|April 26, 2018|
Condor -- Drilling resumes at Ocros; Magnetometer Survey Completed
|Vancouver, B.C., April 26, 2018 - Condor Resources Inc. - ("Condor" or the "Company") (TSX.V: CN) is pleased to announce that drilling has resumed by optionee Compañia Minera Virgen de la Merced S.A.C. ("Merced") at Condor's Ocros project in the Ancash Department, Peru. |
Merced completed a ground magnetic geophysical survey on the Ocros project over an area of approximately 3.1 sq km in March. (http://www.condorresources.com/i/maps/OCROS-NR-slide-2.pdf) Merced, in consultation with Condor, have used the reports from the magnetometer survey, along with knowledge gained from their earlier drill holes, and sampling of the historic adits, to establish the planned locations of the next drillholes. (http://www.condorresources.com/i/maps/OCROS-NR-slide-23.pdf). Drilling on DDH-005 commenced April 19th with a planned depth of 900m, and as of April 26th was at a depth of 107m.
Interpretation of the magnetometer survey shows an elongated ring or 'halo' of high magnetic susceptibility surrounding a magnetic centre of low magnetic susceptibility. (http://www.condorresources.com/i/maps/OCROS-NR-slide-23.pdf) This magnetic signature is often associated with porphyry copper occurrences. The magnetic low surrounded by the magnetic halo is large, more than one km in diameter, and is open to the north-west. The historic adits are located within the area of the magnetic halo, and sampling of the adits has returned quartz-chlorite, secondary biotite, sericite, magnetite, pyrite, with some zones of significant chalcopyrite. Holes DDH-001 through DDH-004 were all drilled in the area of the historic adits, and core logs from these holes describe mineralization similar to the assemblages described along the adits. Of note, the level +50 adit, which has the lowest elevation of the old adits, and extends furthest to the west -- toward the low magnetic centre -- clearly shows an increase of potassic alteration and copper mineralization as the adit extends westward toward the magnetic low.
DDH-005, currently being drilled, is situated above the magnetic low, as are planned holes DDH-006 and 007. An west-east cross section, showing the location of DDH-005, relative to the old adits and DDH-002 and DDH-004, can be seen on our website. (http://www.condorresources.com/i/maps/OCROS-NR-slide-28.pdf) and (http://www.condorresources.com/i/maps/OCROS-NR-slide-29.pdf). OCR-001, drilled in 2008, was also situated in the magnetic halo, and reported increasing copper values at depth, as OCR-001 vectored toward the area of low magnetics. (http://www.condorresources.com/i/maps/OCROS-NR-slide-30.pdf)
Condor is also pleased to report that the first anniversary cash payment of US$75,000 has been received from Merced, who can earn a 51% interest, with a 2nd option to earn up to a 70% interest at Ocros. Merced conducted their initial drill program between July 2017 and February 2018, and completed 2,110m in three drill holes, which satisfied their obligation to complete a minimum of 2,000m of diamond drilling.
Results from Merced's previous three holes (DDH-002, DDH-003, DDH-004) will be published when received by Condor. Merced advise that the samples from all three holes have been submitted to SGS del Peru S.A.C. and results are pending.
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
Mr. Brian D. Game, P.Geo, is the Qualified Person under NI 43-101 who has approved the scientific and technical content of this news release.
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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