Vancouver, B.C., February 27, 2012 – Condor Resources Inc. – (“Condor” or the “Company”) (TSX.V: CN) is pleased to announce that a recent prospecting/mapping and sampling program on its Soledad Au-Ag-Cu project in northern Peru has resulted in the identification of six (6) mineralized and geochemically anomalous quartz-tourmaline breccia pipes which encompass an area of 1000 by 800 meters. Prior to this sampling program only one of the breccia pipes had been evaluated with sampling and drilling.
Highlights from the new quartz tourmaline breccia pipes include: 3.10 g/t Au and up to 242 g/t Ag over two meters, and 2.10 g/t Au and up to 242 g/t Ag over two meters. As reported in Condor’s January 20, 2012 news release, the main breccia (B-1) on the Soledad property was drilled in 1996 and two separate diamond drill holes returned intervals of 61.5m grading 1.92 g/t Au, 145.8 g/t Ag and 1.82% Cu; and 28.5m grading 5.0 g/t Au, 27.9 g/t Ag and 1.10% Cu.
The Soledad property covers a large hydrothermal alteration system associated with a quartz-sericite-clay-limonite gossan measuring approximately 1500m in diameter. In addition to the six breccia bodies identified to date, at least eight quartz-tourmaline structures up to 500m long and 10m wide, and numerous polymetallic Ag-Cu-Pb-Zn veins have been identified associated with the alteration system. Condor geologists interpret this near-surface extensive alteration system to be related to a gold and silver enriched intrusive-related copper system at depth.
A total of 173 two-meter chip samples of bedrock were collected by Condor on breccia pipes B-2 through B-6 and assayed by SGS del Peru S.A.C., an ISO certified laboratory located in Lima, Peru. Highlights of results for the breccia bodies are as follows:
Breccia B-1: Historic drilling and surface sample results are reported in the January 20, 2012 news release. Drill holes with 61.5m grading 1.92 g/t Au, 145.8 g/t Ag and 1.82% Cu and 28.5m grading 5.0 g/t Au, 27.9 g/t Ag and 1.10% Cu.
Breccia B-2: Poorly exposed strongly silicified quartz-tourmaline-iron oxide (FeOx) breccia pipe exposed over a few meters at surface. Where observed, the FeOx occurs as matrix filling in the breccias. The best sample value from B-2 includes 0.18 g/t Au and 10.9 g/t Ag over two meters. B-2 is located 250m NW of breccia B-1.
Breccia B-3: Quartz-tourmaline- FeOx breccia approximately 80m in diameter with values up to 1.56 g/t Au and 32.4 g/t Ag. B-3 is located 600m west of breccia B-1.
Breccia B-4: Quartz-tourmaline-FeOx breccia with local sulphide patches, exposed at surface over a diameter of approximately 100m. Anomalous Au-Ag-Cu values. B-4 is located 900m west of breccia B-1.
Breccia B-5: Strongly silicified quartz-tourmaline-FeOx breccia with sulphide patches, exposed at surface over a diameter of approximately 100m. The best sample value from B-5 includes 3.10 g/t Au and to 242 g/t Ag over two meters. B-5 is located 800m WNW of breccia B-1.
Breccia B-6: Quartz-tourmaline-FeOx breccia with sulphide patches; approximately 50m in diameter at surface. The best sample value from B-6 includes 2.10 g/t Au and to 242 g/t Ag over two meters. B-6 is located 1100m NW of breccia B-1.
Copper values were anomalous in many samples but surface leaching is interpreted to have occurred. In addition, lead and zinc also returned elevated surface geochemical values.
Condor’s President & CEO, Patrick J. Burns, states that “Our exploration team is very encouraged with initial results from the Soledad property. We have identified several drill targets within the multiple quartz-tourmaline breccias, and furthermore have also recognized the potential for the discovery of a large ‘porphyry’ Cu-Ag-Ag system at depth. This is going to be an exciting project to drill.”
Next Steps: Preparations are underway to conduct a 17 line km geophysical IP survey on the property and possibly a geochemical soil sample survey, to be followed by a diamond drill program. The drill program will attempt to confirm the highly positive results of the 1996 diamond drilling of breccia B-1 and test the additional breccia bodies on the property as well as the potential for the existence of a large mineralized deposit at depth.
Condor Resources Inc. was incorporated in 2003 by field exploration specialists focused on the generation of precious and base metals 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 precious/base metals deposit and its business plan offers shareholders access to an exciting portfolio of fifteen properties in Peru and Chile, each offering a unique path to discovery.
ON BEHALF OF THE BOARD
Patrick J. Burns,
President & Chief Executive Officer
For further information please contact Timea Carlsen at 1-778-998-2473, or by email at: tcarlsen@condorresources.com
Dr. Richard Culbert is the Qualified Person under NI 43-101 who has approved the technical content of this news release.
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