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Drilling Update from Condor de Oro Project, Northern Peru
|By Marketwired .
|August 14, 2014 07:50 AM EDT
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 08/14/14 -- Condor Resources Inc. - ("Condor" or the "Company") (TSX VENTURE: CN) is pleased to provide results from CDOYE-006, the sixth hole completed at the Condor de Oro copper-gold-molybdenum project in northern Peru by Mariana Resources Ltd. ("Mariana").
CDOYE-006 was drilled to a depth of 300 meters at an azimuth of 90 degrees and a dip of 60 degrees within the intrusive complex core zone consisting of dacitic quartz-feldspar porphyries throughout and intense potassic altered phreatomagmatic breccias in the bottom 116 metres of the hole.
The higher grade intervals included 67.5 m of 0.11% Cu, 0.07g/t Au, and 60 g/t Mo (from 154.5m to 222.0m); and 15.0 m of 0.10% Cu, 0.12 g/t Au, and 18 g/t Mo (from 121.5m to 136.5m). Copper-gold-molybdenum mineralization was intersected over the entire length of the drill hole and averaged 0.06% Cu, 0.07g/t Au, and 32g/t Mo over 300m.
The six widely spaced holes at Condor de Oro have all confirmed the existence of large multiphase intrusive system, and all have encountered altered and mineralized lithology. The objective of the program has been to test the four square kilometer target area defined at surface, provide a better understanding of the mineralization controls, improve the geological model, and refine targets for further drilling. The project has the potential to host a very large copper-gold-molybdenum porphyry deposit, and the target remains open in all directions.
The prior five holes (1,641m) were completed in late 2013. Location of CDOYE-006, CDOYE-007, and CDOYE-008, as well as the first five holes can be found at http://www.condorresources.com/i/maps/CDOJul2011/July-2014-Drill-Hole-Locations.jpg CDOYE-006 is located approximately 510m northwest of CDOYE-005, the closest of the five previous holes.
Mariana have advised the current drill program has concluded with the completion of holes CDOYE-007 (303m) and CDOYE-008 (341m). Samples from CDOYE-007 have been submitted to the lab for analysis, and samples from CDOYE-008 are currently being prepared for submission to the lab.
The Condor de Oro concessions are owned by Exploraciones Aguila Dorada S.A.C. ("EAD"). Condor has an irrevocable option to acquire 85% of the issued shares of EAD, and in turn, Condor has granted Mariana an option to acquire 60% of Condor's shareholding interest, being an overall 51% interest. Mariana is assisting EAD with the drill program under the terms of the option agreement with Condor.
Condor 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
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: All technical information for the Condor de Oro 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 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 standards and blanks is performed for analytical reliability. 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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