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08 - May - 2012 |
El Condor Minerals - LCO: TSX.V
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NEWS RELEASE
EL CONDOR INTERSECTS 15.8 METERS 1.75% CU & 0.36 % NI IN FIRST STEP-OUT HOLES
El Condor Minerals Inc. (�El Condor� or the �Company�) is pleased to announce the analytical results from a portion of the twelve-hole, 2,037 meter diamond drilling program at its Horden Lake property, completed during the 2012 winter drilling program. The drilling program was designed to provide metallurgical samples for preliminary processing work and to test for expansion of resources to the northeast and southwest of the known mineralization and resource. Analytical results reported in this release are from four holes completed to the northeast of the known resource, along a section 50 meters north of the drilling completed in 2008 by Southampton Ventures Inc.
Copper-nickel-precious metal mineralization at Horden Lake is associated with a northeast trending, northwest dipping gabbroic sill-like complex. Massive to semi-massive and disseminated mineralization occurs in the footwall contact zone (�Main Zone�) of the gabbro with underlying metasedimentary rocks, but is primarily hosted by the metasedimentary package. The reported resources at Horden Lake are predominately contained in the Main Zone, which at the property scale, is a tabular zone dipping approximately 550 to the northwest. Disseminated mineralization is also contained within certain phases of the igneous suite, offering potential for more widespread, shallow, lower grade mineralization.
Analytical results from the four drill holes are summarized in Table 1.1. Drill hole locations are shown on Figure 1.1. The intercepts are calculated using a 0.25% copper cutoff grade, without consideration of other metals. Lower grade internal intervals up to 3.0 meters in length are incorporated if adjacent copper values carry the low grade intervals. True thicknesses of intervals within the Main Zone are estimated using cross sections and linear, non-deviated drill hole projections.
Table 1.1. Horden Lake Diamond Drill Hole Results
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% |
g/t |
Est.True |
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Drill Hole # |
From (m) |
Length (m) |
Cu |
Ni |
Co |
Pd |
Pt |
Au |
Ag |
Width (m) |
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HN-12-82 |
69.8 |
7.7 |
2.75 |
0.45 |
0.052 |
0.47 |
0.41 |
1.30 |
40.1 |
7.5 |
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HN-12-84 |
87.4 |
15.8 |
1.75 |
0.36 |
0.030 |
0.34 |
0.05 |
0.32 |
26.4 |
12.6 |
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including |
8.2 |
2.18 |
0.43 |
0.039 |
0.42 |
0.07 |
0.39 |
32.3 |
6.5 |
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HN-12-85 |
37.0 |
9.0 |
0.36 |
0.18 |
0.009 |
0.37 |
0.09 |
0.14 |
3.3 |
unknown |
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145.0 |
2.1 |
1.29 |
0.41 |
0.017 |
0.23 |
0.07 |
0.10 |
20.6 |
1.7 |
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HN-12-91 |
111.0 |
3.3 |
0.38 |
0.16 |
0.009 |
0.35 |
0.11 |
0.64 |
9.8 |
unknown |
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188.1 |
12.3 |
1.14 |
0.26 |
0.016 |
0.19 |
0.15 |
0.17 |
17.2 |
9.8 |
�From� column is the upper, starting depth of the mineralized interval reported. Estimated true thickness of gabbro-hosted disseminated mineralization is unknown. Intercepts in bold are metasediment-hosted, and vary from massive to semi-massive sulfide, to disseminated style mineralization. Non-bold figures represent assay intervals from disseminated mineralization in the gabbro sill complex.
�The fence of drill holes completed to the northeast of the resource area continues to demonstrate excellent metal grades in the Main Zone, especially the copper values. We are anxious to continue exploration efforts and potential resource expansion to the northeast on the Horden Lake property and onto the adjacent Glitter Lake property, which the Company recently optioned from Pacific North West Capital,� commented Leigh Freeman, El Condor President & CEO.
Additional Horden Lake drill results are being processed and will be released as they become available.
Caracle Creek International Consulting Inc. (�CCIC�) performed the on-site management of drilling operations, core logging and core sampling. CCIC managed the QA/QC program including the insertion of standards, blanks and duplicates into the sampling routine at the rate of approximately 17%. Protocols for the core sampling and QA/QC program were developed by CCIC in collaboration with El Condor. Fire assays for precious metals and total digestion ICP analysis for base metals and other elements were completed by Activation Laboratories Ltd.
Donald Baker, PhD, the Company�s Horden Lake Project Manager and Qualified Person under NI 43-101 standards (MMSA - #01088QP), is responsible for the technical and geological content of this news release, and for approval of the QA/QC program.
Glitter Lake Property Option
The Company is also pleased to report that it has received regulatory approval for the Glitter Lake Property transaction, originally reported in its May 2, 2012 news release. El Condor has also now provided the initial consideration of cash and shares due to the vendor as the first phase of exercising its option to acquire the 1,008-hectare Property. As indicated above, plans for exploration at Glitter Lake are currently being developed in conjunction with the potential expansion of the Company�s copper-nickel resource at Horden Lake, directly to the south of the main block of the newly-acquired Glitter Lake claims.
About El Condor Minerals Inc.
El Condor Minerals Inc. is currently developing the Horden Lake Copper Project, an advanced exploration stage copper-nickel deposit in Quebec. Horden Lake is a NI 43-101 compliant resource calculated effective April 2009 using the Ordinary Kriging method and a 0.5% copper cut-off, with 8,759,200 Indicated Tonnes at 0.88% Cu and 0.21% Ni and 7,791,195 Inferred Tonnes at 0.87% Cu and 0.25% Ni. The resource is unbounded at depth as well as along both its northeasterly and southwesterly strike extensions, where historic drilling by INCO continues to intersect the mineralization.
Additional information on El Condor, its properties and its exploration and development activities is available at the Company�s website: www.elcondorminerals.com.
ON BEHALF OF THE BOARD OF DIRECTORS
�Leigh W. Freeman�
President & CEO
For information, please contact the Company at (604) 689-8336 (ext 103) or info@elcondorminerals.com.
FORWARD LOOKING STATEMENTS: This press release contains forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words �expects�, �plans�, �anticipates�, �believes�, �intends�, �estimates�, �projects�, �potential� and similar expressions, or that events or conditions �will�, �would�, �may�, �could� or �should� occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company�s management on the date such statements were made. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
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 release.
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