Condor Resources Inc. – (“Condor” or the “Company”) (TSX.V: CN) is pleased to provide an update on its wholly owned La Libertad porphyry Cu-Mo project, northern Peru. Sampling and geophysical results to date have demonstrated that the La Libertad property represents a new significant porphyry Cu-Mo discovery that has never been drill tested.
Located in Ancash Department in northern Peru, 280 km north of Lima and 80 km west of the Antamina mine, 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.
A 5 line kilometer geophysical induced polarization (IP) and magnetometer survey was recently completed at La Libertad. The survey comprised two lines across the property in an east-west and north-south direction to cover the porphyry copper mineralization exposed in the bottom of the Shemur Quebrada (Valley) (See news release dated September 15, 2009).
The 100m dipole IP survey outlined a 1.5 km diameter resistivity anomaly along both lines that occurs at an average depth of 150m below the bottom of the Shemur Quebrada. Together with earlier sampling and mapping results, Condor has interpreted this resistivity anomaly to be the phyllic altered leached cap and secondary copper enrichment associated with a mineralized intrusive porphyry. In addition, Condor interprets an associated increase in chargeability with depth to indicate the potential presence of primary Cu-Mo mineralization.
The magnetic survey also delineated a circular anomalous magnetic low coincident with the location of the mapped porphyry Cu-Mo centre and high geochemical values. As in the case of the IP results, this has been interpreted to represent the phyllic altered core of the mineralized porphyry.
A 2009 work program at La Libertad reported the discovery of secondary copper enrichment in the bottom of the Shemur Quebrada During this program 395 samples were collected, including 3 to 5 metre long chip samples. At the bottom of this deeply incised gully, erosion has exposed 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. Assay results from the 2009 sampling program returned values ranging from negligible to peak highs of 39.9% Cu, 1.09g/t Au, 19.85g/t Ag, 0.41% Mo, 8.38% Zn and 0.4% Pb, with the highest copper values coming from the bottom of the Shemur Quebrada.
In 2005, a hole was drilled to the west of the La Libertad property boundary and encountered weak secondary copper enrichment but returned molybdenum grades as high as 0.3% to 0.7% Mo, and averaging 0.03-0.04% Mo throughout the hole. This regional information, together with the distribution and values obtained from the 2009 geochemical sample program, and results of the recent geophysical survey, 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. Numerous polymetallic Ag-Pb-Zn veins surround the La Libertad porphyry Cu-Mo target.
An application has been made for a drill permit to test the property, and agreements have also been signed with the local community near La Libertad.
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 Carey Lotz at 1-866-642-5707, or by email at: info@condorresources.com
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 Corporation 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. 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.
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