OcrosProspective for: Porphyry Copper/Molydbenum
The 19.7 sq km Ocros property is located 180 km NW of Lima at elevations ranging between 2250m and 3550m and on the continental-scale West Fissure fault system, host to the majority of South America's most significant copper resources
85% interest. The property vendor holds a 1% net smelter returns royalty, and a 15% interest carried to commercial production. Condor has the right to purchase the royalty at any time for US$2,000,000. The property vendor's interest is fully-carried and non-contributing until the completion of a feasibility study, at which time the property vendor will receive an additional 1 million shares. All costs incurred by Condor on behalf of the property vendor following completion of the feasibility study will be recouped with interest from the property vendor's 15% share of production proceeds.
Past production history includes the mining in the 1970's of several high-grade Cu-Au-Ag-Zn veins peripheral to the large copper-rich system.
The property covers an intensely altered, copper-mineralized target measuring 6 sq km in area, with mineralization presently exposed over a vertical extent of more than 700m. High grade "exotic" copper mineralization, comprising secondary copper-rich chrysocolla cementing gravels at the bedrock-gravel interface is also present, representing a second separate high-grade copper exploration target.
Summary of Work to Date:
Sampling of the property in July 2007 returned widespread anomalous Cu, Au, Ag, Mo, Pb and Zn assays within the area targeted for drilling. A total of 118 of the 128 samples collected (92%) returned values in excess of 100 ppm Cu, including 76 samples (59%) in excess of 500 ppm, 51 samples (40%) in excess of 1000 ppm, 18 samples in excess of 0.5% Cu and 11 samples (9%) assaying more than 1% Cu.
A Phase I drill program designed to test the continuity of the highly anomalous surface copper mineralization at depth commenced in November 2007 and was completed in April 2008. A total of 7 holes totaling 2,803 meters of diamond core drilling were completed. The best intercept was found in drill hole OCR-001 with 251.3 m grading 0.15% Cu, including 54 m of 0.41% Cu from 316.0 to 370.0 m depth. The remaining holes included OCR-002 with 81.9 m grading 0.11% Cu, OCR-003 with 102.0 m of 0.11% Cu, OCR-005 with 12.0 m of 0.16% Cu, OCR-006 with 10.0 m of 0.21% Cu and a second interval deeper in the hole which returned 19.6m grading 0.12% Cu. The seven widely-spaced drill holes at Ocros tested only a small portion of the 2 sq km porphyry copper target and further evaluation and drilling are required.