Condor Resources Inc.: New Breccias Drilled at Soledad Gold-Copper-Silver-Project, Peru
Results include 96m intersection of 1.5 g/t AuEq, in Breccia #5 and 37m intersection of 1.8 g/t AuEq, in Breccia #6
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jun 17, 2014) - Condor Resources Inc. ("Condor" or the "Company") (TSX VENTURE:CN) is pleased to provide the second report on the 2,000 metre diamond drill program currently being conducted 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 7 (SDH-007) tested Breccia #5, and intersected mineralized breccia from 33m to 129m that averaged 1.5 g/t AuEq (0.92 g/t Au, 15 g/t Ag, and 0.22% Cu) over 96 metres. Included are higher grade intervals, with the highlight including 26m of 2.3 g/t AuEq (1.27 g/t Au, 38g/t Ag, and 0.30% Cu) starting at 66m.
Hole 5 (SDH-005) tested Breccia #6, and intersected mineralized breccia from surface to 76m that averaged 1.0 g/t Au/Eq (0.53g/t Au and 33 g/t Ag) over the 76 metres. Included in this drill hole was a higher grade interval which started just below surface, and averaged 1.8 g/t AuEq (0.82 g/t Au and 65 g/t Ag) over 37m.
| Table 1: Summary of Significant Intersections, Holes 1 through 7 | ||||||||
| (SDH-001 reported previously by news release dated May 20, 2014) | ||||||||
| Hole | Target | from | to | Width* | Au g/t | Ag g/t | Cu % | AuEq g/t** |
| SDH-001 | Breccia #1 | 54 | 87 | 33 | 3.45 | 22.8 | 0.95 | 5.35 |
| includes | 59 | 80 | 21 | 5.16 | 34.4 | 1.48 | 8.09 | |
| SDH-002 | Cima Blanca | no significant results | ||||||
| SDH-003 | Cima Blanca | 43 | 48 | 5 | 3.94 | 13.4 | <.01 | 4.14 |
| SDH-004 | Breccia #3 | 5 | 10 | 5 | <0.1 | 18.8 | <.01 | 0.29 |
| SDH-006 | Breccia #3 | 72 | 76 | 4 | 0.10 | 11.2 | 0.19 | 0.59 |
| SDH-005 | Breccia #6 | 0 | 76 | 76 | 0.53 | 33.4 | .02 | 1.04 |
| includes | 2 | 39 | 37 | 0.82 | 65.1 | .03 | 1.81 | |
| SDH-007 | Breccia #5 | 33 | 129 | 96 | 0.92 | 15.2 | 0.22 | 1.48 |
| includes | 66 | 92 | 26 | 1.27 | 38.5 | 0.30 | 2.34 | |
| * True widths are unknown, and shapes are irregular, but estimated widths are unknown for Breccia #1, 35m Breccia #6, and 50m Breccia #5. |
| ** 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 seven, visit our website at: http://www.condorresources.com/i/maps/SOLEDAD-DRILL-HOLES-1-to-7-June-16-2014.jpg
Further drilling results updates are expected shortly. Mariana have advised the Phase 1 drill program at Soledad was completed Monday June 16th with SDH-012 reaching a final depth of 437m. In excess of 2,000m were completed during this drill program. The objective of the latter stage of the drill program at Soledad was to discover a breccia-hosted and/or porphyry hosted bulk tonnage mineralization at depth associated with the cluster of mineralized breccias expressed at surface.
The first stage of the drill program tested the surface targets. The first hole successfully confirmed historical results from Breccia #1. Holes two and three tested the Cima Blanca zone, interpreted to be a high sulphidation epithermal zone. SDH-002 was drilled to a depth of 88.5m to test a prominent chargeability anomaly coinciding with a zone of argillic alteration at surface. SDH-003 was drilled approximately 100m east of SDH-002 in the centre of the argillic alteration zone to a depth of 273m, and returned 5m of 3.9g/t Au at 43m. Mariana interpret this interval in SDH-003 as the mineralization expected in the upper levels of a porphyry system. SDH-004 and SDH-006 tested Breccia #3, an area of multiple sub parallel quartz-tourmaline breccias associated with EW trending structures. Both holes in Breccia #3 intersected minor zones of mineralization. SDH-005 tested Breccia #6, and was drilled to 85.5m. The first 76m of SDH-005 was similar to Breccia #1, exhibiting intensely mineralized breccia which tested 1g/t AuEq over the 76m. SDH-005 is about 100m higher in elevation that SDH-001, leading to speculation there may be a copper mineralized zone below. SDH-007 tested Breccia #6, as reported above. Gold-copper values are consistent, averaging 0.9g/t Au and 0.2% copper. The copper grade appears to increase with depth, and the final hole in the current program SDH-012 is a follow up hole intended to test Breccia #5 for porphyry hosted copper-gold mineralization at depth.
Ever Marquez, Condor's Vice President of Exploration, stated, "The results from the first holes are very encouraging, and we look forward to the upcoming results from the holes drilled to depth. Beautiful!"
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 is being 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.
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