|October 03, 2016|
Drill Program to commence on Ocros Project, Ancash, Peru
|Vancouver, B.C., October 3, 2016 - Condor Resources Inc. - ("Condor" or the "Company") (TSX.V: CN) Further to the Company's news release of August 19, 2016, Condor has been advised by Compañia Minera Casapalca S.A. ("Casapalca") that Casapalca have filed their "Iniciación de Actividades" with the Peruvian Ministry of Energy and Mines for the Ocros project. This filing is required prior to commencement of the drill program. |
Condor owns 85% of the Ocros copper project. As previously announced, the Ocros project is permitted for up to twenty-four drill holes. Access roads and drill pads have been constructed since receipt of the drill permit in August, and the drill rig is scheduled to be mobilized shortly, with drilling expected to start by mid-October. Proposed drill hole locations can be found on our website at www.condorresources.com/i/maps/OCROS-PROPOSED-DRILLHOLES-SEPT-2016.jpg.
Sampling on two of the 1950's era adits at the Ocros porphyry project has confirmed porphyry style copper, gold, and silver mineralization, which mineralization remains open laterally, to the west, and to depth. The historic Eldorado mine exploited a late phase, high grade copper sulphide vein, which 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, exploratory diamond drilling has never been completed on the copper porphyry system in the area of the adits. Systematic sampling of the old adits by the Company in 2014 and 2015 yielded greater than 0.55% copper over a horizontal length up to 326m on two separate levels. (see our July 7, 2015 news release).
The objective of this drill program is test the continuity of the mineralization over an approximate area of 1.5 square kilometres centered around the historic adits, where the mineralization has been confirmed.
Casapalca may earn a 51% interest in the Ocros project by completing 6,000m of diamond drilling and making cash payments totalling US$250,000, over the next 3 years, with a further option to increase their interest at Ocros to 70% by completing an additional 4,000m of diamond drilling (or work equivalent), and by making a further payment of US$300,000.
Casapalca is a significant private Peruvian mining company with more than 29 years of local experience, and extensive knowledge of underground mining. Its principal asset is the Americana mine, located in the historic Casapalca mining district, about 100 km east of Lima, where they are currently mining almost 1 km below the surface. Casapalca has been involved in the discovery and development of several mines and joint ventures in Peru.
Condor is an explorer and 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
President & Chief Executive Officer
For further information please contact the Company at 1-866-642-5707, or by email at email@example.com
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.
You can view the Next News Releases item: Fri Dec 9, 2016, Drill Mobilized onto Condor's Ocros Project, Ancash, Peru
You can view the Previous News Releases item: Fri Aug 19, 2016, DIA Received for Ocros Project; Compañia Minera Casapalca S.A. to commence Drill Program Shortly
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