Status:
The Company continues to make progress with community discussions through the Consulta Previa process. The Social Management Directorate of the Ministry of Energy and Mines (DGS MEM)) and the local community were present for the required community meeting in early August at which the merits and benefits of the project were discussed along with a question and answer session. The groups continue to work through the process steps, and the company anticipates its conclusion in late September. Following this, the Company would apply for its Initiation of Activities upon which the Company would be able to initiate a drill program on this highly prospective high grade silver project.
Location and property:
Huiñac Punta is located on the eastern flank of the carbonate sediment host belt, which hosts Mesozoic polymetallic mineral deposits in north-central Peru, at elevations ranging from 3800 to 4400 m, approximately 260 km northeast of Lima. in the Department of Huánuco. Huinac Punta is about 65 km southeast of the Antamina mine and about 90 km east of the Company’s Soledad project. The project was acquired in 2016 at a nominal cost.
The 20 square kilometer (approximately) project is 100% owned by Condor, subject to a 0.5% NSR held by Sandstorm Gold Ltd.
Recent work:
A detailed terrestrial geophysical study was completed in November 2020 induced polarization (“IP”) consisted of approximately 16 kilometers of line, composed of 8 lines, each 2 km in length, with a separation between lines of 100 m and a separation between multiple dipoles of 50 m.
In August, Condor had completed a drone-supported magnetic survey at Huinac Punta. This study covered the area of interest and its surroundings using a line spacing of 100 m, and a total of 84 kilometers of lines were completed.
The IP study was designed to help define the geometry of a postulated carbonate replacement system (“CRD”) and to complement data obtained from the magnetic survey conducted in August. The primary objective of the combined geophysical programs is to prioritize targets for an inaugural diamond drilling program.
The Company received its DIA in 2020 and subsequently submitted its ‘Authorization to Start Exploration Activities’ with the Ministry of Energy and Mines (“MEM”) of Peru. There were delays in progress by the environmental administrator, and after all the reports delivered to the MEM, on identification studies of native communities and the impacts they could generate, carried out by a specialized consulting firm, the MEM completed the prior consultation with 1 community. In 2024, the prior consultation with the other community is being completed, then the project will be viable for exploration and drilling work.
In October 2022 we received notification from ANA (‘National Aqua Authority’) that our water permit for this project had been approved.
General description:
Based on the evidence of the system, Huiñac Punta has the potential for the discovery of large polymetallic mineralization with a predominance of high-grade carbonate replacement style silver. Based on the existing surface exposures, the mineralization, which includes high-grade Ag and high values of Cu, Zn, Pb, and Co, it is interpreted that Huinac Punta has characteristics of pervasive dissemination with minerals, and with high-grade zones in contact with the intrusive, and as in feeders.
The alteration and mineralization systems are hosted in Jurassic limestones, which is a metallotect known in Peru. The core of the mineralization is found in brecciated silicifications with gray sulfides and dark oxides, in the lower sequences of the limestones, and has a halo of decalsification with a lower amount of minerals, observed at the topographically top of the system. The alteration and mineralization occurs in a contact zone with a granodioritic intrusive stock, which in turn would have generated contact metasomatism with mineralization at depth, and surely, other porphyry-type mineralized intrusion events.
In October 2017, Condor carried out an initial survey and sampling program, and the results were summarized in a press release dated January 9, 2018. A total of 26 channel samples of rock fragments were collected in an area of interest of approximately 500 m by 800 m. Eighteen of the twenty-six samples were 2 m long rock chip samples from outcrops/bedrock, while eight of the samples were 1 m long rock chip samples taken from rocks in dump piles, rock which are supposedly came from the old adits. Since the rock chip samples were selected samples taken from rock outcrops/bedrock, or from rocks in the dump piles, they may not be representative of the mineralization hosted at the project.
Five of the samples reported high silver values (greater than 500 g/tonne); with the highest silver values (4115 g/tonne and 3225 g/tonne) recorded in the bedrock samples. Anomalous copper results were also observed, with reported values of up to 2.7% copper (landfill sample). Anomalous zinc values were present in all samples, up to a value of 0.6% zinc (bedrock sample), and anomalous cobalt up to 0.3% (dump sample).
A follow-up mapping and sampling program was completed in March 2018, and a further 145 rock fragment samples (typically 2 m long rock fragment samples) were collected, and the results were published in a press release on April 19, 2018. Follow-up sampling confirmed The mineralized system harbors potential for the discovery of a large tonnage disseminated silver-based metal deposit, related to brecciation and silicification in a metasomatic carbonate replacement type model.
