|May 20, 2014|
Drilling Confirms Mineralization at Soledad Gold-Copper-Silver-Project, Peru
33m intersection of 1.0% Cu, 3.2 g/t Au, and 23 g/t Ag
Vancouver, B.C., May 20, 2014 - Condor Resources Inc. - ("Condor" or the "Company") (TSX.V: CN) is pleased to provide the first 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.
There are eight known breccia pipes at Soledad, which pipes indicate the potential for intrusive related mineralization at depth. Mariana's first hole, SDH-001, located in Breccia #1, was planned as a validation hole, and twinned DDH-005 drilled by Rio Amarillo in 1996. SDH-001 was drilled to a depth of 100m, and intersected breccia-hosted sulphide mineralization. The hole reported a 33m intersection of 1.0% Cu, 3.2 g/t Au, and 23 g/t Ag starting at 58m, and a shorter interval, starting at 59m, reported 21m of 1.5% Cu, 4.7 g/t Au, and 34 g/t Ag. The depth and grade are similar to the 1996 results, which reported 28.5m of 1.1% Cu, 5.0 g/t Au, and 28 g/t Ag. True widths of the mineralized intercepts have not been determined.
After completion of SDH-001, the drill was moved north approximately 1 km to the Cima Blanca target area, which was interpreted as a high sulphidation epithermal zone. SDH-002 was drilled to a depth of 88.5m and was located to test a prominent chargeability anomaly coinciding with a zone of argillic alteration at surface. SDH-002 intersected pyritic breccias related to structures with kaolinite alteration from 19m to 43m, and granodiorite with propylitic alteration and disseminated pyrite from 43m. Assay results are pending on SDH-002.
SDH-003 was drilled approximately 100m east of SDH-002 in the centre of the argillic alteration zone, and intersected approximately 132m of weak molybdenite and moderate pyrite mineralization (veins, disseminations, stockworks hosted in granodiorite), and associated quartz-sericite alteration, starting at 127m. The initial interpretation of the SDH-003 intersection is that of a high level porphyry system. Total depth of SDH-003 was 268.5m. Assay results are pending from SDH-003.
SDH-004 and SDH-005 were both drilled in Breccia #3, one of the 8 breccia pipes on the Soledad property. Logging and sampling is currently underway on these holes. Only Breccia #1 was drilled previously in 1996.
Refer to Figure 1 of this news release for the planned location of the 2014 drill holes.
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
President & Chief Executive Officer
For further information please contact the Company at 1-866-642-5707, or by email at email@example.com
Dr. Richard Culbert is the Qualified Person under NI 43-101 who has approved the technical content of this news release.
FIGURE 1: SOLEDAD MAP SHOWING 2014 PLANNED DRILL HOLE LOCATIONS
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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