CobreorcoProspective for: Copper-Gold
Cobreorco is located in south-central Peru, in the province of Andahuaylas in the department of Apurimac, at elevations of 3,700 to 4,100m. Cobreorco is approximately 90km north-east of the town of Puquio, and approximately 120km west of the Las Bambas mine.
The Cobreorco Project was acquired by staking and is 100% owned by Condor, and not subject to any royalties.
The Company applied for an additional 30 sq km of concessions in November 2020, and were successful in obtaining 4 sq km that are contiguous to our current holdings, and 2 sq kms that are not contiguous, bringing the total project area to 11 sq km. Another party applied for the balance of the 24 sq km we applied for in November; ownership of these concessions will be determined by a sealed bid auction conducted by the MEM at a future (TBD) date.
An exposed copper skarn and outcroppings of massive magnetite-iron oxide lead to the staking of this project. In addition, there is a skarn-gossan outcropping that has been exploited on a small scale by artisanal miners. We have found no evidence of prior sampling or exploration drilling on the project.
It is the opinion of Condor geologists that Cobreorco is a typical porphyry/skarn system, with large massive magnetite, calcosilicate assemblages with evidence of an eroded skarn, and an outcropping of potasic porphyry, approximately 80 m in diameter. Limited sampling to date suggests the mineralization of the porphyry is relatively homogeneous in gold and copper values.
In January 2021 Condor geologists conducted a second sampling program, and collected 153 samples, typically over a 2m length. Results from this sampling program have not been released.
A drone supported magnetic survey was completed in July 2020. The survey covered an area of approximately 5 sq km at a 100 m line spacing for a total of 68 line kms. Data from this survey has been processed, and the initial review of the magnetic survey data suggests the presence of two potential intrusive systems that correlate well with exposed surface gold/copper porphyry and skarn outcrops. The sampling results and analysis of the proprietary magnetic survey will be used to design a maiden diamond drill program.
Condor geologists undertook a small sampling program in 2019, and collected 51 rock channel samples, typically over a 2m length. Of the 51 samples, 9 of 51 tested over 1% copper, and another 29 tested between 0.1% and 1.0% copper. Gold values were as high as 10.8 g/t, with 19 of the 51 samples testing over 1 g/t Au.
Condor plans to fast track Cobreorco to drill readiness. The Company has initiated contact with the local community, as community consent is required prior to preparing and filing its DIA application. A third party firm has been retained to assist in the DIA application process.