Gold | Silver
Location:
San Martín is located in the province of Castilla in the department of Arequipa, approximately 650 km southeast of the city of Lima and 7 km southeast of the Orcopampa gold mine, at elevations ranging between 4500 and 4800 m. Access is via a 195-kilometer unpaved public road that connects to the Pan-American Highway. Arequipa, the nearest major center, is approximately 160 kilometers SE of San Martín and is accessible via 320 kilometers of public roads.
Property:
The San Martín Project, of 4.45 square kilometers, is 100% owned by Condor.
In January 2017, Condor and Sandstorm Gold Ltd. (“Sandstorm”) completed a transaction that included the sale of a 0.5% NSR to Sandstorm in the San Martín project.
Previous work:
The San Martín epithermal sediment system that hosted the precious metal discovery has no recorded history of sampling or drilling prior to Condor’s work (See Activities tab).
Geology/Mineralization:
The property is located within the Orcopampa-Caylloma precious metal belt in south-central Peru and is hosted by Cretaceous-age quartzites that have been hydrothermally brecciated and heavily silicified in an area observed in a 700 by 100 meter outcrop. The silicified breccia matrix and clasts include silica-barite and iron oxides along with patches of abundant fine-grained gray sulfides and disseminated pyrite.
Activities:
During August and September 2011, the Company carried out reconnaissance mapping and rock and soil sampling in San Martín. A total of 236 samples were taken during this period, of which 186 were taken from the 700 x 100 m exposed breccia area mentioned above. At the end of September, an IP/Resistivity geophysical study was completed at San Martín. Preliminary results confirm a correlation between hydrothermal breccias and high near-surface resistivity due to the presence of oxidation, followed by high chargeability at a depth of 200 m due to the suggested presence of sulfides.
An initial drilling program began in late November 2011 and was completed in the last week of April 2012. The drilling program consisted of 2,001 m of diamond drilling in 10 holes and was designed to test exposed 700 m x 100 m breccia.
Summary results from wells SMA-001 to SMA-008 are reported below and include near-surface intervals of 14.9 m grading 68.7 g/t Ag in SMA-001, 12.1 m with a grade of 63.9 g/t Ag in SMA-002, 7.9 m with a grade of 72.0 g/t Ag in SMA-006, 12.6 m with a grade of 48.6 g/t Ag in SMA-007 and 9.3 m with a grade of 64.7 g/t Ag in SMA-008.
| SMA-001 | From (m) | To (m) | Interval (m) | Ag (g/t) | Au (g/t) |
| including | 1.50 5.80 | 16.40 11.30 | 14.90 5.50 | 68.7 135.1 | 0.09 0.15 |
| SMA-002 | From (m) | To (m) | Interval (m) | Ag (g/t) | Au (g/t) |
| 0.90 | 7.05 | 6.15 | 25.0 | 0.54 | |
| 43.90 | 56.05 | 12.15 | 63.9 | 0.12 | |
| SMA-003 | From (m) | To (m) | Interval (m) | Ag (g/t) | Au (g/t) |
| 3.20 | 6.60 | 3.40 | 12.70 | 0.04 | |
| 35.50 | 41.70 | 6.20 | 21.96 | 0.04 | |
| SMA-004 | From (m) | To (m) | Interval (m) | Ag (g/t) | Au (g/t) |
| 6.10 | 9.40 | 3.30 | 16.37 | – | |
| 85.50 | 92.00 | 6.50 | 11.76 | 0.10 | |
| SMA-005 | From (m) | To (m) | Interval (m) | Ag (g/t) | Au (g/t) |
| 7.60 | 13.00 | 5.40 | 24.09 | – | |
| 56.80 | 63.20 | 6.40 | 18.53 | ||
| SMA-006 | From (m) | To (m) | Interval (m) | Ag (g/t) | Au (g/t) |
| including | 2.90 7.70 | 10.80 8.80 | 7.90 1.10 | 71.97 253.00 | – – |
| SMA-007 | From (m) | To (m) | Interval (m) | Ag (g/t) | Au (g/t) |
| including | 8.60 14.15 | 21.20 18.30 | 12.60 4.15 | 48.57 95.95 | – – |
| SMA-008 | From (m) | To (m) | Interval (m) | Ag (g/t) | Au (g/t) |
| including | 0.00 3.60 | 9.30 6.50 | 9.30 2.90 | 64.66 127.90 | – 0.16 |
Partially due to drilling limitations, eight of the ten holes reached only shallow depths ranging from 136 to 182 m; However, four of these holes intersected a near-surface subhorizontal zone of mineralized hydrothermal breccias ranging from 7.9 m to 14.9 m thick, with silver grades ranging from 63.9 g/t Ag to 72, 0 g/t Ag.
Drilling confirmed the presence of a large silicified epithermal alteration system with hydrothermal breccia zones, which has extended to approximately 800 m long by 150 m wide at the surface and to a vertical depth of 400 m.
The alteration system remains open in all directions and in depth. Within the silicified breccia, silver values vary to highs of 1,595 g/t Ag over 0.20 m
Status:
Results of the drill program at San Martin that confirmed exploration potential as well as the anomalous geochemical results from samples collected with significant silver, gold and base metals values provide the basis for further drilling to deeper targets along the alteration-mineralization vectors. Condor is open to a joint venture partner to advance San Martin.
