|September 12, 2014|
Drilling Results from Condor de Oro Project, Northern Peru
|Vancouver, B.C., September 12, 2014 - Condor Resources Inc. - ("Condor" or the "Company") (TSX.V: CN) is pleased to provide results from CDOYE-007 and CDOYE-008, the final two holes of a 2,585m drill program recently completed by Mariana Resources Ltd. ("Mariana") at the Condor de Oro copper-gold-molybdenum project. The drill program has confirmed the potential for Condor de Oro to host a large tonnage disseminated gold and copper deposit.|
CDOYE-008 was drilled to a depth of 340.5 meters at an azimuth of 90 degrees and a dip of 60 degrees in the southwest zone, and intersected the contact zone between andesitic volcanics and porphyritic feldspar intrusive rock with widespread anomalous gold and copper mineralization. Notable intersections included the initial 38.3m (from 0.7m to 39.0m) which assayed 0.17g/t Au and 0.05% Cu, and a longer intersection (from 118.0m to 320.6m) that assayed 0.17g/t Au and 0.09% Cu. The 202.6m interval is missing 14.4m in 4 gaps as 7 core boxes were damaged in a vehicle accident.
CDOYE-007 was drilled to a depth of 303.0 meters at an azimuth of 60 degrees and a dip of 75 degrees in the north zone, and intersected pervasive primary phase potassic altered dacite porphyry with anomalous values of gold and molybdenum. The best interval was 49.5m of 0.15g/t Au, 0.10% Cu, and 24 g/t Mo (from 153.0m to 202.5m). Also of note was a 42m interval of 107 g/t Mo starting at 211m.
Ever Marquez, Condor's VP of Exploration commented: "We believe this initial drill program has confirmed the presence of a large, disseminated gold-copper-molybdenum system in this underexplored, prolific area of the Cordillera del Condor. The results confirm a large, altered, multiphase system with consistent disseminated gold and copper mineralization that is open in all directions and to depth. And hole four has shown the system can produce bonanza grade intercepts."
TABLE 1: SUMMARY OF SIGNIFICANT RESULTS
The eight widely spaced holes at the Pucayacu target at Condor de Oro have all confirmed the existence of large multiphase intrusive system, and all have encountered altered and mineralized lithology. The objective of the program has been to test the four square kilometer target area defined at surface, provide a better understanding of the mineralization controls, improve the geological model, and refine targets for further drilling. The project has the potential to host a very large gold-copper-molybdenum porphyry deposit, and the target remains open in all directions.
The location of all eight holes can be found at http://www.condorresources.com/i/maps/CDOJul2011/July-2014-Drill-Hole-Locations.jpg
The Condor de Oro concessions are owned by Exploraciones Aguila Dorada S.A.C. ("EAD"). Condor has an irrevocable option to acquire 85% of the issued shares of EAD, and in turn, Condor has granted Mariana an option to acquire 60% of Condor's shareholding interest, being an overall 51% interest. Mariana is assisting EAD with the drill program under the terms of the option agreement with Condor.
Condor 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 firstname.lastname@example.org
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: All technical information for the Condor de Oro 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 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 standards and blanks is performed for analytical reliability. 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.
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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