Vancouver, B.C., January 15, 2010 – Condor Resources Inc. – (“Condor” or the “Company”) (TSX.V: CN) is pleased to announce that it will immediately commence geophysics and additional sampling followed by a 3,000m to 5,000m Phase I drill program on its Pucamayo project in Peru. The Pucamayo property is an exciting new Greenfields prospecting discovery that has never been previously sampled or drill tested.
During the time that the drill permit applications are being processed, Condor will carry out a 12 to 15 line-kilometre IP geophysical survey and further channel sampling.
The Company recently announced the discovery of ‘bonanza-grade’ gold-silver mineralization in two areas on the 36 sq km Pucamayo property. The size of the targets and the extensive anomalous gold and silver mineralization suggest potential for the discovery of one or several large gold and silver deposits. The property is hosted within the Central Andes Tertiary volcanic precious metals belt that contains the multi-million ounce high sulphidation Yanacocha, Alto Chicama, and Pierina Au-Ag deposits. In addition, the Pucamayo property exhibits similarities to low sulphidation deposits such as El Penon in Chile, Cripple Creek in Colorado and the Midas deposit in Nevada.
Targets to be drill tested include both the East and West Zones. The West Zone comprises a total of five NW and NE trending low to intermediate sulphidation multi-phase quartz-carbonate veins, the largest of which has been traced for 1500m along strike with an average width of over 15m. Channel samples within this area returned values 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’ epithermal 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. All veins are open for extension along strike and down-dip.
The East Zone located 5 kilometres east of the West zone, is a high sulphidation epithermal system with disseminated precious metals mineralization covering an area approximately 1,200m long by 200m to 700m in width. This sector includes an erosion window exposing hydrothermal breccias in outcrop over an area of 350m by 100m surrounded by recent glacial fluvial cover. 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. The drill program will also test a surrounding intermediate sulphidation series of at least seven quartz-carbonate epithermal veins, where values up to 0.36 g/t Au, 554 g/t Ag, 1.40% Cu, 29.20% Pb and 21.20% Znwere obtained from surface sampling.
Assay results obtained from varying topographical levels of the initial sampling program, along with geological observations and alteration assemblages, suggest that both zones host increasing grades at depth.
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/base metals deposit and its business plan offers shareholders access to an exciting and growing portfolio of properties, including six 100% owned projects in Chile, and seven 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.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE RELEASE.
