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Re: News Releases - Tuesday, October 12, 2010
La Libertad Cu-Mo Porphyry Target Expanded, New Mineralized
Breccia Discovered, Community Agreement Signed
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Vancouver, B.C., October 12, 2010 - Condor Resources Inc. - ("Condor"
or the "Company") (TSX.V: CN) is pleased to provide an update on its
wholly owned La Libertad porphyry Cu-Mo project, Peru. Recent
exploration and channel sampling covering a three square kilometer area
has resulted in a significant expansion of the La Libertad porphyry
target and the discovery of a mineralized hydrothermal breccia covering
a surface area of 200 by 200 meters. The La Libertad project has never
been drill tested.
The La Libertad property is located in Ancash Department, northern
Peru, 280 km north of Lima. The mineralized system at La Libertad has
been expanded through surface exploration by Condor to measure 2 km in
diameter. The mineralizing system includes porphyry, breccia and
metasomatic hornfels assemblages. The porphyry exhibits a potassic
alteration core associated with disseminated native copper and
chalcopyrite rich quartz vein stockworks. Surrounding the central
potassic alteration zone and topographically above the potassic
alteration, mapping has identified a phyllic (quartz-sericite)
alteration zone associated with disseminated chalcocite and irregular
patches of disseminated chalcopyrite and bornite mineralization.
External to the potassic and phyllic alteration zones, hornfelsed,
metasomatized, and silicified Cretaceous-aged calcareous sediments have
been observed. Peripheral to this zone are multiple quartz veins
containing Ag-Pb-Zn mineralization within the surrounding host rocks.
Native copper in samples from the leached capping zone within the
potassic alteration zone of the porphyry have returned peak values of
8.42% Cu over 2m in a channel sample associated with anomalous silver.
The newly discovered 200 by 200 meter hydrothermal breccia cuts both
the altered porphyry and the hornfelsed host rocks. Mineralization in
the breccia comprises chalcopyrite, sphalerite, pyrite and pyrrhotite
in a silica matrix, with silicified sedimentary clasts also containing
limonite and minor copper-zinc mineralization. Channel samples of 2
metre widths of the breccia returned values ranging up to peak highs of
0.57% Cu, 0.61 g/t Au, 45.9 g/t Ag, 4.1% Zn and anomalous lead. The
hornfelsed host rock channel samples returned values up to 0.2% Cu,
0.3 g/t Au, 534 g/t Ag, 14.85% Pb and 10.75% Zn over 2m. Peripheral
quartz veins returned values up to 0.65 g/t Au, 204 g/t Ag, 9.63% Pb
and 9.92% Zn in channel samples of 2 metre widths. A total of 111
two-metre long rock chip channel samples were collected during this
program, and all samples were analyzed by ALS Chemex in Lima.
Additional results of the recent work program at La Libertad can be
viewed at www.condorresources.com.
The La Libertad project is located within the Peruvian porphyry copper
belt some 80 km west of the Antamina mine (745Mt grading 1.06% Cu, 11.7
g/t Ag, 0.026% Mo and 0.67% Zn). The technical information with respect
to Antamina was obtained through public disclosure documents available
on SEDAR.
As reported previously (August 10, 2010), Condor has increased the size
of the property to 5 sq km to cover the eastern projection of the La
Libertad Cu-Mo porphyry as inferred from results of an earlier IP and
resistivity geophysical survey.
Community agreements have been signed and an application for a drill
permit has been submitted.
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 and/or base metal deposit, and its
business plan offers shareholders access to an exciting and growing
portfolio of discovery stage properties, including six 100% owned
projects in Chile, and seven projects in Peru, each offering a unique
path to discovery.
ON BEHALF OF THE BOARD
Patrick J. Burns,
President & Chief Executive Officer
For further information please contact Carey Lotz at 1-866-642-5707, or
by email at: info@condorresources.com
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.
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Copyright (c) 2010 CONDOR RESOURCES INC. (CN) All rights reserved.
For more information visit our website at
http://www.condorresources.com/ or send mailto:news@condorresources.com
Message sent on Tue Oct 12, 2010 at 6:29:09 AM Pacific Time
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Condor Resources Inc.
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EXPLORATION STAGE |
CODE : CN.V |
ISIN : CA20676U1049 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Condor Res. is a silver and gold exploration company based in Canada. Condor Res. holds various exploration projects in Argentina, in Chile and in Peru. Its main exploration properties are CONDOR DE ORO, CHAVIN, LA LIBERTAD, PUCAMAYO, CONDORO and OCROS in Peru and EL DORADO ARGENTINA SALTA in Argentina. Condor Res. is listed in Canada and in United Kingdom. Its market capitalisation is CA$ 16.3 millions as of today (US$ 11.9 millions, € 11.2 millions). Its stock quote reached its highest recent level on February 04, 2011 at CA$ 3.70, and its lowest recent point on February 05, 2016 at CA$ 0.02. Condor Res. has 102 060 000 shares outstanding. |