|July 03, 2020|
Condor Provides Project and COVID-19 Updates
|Vancouver, B.C., July 3, 2020 - Condor Resources Inc. - ("Condor" or the "Company") (TSXV:CN) is pleased to provide the following updates regarding its planned exploration activities on its four (4) highest priority exploration projects, with an initial update on COVID-19 impact to exploration.|
Effective July 1st, Peru eased COVID-19 related lock down restrictions in all but seven of its regions. With the eased restrictions in Lima, Condor Exploration Peru's Lima office will reopen immediately with government approved health and safety protocols. In the interest of the health and safety of Condor's personnel, office attendance is expected to be staggered and alternated for the time being, complimented by continued work from home.
On June 26th, the State of National Emergency in Peru was extended in certain cities within seven regions of the country until July 31, 2020. Although Condor has projects within these seven regions, the projects fall outside of restricted cities and towns. The Company is currently developing protocols and guidelines for staff to operate on its exploration tenure while adhering to national and local legal restrictions and guidelines.
The US$100,000 payment due from Chakana Copper on June 23, 2020 was received on schedule. Under the Soledad purchase agreement, Chakana must make three additional payments totalling US$4.975 million over the next 18 months to acquire the Soledad project, at which point the Company will retain a 1.0% NSR on Soledad and on a 2 kilometer Area of Interest. This payment, along with the recently completed private placement, provides funding to commence Condor's near-term activities on our priority projects.
Pucamayo is a highly prospective high sulfidation gold system located approximately 180 km southeast of Lima. Condor considers the project to be the highest priority among its portfolio of high-quality exploration properties. Condor has a valid drill permit, or "DIA," and a signed agreement with the local community of Liscay. The community is supportive of the Company's efforts to obtain a signed access agreement from the local land holder. At the start of the COVID-19 pandemic, Condor assisted Liscay by coordinating distribution of hand sanitizer dispensers and fumigation bombs to the village. Condor has also made arrangements to deliver a shipment of food, masks and other personal protective equipment to meet the needs of the local population. Condor anticipates finalizing necessary access agreements once the COVID-19 lock down restrictions have eased within this region, and then commence its Phase I drilling program. The highest priority target is a sub-horizontal blanket-like body of vuggy silica mineralization approximately 800 m long, 500 m wide and 150 m thick associated with significantly elevated gold and silver values in an exposed breccia that is interpreted to source from this blanket-like body. Condor plans to drill a series of at least ten steeply inclined diamond drill holes scattered across the footprint of the target area. Each of these holes is expected to achieve a depth of at least 300 m, and some of these holes will be extended to depths of approximately 600 m to adequately test an underlying porphyry style target believe to be the hydrothermal driver of the high sulfidation system.
Huinac Punta is located approximately 260 km north-east of Lima and host to a large, potentially high-grade sedimentary carbonate replacement style silver-rich mineralizing system with anomalous values of Cu, Zn, and Pb. Mineralization is both blanket-like and pipe-like in nature. Final documentation supporting a DIA application has been submitted to the Ministerio de Energia y Minas. In anticipation of receipt of its DIA approval, Condor is working on community consultation to secure access and water use permits that will allow it to diamond drill this important project. In the meantime, to better define drill targets, the Company will complete geophysical surveys, including an induced polarization and a ground based magnetic survey.
The company's newest project, Cobreorco, is a porphyry-skarn system situated approximately 460 km south-east of Lima, and was acquired through staking by Condor's exploration team. No prior drilling has been conducted on this intriguing new property although there are numerous small mine type workings in the skarn prospects. Recent exploration by the Company has included alteration mapping and sampling. This evaluation indicates the presence of a copper-gold porphyry system with roof-pendant style mineralized skarn, which itself is a potentially significant exploration target. Most encouraging surface rock sample results range between 0.57 and 4.4 g/t gold over 2 meter channels and between 0.12 and 1.8% copper over 2 meter channels collected from outcrops of leached porphyry-style mineralization. Given its strong potential, Condor plans to fast track Cobreorco to drill readiness. This includes aggressive field work as well as initiating the DIA application process and community consultation, and other related activity necessary for Phase I drilling.
Like Pucamayo, Andrea is a large, largely untested high sulfidation gold project. Situated approximately 480 km south-east of Lima and just 15 km north of the Breapampa high sulfidation gold mine, the property hosts an extensive alteration system measuring approximately 3 km in diameter. Spot rock chip samples of hydrothermal and vuggy silica mineralization returned values up to 4.19 gpt Au. Like Cobreorco, Condor sees Andrea as a new, high-priority project and we plan to fast track it to drill readiness. This includes aggressive field work as well the DIA application process, initiating community consultation and other related activity necessary for Phase I drilling.
Condor is an active explorer focused exclusively on Peru, supplemented by a project generator and royalty model designed to generate exploration capital whilst minimizing shareholder dilution. Our objective in advancing our portfolio of projects is the discovery of a major new precious metals or base metals deposit in Peru. Project acquisition and exploration activities are managed by the Company's 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
Dr. Quinton Hennigh, 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.
You can view the Next News Releases item: Wed Jul 15, 2020, Condor Receives Declaración de Impacto Ambiental, or "DIA" for Huiñac Punta
You can view the Previous News Releases item: Fri Jun 26, 2020, Condor Announces COVID-19 Related Postponement of Financial Statements
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