|November 23, 2020|
Condor Resources - Updates for Huiñac Punta and Cobreorco Projects
|Vancouver, B.C., November 23, 2020 - Condor Resources Inc. - ("Condor" or the "Company") (TSXV:CN) is pleased to provide updates on the Huiñac Punta and Cobreorco projects. |
Huiñac Punta - A detailed ground geophysical survey has been completed at Huiñac Punta, with field work concluding late last week. An Induced Polarization ("IP") survey consisted of approximately 16 line kilometers, comprised of 8 lines, each 2km in length, line spacing at 100m, with polo-dipole spacing of 50m. The IP survey was designed to assist in defining the geometry of a postulated carbonate replacement system ("CRD") system, and to compliment data obtained from a 35 line-km magnetic survey conducted on the project in August. The primary objective of the combined geophysics programs is to prioritize targets for a maiden diamond drill program, scheduled for the first half of 2021. The Company received a Declaración de Impacto Ambiental ("D.I.A.") for this project in July and has filed its Initiation of Activities.
Cobreorco - In early November, Condor applied to INGEMMET (a branch of the Peruvian Ministry Energy & Mines) for an additional 30 sq km of concessions adjoining its core 100% owned concessions. The Company was successful in securing an additional 4 sq km of requested area contiguous to the existing property. In addition, the Company added two other areas, each one square kilometer in size, both of which are separate from each other and from the existing core concessions. The remaining 24 sq km of concessions applied for were subject to applications by others, and ownership will be determined by a sealed bid auction conducted by INGEMMET at some future undetermined date. Preliminary discussions have commenced with the local community. Community acceptance to Condor's proposed work program will be the first step in preparing our D.I.A. (drill permit) application. As noted in the Company's September 30, 2020 news release, a magnetic survey suggests the presence of two potential mineralized centers that correlate well with exposed surface gold/copper porphyry and skarn outcrops at Cobreorco.
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. The Company's objective in advancing its 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 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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