Mar 9 2015
Condor Resources Inc. - ("Condor" or the "Company") is pleased to provide an update on the Company's Pucamayo epithermal gold-silver project, located in the Tertiary volcanic belt hosting several major epithermal gold deposits in Peru. Pucamayo is situated approximately 180 km south-east of Lima, in the Department of Ica, about 56 kms south-southwest of the Corihuarmi gold-silver mine of Minera IRL Limited, and about 25 kms east of the Cerro Lindo lead-zinc-copper mine of Compañía Minera Milpo S.A.A.
Disseminated precious metals mineralization at Pucamayo East occurs in hydrothermal breccias cropping out as a partially-exposed erosion window below an advanced argillic and granular silica cap. This high sulphidation system measures 1200m long by 200m to 700m in width and is surrounded by a low to intermediate sulphidation series of quartz epithermal veins.
The Company is pleased to announce that it has received written confirmation of the granting of a Declarión de Impacto Ambiental, or a "DIA", from the Peruvian Ministry of Energy and Mines for the Pucamayo East project. "The issuance of the DIA is the result of years of hard work and persistence by our team in Peru, and we thank our shareholders for their patience during this extended exercise" stated Lyle Davis, President and CEO. The DIA permits the Company or assignee to complete up to 20 drillholes at Pucamayo East.
In addition, earlier this year, the Company acquired a new 3 kilometre by 1 kilometre concession, named Anta Rumi 101, located south of, and contiguous to, the southern border of its Pucaymayo 14 concession. Official title to Anta Rumi 101 has since been granted. (see Figure 1: www.condorresources.com/i/maps/Pucamayo-Map-with-new-Anta-Runi-Concession.jpg)
The acquisition of Anta Rumi 101 is considered by Company management to be of important strategic value, as a portion of one of the breccia outcrops is located on this new concession, and exhibits anomalous gold and silver values in vuggy silica. An earlier rock geochem sampling program close to the southern border of Pucamayo 14 had produced strongly anomalous gold and silver results. (see Figures 2 and 3: www.condorresources.com/i/maps/Pucamayo-East-Map-with-Targets.jpg and www.condorresources.com/i/maps/Pucamayo-East-Map-with-Geochem.jpg)
Finally, the Company is pleased to announce that it has recently discovered a breccia-porphyry target located on the northwest periphery of the epithermal targets. This new porphyry target is coincident with a high chargeability anomaly of up to 600m in diameter. Exposed copper porphyry-type stockwork outcrop in a creek gully within the chargeability anomaly comprises quartz-sericite-pyrite-chalcopyrite, limonite and oxides, with strong multi-phase stockwork and veinlets, hosted in diorite, along with geochemically anomalous gold and copper in rock chip samples.
A 2010 geophysical survey conducted at Pucamayo East assisted in defining the geometry of the hydrothermal breccia bodies as well as leading to the discovery of the new breccia-porphyry target. (See Figure 4: www.condorresources.com/i/maps/Pucamayo-East-Map-with-Targets-and-Geophysics.jpg)
Condor geologists believe that both the hydrothermal breccia and vuggy silica system and newly-discovered breccia-porphyry complex at Pucamayo East exhibit above average potential for discovery. With the receipt of the DIA, the Company is actively considering its strategic options to advance the Pucamayo East project.
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.