Vancouver, B.C., July 21, 2014 – Condor Resources Inc. – (“Condor” or the “Company”) (TSX.V: CN) is very pleased to provide the fourth report on the 2,084 metre diamond drill program recently completed by Mariana Resources Ltd. (“Mariana”) on the Company’s 100% owned Soledad project. Mariana has an option to earn 70%. Soledad is located in the Cordillera Negra metallogenic province approximately 35 km south of the Pierina gold-silver mine, Peru.
Hole 12 (SDH-012) tested Breccia #5 and was drilled at a steep angle (85°) below, and from the same setup, as SDH-007. SDH-007 reported 96m of 1.5 g/t AuEq in Breccia #5 starting at 33m (see news release June 17, 2014). Breccia #5 is approximately 830m west-north-west of the first deep hole (SDH-009) in Breccia #1.
SDH-012 intersected 161m of mineralized quartz-tourmaline breccia (from 87m to 248m) that averaged 2.1 g/t AuEq (1.3 g/t Au, 13 g/t Ag, and 0.38% Cu), and exhibits quartz-sericite alteration in clasts with a quartz-tourmaline-massive-sulphide (pyrite and chalcopyrite) matrix. Ever Marquez, Condor’s VP Exploration, stated “The alteration and mineralization assemblages evidenced in the drill cores are typical of what we would expect to find in proximity to a copper-gold porphyry system”.
Table 1: Summary of Significant Intersections, Hole 12
| Hole | Target | from | to | Width* | Au g/t | Ag g/t | Cu % | AuEq g/t** |
|---|---|---|---|---|---|---|---|---|
| SDH-012 | Breccia #5 | 87 | 248 | 161 | 1.29 | 12.7 | 0.38 | 2.10 |
| includes | 87 | 142 | 55 | 2.28 | 21.1 | 0.56 | 3.51 | |
| includes | 175 | 193 | 18 | 1.36 | 13.7 | .69 | 2.69 |
*True widths are unknown, and shapes are irregular, but at 200m below surface, the true horizontal width for semi-circular Breccia #1 is estimated at 35 to 40m.
**AuEq assumes US $1200/oz gold, US $18.25/oz silver, US $2.85/lb copper, and 100% recovery.
SDH-011, located 350m east-south-east of SDH-012, was drilled to a depth of 242m in Breccia #2. This drillhole intersected silicified host rocks with andesite with tourmaline-pyrite, and anomalous silver to about 63m, with the best intercept being 6m of 19 g/t Ag from 29 to 35m. SDH-010 was aborted at 55m due to logistic issues.
For a location map of holes one through twelve, visit our website at: SOLEDAD-DRILL-HOLES-1-to-7-June-16-2014.jpg
Condor CEO Lyle Davis noted “These are very encouraging results from a first stage drill program, and support the concept that the cluster of exposed breccias at Soledad is underlain by a mineralized porphyry system. Compilation, analysis, and modelling of these results will be the focus over the next few weeks as exploration moves into the next phase”.
The Company currently has three of its properties under active exploration by third parties, and looks forward to a steady flow of results from these programs. In addition, the Company is actively seeking partners on its other projects, and is reviewing new opportunities identified by its Lima based exploration team.
ON BEHALF OF THE BOARD
Lyle Davis,
President & Chief Executive Officer
For further information please contact the Company at 1-866-642-5707, or by email at info@condorresources.com
Dr. Richard Culbert is the Qualified Person under NI 43-101 who has approved the technical content of this news release.
Quality Assurance/Quality Control: Mariana, the operator of the drill program have advised as follows: Drilling was performed by Energold Drilling Peru SAC utilizing an S-2 hydraulic portable diesel rig. All technical information for the Soledad project is obtained and reported under a quality assurance and quality control program. Samples are shipped to and assayed by ALS Chemex Laboratory in Lima, a laboratory whose quality control system complies with International Standards ISO 9001:2000 and ISO 17025:2005. A four-acid digestion system with 33 element ICP-AES analysis is conducted on all samples, with silver, lead and zinc being re-analyzed with atomic absorption spectrometry method when analyzing over the ICP limits. Gold is assayed using a fire assay with an atomic absorption spectrometry finish. Systematic assaying of sample duplicates and commercially prepared blanks is performed for analytical reliability. Screen fire assays for gold may be carried out on selected samples. A secure chain of custody is maintained in transporting and storing of all samples.
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.
