Brahma/Austral

Brahma

Highlights:

Previously undiscovered porphyry Cu-Mo target
6 sq km in size and open to S and SE
Values up to 2.97% Cu and 1.48g/tAu

Prospective for: Porphyry Copper-Molybdenum

Location:

The 156 sq km Brahma project is situated southeast of the city of Talca in southern Chile. It is located on the prolific West Fissure fault system, the continental scale structure which controls most of the large world class copper deposits within the central Andes, including the El Teniente mine located 200 km to the north.

Ownership:

100% owned.

Geology/Mineralization:

In 2006, Dr. Richard Culbert discovered a highly anomalous stream sediment sample at a location called Los Boldos Creek. In 2007 Condor geologists, attempting to locate the source of the copper anomaly within the creek, identified and traced float boulders containing finely-disseminated chalcopyrite and covellite in a pervasive quartz-sericite ("phyllic") altered quartz feldspar porphyry intrusive (QFP) to a tributary of the main creek and then to an outcrop where copper sulphides occur as disseminations, localized stockwork veinlets and fracture coatings. Subsequent prospecting approximately 300 m vertically above this outcrop located additional pervasive-altered and leached QFP in bedrock, with hematite and lesser jarosite occurring as disseminations, in stockwork veinlets and on fracture surfaces within the intrusive. This type of alteration closely resembles the leached capping commonly occurring above most Chilean porphyry copper deposits. Abundant finely disseminated chalcopyrite, covellite and pyrite occur at the base of the intensely-altered system.

The pervasive quartz-sericite altered intrusive leached capping exposure was subsequently mapped over an area of approximately 3 sq km, with a measured vertical exposure of at least 400 m. The extensive development of quartz veins, quartz vein stockworks, quartz-tourmaline breccias, breccia dykes and hydrothermal breccias attest to the geologic complexity at Brahma. In addition to the QFP, a mineralized hornblende feldspar porphyry intrusive was also mapped, confirming the complex multi-phase nature of the intrusives typically associated with these large mineralized systems. Exploration work further determined that the peripheral donut-shaped "propylitic" alteration halo surrounding the central copper-mineralized intrusive complex at Brahma is approximately 14 km across.

Summary of Results

Geologic mapping and sampling of the main porphyry copper target in order to define specific drill targets was completed in the first quarter of 2008. Results of a total of 590 primarily rock chip geochemical samples taken from the Brahma project include 273 samples (46%) with values in excess of 100 ppm Cu, with peak values of 0.65%, 0.69%, 0.80%, 0.99%, 1.00%, 1.19% and 2.97% Cu, along with associated Mo-Pb-Zn and localized anomalous Au-Ag values.

Construction of a drill access road at Brahma commenced in April 2008 in preparation for a Phase I drill program. The drill program, designed to test a portion of the 6 sq km alteration/mineralization target with a coincident IP anomaly, commenced on July 8th 2008 and finished in early October.

Seven holes totaling 2,905 m were drilled - the first recorded drill program over this porphyry copper system. Drilling typically intersected a 20m to 30m thick zone of oxidized leached capping from surface, followed by strong phyllic alteration within the hornblende-feldspar porphyry intrusive containing localized quartz stockwork veining with limonites and sulphides, and a potassic-altered QFP intrusive at depth.

The most significant intercept returned 0.14% Cu over 184 m in drillhole BRA-003. The other drill-holes returned marginal copper values, including 50.0 m of 0.11% Cu in BRA-004, and 8.0m of 0.24% Cu in BRA-001. Molybdenum values were generally anomalous but sub-economic; the best molybdenum intercept occurred in hole BRA-006 over a 2m interval from 156m to 158m grading 0.11%Mo.

The Phase I drill program tested a small portion of the main 6 sq km Brahma porphyry copper target, and whilst the copper values were lower than anticipated, the drill program was successful in confirming the presence of a large mineralized system which remains open to the east and at depth. Additional IP-Resistivity geophysics followed by further drilling is warranted on the main Brahma porphyry copper system and particularly to test the eastern extension of this large target.

Porphyry copper deposits often occur in clusters and this is also the case at Brahma, where several other mineralized targets remain to be tested within the 156 sq km property. These include the Austral Cu-Mo porphyry target located 8 km to the northeast of Brahma and representing a second separate mineralized intrusive porphyry system, as well as the alteration and multi-element geochemical anomalies within the Ancoa River area to the south of Brahma and the mineralized Calabazo Quebrada immediately to the east.

In August 2013, Condor signed an Exclusivity & Access agreement with MMG Chile Exploration SPA ("MMG"), a subsidiary of MMG Limited, regarding Condor's Brahma/Austral project in southern Chile. The agreement gives MMG an exclusivity period of 270 days to conduct a mandatory due diligence program at Brahma/Austral, which is expected to include an airborne magnetics survey, and follow up mapping and sampling. MMG are required to declare if they intend to proceed with an option agreement on the project by February 15, 2014.

MMG advised in mid-February 2014 that they would not proceed with the option agreement. Condor is currently reviewing MMG's work reports and other data compiled by MMG during their due diligence.



Austral

The Austral porphyry copper system was discovered during reconnaissance prospecting of the Brahma porphyry Cu-Mo project and subsequently acquired by staking. Porphyry copper deposits often occur in clusters and Austral is considered to be satellite porphyry related to the Brahma project.

Prospective for: Porphyry Copper/Gold

Location:

The 30 sq km Austral property adjoins the Brahma property in southern Chile, southeast of the city of Talca. The project is located 8 km northeast of the main Brahma target.

Ownership: 100% owned.

The Austral property comprises a sequence of andesitic volcanics intruded by mineralized and altered quartz feldspar porphyry intrusive exposed as a 'window' along the base of a steep valley slope. Copper mineralization occurs most commonly within the quartz-sericite (phyllic) alteration zone and has been traced over a length of 1500 m by 500 m in width. Mineralization remains open in all directions under cover. Historically, small scale mining has occurred within fracture zones containing copper oxides at Austral. A total of 91 surface rock samples returned 46 samples (51%) grading 0.10% to 0.68% Cu with associated anomalous Mo-Au-Ag-Pb and Zn values.

A one-line geophysical IP survey was completed over the target in mid 2008 to attempt to define the limits of the mineralization under cover.

In February 2009, Condor was advised by a major international mining company that they had completed an inclined diamond drill-hole totaling 321m depth which was collared within a third party adjacent mineral claim and terminated on the Austral property. This drill hole was completed without the knowledge or consent of Condor. Subsequent to drilling and assaying of the hole by this company, the drill-hole location and assay results were voluntarily forwarded to Condor and, subject to confirmation by Condor, indicate the presence of significant amounts of copper and gold mineralization. Copper values in the hole were highly anomalous, with numerous individual 1m core samples returning values of 1% to 1.1% Cu, and gold values ranging from negligible to 0.248 g/t Au.

No commercial relationship currently exists between this undisclosed major company and Condor, although discussions are continuing in a spirit of amicable cooperation.