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.



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.



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.


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.

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Condor Resources Inc.

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
11/14/2013Closes on Increased Private Placement
10/30/2013Announces Increase to Previously Announced Financing
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.
5/10/2008Announces Appointment of New Director
Project news of Condor Resources Inc.
7/20/2016(Pucamayo)Acquires New Projects and Expands the Pucamayo Project
7/6/2016Soledad drilling returns 2.1 g/t AuEq over 290m from surface...
2/10/2015(Ocros)Reports Encouraging Results from Ocros Project in Central Pe...
2/18/2014(Condor De Oro)Project updates for Condor de Oro and Brahma
11/20/2013(Condor De Oro)Drill Results from the Condor de Oro Project; Disseminated G...
10/31/2013(Condor De Oro)Drilling Update from the Condor de Oro Project
10/15/2013(Condor De Oro)Drill Rig Mobilized at Condor de Oro Project
10/5/2013(Condor De Oro)Definitive Agreement - Condor de Oro Project, Area 1
9/17/2013(Brahma)Airborne Geophysical Survey Underway at Brahma/Austral Proje...
9/16/2013Letter of Intent signed on Soledad Project, Peru
9/13/2013Exploration Update on the Cristal Project, Chile
9/11/2013(Condor De Oro)Approval for Exploration Activities Issued for the Condor de...
8/16/2013(Brahma)signs Agreement with MMG Limited on Brahma/Austral Project
7/25/2013Drill Permit for Soledad Project, Peru
4/22/2013Drilling Update on the Cristal Project in Northern Chile
2/4/2013Exploration Update
10/5/2012Options its Cristal Project in Northern Chile
10/4/2012(Condor De Oro)Signs LOI with Mariana on the Condor de Oro Project in North...
4/26/2012Drill Program Completed at San Martin Highlights Include 253...
4/4/2012Second Drill Rig Added at San Martin, Geophysics Underway at...
2/27/2012Six Breccia Pipes identified on the Soledad Property. IP Su...
1/21/2012Acquires Soledad Au-Ag-Cu Project in Peru
1/19/2012San Martin intersects 14.9 m of 68.7 g/t Ag at surface in fi...
9/12/2011High Grade Silver Results at San Martin, Peru
9/7/2011Encouraging Gold-Silver values encountered at the San Martin...
8/29/2011(Chavin)Regains 100% Interest in the Chavin Silver Property, Peru
5/5/2011(Pucamayo)Phase I Drill Program Completed at Pucamayo West
3/30/2011(Pucamayo)Drilling to Commence on the Pucamayo West Gold-Silver Target
1/24/2011(Pucamayo)Permits Granted and Drill Contract Signed for Pucamayo West
1/15/2010(Pucamayo)to Fast-Track Drill Program at Pucamayo
4/20/2010(Pucamayo)Large High Sulphidation Alteration Zone Discovered at Pucama...
3/9/2010(La Libertad)Geophysics Confirms Porphyry Cu-Mo Target at La Libertad
1/5/2010(Pucamayo)'Bonanza-Grade' Gold & Silver Mineralization Discovered at P...
11/24/2009(Condor De Oro)Sampling Expands Extensive Mineralization & defines drill ta...
10/20/2009(Condor De Oro)Prospecting Discovers New Widespread Mineralization at Condo...
2/27/2009(Kury Intsa)Acquires the Kury Intsa Gold and Base Metals Property in the...
2/19/2009Unsolicited Drill Hole Intersects Significant Cu-Au Minerali...
12/18/2008(Brahma)Brahma Project Drill Results
9/30/2008(Condoro)Acquires Highly-Prospective Gold Property in the Cordillera ...
8/12/2008(Brahma)Intersects Copper Mineralization and Doubles Target Size at ...
7/9/2008(Brahma)Diamond Drill Turning at the Brahma Project
5/26/2008(Ocros)Final Drill Results Received for the Ocros Project, Peru
5/20/2008(Brahma)Drill Rig Mobilized To Brahma Project
2/13/2008(Ocros)Drill Results OCR-001 and OCR-002 from the Ocros Project, Pe...
Corporate news of Condor Resources Inc.
8/19/2016DIA Received for Ocros Project; Compañia Minera Casapalca S....
6/15/2016Community Agreement for Exploration at the Ocros Project
5/27/2016Community Agreement for development at the Chavin Project
4/20/2016Comprehensive agreement concluded with Compañia Minera Casap...
3/28/2016Phase II Drill Program underway at Soledad
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
7/30/2015Condor Sells Chilean Subsidiary, 100% Focus on Peru
7/7/2015Condor Resources Inc.: Second Adit at Ocros Confirms Mineral...
3/27/2015Condor Closes $225,000 Private Placement
3/6/2015Condor Receives DIA for Pucamayo East Project, Central Peru
3/5/2015Condor Provides Additional Details on Previously Announced $...
2/26/2015Condor Announces $200,000 Financing
2/25/2015Condor Resources Inc.: Recently Completed Geophysics, Soleda...
2/10/2015Condor Reports Encouraging Results from Ocros Project in Cen...
1/27/2015Condor Announces CFO Appointment, and Grant of Stock Options
11/27/2014Condor Resources Inc.: Condor de Oro Project Update
11/24/2014Condor Resources Inc.: Deep Penetrating Geophysics Program U...
11/3/2014Condor Resources Inc. Project Update: Soledad Gold-Copper-Si...
11/3/2014Soledad Cu-Au-Ag Project, Peru: Mariana Enters Second Year o...
10/31/2014Cnova N.V. Launches Initial Public Offering
10/16/2014Condor Resources Inc.: Copper-Rich Potassic Core Recognized ...
9/25/2014Condor Regains 100% Interest in the Cristal Project, Norther...
9/12/2014Condor Resources Inc.: Drilling Results from Condor de Oro P...
7/28/2014Condor Resources Inc.: Stock Options Granted
7/21/2014Condor Resources Inc.: SDH-012 at Soledad Project intersects...
7/3/2014IIROC Trading Resumption - CN
7/3/2014Condor Resources Inc.: First Deep Hole at Soledad Project, P...
6/27/2014Drilling Resumes at Condor de Oro, Northern Peru
2/13/2014de Oro - Security Incident
2/10/2014Stock Options Granted
1/28/2014de Oro - Mariana Advances to Next Stage of Option and Report...
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
11/4/2013Mariana Resources Ltd. to Proceed with Option on Soledad Pro...
10/3/2013Announces $500,000 Financing and Corporate Appointments
12/12/2012of Activities
10/19/2012de Oro Project Update
10/9/2012Stock Options Granted
8/31/2012Soledad Community Approval; AGM Results
7/25/2012Amendment to Outstanding Stock Options
7/5/2012High Level Epithermal Precious Metals System Identified at S...
3/6/2012Obtains Surface Rights Access at Soledad and Plans to Commen...
2/16/2012San Martin Drilling intersects 12.1m of 63.9 g/t Ag and 6.1...
7/26/2011Warrants Exercised; AGM Scheduled
7/18/2011Canyon Copper Corp Commences Trading Today as Tier One Compa...
7/12/2011Discovers new Epithermal Gold-Silver Occurrence in Peru
5/26/2011(Pucamayo)Drilling at Condor's Pucamayo West Project intersects 340g/t...
4/11/2011(Pucamayo)Seven Drill Holes Completed at Pucamayo West
3/2/2011La Libertad Drill Program Completed
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
3/3/2009Positive Sampling Results at Condor de Oro
2/25/2009Signs Amending Agreement for Three Properties in Peru
5/29/2008Property Updates - Chile & Argentina
4/23/2008Announces Adoption of Shareholder Rights Plan and Grants Opt...
4/8/2008Join Condor Resources Inc. at the 2008 Calgary Resource Inve...
1/14/2008 Options Gold and Copper Prospect in the Cordillera del Cond...
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