Vancouver, B.C., November 20, 2013 – Condor Resources Inc. – (“Condor” or the “Company”) (TSX.V: CN) is pleased to announce assay results have been received from Mariana Resources Ltd. (“Mariana”) on the first two holes completed at Condor de Oro, located along the gold-copper Cordillera del Condor belt in northern Peru. The 1500m drill program is intended to test the four square kilometre target area, which potentially hosts a copper-gold system related to porphyritic intrusions.
The initial hole confirms the potential for discovery of an intrusive related large-tonnage disseminated gold system on the Condor de Oro Project. Hole 1 (CDOYE-001) was completed to a depth of 282m, and was strongly anomalous in gold from surface to 258m, averaging 0.18g/t Au over this interval. Higher grade intervals included 0.85g/t Au over 12m from surface, and 0.31g/t Au over 100m from surface.
Hole 2 (CDOYE-002), located approximately 500m to the northwest of Hole 1, intersected molybdenum in quartz veins hosted by quartz feldspar porphyry from 81m to the end of the hole, with copper and molybdenum values increasing at the lower depths. The last 26.8m of the hole reported 110ppm molybdenum. Hole 2 was abandoned at 153m, 200m short of its target depth, due to technical problems. Hole 2 had lower gold content than Hole 1 and is interpreted to have intersected the marginal alteration assemblage associated with the gold mineralization.
Strong sericitic, illite, propyliitc, and argillic alteration have been observed in Holes 1 and 2. Hole 3 (CDOYE-03) was drilled from the same pad as hole 2, with a 270 degree change in azimuth, and has been completed to its planned depth of 253m. Hole 3 is currently being logged and sampled with no assay results to date.
Hole 4 (CDOYE-04 has now commenced and is located approximately 1.2km southwest of the Hole 1, and is intended to test anomalous geochemistry at the southwest border of the intrusive system.
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
Lyle Davis,
President & Chief Executive Officer
Dr. Richard Culbert 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 info@condorresources.com. Mariana Resources Ltd.’s news release can be found at http://marianaresources.com/site/wp-content/uploads/2013/11/131120_Mariana_news.pdf
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.
