Andrea

Update:

Concern over environmental issues at the Apumayo mine approximately 25km to the west of Andrea culminated in the vandalization of facilities and machinery at Apumayo in October 2021.

Discussions with the local community to obtain the surface permits needed to apply for a drill permit at Andrea were suspended in November 2021.

Location & Ownership:

The Andrea project is located in the south-central Andes, at elevations ranging from 4100 to 4600m, approximately 480 km south-east of Lima in the Department of Ayacucho. Andrea is approximately 15 km north of the Breapampa mine operated by South America Mining Investments and about 25 km east of Mina Apumayo.

Condor acquired 8 sq km by staking in early 2017, 4 sq km by auction in June 2017, and 10 sq km by staking in late 2017, bringing the total project area to 22 sq km, 100% owned by Condor. The Andrea property is not subject to any royalties.

Recent Work:

Condor acquired the Andrea project because our initial evaluation recognized a high sulphidation epithermal type gold and silver target within an approximate 800m diameter target area, dating from the Miocene-Pliocene age. Ever Marquez, Condor’s VP of Exploration is very familiar with the epithermal systems and the precious metals metallogeny of south central Peru, having previously worked extensively in the area.

The initial reconnaissance mapping was completed in May 2017, with a total of 117 rock chip channel samples collected and analyzed. Exploration sampling and mapping was concentrated in the central part of the project, within a much larger advanced argillic alteration envelope. Gold and silver mineralization is hosted in hydrothermal breccia ledges, with the surface area exposure of the largest identified breccia being up to 200m in diameter. The breccia exhibits halos of advanced argillic, granular silica and vuggy silica. The sample results confirmed the anomalous presence of pathfinder elements typical of high sulphidation gold-bearing epithermal systems. Gold assays range from negligible to 4.2 g/t Au, with 23 of the samples showing anomalous gold values exceeding 50 ppb, including 13 samples exceeding 500 ppb, and 7 samples greater than 1 g/t. Samples taken in the 800m diameter ‘core target area’ – 81 of the 117 samples – exhibited more consistent gold values, ranging from 5 ppb to 4180 ppb, and averaged 41 ppb. Measurable silver values were present in all but 6 of the 117 samples, but none of the silver assays exceeded 1 g/t.

In September 2018, the Company acquired over 900 historic sampling results from a former owner of a portion of the Andrea project, which results identified anomalous areas previously unrecognized by the Company. The Company subsequently completed additional mapping and sampling in these areas.

Discussions continue with the local community to obtain the surface permits required prior to applying for a drill permit at Andrea.