Vancouver, B.C., December 20, 2013 – Condor Resources Inc. – (“Condor” or the “Company”) (TSX.V: CN) is pleased to provide an update on the drill program at the Condor de Oro project, located along the gold-copper Cordillera del Condor belt in northern Peru. The drill program is intended to test the four square kilometre target area, which hosts an anomalous gold-copper system at surface related to porphyritic intrusions. The widely spaced, ‘scout drilling’ program is intended to provide a better understanding of this large mineralized system with five drill holes completed to date extending over about 1.5km.
Highlights to date include an encouraging grade gold intercept in CDOYE-004 and a wide zone of intensely veined and potassic altered diorite, with significant quartz-pyrite-chalcopyrite-(molybdenite) as disseminations and multiphase stockworks in CDOYE-005.
The fifth hole CDOYE-005 was terminated at 597m depth on December 18th, and the drill program was shut down for the Christmas break. To date, 1641m of diamond drilling has been completed in five holes. Mariana Resources Limited is expected to resume drilling in January.
TABLE 1: SUMMARY OF DRILL HOLE LOCATIONS
| HOLE ID | BEARING | DIP | DEPTH | EAST | NORTH | COMMENT |
|---|---|---|---|---|---|---|
| CDOYE-001 | 320° | -65° | 283.2m | 733,700 | 9,463,550 | 100m of 0.31g/t Au from surface |
| CDOYE-002 | 350° | -60° | 152.8m | 733,555 | 9,464,073 | Abandoned due to technical problems |
| CDOYE-003 | 270° | -60° | 252.8m | 733,557 | 9,464,075 | 175m of 0.12g/t Au from surface |
| CDOYE-004 | 30° | -60° | 355.5m | 732,808 | 9,462,754 | 4.8m of 26.0g/t Au from 117m Includes 1.0m 119g/t Au, uncut. |
| CDOYE-005 | 20° | -60° | 596.7m | 733,092 | 9,463,290 | Assays pending |
CDOYE-001 – see November 20, 2013 news release. Strongly anomalous in gold from surface to 258m, averaging 0.18g/t Au over this interval.
CDOYE-002 – see November 20, 2013 news release. Intersected molybdenum in quartz veins hosted by quartz feldspar porphyry from 81m to end of hole.
CDOYE-003 – drilled in westerly direction from the same pad as CDOYE-002, intended to test anomalous gold, copper and molybdenum geochemistry. Moderately altered dacite porphyry was intersected. Minor disseminated/veinlet pyrite, quartz-molybdenite, quartz-pyrite-molydenite, and quartz-pyrite-chalcopyrite from 60m to end of hole. Assay results received for this hole show anomalous gold from surface to 175m, averaging 0.12g/t Au.
CDOYE-004 – located some 1.2 km southwest of CDOYE-001, targeted anomalous copper and gold geochemistry at the southwest quartz-feldspar porphyry (QFP) boundary zone. This hole intersected a volcanic sequence of andesite and andesite tuffs from surface to 239m, and QFP from 239m to the end of the hole at 266m. The volcanics are characterized by weak to moderate propylitic alterations, with zones of intense silicification and brecciation. The hole intersected high grade gold of 1.0m of 119g/t Au in hydrothermal breccia between 119.5 and 120.5m surrounded by about 3.8 meters of lower but elevated gold grades. Other intervals of interest noted in Table 2.
TABLE 2: SUMMARY OF DRILL RESULTS CDOYE-004
| HOLE ID | FROM (m) | TO (m) | WIDTH (m)* | Au g/t | Ag g/t |
|---|---|---|---|---|---|
| CDOYE-004 | 7.70 | 27.25 | 19.55 | 0.30 | 1.6 |
| CDOYE-004 | 67.30 | 84.65 | 17.35 | 0.13 | 1.3 |
| CDOYE-004 including | 116.70 119.5 | 121.50 120.5 | 4.80 1.0 | 26.06 119.0 | 39.0 127.0 |
| CDOYE-004 | 134.40 | 165.00 | 30.60 | 0.30 | 1.5 |
*True width is unknown
CDOYE-005 – located 597m from CDOYE-004 and targeted to test the central zone of the intrusive complex. Hole 5 intersected porphyry style mineralization, with intensely veined and potassic altered diorite, with significant quartz-pyrite-chalcopyrite (with and without molybdenite) as disseminations and multiphase stockworks. The presence of the diorite may indicate an earlier intrusive phase, and may represent the principal target for a porphyry type copper mineralization.
The widely spaced drilling to date confirms the target area mineralization relates to a large porphyry complex with multiple diorite and dacite porphyry intrusive phases. The understanding of the target area is evolving, and the focus of the field exploration is now on the higher western margin of the porphyry complex.
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
Darcy Krohman, P.Geo., 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/2013/11/131220a_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.
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