Corona
The 15 square kilometer Corona Property is located northwest of the town of Combarbala, some 270 kilometres north of Santiago, and consists of the contiguous Corona claims 1-4. Originally staked by Homestake, the claims lapsed after the takeover of Homestake by Barrick, but were restaked by Homestake's former chief geologist. Condor acquired the claims by staking when the claims lapsed again.Historically, gold, silver and copper have been mined from north-south vein systems and other structures in the district. There is also a Cu-Mo breccia pipe at El Sauce, three kilometres to the west of the property, and copper and gold have been mined from another breccia pipe farther west, near Quilitapia.
Condor Resources staked the Corona property to cover a major portion of a large epithermal alteration zone. The north-south elongation of the claim block reflects partial control by faults associated with a regional graben behind the coastal ranges of north-central Chile. The southern sectors of the alteration exhibit massive, fine silica, cut by large fracture zones with silica-hematite matrix breccias. The larger and more interesting northern sector of the property features swaths of similar silica-hematite and major zones of iron oxide - kaolin within a regional alteration of a style known locally as "combarbalite". The alteration zone is surrounded by many small copper oxide and vein gold workings.
Work conducted on the property consisted of regional mapping and sampling. A total of 59 wash sediment and 56 rock composites were collected and analyzed for gold and 41 other elements. Such gold anomalies as were returned are associated with known vein and copper oxide workings peripheral to the alteration, and the property is not considered to be a target for epithermal gold exploration. There are several characteristics of both the site and the geochemistry that suggest that Corona is a viable target for iron oxide-copper-gold (IOCG) deposits.
A modest program to map and evaluate a central sector of the property was recommended. Its objective is to clarify the IOCG characteristics to the extent that one of the larger companies exploring for this style of deposit in Chile would find it attractive to option the property.
Geological report dated November 16, 2005 by R. Culbert, Ph.D. available on Sedar.
Condor plans to conduct further mapping and sampling at Corona, and will consider joint venture proposals.
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