|October 19, 2009|
Prospecting Discovers New Widespread Mineralization at Condor de Oro -- Additional Ground Staked
|Vancouver, B.C., October 19, 2009 - Condor Resources Inc. - ("Condor" or the "Company") (TSX.V: CN) is pleased to provide an update of the exploration program conducted on the Company's Condor de Oro property in Cajamarca province of northern Peru between September 11 and October 2, 2009.|
The mapping and prospecting program at the Pucayacu zone led to the discovery of pervasive copper mineralization over a 100 metre rock face situated upstream from an area of historic placer gold workings. Additional staking has been completed, and has expanded the Condor de Oro property to over 102 square kilometers. Assay results from the program are expected by mid November.
Field work on the property concentrated on the Pucayacu and Yuracyacu zones, the two extensively mineralized Au-Cu systems discovered to date on the Condor de Oro project. The Pucayacu zone is located in the southwestern area of the property and the Yuracyacu zone is located in the northeastern area of the property.
The Pucayacu and Yuracyacu zones have never been drill tested by the Company or previous explorers.
Mapping and prospecting to extend the area of previously known mineralization led to the new discovery of a near-vertical rock cliff face measuring more than 100 meters vertically, comprising intensely quartz-sericite (phyllic) altered quartz feldspar porphyry (QFP) intrusive exhibiting pervasive copper mineralization throughout, occurring as disseminations in at least three phases of brecciation, as well as on fracture surfaces and in microveinlets and veinlets. Visible mineralization comprises secondary copper oxides along with chalcocite, covellite, bornite and chalcopyrite. Old placer gold workings are evident downstream below this outcrop and a previous rock sample collected down-drainage returned an assay of 2.5 g/t Au.
The Yuracyacu mineralized zone is located approximately 8 km to the northeast of Pucayacu, and also encountered extensive limonite-stained phyllic altered QFP comprising an estimated 90% of float boulders in all of the drainages prospected over an area measuring approximately 4 sq km. The QFP was subsequently located in outcrop in several locations. The mineralized system remains open in all directions. The geological setting is similar to the geology and style of mineralization at Pucayacu. Intense alteration occurs within breccias and stockwork veining along with quartz-carbonate-sulphides, banded sulfosalts and rhodochrosite. Mineralization occurs as disseminations and locally in quartz vein stockworks as chalcocite, covellite, bornite, chalcopyrite and pyrite. A dacitic stock was also found in outcrop and exhibits intense multiphase hydrothermal events with chalcedonic quartz matrix breccias along with limonites, and banded, drusy, botryoidal quartz carbonate veins containing abundant chalcopyrite, covellite, galena and sphalerite. The style of mineralization is indicative of low to intermediate sulfidation precious metals systems similar to the style of mineralization at the Fruta del Norte deposit, Ecuador.
Previous sampling on the property has indicated a strong correlation between copper mineralization and gold values. A helipad has been cleared on one of the nearby hilltops to facilitate future access to the Yuracyacu zone.
As a result of this latest program, an additional 20 sq km have been staked at Yuracyacu to cover the projected extension of the mineralization along the northeastern and eastern boundaries of the property, expanding the total landholdings on the Condor de Oro property to 102.38 sq km.
A total of 111 rock chip samples and 2 stream sediment samples were collected during the program and were forwarded to the full service ALS Chemex international geochemical laboratory in Lima on October 5th, 2009. Results will be released as they become available.
The Company has agreed to purchase an 85% interest in the Condor de Oro Property, and also has the right to acquire a 100% interest in the 49 sq km Sol de Oro and 70 sq km Kury Intsa projects located immediately to the north, bringing its total mineral exploration rights to 221 sq km on the Peruvian side of the newly emerging and underexplored Cordillera del Condor gold and base metals belt.
Condor Resources Inc. was incorporated in 2003 by field exploration specialists focused on the generation of gold and copper projects in South America, where management has extensive experience and a proven track record of discovery. The Company's long term objective is the discovery of a major new gold and/or base metal deposit, and its business plan offers shareholders access to an exciting and growing portfolio of discovery stage properties, including six 100% owned projects in Chile, and seven projects in Peru, each offering a unique path to discovery.
ON BEHALF OF THE BOARD
Patrick J. Burns,
President & Chief Executive Officer
For further information please contact Carey Lotz at 1-866-642-5707, or by email at: email@example.com
Forward-Looking Statements: Statements in this release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed under the heading "Risk Factors" and elsewhere in the Company's periodic filings with Canadian securities regulatory authorities. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The Company does not assume the obligation to update any forward-looking statement. Dr. Richard Culbert, P.Eng., is the Qualified Person for the Company as required by NI 43-101 and has reviewed the contents of this news release.
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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