Vancouver, B.C., March 21, 2018 – Condor Resources Inc. – (“Condor” or the “Company”) (TSX.V: CN) is pleased to provide updates on Condor’s recent activities at its Pucamayo and Huinac Punta projects, as well as on the ongoing drill or work programs being undertaken by our partners on our Soledad, Ocros and Chavin projects.
Pucamayo East is a high sulphidation epithermal gold-silver project, located in the Tertiary volcanic belt hosting several major epithermal gold deposits in Peru, approximately 180 km south-east of Lima. Subsequent to the receipt of the drill permit at Pucamayo East (refer to the news release dated February 14, 2018), the Company has completed archeological studies, and baseline tests for the water permit, all required prior to submitting the ‘Inicio Actividad’. The footprint of the large lithocap at Pucamayo East is over 9 sq km in area, and contains a number of attractive drill targets. Phase I drilling will probe for higher grade gold and silver in the mineralized breccia zones below the weakly mineralized lithocap, and will also test the area of copper-gold porphyry outcrops, which area is coincident with a strong induced polarization chargeability anomaly.
The Huiñac Punta project is located on the eastern part of the Mesozoic polymetallic carbonate sediment belt in central Peru, which geological belt is host to the Antamina Mine approximately 80km to the north-west of the project. Huiñac Punta covers approximately 20 sq km and is 100% owned by Condor, subject to a 0.5% NSR held by Sandstorm Gold Ltd. Results of a preliminary reconnaissance and sampling program (26 samples) were published in the January 8, 2018 news release. The initial sampling identified several high grade silver results (up to 4115 g/t), associated with highly anomalous copper, zinc, lead and cobalt. A follow up mapping and sampling program was completed in early March, when an additional 145 rock chip channel samples (2 meters in length) were collected. Assay results will be reported when received. The recent field work was designed to provide a better estimate of the scope and consistency of the mineralization which is currently interpreted to be related to alteration and replacement of the host limestone sequence. Condor has initiated the application process for a drill permit.
At the Condor generated Soledad project, Chakana Copper Corp. (“Chakana”) is rapidly progressing their Phase I, 16,600m drill program, and as of early March had completed 10,629m in 43 holes. Phase I is concentrating on the upper 400m of Breccia Pipes #1 and #5, and is designed to determine the geometry of the pipes, with the objective of preparing an initial inferred resource estimate. Subject to permitting, a second drill rig is expected to be on the project in June. Chakana can earn a 100% interest, subject to a 2% NSR retained by Condor, by payment of a further US$5.325 million and the issuance of 500,000 Chakana shares.
At Condor’s Ocros project, Compañia Minera Virgen de la Merced S.A.C. (“Merced”) can earn a 51% interest, with a 2nd option to earn up to a 70% interest. Merced commenced their drill program in July 2017, and to February 6th, had completed 2,106m in three drill holes. The objective of the drill program is to test the continuity of the potassic copper porphyry mineralization over an approximate area of 1.5 sq kms centered around the historic Eldorado mine, where the mineralization has been confirmed by systematic sampling on two adit levels (refer to the July 7, 2015 news release). Merced’s progress has been slow due to mechanical and capacity problems with the drill. Merced have demobilized the current drill contractor and are evaluating alternative contractors for further drilling. A magnetometer geophysics program is planned. The 3D magnetic inversion model from this program, along with the results from the first three holes, will be used to determine the location of the next drill holes. Samples from Merced’s second drill hole are currently being split and are expected to be sent for analysis this week.
At Condor’s Chavin project, Compañia Minera Casapalca S.A. (“Casapalca”) were issued a drill permit in October 2017, and have advised planning is underway for their drill program. Under our lease agreement with Casapalca, they are required to complete a minimum 1,000m of diamond drilling prior to November 2018.
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
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
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.
