Condor Resources Inc.: Second Adit at Ocros Confirms Mineralized Porphyry
Systematic Channel Sampling yields a horizontal width of 0.56% Copper over 325m Agreement formalized with Local Mining Company
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jul 7, 2015) - Condor Resources Inc. - ("Condor" or the "Company") (TSX VENTURE:CN) is pleased to provide an update on exploration activity on its 85% owned Ocros copper project, Ancash Department, Peru. In the 1950's, the historic Eldorado mine located on the Ocros Property exploited a late phase, high grade copper sulphide vein, and was mined westward into wallrocks consisting of the potassic altered portion of a well mineralized porphyry copper system. To the best of the Company's knowledge, no exploratory diamond drilling has been completed on the copper porphyry system in the area of this adit.
Compilation of fifty nine (59) samples taken from the recently re-opened '150 Level Adit' yielded 325m of 0.56% copper, 0.1g/t Au, and 3.7 g/t Ag. These results complement and are consistent with the results previously reported in February 2015 for the '200 Level Adit'. The 150 Level Adit runs parallel to the 200 Level Adit in the same vein, and is located approximately 60m east, and 50m below, the 200 Level Adit. For the sampling of the 150 Level Adit, a total of 59 samples were taken with an average weight of 2.1 kg. Sampling was done systematically over the length of the 150 Level Adit, and typically consisted of 5-metre long horizontal rock chip samples. The sampled wallrock in the 150 Level Adit exhibits intense quartz-biotite-magnetite-chalcopyrite-bornite with stockwork of quartz-magnetite-chalcopyrite-bornite. Please refer to www.condorresources.com/i/pdf/ReportOcrosjuly2015.pdf
Results from the 200 Level Adit were previously reported on February 10, 2015. A total of sixty two (62) representative five-metre long horizontal rock chip samples taken over the entire length of the main adit of the Eldorado Mine, the 200 Level Adit. Compilation of these sample results yielded 326m of 0.68% copper over the length of the 200 Level Adit. The wallrock in the 200 Level Adit exhibits the same geology of stockwork as observed in the 150 Level Adit. Please refer to www.condorresources.com/i/pdf/Ocros-figures-and-maps-feb2015.pdf for additional details.
"The results from systematic sampling on both the 150 Level and 200 Level Adits at Ocros, along with the visual observations from inside the adits, confirm the copper mineralized potassic core for over 325m inside the hill, and we are confident this is part of a porphyry type center of significant size. Our initial conclusion was this occurrence is similar to copper porphyry projects from the Eocene-Oligocene-Miocene belts, the host of world class copper deposits in Peru, and the recently received Ocros age estimate of Oligocene, similar to age estimates at Las Bambas, and other copper projects being developed in Peru, supports the potential at Ocros" stated Ever Marquez, Condor's VP of Exploration. The copper mineralization in both the 150 and 200 Level Adits, is very uniform and typical of mineralization associated with the potassic core of many other well-known copper-porphyry deposits. The geology in the adit is well exposed and is entirely hosted within feldspar-hornblende-porphyry, with intense potassic alteration throughout. Mineralization is in the form of disseminated chalcopyrite-bornite, as well as quartz chalcopyrite and bornite stockwork veins. Native copper is also observed in some places.
Project photos can be seen at: www.condorresources.com/s/ProjectGallery.asp?ReportID=416377
On June 1, 2015, the Company signed an agreement with a local small-scale miner, granting the miner the right, for one year, to open up the historic workings and to exploit the Eldorado vein within a limited and defined area of Ocros (approximately 7.6 hectares), in consideration of a monthly royalty payable to the local community, and payment by the miner of the annual concession taxes on all the Company's Ocros concessions. With respect to compliance with labour and environmental regulations the Company has assigned this responsibility for the one-year period to the local miner who has been trucking material to toll mills in Nazca. The Company has recently met with the local community and other meetings are planned, in anticipation of a drill permit application to be filed by late summer.
Condor is a project generator focused exclusively on Peru, and our objective is the discovery of a major new precious metals or base metals deposit. Project acquisition and development is managed by our 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.
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.
There has been insufficient exploration to define a mineral resource on the Ocros Property and it is uncertain if further exploration will result in the El Dorado target at the Ocros Property being delineated as a mineral resource. The Ocros chip samples were transported in sealed bags to ALS Minerals laboratory in Lima, Peru, an ISO 17025:2005 accredited laboratory; no standards or blanks were included in the submitted samples. Samples were prepared at ALS Minerals. The chip sample results summarized in this release were assayed using ALS procedure ME-MS41, and/or ALS procedure Cu-OG46.
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