|June 28, 2018|
Condor Provides Updates on Partner Funded Work Programs
|Vancouver, B.C., June 28, 2018 - Condor Resources Inc. - ("Condor" or the "Company") (TSXV: CN) is pleased to provide updates on the ongoing work programs being undertaken by our partners on our Soledad, Chavin and Ocros projects. |
At Condor's Soledad project, Chakana Copper Corp. ("Chakana") has the right to earn a 100% interest, subject to a 2% NSR payable to Condor on the original project, and on the surrounding area of interest. Chakana have expanded their Phase I drill program due to the discovery of a blind breccia pipe north of Breccia #1, and as reported by Chakana on June 26, 2018, they have now completed 17,590m in 63 holes since last August.
"We congratulate Chakana's exploration team for finding the blind breccia pipe at Soledad" commented Condor President Lyle Davis. "We believe Soledad is a large, complex, mineralized centre, with the strong possibility of finding more blind pipes. This development, along with Chakana's recent acquisition of adjacent mineral concessions hosting four known breccia pipes (see Chakana's May 23, 2018 news release) make this project all the more exciting, as our area of interest, and the potential value of Condor's NSR, includes the four recently acquired breccia pipes".
Chakana's Phase II drill program will test additional pipes on the Soledad concessions, as well as the recently acquired adjacent concessions.
Condor has received 500,000 Chakana shares and payments of US$100,000 to date. Chakana can earn a 100% interest, subject to the 2% NSR retained by Condor, by payment of a further US$5.275 million. The next payment of US$50,000 is due in December.
At Condor's wholly owned Chavin project, Compañia Minera Casapalca S.A. ("Casapalca") have advised their drill program is scheduled to start on or about June 28th. Casapalca are funding this program on a 100% basis. Chavin's drill program is designed to test the continuity and grade to depth of the mineralized principal vein of polymetallic massive sulphides, traced at surface for over one kilometre, with the vein width at surface varying from 2 to 5 metres, and also to test for bulk tonnage polymetallic mineralization. Chavin is located in the Ancash Department, approximately 70km northwest of the Pierina mine in the prolific Eocen-Miocene metallogenic belt of Peru. Chavin is leased to Casapalca in return for a 3%NSR, subject to annual minimums. Sandstorm Gold Ltd. purchased half of the production NSR from Condor in January 2017.
At Condor's Ocros project, Compañia Minera Virgen de la Merced S.A.C. ("Merced") are currently drilling their fourth hole, DDH-005, and at last report were at 542m of a planned 900m. Merced commenced their drill program in July 2017, and have completed 2,106m in their first three drill holes. No results have been reported from Merced's Ocros drilling. Merced has an option to earn a 51% interest, with a 2nd option to earn up to a 70% interest at Ocros.
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
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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