Permits Granted and Drill Contract Signed for Pucamayo West
Vancouver,
B.C., January 24, 2011 - Condor Resources Inc. - ("Condor" or
the "Company") (TSX.V: CN) is pleased to announce that
community agreements have been signed and all required permits have been
granted for the Company to commence its planned drilling program on the
West Zone of the Pucamayo project, Peru.
Logistics are being finalized, a drill contract has been signed, and it
is expected a bulldozer will be on site shortly to commence road and
drill platform construction.
In addition, negotiations are nearing completion with the local community
near the East Zone at Pucamayo and it is
anticipated that an agreement will be reached and signed soon, enabling
the drilling to continue onto this target on completion of the West Zone
drilling.
As announced previously, Dr. Richard Culbert,
Condor's qualified person, visited Pucamayo and
completed a 43-101 compliant technical report on the project, including
the adjoining Tinco concession, acquired in
2010. The report states that "Despite limited outcrop, sampling of
siliceous breccias exposed along structures has yielded significant gold
and silver values, and the induced polarization data suggest that the
visible outcrops are part of much larger epithermal systems, especially
in the Eastern Zone." Dr. Culbert's report
can be viewed on the Company's website.
The upcoming drill program is designed to test the numerous geochemical
and geophysical anomalies discovered on the property. The 42 sq km Pucamayo property has never been drill tested.
Pucamayo -- West Zone
The West Zone at Pucamayo comprises a total of
five NW and NE trending low to intermediate sulphidation
multi-phase quartz-carbonate veins, the largest of which has been traced
for 1500m along strike with an average width of over 15m. Channel samples
within this area returned values up to 86.6 g/t Au and 84.8 g/t Ag over
3m, 5.85 g/t Au and 1.69 g/t Ag over 10m, and 1.34 g/t Au and 624 g/t Ag
over a 2m width. Numerous geophysical resistivity and chargeability
anomalies exist coincident with the main NNW-striking vein. The drill
program will test the main vein at several locations and depths along
strike, as well as the secondary structures which returned encouraging
surface results.
Pucamayo -- East Zone
The East Zone at Pucamayo, located
approximately 8km east of the West Zone, comprises a high sulphidation epithermal system with disseminated
precious metals mineralization covering an area approximately 1,200m long
by 200m to 700m in width. This sector includes an erosion window exposing
hydrothermal breccias in outcrop over an area of 350m by 100m within an
area largely hidden by recent glacial fluvial cover. Channel samples
within the breccias returned values of up to 0.95 g/t Au and 343 g/t Ag
over 5m, 0.93 g/t Au and 394 g/t Ag over 5m, and 0.53 g/t Au and 216 g/t
Ag over 4m. Drilling is required on this breccia
target and is also required to test a series of at least seven
quartz-carbonate epithermal veins, where values up to 0.36 g/t Au, 554
g/t Ag, 1.40% Cu, 29.20% Pb and 21.20% Zn were
obtained from surface sampling. A geophysical survey over the East Zone breccia target outlined a broad NNE trending and
vertically continuous chargeability anomaly measuring approximately 700m
long by 350m wide, with a coincident moderate resistivity anomaly within
the breccia exposures. This large anomaly is
coincident with the favourable geology,
alteration and precious metal values as determined by field mapping and
sampling, and confirms the depth potential of this large epithermal
precious metals target.
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 Timea Carlsen 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.
|