Condor Resources Inc.: Deep Penetrating Geophysics Program Underway at Soledad Project, Peru
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov 24, 2014) - Condor Resources Inc. - ("Condor" or the "Company") (TSX VENTURE:CN) is pleased to provide an update on the Company's Soledad project, located in the Cordillera Negra metallogenic province approximately 35 km south of Barrick Gold's Pierina mine, Peru.
Mariana Resources Ltd. ("Mariana") has an option to earn a 70% interest in the project by completing US$4.0 million in cumulative exploration work, and making cumulative cash payments of US$1.1 million to the Company.
Mariana has advised the Company that an Induced Polarization geophysics survey has commenced on the project. The geophysics is being completed by Val D'Or Geofisica, consists of 6 lines at 400m spacing, for a total of 12.3 line km, and is designed to provide information to a depth of 500m.
Along with the recently completed 12 hole, 2084m drill program, and the earlier 2012 geophysics, the current program is to confirm the geometry of the nine breccia pipes exposed at surface and the geometry of the mineralized porphyry interpreted to be the source of the breccias. The breccias have been observed to contain mineralized porphyry clasts which support this interpretation of a mineralized porphyry system below the breccias.
The field work is expected to finish in early December, with compilation and analysis to follow. Mariana have advised they are planning a follow up drill program in the first quarter of 2015, and the results from the geophysics currently in progress are expected to be a major factor in prioritizing and locating the upcoming drill targets.
Lyle Davis, CEO of Condor noted: "The 2014 drill program at Soledad provided very encouraging results with the 174 metre intersection of 0.7 grams per tonne ("g/t") Au, 114g/t Ag, and 1.2% Cu from hole 9. We are excited to see what the next round of drilling will deliver".
Condor is a project generator focused exclusively on Peru and Chile, and our objective is the discovery of a major new precious metals or base metals deposit. Project acquisition and development is managed by our Lima based exploration team.
ON BEHALF OF THE BOARD
Lyle Davis, President & Chief Executive Officer
Dr. Richard Culbert is the Qualified Person under NI 43-101 who has approved the technical content of this news release.
Cautionary Statement Regarding Forward-Looking Information: All statements, trend analysis and other information contained in this press release relative to markets about anticipated future events or results constitute forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "expect" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions. Forward-looking statements are subject to business and economic risks and uncertainties and other factors that could cause actual results of operations to differ materially from those contained in the forward-looking statements. Forward-looking statements are based on estimates and opinions of management at the date the statements are made. The Company does not undertake any obligation to update forward-looking statements even if circumstances or management's estimates or opinions should change. Investors should not place undue reliance on forward-looking statements.
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