Gold | Silver
Status:
The Company commenced its inaugural drilling program at Pucamayo Este in October 2023 and completed the program in December 2023. A total of 2,353 m were completed in 9 diamond drill holes. The drill program was successful in confirming the geological interpretations made to date based on prior work, and the project remains highly prospective for a gold-bearing epithermal deposit. The drill results of the program validate the thesis of at least one hydro-magmatic centre, with mineralization of gold, silver, and associated elevated values for lead, zinc, copper. The mineralization discovered to date in drilling is confirmed as high to intermediate sulfidation classification with mineralization consisting of Au-Ag, Cu, Pb, Zn, within ledges of hydrothermal breccias, with halos of crackle breccias, and quartz and carbonate vein fillings in associated structures. Also identified in the drilled area are distal assemblages of an intrusive porphyry that support the interpretation of a magmatic intrusive centre below the epithermal mineralization, all hosted in Tertiary-aged ignimbrites, andesitic lavas, and hypabyssal porphyries.
An updated drone supported airborne magnetics survey was completed over the exploration area of interest in April 2024 resulting in the identification of two obvious magnetic anomalies suggesting two hydro-magmatic centres. One of these centres is within the area drilled to date. and the second magnetic anomaly is located within Pucamayo South East target area indicating a second interpreted hydro-magmatic centre associated with the 3 x 2 km area of the outcropping high sulfidation lithocap alteration. Both targets are associated with IP-related geophysical anomalies identified in earlier surveys.
The Company is advancing through the DIA process for the South East target area (“Pucamayo Sur”), anticipated to be completed this autumn. The community remains supportive of the Company’s exploration efforts including expansion of drill plans to include the additional 40 drill pads in Pucamayo Sur. The Company is proud of its efforts to engage the community and in particular significant progress has been made in the construction of a community centre funded by the Company.
Location:
The Pucamayo project is located 185 km SE of Lima at an elevation of 3800 to 4200 m, in the Tertiary volcanic belt that hosts several important epithermal gold deposits in Peru. Pucamayo is about 56 kilometers south-southwest of Minera IRL Limited’s Corihuarmi gold-silver mine, and about 25 kilometers east of Nexa Resources SA’s Cerro Lindo lead-zinc-copper mine.
Property:
Pucamayo encompasses 85 square kilometers of contiguous concessions located in the departments of Ica, Lima and Huancavelica, approximately 185 kilometers southeast of Lima. Condor owns 100% of the 79 square kilometers of these concessions.
The Pucamayo 14 concession (6 km2) was acquired through a purchase agreement in August 2007, modified in February 2009, and the Company has an 85% interest, with the seller of this concession having an NSR of 1%. Condor and Sandstorm Gold Ltd. (“Sandstorm”) completed a transaction in January 2017, and part of that transaction included the assignment to Sandstorm of the NSR repurchase right of 1% of the Pucamayo 14 concession. If Sandstorm exercises the right of buyback, the 1% NSR in favor of the supplier will be replaced by a 1% NSR in favor of Sandstorm.
The January 2017 transaction with Sandstorm also included the sale of a 0.5% NSR on the balance of the concessions in the Pucamayo project (79 km2), where the Company has a 100% interest.
Previous work:
Between March and April 2011, a Phase 1 drilling program was completed at Pucamayo Este. Highlights from the drill program included values of 340.9 g/t Ag, 0.62 g/t Au, 1.80% Cu, 1.77% Pb and 2.27% Zn over 2.2 m in the PUC-004 well. Most drill holes successfully intersected quartz-carbonate veins surrounded in the hanging wall and in the footwall by silicification with quartz-sulfide veinlets.
Dr. Jeffrey W. Hedenquist visited the Pucamayo Este Project in 2017, accompanied by Ever Márquez, Vice President of Exploration. Mr. Hedenquist’s full report can be found on our website here.
In August 2018, the Company completed a program of terrestrial geophysical studies, consisting of 23 kilometers of IP and magnetic line in Pucamayo Este. The program achieved the primary objective of defining additional drill targets and expanding target areas to the south and east of the original drill target. The geophysical study area coincides with both a large high-sulfidation epithermal target and a porphyry-type target. The 3 x 2 km high epithermal sulphidation target is evidenced by mapped areas of hydrothermal breccias, vuggy silica, residual silica and clay assemblages. The results of the geophysics program confirm the conceptual model and the important exploration potential in Pucamayo Este.
Geology/Mineralization:
At Pucamayo Este, alteration and mineralization are hosted in hydrothermal breccias that outcrop as an erosion window that has partially exposed a high-sulfidation epithermal system with disseminated precious metal mineralization covering a target area approximately 1200 m long by 200 m. m to 700 m wide, and a surrounding series of at least seven epithermal quartz veins classified as intermediate sulfidation. Hydrothermal breccias are exposed in outcrops in an area of 350 m by 100 m and continue beneath recent glacial fluvial sediments. Mapping and sampling have identified precious metal values hosted in vuggy silica and a porphyry system with anomalous gold and copper values.
Gallery:
Drill 2024:
Maps and Results
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Pucamayo East Drillhole Map and Details 
Pucamayo Concessions – May 2018 
Pucamayo 2018 Geophysics 
Pucamayo Concessions – January 2017 
Pucamayo Concessions – January 2016 
Pucamayo East Alteration Map 
Pucamayo East Drill Targets Map 
Pucamayo East Map with Geochemistry (Silver) 
Pucamayo East Map with Targets and Geophysics 
Pucamayo West – Phase I Drill Hole Locations 
Pucamayo East Zone Rock Geochemistry Au 
Pucamayo East Rock Geochemistry – Ag 
Pucamayo East Rock Geochemistry – Cu 
Pucamayo East Rock Geochemistry – Pb 
Pucamayo East Rock Geochemistry – Zn 
Pucamayo East Rock Geochemistry – Gold(Au) & Silver(Ag) 
Pucamayo West Rock Geochemistry – Au 
Pucamayo West Rock Geochemistry – Ag 
Pucamayo West Rock Geochemistry – Cu 
Pucamayo West Rock Geochemistry – Pb 
Pucamayo West Rock Geochemistry – Zn 
Pucamayo West Rock Geochemistry – Au & Ag 
Pucamayo West – Magnetometry 
Pucamayo West – IP Geophysics (Chargeabilitiy 50 Meters Depth) 
IP Cross Section 
IP Cross Section 
Pucamayo East Magnetometry 
IP Chargeability 
IP Resistivity 
IP – Breccia Zone 
IP – Breccia Zone
