Condor Resources Inc. ("Condor" or the "Company") (TSXV:CN) is pleased to report the results of the evaluation of historical technical data acquired from a major international mining company that had previously owned and operated the Company's 100%-owned Rio Bravo project. Rio Bravo is located 112 km south- east of Lima, in the province of Yauyos, and east of the city of Cañete, in the part of the prolific South-Central Peru porphyry copper-molybdenum belt. The data set includes 11 drill holes of historical drilling from 2012 totaling 5,729 m together with drill logs, assays, core photographs, and technical studies including soil geochemistry; ground geophysics, magnetometry, radiometry, and induced polarization, and 20 km2 of detailed geological mapping.
A review of the historical data together with the Company's own surface work at Rio Bravo highlights potential for definition a significant new deposit with significant grades of copper and molybdenum predominantly in primary sulfides, occurring from surface and below an observed leached cap. Historical drilling was carried out in the contact zone between the observed assemblages, with the porphyry-type mineralizing system open in all directions. Six significant intercepts include the following:
Table 1: Select historical drill holes from Rio Bravo project (c. 2012)
DH
From (m)
To (m)
Width (m)
Cu (%)
Mo (ppm)
CuEq (%)*
DDH-01
Including
8
138
228
154
220
16
0.32
0.49
275
437
0.52
0.80
DDH-02
122
172
50
0.38
40
0.41
DDH-04
20
62
42
0.30
350
0.55
DDH-06
Including
10
40
128
334
54
146
324
14
18
0.32
0.63
0.56
199
215
264
0.46
0.78
0.75
DDH-07
6
106
100
0.25
170
0.37
DDH-08
6
318
312
0.29
329
0.52
*CuEq (%) based on prices Cu = $4.13/lb, Mo = $29.36/lb
Drilling was carried out in a relatively restricted portion of the NW sector of the main Cu-Mo core target, based on a comprehensive review of the data by Condor's exploration team, historical drilling has targeted the contact zone but the main core of the intrusive porphyry remains totally untested.
Figure 1:Copper surface distribution, with drilled and undrilled portion of porphyry core
Figure 2:Molybdenum surface distribution, with drilled and undrilled portion of porphyry core
Figure 3:Cross section (A-A') model of porphyry, showing the core of potassic alteration and with undrilled zone at Central portion.
Ever Marquez, VP Exploration, commented "Rio Bravo represents a significant new copper-molybdenum porphyry-type discovery in South Central Peru, where the western crustal suture of the Central Andes controls the Cretaceous-Tertiary copper belt that hosts Rio Bravo. For Condor and its shareholders, this property represents a significant opportunity for future growth".
The main core of the porphyry-type alteration and elevated copper and molybdenum in rock samples outcrops along 1 km of the main ravine within an alteration halo of several kilometers in size, implying potential for discovery of a large tonnage bulk mineable system. Potassic type alteration assemblages consist of quartz, sericite, secondary biotite, with stockworks of multiple veinlet events, mineralized with pyrite, chalcopyrite, bornite, molybdenite both disseminated and in veinlets interpreted as the core of the porphyry-type system. The external interpreted propylitic-type halo contains alteration assemblages of quartz, sericite, chlorite, magnetite, minor pyrite, chalcopyrite, with stockworks and intense secondary iron oxides. Secondary copper carbonates and silicates are found throughout both alteration assemblages.
The alteration and mineralization system is hosted within multiple porphyritic intrusion events with hornblende and feldspar phenocrysts, which intruded to Jurasic - Cretaceous rocks of the coastal batholith as well as sedimentary rocks of the Jurassic and Cretaceous.
Technical Disclosure/Qualified Person
The scientific and technical information in this press release has been reviewed and approved by Dr. Quinton Hennigh, (P.Geo., PhD), a Qualified Person as defined in National Instrument 43-101 and a Director of Condor Resources. Readers are cautioned that the technical information provided in this press release is of a historical nature and does not necessarily conform to the updated standards set out by NI 43-101 and thus should not be solely relied upon. The data provided by the major mining company was not accompanied by a Qualified Person statement that verified the historical values as current.
About Condor Resources Inc.
Condor Resources is a precious and base metals exploration company focused on its portfolio of projects in Peru. The Company's flagship project, Pucamayo, is an 85 km2 property containing a high sulfidation epithermal system with disseminated precious metals mineralization with a large lithocap alteration visible at surface. The Huiñac Punta project, a 7,200 Ha property in Huanuco, Peru, has the potential to host a large carbonate replacement style (CRD) silver-dominant polymetallic mineralized body with the potential for discovery of a bulk tonnage silver and base metals deposit. The Company has optioned several large projects to partners who continue to advance these projects. The Company's award-winning exploration team in Peru has a long history of success in discovering and advancing high quality exploration projects and managing the social aspects of its exploration activities.
For further information please contact the Company at 1-866-642-5707, or by email at info@condorresources.com
Forward-Looking Statements
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Although the Company believes that the expectations reflected in applicable forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. Such forward-looking statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in such statements.
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