Vancouver, B.C., September 15, 2009, Condor Resources Inc. (“Condor” or the “Company”) is pleased to announce that follow up exploration on its wholly owned La Libertad porphyry Cu-Mo project has resulted in the prospecting discovery of a previously unrecognized zone of extensive secondary chalcocite enrichment in the bottom of a deeply incised east-west trending quebrada (gully) on the property.
Located in Ancash Department in northern Peru, 280 km north of Lima and 80 km west of the Antamina mine (745Mt grading 1.06% Cu), the 2 sq km property covers the core of an intensely altered porphyry copper system in the Cordillera Occidental de los Andes copper belt. Elevations on the property range from 2700 to 3400m above sea level.
The recent work concentrated on a previously inaccessible portion of the Shemur quebrada. It appears that this quebrada has never been examined by prospecting or surface exploration. In this location, erosion has exposed abundant secondary copper enrichment occurring as disseminations, veinlets and fracture coatings of chalcocite, covellite, malachite and chrysocolla, along with well developed quartz-limonite stockwork veining in an intensely altered phyllic (quartz-sericite) quartz-feldspar porphyry intrusive. Intermittent secondary copper enrichment extends in outcrop for approximately 600 metres along the exposed bottom of the quebrada.
A total of 395 samples were collected, including 3 to 5 metre long rock chip samples. Assay results from the sampling returned values ranging from negligible to peak highs of 39.9%Cu, 1.09 g/tAu, 19.85 g/tAg, 0.41%Mo, 8.38%Zn and 0.4%Pb associated with the chip samples. The bottom of the Shemur quebrada returned the most elevated copper values. The distribution and values of the geochemical sample program suggest a vertical downward zonation from molybdenum to copper, with an upper molybdenum shell or carapace surrounding a copper core some 300 to 400m below.
Past exploration activity in the vicinity of La Libertad consisted of small scale mining of peripheral Ag-Pb-Zn veins in the 1970’s and 1980’s. In 2005, a hole drilled immediately to the west of La Libertad missed the main copper target but encountered a weak enrichment zone grading 0.3%Cu and molybdenum grades as high as 0.3% to 0.7%Mo, averaging 0.03-0.04%Mo throughout the hole.
Based on the size of the porphyry copper system on the property, intensity of alteration, the strongly developed quartz-limonite stockwork vein system and the presence of high grade secondary copper enrichment, Condor geologists believe that the La Libertad prospect exhibits potential to host a significant porphyry copper-molybdenum deposit. Preliminary observations suggest similar geology to the La Granja deposit (3.2 billion tonnes grading 0.62% Cu) located further north within the same mineralized belt.
A geophysical IP and magnetometer survey is scheduled to commence at La Libertad within the next couple of weeks in order to provide additional information prior to drilling. This newly identified target at La Libertad has never been drill tested.
Condor Resources Inc. was incorporated in 2003 by field exploration specialists focused on the generation of copper and gold projects in Latin America, where management has extensive experience and a proven track record of discovery. The Company’s long term business plan offers shareholders access to a growing portfolio of properties, including six 100% owned projects in Chile, and seven in Peru, each providing 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.
