|August 16, 2017|
Drilling commenced by Chakana Copper at Condor's Soledad Project, Ancash, Peru
|Vancouver, B.C., August 16, 2017 - Condor Resources Inc. - ("Condor" or the "Company") (TSXV: CN) is pleased to announce that Chakana Resources S.A.C. a subsidiary of Chakana Copper Corp. ("Chakana") has commenced drilling operations at Condor's wholly owned Soledad project. |
Chakana has advised that their initial resource drilling program started on August 16th, 2017, and is estimated to total 21,200 metres of drilling. The initial portion of this drill program is designed to provide detailed information on the geometric size and mineralized grades of four of the nine known tourmaline breccia pipes.
Prior drilling has confirmed high grade Cu-Au-Ag mineralization from surface to a depth of 490m in Breccia number one (see the Company's July 6 2016 news release), and mineralized intervals over 119m in Breccias number five and six (see the Company's June 2 2016 news release).
The Soledad property comprises as many as nine hydrothermal breccia bodies within an alteration system that measures approximately two kilometers in diameter as evidenced by pervasive alteration, quartz and quartz tourmaline veins and structures, as well as polymetallic veins with Ag-Cu-Pb-Zn mineralization.
In preparation for the drill program, Chakana consolidated drill core from the 2014 and 2016 drill programs to a Lima facility, modelled the breccia pipes in 3D to support drill planning, completed initial petrography on high grade gold samples, completed hyperspectral scanning of 1,000 m of drill core, and completed a geophysics program consisting of surface EM and CS/NS-AMT in the area around and between Breccias number 5 and 6.
Chakana has the option to earn a 100% interest in Soledad, over a period of 4.5 years, subject to a 2% net smelter return royalty in favour of Condor. To earn their 100% interest, Chakana is required to complete 12,500m of drilling (or work equivalent), make cash payments totaling US $5.375 million, and issue 500,000 Chakana shares to Condor.
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 firstname.lastname@example.org OR
Renmark Financial Communications Inc.
Barry Mire: BMire@renmarkfinancial.com
Tel: (416) 644-2020 or (514) 939-3989
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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