Vancouver, B.C., January 5th, 2010 – Condor Resources Inc. – (“Condor” or the “Company”) (TSX.V: CN) is pleased to announce the discovery of high grade gold-silver mineralization at several locations on its Pucamayo property in Peru. The size of the targets and the extensive anomalous gold and silver mineralization suggest potential for the discovery of one or several large gold-silver deposits.
Gold values up to 86.6 grams per tonne (g/t) over 3 metres (m) and 5.85 g/t over 10m have been discovered in the West Zone, which zone includes a 1.5 kilometre long, subvertical multi-phase banded quartz vein of over 15 metres width. About 5 kilometres distance in the East Zone, another area of similarly mineralized veins and a 1.2 kilometre long by over 200 metre wide zone of quartz vein stockwork and hydrothermal breccias, returned initial sample values of up to 0.96 g/t gold and 554 g/t silver.
Condor has the right to earn an 85% interest in the 36 sq. km. Pucamayo property, which is located in central Peru, 172km SE of Lima, at an elevation of 3800m.
The Pucamayo property is a new discovery that has never been previously sampled or drill tested. All mineralization was identified through a recently completed prospecting, mapping and rock sampling program. A large scale systematic exploration program is required on this extensive mineralized system, and will commence with a geophysical IP survey in order to prioritize targets for drilling.
The property is hosted within the Central Andes Tertiary volcanic precious metals belt that contains the multi-million ounce Yanacocha, Alto Chicama, and Pierina Au-Ag deposits.
At Pucamayo, the mineralization is hosted by rhyolitic to dacitic volcanic stratigraphy. Two epithermal precious metals targets have been identified to date on the property. The West Zone comprises a low to intermediate sulphidation, ‘bonanza-style’ multi-phase vein system within an area covering approximately 4 sq. km. The East Zone covers additional similarly mineralized veins and an intermediate to high sulphidation, disseminated bulk tonnage target exposed over an area measuring 1200m long by 200m to 700m wide.
West Zone Discovery – Bonanza Veins
The West Zone comprises a total of five NW and NE trending multi-phase quartz-carbonate veins, the largest of which has been traced for 1500m along strike with an average width of 15m to 25m. A total of 198 rock chip and channel samples have been collected to date and results include values ranging to a high of 86.6 g/t gold and 296 g/t silver. Much of the area is covered by recent unconsolidated sediments and gravel, but where exposed, channel samples have returned values of up to 86.6 g/t Au and 84.8 g/t Ag over 3m, 5.85 g/t Au and 1.69 g/t Ag over 10m, 2.0 g/t Au and 85.1 g/t Ag over 3m, 3.1 g/t Au and 7.31 g/t Ag over 2m and 2.9 g/t Au and 21 g/t Ag over 3m. These results are typical of ‘bonanza style’ gold and silver systems which host potential for very high grades such as at the multi-million ounce El Penon gold-silver deposit in northern Chile and Orcopampa in Southern Peru. Surface sampling at varying topographic elevations suggests that grades increase at lower elevations, considered a positive indicator for higher subsurface grades in these bonanza epithermal vein systems. All veins are open for extension along strike and down-dip.
East Zone Discovery – Bonanza Veins and Bulk Tonnage Targets
The East Zone is located 5km east of the West Zone, and is characterized by an erosion window which has partially exposed a high sulphidation epithermal system with disseminated precious metals mineralization covering an area approximately 1200m long by 200m to 700m in width and a surrounding intermediate sulphidation series of at least seven quartz epithermal veins. The East Zone remains open in all directions. Part of this target is comprised of a quartz vein stockwork and hydrothermal breccias with vuggy silica and silicified fissures or ledges with pervasive disseminated secondary iron oxides. The hydrothermal breccias are exposed in outcrop over an area of 350m by 100m and continue below recent glacial fluvial sediments. A total of 119 chip and channel samples were collected over the East Zone and results range to a high of 0.96 g/t gold and 554 g/t silver. Channel samples within the breccias returned values of up to 0.95 g/t Au and 343 g/t Ag over 5m, 0.93 g/t Au and 394 g/t Ag over 5m, and 0.53 g/t Au and 216 g/t Ag over 4m. A 1m channel sample across one of the banded quartz-carbonate veins returned 0.36 g/t Au, 554 g/t Ag, 1.40% Cu, 29.20% Pb and 21.20% Zn.
Note: To view the maps associated with this release, please click the following links:
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These and additional results are also posted on the Company’s website.
Ever Marquez, Condor’s VP Exploration, notes similarities between the style and type of mineralization present at Pucamayo with certain known high sulphidation deposits in Peru, such as Alto Chicama, Yanacocha and Pierina as well as low sulphidation deposits such as El Penon in Chile, Cripple Creek in Colorado and the Midas deposit in Nevada. Based upon surface gold-silver grades and other observed mineral and alteration assemblages, Marquez further adds that he believes the extensive precious metals mineralization systems at Pucamayo to be completely preserved, having undergone little or no erosion, and to host potential for the discovery of a multi-million ounce bulk tonnage precious metals deposit and very high grade continuous bonanza gold-silver mineralization.
Condor’s President and CEO, Patrick J. Burns, states that “The results obtained at Pucamayo are among the most significant early-stage exploration results to come out of Peru in recent years. We are obviously extremely excited with this discovery and will be giving this project our utmost priority in the New Year, beginning immediately with geophysics and additional sampling prior to a systematic drill program. This is a new Greenfields discovery made by our prospecting team within targeted favourable mineral belts in the country and is testimony to the vast untapped mineral potential that still exists in Peru, a mining-friendly jurisdiction.”
About Condor Resources Inc.
Condor Resources Inc. was incorporated in 2003 by field exploration specialists focused on the generation of gold and copper projects in South America, where management has extensive experience and a proven track record of discovery. The Company’s long term objective is the discovery of a major new gold and/or base metal deposit, and its business plan offers shareholders access to an exciting and growing portfolio of discovery stage properties, including six 100% owned projects in Chile, and seven projects in Peru, each offering a unique path to discovery.
ON BEHALF OF THE BOARD
Patrick J. Burns,
President & Chief Executive Officer
For further information please contact the Company at 1-866-642-5707, or by email at: info@condorresources.com
Forward-Looking Statements: Statements in this release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed under the heading “Risk Factors” and elsewhere in the Company’s periodic filings with Canadian securities regulatory authorities. Such information contained herein represents management’s best judgment as of the date hereof based on information currently available. The Company does not assume the obligation to update any forward-looking statement. Dr. Richard Culbert, P.Eng., is the Qualified Person for the Company as required by NI 43-101 and has reviewed the contents of this news release.
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.
