SoledadProspective for: Gold/Silver/Copper
Condor and Mariana Resources Ltd. ("Mariana") signed a Letter of Intent ("LOI") with respect to the Soledad project in September 2013. The LOI grants Mariana an exclusive 45 day period to complete their due diligence and finalize the definitive option agreement outlined in the LOI. Should Mariana proceed with the option, they can earn a 70% interest at Soledad by completing cumulative exploration work of US$4 million, and making cumulative cash payments of US$1.1 million, over a four year term. The LOI also specifies a mandatory US$350,000 exploration commitment during the first year.
Mariana have given notice they wish to proceed with the definitive option agreement and Mariana and Condor are now finalizing the same.
Condor received a drill permit in July 2013, and agreements are in place with surface land owners and the surrounding communities. Mariana have indicated they plan an in depth review of the property prior to their drill program, which program will likely include verification of the reported 1996 intersections of Breccia #1, testing of several of the newly discovered breccias on the property, and initial drilling of the high sulphidation epithermal system discovered in the northeastern sector.
The Soledad Property is located in the Cordillera Negra metallogenic province in the central Peruvian Andes and about 34 km to the south of the Pierina gold-silver mine operated by Barrick Gold Corporation.
The 7.13 sq km project was acquired by sealed bid auction in late 2011, and is 100% owned.
The earliest documented work on the Soledad property dates back to the 1960's when it was explored for copper. In 1996, a junior exploration company carried out surface sampling, conducted an IP geophysical survey, and completed a drill program to test one of several hydrothermal quartz-tourmaline breccia pipes on what was then a much larger property. Five holes of a twelve hole program were drilled on the current Soledad property and the best three holes returned a 61.5m interval grading 1.92 grams per tonne (g/t) gold (Au), 145.8 g/t silver (Ag), and 1.82% copper (Cu); a 28.5m interval grading 5.0 g/t Au and 1.10% Cu; and a 33m interval grading 2.54 g/t Au. These holes were all drilled in Breccia #1; none of the other breccia pipes on the Soledad property have been drill tested.
The property comprises a number of mineralized hydrothermal breccia bodies in an extensively altered system associated with abundant gossans and quartz veins, multiple quartz-tourmaline structures up to 500m long and 10m wide, as well as polymetallic veins with Ag-Cu-Pb-Zn mineralization. The alteration system now measures approximately two kilometers in diameter. Site visits and sampling by Condor geologists confirmed the potential high grade precious and base metal values within the principal breccia, Breccia #1, which had been partially drill tested in 1996, but also led to the discovery of an additional eight (8) similar breccia bodies, measuring up to 200m in diameter and also anomalous in gold and silver values. Samples from two of the new breccia zones returned anomalous precious metals values to 400 ppb Au and 102 g/t Ag. At least eight (8) quartz-tourmaline breccia structures were also noted, measuring up to 10m wide and 500m long.
Condor geologists believe that the Soledad project is a hydrothermal breccia complex along with a high sulphidation epithermal system at higher elevations, which carries anomalous gold and silver values, measuring some 650m by 450m. In addition, a case can be made for the presence of a potential gold-silver-copper mineralized intrusive at depth.
A geophysical survey was completed by Condor in 2012, and comprised a total of 25.45 line kilometers of induced polarization (IP) and magnetics, along with prospecting, mapping and sampling. The prospecting and geophysics led to the discovery of a previously unrecognized zone of intense advanced argillic alteration system within the topographically highest elevations (4500m) in the northeastern sector of the property that so far measures 650m by 450m. Quartz-alunite is pervasive within this zone, along with vuggy quartz and local granular silica which is interpreted to represent a high sulphidation epithermal system possibly overlying silica ledges or breccias and an intrusive at depth. Geochemical rock chip samples are anomalous in gold and silver within this pervasive advanced argillic alteration zone. Sampling of a 30 cm wide drusy quartz veinlet swarm or silica fluidization structure within the broad zone of advanced argillic alteration returned peak gold values of 10.1 g/t, 17.4 g/t and 31.9 g/t Au and 79.5 g/t Ag.