Condor Resources Inc. is pleased to report the following update on the diamond drilling of the third and fourth holes at the Soledad project in Peru. Compañia Minera Casapalca S.A. of Lima has the option to earn up to a 70 percent interest in Soledad and is the operator of the current drill program.
The Soledad Au-Cu-Ag project is located in the newly emerging Mio-Oligocene copper-gold belt of the Cordillera Negra, in north central Peru. Soledad features a semicircular cluster of mineralized quartz-tourmaline breccia pipes exposed at surface, with the exposed surface area ranging up to 80m diameter, within a one km diameter zone of interest. Results from the first two holes of the current drill program were released on June 2nd, and reported 2.1 g/t AuEq from surface to 119m in SDH-013, and 1.5g/t AuEq from surface to 164m in SDH-014.
The fourth hole, SDH-016, is a near vertical hole (80° dip), located on the surface exposure of Breccia 1. This hole confirmed the extent of the polymictic Breccia 1, both to depth and width, and also confirmed encouraging potassic porphyry style mineralization and alteration at depth. As summarized in the table below, the hole contains significant mineralization from surface to 490 metres depth where the drill hole ultimately exited the breccia, 85 metres north-west of the drill collar, and 45 metres beyond the surface extent of Breccia 1, suggesting the horizontal area encompassed by the breccia is increasing in size at depth. SDH-016 encountered an alteration zonation within the breccia vectoring to the northwest. The drill hole initiates in an interpreted 40 metre deep oxidized zone with elevated gold and low base metals (includes 4.96 g/t gold from surface to 24 metres) within phyllic sericitic alteration. The phyllic alteration is observed with decreasing sericite content at depth and increasing to pervasive potassic assemblages of quartz, secondary biotite-magnetite-pyrrhotite-pyrite-chalcopyrite down hole and to the northwest. The zonation is clearly evident, and near the bottom of the hole a transition to the siliceous potassic core is interpreted to commence associated with more intense stockwork and copper sulphides.
(http://www.condorresources.com/i/maps/SOLEDAD-JULY-2016-drill-hole-locations.pdf)
(http://www.condorresources.com/i/maps/SOLEDAD-JULY-2016-Breccia-1-Plan-View.pdf)
Results from SDH-016 indicate the nature of mineralization is complex, with the relative content of gold, silver and copper showing variance throughout the hole. Notable amounts of lead and zinc were also encountered at depth, including 200m of 0.5% zinc from 290m.
Table 1: Summary of Significant Intersections, Hole SDH-016
|
Hole
|
from
|
to
|
Interval*
|
Au
|
Ag
|
Cu %
|
Pb %
|
Zn%
|
AuEq
|
|
|
|
|
|
g/t
|
g/t
|
|
|
|
g/t**
|
|
SDH-016
|
0
|
490
|
490
|
0.74
|
30.3
|
0.39
|
0.17
|
0.33
|
1.6
|
|
SDH-016
|
0
|
290
|
290
|
1.04
|
33.5
|
0.47
|
0.15
|
0.23
|
2.1
|
|
Includes
|
0
|
24
|
24
|
4.96
|
31.3
|
0.02
|
0.04
|
0
|
5.4
|
|
Includes
|
24
|
40
|
16
|
0.48
|
11.8
|
0.01
|
0.09
|
0
|
0.6
|
|
Includes
|
40
|
75
|
35
|
3.48
|
37.1
|
0.72
|
0.16
|
0.35
|
4.8
|
|
Includes
|
75
|
116
|
41
|
0.47
|
88.6
|
1.12
|
0.34
|
0.56
|
3
|
|
Includes
|
116
|
172
|
56
|
0.1
|
4.2
|
0.05
|
0.03
|
0.06
|
0.2
|
|
Includes
|
172
|
223
|
51
|
0.18
|
45.5
|
0.79
|
0.21
|
0.32
|
1.7
|
|
Includes
|
223
|
255
|
32
|
0.06
|
4.02
|
0.09
|
0.05
|
0.09
|
0.2
|
|
Includes
|
255
|
290
|
35
|
0.56
|
35.4
|
0.53
|
0.21
|
0.27
|
1.7
|
|
SDH-016
|
290
|
490
|
200
|
0.3
|
25.8
|
0.28
|
0.21
|
0.48
|
1
|
The third hole SDH-015, is located in the north-east area of the project, approximately 1km to the north of SDH-016 and 200m higher in elevation. The hole was designed to test an epithermal high sulphidation target. SDH-015 was completed to a depth of 443m and returned no significant results. In 2014, SDH-003, in same area as SDH-015, had returned a 5m interval of 3.9 g/t Au.
(http://www.condorresources.com/i/maps/SOLEDAD-JULY-2016-Cross-Section-Holes-15-and-16.pdf)
(http://www.condorresources.com/i/maps/SOLEDAD-JULY-2016-Model-Cross-Section-Holes-15-and-16.pdf)
Ever Marquez, VP Exploration, noted, "The alteration system and significant mineralization of gold, copper, silver, and other polymetallic pathfinder elements with significantly elevated values in SDH-016, suggest that there have been multiple mineralizing events and confirms the presence of a breccia-porphyry complex. The drilling and regional setting confirms that this complex is centered at the Soledad project and the underground polymetallic ore bodies being mining on the adjacent concessions to the east of Soledad are related to this alteration zoning centered at Soledad."
Condor is an explorer and project generator focused exclusively on Peru, 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.