DIA received to Drill at Condor's Chavin Project, Peru
Vancouver, B.C., October 19, 2017 - Condor Resources Inc. - (“Condor” or the “Company”) (TSX.V: CN) is pleased to announce that Compañia Minera Casapalca S.A. (“Casapalca”) has received written confirmation of their Declaración de Impacto Ambiental, or a “DIA”, from the Peruvian Ministry of Energy and Mines, for the Chavin project. The DIA is the primary environmental permit required prior to drilling.
The 100% owned Chavin project covers an area of eight sq km within the Cordillera Negra mineral belt in north Central Andes, Peru. Chavin is located approximately 70 km NW of the Pierina gold-silver mine operated by Barrick Gold Corporation, in the Ancash Department, Peru.
The Chavin concessions cover a major polymetallic massive sulphide vein system which has been exploited on a small scale at various times since the colonial era. The principal vein has been traced over 1000 metres averaging 2 to 5 metres in width. Rock chip channel samples over a length of 3 to 5 metres across the principal vein have returned polymetallic values from negligible to a maximum of 13.9 g/t Au, 1,645 g/t Ag, 25.7% Pb, 10.7% Zn and 0.2% Cu. These results indicate potential for the discovery of high grade ‘bonanza-style’ mineralization within this principal vein system. Quartz-vein stockwork within the host intrusive with quartz-biotite-iron sulphides is also anomalous in copper and molybdenum, with evidence of skarn in contact zones, and will be evaluated for epithermal precious metals and porphyry/skarn mineralization.
In November 2015 the Company concluded a production lease agreement with Casapalca on the Chavin project, under which Casapalca pay a net smelter royalty of 3%, subject to an annual minimum of US$25,000, payable in advance. In January 2017, Sandstorm Gold Ltd. purchased a 50% interest in the Chavin NSR. Casapalca is obligated to complete a minimum of 1,000m of diamond drilling on the project within one year of obtaining the necessary permits.
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
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