Condor de Oro - Mariana Advances to Next Stage of Option and Reports results from Hole 5
Vancouver, B.C., January 28, 2014 - Condor Resources Inc. - (“Condor” or the “Company”) (TSX.V: CN)is pleased to provide results from CDOYE-005, the fifth hole of 2013 completed at the Condor de Oro project, located along the gold-copper Cordillera del Condor belt in northern Peru. The widely spaced, ‘scout drilling’ program was designed to provide a better understanding of the four square kilometre target area, which hosts an anomalous gold-copper system at surface related to porphyritic intrusions. The prior four holes completed in 2013 were summarized in news releases dated November 20th and December 20th.
With the completion of hole 5, Mariana Resources Limited (‘Mariana’) have satisfied their contractual obligations for the first year of their option. Mariana have advised the Company they are continuing with the earn-in option, and will be making the US$200,000 option payment to Condor due by January 31, 2014.
CDOYE-005 targeted the central zone of the intrusive complex and was drilled at an azimuth of 20 degrees and angled at minus 60 degrees. The hole is located 607m north-northeast of CDOYE-004. Hole 5 intersected copper and molybdenum, interpreted as wall rock style porphyry copper mineralization, hosted by intense potassic altered andesite volcanics. The best copper interval was 102.7m of 0.19% copper. Anomalous gold is present as well, and includes intervals of 2.4m of 0.84 g/t Au, 6.6m of 0.56g/t Au, 20.0m of 0.31g/t Au, and 102.7m of 0.11g/t Au.
TABLE 1: SUMMARY OF DRILL RESULTS CDOYE-005
|277.90||380.65||102.75||0.11||0.19||135||Includes 4.5m 0.33% Cu from 323.2m to 327.7m|
|482.65||516.70||34.05||0.16||0.16||53||Includes 6.6m of 0.56g/t Au, 0.29% Cu at 482.7m|
|548.15||596.25||48.10||<0.10||0.14||55||Includes 2.4m of 0.84g/t Au, 18g/t Ag at 583.8m|
*True width is unknown
The widely spaced drilling to date confirms the Pucayacu target area mineralization relates to a large porphyry complex with multiple diorite and dacite porphyry intrusive phases. The geological understanding of the target area is evolving favourably with this initial phase of drilling, and the focus of the current field exploration is now on continued geological mapping and geochemical sampling to assist in prioritizing additional drilling targets. It is expected drilling will resume next month.
The Condor de Oro concessions are owned by Exploraciones Aguila Dorada S.A.C. (“EAD”). Condor has an irrevocable option to acquire 85% of the issued shares of EAD, and in turn, Condor has granted Mariana an option to acquire 60% of Condor’s shareholding interest, being an overall 51% interest. Mariana is assisting EAD with the drill program under the terms of the option agreement with Condor.
ON BEHALF OF THE BOARD
President & Chief Executive Officer
Darcy Krohman, P.Geo., is the Qualified Person under NI 43-101 who has approved the technical content of this news release.
For further information please contact the Company at 1-866-642-5707, or by email at firstname.lastname@example.org. Mariana Resources Ltd.’s news release can be found at www.MarianaResources.com
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.