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Re: News Releases - Monday, October 19, 2009
Prospecting Discovers New Widespread Mineralization at Condor de
Oro -- Additional Ground Staked
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Vancouver, B.C., October 19, 2009 - Condor Resources Inc. - ("Condor"
or the "Company") (TSX.V: CN) is pleased to provide an update of the
exploration program conducted on the Company's Condor de Oro property
in Cajamarca province of northern Peru between September 11 and October
2, 2009.
The mapping and prospecting program at the Pucayacu zone led to the
discovery of pervasive copper mineralization over a 100 metre rock face
situated upstream from an area of historic placer gold workings.
Additional staking has been completed, and has expanded the Condor de
Oro property to over 102 square kilometers. Assay results from the
program are expected by mid November.
Field work on the property concentrated on the Pucayacu and Yuracyacu
zones, the two extensively mineralized Au-Cu systems discovered to date
on the Condor de Oro project. The Pucayacu zone is located in the
southwestern area of the property and the Yuracyacu zone is located in
the northeastern area of the property.
The Pucayacu and Yuracyacu zones have never been drill tested by the
Company or previous explorers.
PUCAYACU
Mapping and prospecting to extend the area of previously known
mineralization led to the new discovery of a near-vertical rock cliff
face measuring more than 100 meters vertically, comprising intensely
quartz-sericite (phyllic) altered quartz feldspar porphyry (QFP)
intrusive exhibiting pervasive copper mineralization throughout,
occurring as disseminations in at least three phases of brecciation, as
well as on fracture surfaces and in microveinlets and veinlets. Visible
mineralization comprises secondary copper oxides along with chalcocite,
covellite, bornite and chalcopyrite. Old placer gold workings are
evident downstream below this outcrop and a previous rock sample
collected down-drainage returned an assay of 2.5 g/t Au.
YURACYACU
The Yuracyacu mineralized zone is located approximately 8 km to the
northeast of Pucayacu, and also encountered extensive limonite-stained
phyllic altered QFP comprising an estimated 90% of float boulders in
all of the drainages prospected over an area measuring approximately 4
sq km. The QFP was subsequently located in outcrop in several
locations. The mineralized system remains open in all directions. The
geological setting is similar to the geology and style of
mineralization at Pucayacu. Intense alteration occurs within breccias
and stockwork veining along with quartz-carbonate-sulphides, banded
sulfosalts and rhodochrosite. Mineralization occurs as disseminations
and locally in quartz vein stockworks as chalcocite, covellite,
bornite, chalcopyrite and pyrite. A dacitic stock was also found in
outcrop and exhibits intense multiphase hydrothermal events with
chalcedonic quartz matrix breccias along with limonites, and banded,
drusy, botryoidal quartz carbonate veins containing abundant
chalcopyrite, covellite, galena and sphalerite. The style of
mineralization is indicative of low to intermediate sulfidation
precious metals systems similar to the style of mineralization at the
Fruta del Norte deposit, Ecuador.
Previous sampling on the property has indicated a strong correlation
between copper mineralization and gold values. A helipad has been
cleared on one of the nearby hilltops to facilitate future access to
the Yuracyacu zone.
As a result of this latest program, an additional 20 sq km have been
staked at Yuracyacu to cover the projected extension of the
mineralization along the northeastern and eastern boundaries of the
property, expanding the total landholdings on the Condor de Oro
property to 102.38 sq km.
A total of 111 rock chip samples and 2 stream sediment samples were
collected during the program and were forwarded to the full service ALS
Chemex international geochemical laboratory in Lima on October 5th,
2009. Results will be released as they become available.
The Company has agreed to purchase an 85% interest in the Condor de Oro
Property, and also has the right to acquire a 100% interest in the 49
sq km Sol de Oro and 70 sq km Kury Intsa projects located immediately
to the north, bringing its total mineral exploration rights to 221 sq
km on the Peruvian side of the newly emerging and underexplored
Cordillera del Condor gold and base metals belt.
About Condor
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
Forward-Looking Statements: Statements in this release that are
forward-looking statements are subject to various risks and
uncertainties concerning the specific factors disclosed under the
heading "Risk Factors" and elsewhere in the Company's periodic filings
with Canadian securities regulatory authorities. Such information
contained herein represents management's best judgment as of the date
hereof based on information currently available. The Company does not
assume the obligation to update any forward-looking statement. 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) 2009 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 Mon Oct 19, 2009 at 3:10:48 PM Pacific Time
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Condor Resources Inc.
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EXPLORATEUR |
CODE : CN.V |
ISIN : CA20676U1049 |
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ProfilIndicateurs de MarchéVALEUR : Projets & res.Communiqués de PresseRapport annuelRISQUE : Profile actifsContactez la cie |
Condor Res. est une société d’exploration minière d'argent et d'or basée au Canada. Condor Res. détient divers projets d'exploration au Chili, au Perou et en Argentine. Ses principaux projets en exploration sont CONDOR DE ORO, LA LIBERTAD, PUCAMAYO, CHAVIN, OCROS et CONDORO au Perou et MILAGRITO en Argentine. Condor Res. est cotée au Canada et au Royaume-Uni. Sa capitalisation boursière aujourd'hui est 16,3 millions CA$ (11,6 millions US$, 11,0 millions €). La valeur de son action a atteint son plus haut niveau récent le 04 février 2011 à 3,70 CA$, et son plus bas niveau récent le 05 février 2016 à 0,02 CA$. Condor Res. possède 102 060 000 actions en circulation. |