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Condor Resources Inc. -
("Condor" or the "Company") (TSX VENTURE:CN - News) is pleased to announce
that continued exploration on the Yuracyacu intrusive-hosted gold and base
metals target within its Condor de Oro property located in the Cordillera del
Condor in northern Peru have increased the size and tenor of mineralization
on the second large target explored on this 102 square kilometer property.
The results from the first gold-copper target on Condor de Oro (Pucayacu) are
summarized in press release dated March 3, 2009. Neither
the Pucayacu or Yuracyacu Au-Cu targets have ever been drill tested.
Discovered in late 2009, Yuracyacu was
found by prospecting combined with the follow up of stream sediment anomalies
and the reinterpretation of a previous geophysical survey over the
northeastern portion of the Condor de Oro property. This earlier geophysical
survey identified an elongated aeromagnetic anomaly, measuring approximately
1500m to 2000m long in an east-west direction by 500m to 800m north-south,
located some 8km NE of the Pucayacu Au-Cu prospect. Samples collected from
outcrop and float at Yuracyacu returned anomalous gold and base metals
mineralization over an area covering approximately 4 sq km.
The precious metal enriched polymetallic
mineralization remains open in all directions and is currently interpreted to
be related to a hydrothermally altered intrusive complex which includes
quartz feldspar porphyry (QFP) and feldspar hornblende porphyry (FHP), and
granodiorite with related quartz stockwork veining intruding volcanic
andesites and fine grained clastic sedimentary rocks. Results of this latest
program are posted on the Company's website.
In the current program, 165 samples were
collected at Yuracyacu with the majority of the samples being continuous 2m
rock chip samples. Most of the samples collected returned anomalous values
for Au, Ag, Cu, Pb and Zn, with localized anomalous Mo and As values.
Elevated Hg and Bi occur associated with mineralized quartz veins. Individual
2m continuous rock chip samples returned peak gold highs of 465 ppb, 1,145
ppb and 5,490 ppb Au, with silver values up to 15.1 g/t, 17.4 g/t, 18.9 g/t,
21.8 g/t, 22.7 g/t, 32.7 g/t, 34 g/t, and 51.9 g/t Ag. The majority of the
copper samples (121 or 73%) returned anomalous values ranging from 50 ppm Cu
to highs of up to 0.21%, 0.23%, 0.26%, 0.27%, 0.30%, 0.40% and 0.71% Cu. Lead
and zinc values were also predominantly anomalous, with highs of 1.45% Pb,
2.03% Pb, 2.65% Pb, 2.84% Pb and 5.16% Pb related to vein mineralization,
predominantly galena, with associated sphalerite returning high zinc values
of 3.14%, 3.22%, 3.45%, 5.44%, 5.89%, 7.72%, 12.70% and 16.55% Zn. Continuous
rock chip samples across a 4m wide 040/85NW interval of banded milky quartz
veins cutting strong phyllic altered (quartz-sericite) FHP returned copper
highs of 0.74%, 0.80%, 1.15%, 1.59% and 2.03% Cu with associated Ag, Pb, Zn,
Hg (to 9004 ppm Hg) and Bi.
The nature and distribution of the
pervasive phyllic alteration and anomalous associated geochemical values at
Yuracyacu, particularly the widespread and highly anomalous zinc values (137
samples or 83% returned values greater than 100ppm Zn), suggest proximity to
a gold and copper rich centre which has yet to be discovered. Follow up
prospecting, mapping and sampling of steam sediments, soils, rock
outcrop/float is scheduled to continue during November.
A long-term community agreement was
signed earlier this year and an environmental impact study is underway as
part of the requirements towards obtaining a drill permit for the Condor de
Oro project.
The Company has the right to purchase an
85% interest in the Condor de Oro Property, and to acquire a 100% interest in
the 49 sq km Sol de Oro and 70 sq km Kury Intsa projects located immediately
to the north, bringing its total mineral exploration rights to 221 sq km on
the Peruvian side of the newly emerging and under-explored Cordillera del
Condor gold and base metals belt.
Brief History of the Cordillera del
Condor district
The Cordillera del Condor district
extends for approximately 200 kilometers along the border separating Peru and
Ecuador and has been a source of gold production dating back to pre-Inca
times from small but high grade vein and placer mining operations. Accurate
records are lacking but estimates of past gold production from the Cordillera
del Condor district suggest approximately of 100,000 ounces per annum.
The Cordillera del Condor is likely one
of the world's last remaining unexplored mineral belts. In recent years,
exploration activity on the Ecuadorian side of the border has resulted in the
discovery of several significant gold and base metal deposits, including
Kinross Gold Corporation's Fruta del Norte Gold deposit (inferred resource of
13.6 million contained ounces of gold averaging 7.23 g/t Au), the Mirador
Copper-Gold porphyry deposit (recently purchased by CRCC-Tongguan Investment
(Canada) Co. Ltd. from Corriente Resources Inc., with measured and indicated
resources of 438 million tonnes grading 0.61% Cu and 0.19 g/t Au along with
inferred resources of 235 million tonnes grading 0.52% Cu and 0.17 g/t Au),
the Mirador Norte Copper-Gold porphyry deposit (indicated resource of 171
million tonnes grading 0.51% Cu and 0.09 g/t Au along with an inferred 46
million tonnes grading 0.51% Cu and 0.07 g/t Au) and Dynasty Metals &
Mining Inc.'s Jerusalem Gold deposit in the Chinapintza district (with
measured and indicated resources of 580,000 contained ounces of gold grading
12.4 g/t Au along with an inferred resource of 710,000 ounces grading 11.5
g/t Au). The technical information with respect to the above deposits was
obtained through the respective companies' public disclosure documents
available on SEDAR.
Modern-day exploration is only now
commencing on the Peruvian portion of this important new and poorly
understood mineral belt. Condor Resources, as one of the earliest players on
the scene, has been able to acquire the rights to some of the most highly
prospective ground within the belt. Its three projects, Condor de Oro, Kury
Intsa and Sol de Oro, comprise a combined total of 221 sq km, representing
one of the largest land positions within the Cordillera del Condor. All three
projects exhibit evidence of gold and copper mineralization in outcrop and/or
stream sediments and also cover historic placer gold workings.
About Condor Resources Inc.
Condor Resources Inc. was incorporated
in 2003 by field exploration specialists focused on the generation of gold
and copper projects in South America, where management has extensive
experience and a proven track record of discovery. The Company's long term
objective is the discovery of a major new gold/base metals deposit and its
business plan offers shareholders access to an exciting and growing portfolio
of properties, including six 100% owned projects in Chile, and seven in Peru,
each offering a unique path to discovery.
ON BEHALF OF THE BOARD
Patrick J. Burns, President & Chief
Executive Officer
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 Corporation 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. Dr. Richard Culbert, P. Eng.,
is the Qualified Person for the Company as required by NI 43-101 and has
reviewed the contents of this news release.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of
this news release.
Contact:
1-866-642-5707
Condor Resources Inc.
info@condorresources.com
www.condorresources.com |
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