Condor Resources Inc.

Published : July 06th, 2016

Soledad drilling returns 2.1 g/t AuEq over 290m from surface, and a further 200m of 1.0g/t AuEq from 290m to 490m

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Keywords :   Diamond | Lead | Peru | Precious Metals | Recovery | Sac | Target | Zinc |

Soledad drilling returns 2.1 g/t AuEq over 290m from surface, and a further 200m of 1.0g/t AuEq from 290m to 490m

Vancouver, B.C., July 6, 2016 - Condor Resources Inc. - ('Condor' or the 'Company') (TSXV:CN) 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. ('Casapalca') 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 g/t Ag g/t Cu % Pb % Zn % AuEq 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 0.00 5.4
Includes 24 40 16 0.48 11.8 0.01 0.09 0.00 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 3.0
Includes 116 172 56 0.10 4.2 .05 0.06 0.2
Includes 172 223 51 0.18 45.5 .79 0.21 0.32 1.7
Includes 223 255 32 0.06 4.0 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 0.30 25.8 0.28 0.21 0.48 1.0
*True widths are unknown.
**AuEq assumes US $1200/oz gold, US $16.00/oz silver, US $2.10/lb copper, and 100% recovery. Lead and Zinc are not included in the AuEq calculation.

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.

ON BEHALF OF THE BOARD

Lyle Davis
President & Chief Executive Officer

For further information please contact the Company at 1-866-642-5707, or by email at [email protected]

Mr. Brian D. Game, P.Geo, is the Qualified Person under NI 43-101 who has approved the technical content of this news release.

Quality Assurance/Quality Control: Drilling was performed by GeoDrill SAC of Peru. All technical information for the Soledad project is obtained and reported under a quality assurance and quality control program. Samples are shipped to and assayed by SGS del Peru S.A.C. in Lima, a laboratory whose quality control system complies with International Standards OHSAS 18001, ISO 14001 and ISO 9001. A four-acid digestion system with 51 element ICP-MS analysis is conducted on all samples, with silver, copper, lead and zinc being re-analyzed with atomic absorption spectrometry method when analyzing over the ICP-MS limits. Gold is assayed using a fire assay with an atomic absorption spectrometry finish. Systematic assaying of sample duplicates and commercially prepared blanks and standards is performed for analytical reliability. Screen fire assays for gold may be carried out on selected samples. A secure chain of custody is maintained in transporting and storing of all samples.

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.

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.

Read the rest of the article at www.publicnow.com
Data and Statistics for these countries : Peru | All
Gold and Silver Prices for these countries : Peru | All

Condor Resources Inc.

EXPLORATION STAGE
CODE : CN.V
ISIN : CA20676U1049
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Condor Res. is an exploration silver and gold 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$ 8.2 millions as of today (US$ 6.0 millions, € 5.4 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.

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Financings of Condor Resources Inc.
7/29/2016March 2017 Warrants -- Accelerated Expiry
9/24/2015announces Equity Financing and Loan Transaction
3/27/2015Closes $225,000 Private Placement
2/26/2015announces $200,000 Financing
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10/23/2013Closes Second and Final Tranche of Private Placement
10/11/2013Closes First Tranche of Private Placement
9/14/2012Closes Private Placement
8/20/2012Warrant Term Extended
7/26/2012Announces $500,000 Private Placement Financing
2/19/2010$3.3 Million Private Placement Closed
1/29/2010Increases size of Brokered Private Placement
1/25/2010$3 Million Brokered Private Placement
Option Grants of Condor Resources Inc.
3/16/20112,575,000 Stock Options Granted at $0,55
Nominations of Condor Resources Inc.
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10/28/2015Condor Completes Loan Transaction
9/29/2015Half Year Results for the period ended 30 June 2015
9/24/2015Condor Announces Equity Financing and Loan Transaction
9/7/2015Mariana Terminates the Soledad Earn in Option in Peru
9/4/2015Condor Regains 100% Control of Soledad Project, Peru
8/19/2015Condor Reports on Annual General Meeting of Shareholders
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10/31/2014Cnova N.V. Launches Initial Public Offering
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9/12/2014Condor Resources Inc.: Drilling Results from Condor de Oro P...
7/28/2014Condor Resources Inc.: Stock Options Granted
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7/3/2014IIROC Trading Resumption - CN
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6/27/2014Drilling Resumes at Condor de Oro, Northern Peru
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2/10/2014Stock Options Granted
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1/23/2014Francisco de Undurraga joins Condor's Advisory Board
12/20/2013(Condor De Oro)Progress Report from the Condor de Oro Drill Program
11/13/2013and Concerned Shareholders Announce Settlement
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10/3/2013Announces $500,000 Financing and Corporate Appointments
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2/23/2011receives $2.265M from the Exercise of Warrants
8/18/2010Exploration Peru S.A.C. Wins Prestigious Award
1/20/2010Early Warrant Expiry Triggered
10/15/2009Carey Lotz retained for Investor Relation Services
9/29/2009John S. Watt appointed CFO
9/22/2009Field Crews Mobilized to Condor de Oro
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1/14/2008 Options Gold and Copper Prospect in the Cordillera del Cond...
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