Pucamayo
The Pucamayo property is located 180 km SE of Lima at an elevation of 3800 to 4200 m and within the same precious metals belt as the multi-million ounce Yanacocha, Alto Chicama, and Peirina Au-Ag deposits. The 42 sq km property covers two epithermal precious metals targets: the West Zone, a low and intermediate sulphidation, 'bonanza-potential' multi-phase veins system within an area covering approximately 4 sq km, and about 5 kms away, the East Zone, an intermediate and high sulphidation, potential disseminated bulk tonnage system over an area measuring 1.2 km long by 200m to 700m wide.
West Zone
The West Zone comprises a total of five NW and NE trending multi-phase quartz-carbonate replacement veins, the largest of which has been traced for 1500m along strike with an average width of 15m to 25m. Much of the area is covered by recent unconsolidated sediments and gravel, but where exposed, channel samples have returned values of up to 86.6 g/t Au and 84.8 g/t Ag over 3m, 5.85 g/t Au and 1.69 g/t Ag over 10m, 2.0 g/t Au and 85.1 g/t Ag over 3m, 3.1 g/t Au and 7.31 g/t Ag over 2m and 2.9 g/t Au and 21 g/t Ag over 3m. These results are typical of 'bonanza style' gold and silver systems which host potential for very high grades such as at the multi-million ounce El Penon gold-silver deposit in northern Chile and Orcopampa district in Southern Peru. Surface sampling at varying topographic elevations suggests that grades increase at lower elevations, considered a positive indicator for higher subsurface grades in these bonanza epithermal vein systems. All veins are open for extension along strike and down-dip.
East Zone
The East Zone is located 5km east of the West Zone, and is characterized by an erosion window which has partially exposed a high sulphidation epithermal system with disseminated precious metals mineralization covering an area approximately 1.2 km long by 200m to 700m in width and a surrounding series of at least seven quartz epithermal veins. The East Zone remains open in all directions. Part of this target is comprised of a quartz vein stockwork and hydrothermal breccias with vuggy silica and silicified fissures or ledges with pervasive disseminated secondary iron oxides. The hydrothermal breccias are exposed in outcrop over an area of 350m by 100m and continue below recent glacial fluvial sediments. A total of 119 chip and channel samples were collected over the East Zone and results range to a high of 0.96 g/t gold and 554 g/t silver. Channel samples within the breccias returned values of up to 0.95 g/t Au and 343 g/t Ag over 5m, 0.93 g/t Au and 394 g/t Ag over 5m, and 0.53 g/t Au and 216 g/t Ag over 4m. A 1m channel sample across one of the banded quartz-carbonate veins returned 0.36 g/t Au, 554 g/t Ag, 1.40% Cu, 29.20% Pb and 21.20% Zn.
A large scale systematic exploration program is required on this extensive mineralized system, and will commence with a geophysical IP survey in order to prioritize targets for drilling.
Pursuant to the terms of acquisition, Condor holds an undivided 85% interest in Pucamayo, subject to a 1% NSR in favour of the property vendor. The property vendor retains a 15% interest, and is carried to completion of a Feasibility Study. On publication of a Feasibility Study, the vendor will receive 1m Condor shares.
Technical Report
Maps
East Zone
West Zone
Photos
East Zone
West Zone
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