|September 26, 2017|
Condor Provides Updates on Drilling programs at Soledad and Ocros Projects
|Vancouver, B.C., September 26, 2017 - Condor Resources Inc. - ("Condor" or the "Company") (TSX.V: CN) is pleased to provide updates on the ongoing diamond drill programs at the Soledad project, and at the Ocros project, both in the Ancash Department, Peru. |
As announced August 16th, Chakana Resources S.A.C. ("Chakana") commenced drilling operations at Condor's wholly owned Soledad project. As of September 22nd, Chakana advises they have completed 2,065 metres of drilling in 9 holes. These holes have been drilled at breccia pipe #1, and are designed to provide detailed information on the geometric size and mineralized grades of this tourmaline breccia pipe. It is expected up to 12 drill holes will be completed at breccia pipe #1, and then the drill rig will be relocated to breccia pipe #5, where a similar program will be undertaken. We expect to receive the first results at Soledad from Chakana in early October.
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.
As announced July 5th, Compañia Minera Virgen de la Merced S.A.C. ("Merced") commenced drilling operations at Condor's Ocros project. As of September 22nd, Merced advises they have completed 719 metres of drilling in the first hole, and drilling continues on this hole. Drilling to date has been slow due to mechanical breakdowns and a 12 hour/day drilling schedule. Merced's drill program is intended to test the continuity of the copper porphyry mineralization over an approximate area of 1.5 square kilometres centered around the adits of the historic Eldorado mine. We expect to receive the first drill results at Ocros from Merced in mid October.
Merced has the option to earn a 70% interest in Ocros over a period of 4 years.
Lyle Davis, Condor President and CEO noted: "We are very pleased with the progress made at Soledad since mid August, and believe that the mechanical issues at Ocros have now been resolved. Our shareholders can look forward to regular updates from these projects over the coming months. And with a drill permit anticipated at our Chavin project shortly, we hope to have a third drill program underway before year end."
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.
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