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Condor Resources Inc.: First Deep Hole at Soledad Project, Peru, Intersects 174m of 4.4 g/t AuEq
|By Marketwired .
|July 3, 2014 10:51 AM EDT
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 07/03/14 -- Condor Resources Inc. - ("Condor" or the "Company") (TSX VENTURE:CN) is very pleased to provide the third report on the 2,084 metre diamond drill program recently completed by Mariana Resources Ltd. ("Mariana") on the Company's 100% owned Soledad project. Soledad is located in the Cordillera Negra metallogenic province approximately 35 km south of the Pierina gold-silver mine, Peru.
Hole 9 (SDH-009) tested Breccia #1 and was drilled at a steep angle (80 degrees ) below, and from the same setup, as SDH-001. The hole was planned to test for possible higher grade feeder zones and indications of underlying porphyry mineralization.
SDH-009 intersected 174m of mineralized breccia (from 92m to 266m) that averaged 4.4 g/t AuEq (0.74 g/t Au, 114 g/t Ag, and 1.2% Cu). SDH-009 intersected three zones of strong quartz-tourmaline-sulphide mineralization, as shown below in Table 1, and included a deep high grade intersection of 29m of 9.8 g/t AuEq (1.85 g/t Au, 301g/t Ag, and 2.1% Cu) starting at 236m.
Table 1: Summary of Significant Intersections, Hole 9
Hole Target from to Width(i) Au g/t Ag g/t Cu % AuEq g/t(ii)
SDH-009 Breccia #1 92 266 174 0.74 114.2 1.18 4.4
Includes 92 118 26 0.84 134.3 2.06 6.2
141 207 66 0.67 107.8 1.36 4.5
236 265 29 1.85 301.0 2.05 9.8
(i)True widths are unknown, and shapes are irregular, but at 200m below
surface, the true horizontal width for the semi-circular Breccia #1 is
estimated at 35 to 40m.
(ii)AuEq assumes US $1200/oz gold, US $18.25/oz silver, US $2.85/lb copper,
and 100% recovery.
For a location map of holes one through twelve, visit our website at: http://www.condorresources.com/i/maps/SOLEDAD-DRILL-HOLES-1-to-7-June-16-2014.jpg.
Mariana's geologists describe the Breccia #1 clasts as mostly andesite with intense quartz-sericite alteration in a quartz-tourmaline-sulphide matrix. Matrix sulphides include pyrite, chalcopyrite, galena and sphalerite. The absolute and relative gold and silver values increase with depth from 170m to 265m. Breccia clast alteration, increasing veinlets, and increasing copper and gold/copper ratios up to 250m below surface are interpreted to indicate possible mineralized porphyry beneath the breccia.
Further drilling results are expected shortly for SDH-011 and SDH-0012; SDH-010 was abandoned at about 55m due to technical problems. Of particular interest is SDH-012, a near vertical hole, drilled to 437m depth in Breccia #5, to also test for possible higher grade feeder zones and indications of underlying mineralized porphyry associated with the cluster of mineralized breccias expressed at surface within the roughly 1 km diameter area of interest.
Ever Marquez, Condor's Vice President of Exploration, stated "The first stage of the drill program has successfully confirmed the potential for bulk tonnage, with gold, copper, and silver confirmed at Breccia #6 (76m of 1.0 g/t AuEq) and Breccia #5 (96m of 1.5 g/t AuEq). We look forward to pending results from deep hole SDH-012 in Breccia #5 to confirm the potential for porphyry mineralization at depth."
The Company currently has three of its properties under active exploration by third parties, and looks forward to a steady flow of results from these programs. In addition, the Company is actively seeking partners on its other projects, and is reviewing new opportunities identified by its Lima based exploration team.
ON BEHALF OF THE BOARD
Lyle Davis, President & Chief Executive Officer
Dr. Richard Culbert is the Qualified Person under NI 43-101 who has approved the technical content of this news release.
Quality Assurance/Quality Control: Mariana, the operator of the drill program have advised as follows: Drilling was performed by Energold Drilling Peru SAC utilizing an S-2 hydraulic portable diesel rig. All technical information for the Soledad project is obtained and reported under a quality assurance and quality control program. Samples are shipped to and assayed by ALS Chemex Laboratory in Lima, a laboratory whose quality control system complies with International Standards ISO 9001:2000 and ISO 17025:2005. A four-acid digestion system with 33 element ICP-AES analysis is conducted on all samples, with silver, lead and zinc being re-analyzed with atomic absorption spectrometry method when analyzing over the ICP limits. Gold is assayed using a fire assay with an atomic absorption spectrometry finish. Systematic assaying of sample duplicates and commercially prepared blanks is performed for analytical reliability. Screen fire assays for gold may be carried out on selected samples. A secure chain of custody is maintained in transporting and storing of all samples.
Cautionary Statement Regarding Forward-Looking Information: All statements, trend analysis and other information contained in this press release relative to markets about anticipated future events or results constitute forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "expect" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions. Forward-looking statements are subject to business and economic risks and uncertainties and other factors that could cause actual results of operations to differ materially from those contained in the forward-looking statements. Forward-looking statements are based on estimates and opinions of management at the date the statements are made. The Company does not undertake any obligation to update forward-looking statements even if circumstances or management's estimates or opinions should change. Investors should not place undue reliance on forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
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