channel sample taken at surface, from, and perpendicular to the strike of the principal vein in the Sando Acalde area, reported 18.9 g/t gold, and greater than 10,000 g/t silver (the upper analytical limit of the laboratory analysis utilized).
This recent sampling program confirms the bonanza grade precious metals reported from earlier mining operations, and reinforces our belief in the potential for Lucero to host additional resources in the many structures (over 80 veins have been mapped at surface), and also in the prospectivity of the high sulphidation epithermal bulk tonnage target.
“Our Lima based exploration team has consistently generated a pipeline of high quality exploration projects” noted Condor President Lyle Davis. “The Lucero project, which was acquired by staking at minimal cost to the Company, is one of many great examples of their capabilities.”
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
President & Chief Executive Officer
For further information please contact the Company at 1-866-642-5707, or by email at email@example.com
Mr. Brian D. Game, P.Geo, is the Qualified Person under NI 43-101 who has approved the technical content of this news release.
Quality Assurance/Quality Control: Quality Assurance/Quality Control: The sampling program was undertaken by a Canadian headquartered gold mining company with annual production in excess of 500,000 oz/gold per year, and no direct or indirect interest in the Lucero project. Condor personnel and/or consultants were not involved in the sampling program, and cannot confirm the quality control and quality assurance methods used. Samples were received and prepared by ALS Peru S.A. (“ALS”) in Arequipa, and were assayed by ALS in Lima, a laboratory whose quality control system complies with International Standards ISO 9001:2008 and accredited with ISO 17025, by the IQNet and “Standards Council of Canada”, respectively. Analysis by aqua regia digestion system with 35 element ICP-AES analysis was conducted on all samples. Gold and silver were assayed using a fire assay with atomic absorption spectrometry/ICP-AES and gravimetric finish when required. Systematic assaying of sample duplicates and commercially prepared blanks and standards was performed for analytical reliability by the laboratory.
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.
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