VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb. 10, 2015) - Condor Resources Inc. - ("Condor" or the "Company") (News - Market indicators) is pleased to provide an update on exploration activity on its 85% owned Ocros copper project, Ancash Department, Peru. The Ocros property is accessible from existing roads. In the 1950's, the historic Eldorado mine adit located on the Ocros Property, which adit was only recently re-opened, exploited a high grade copper sulphide vein, which mined westward into wallrocks consisting of the potassic altered portion of a well mineralized porphyry copper system. To the best of the Company's knowledge, no exploratory diamond drilling has ever been completed on the copper porphyry system in the area of this adit.
In October 2014, the Company reported the results from eighteen (18) representative two-metre long horizontal rock chip samples taken from the adit wall over a horizontal distance of approximately 300m. This preliminary investigation of the (recently opened) adit provided very encouraging results, with the average grade of the 18 samples being 0.99% copper, hosted entirely within feldspar-hornblende porphyry that has been potassic altered.
Subsequent to the October news release, and based on the early encouragement, the Company completed a more detailed rigorous and systematic rock chip sampling program of the entire length of the historic Eldorado Mine adit referred to as the '200 Level Adit'. An additional forty four (44) representative five-metre long horizontal rock chip samples were taken on the 200 Level Adit. Limited sampling was also completed on two other adits above and below the 200 Level Adit. The sampling on the other adits was access constrained.
Together with the samples reported in October 2014, a total of 62 horizontal adit wall chip samples that each average 2.2kg in weight, were collected along the exposed portions on the entire 326m open length of the 200 Level Adit.
Compilation of the complete (62) sample results from the two phases of sampling confirmed the earlier sampling results, with the combined sampling results yielding 326m of 0.68% copper over the entire length of the 200 Level Adit. Included in the 326m was a 141m interval of 1.1% copper located towards the western extension of this adit.
Please refer to www.condorresources.com/i/pdf/Ocros-figures-and-maps-feb2015.pdf for additional details.
As reported in October 2014, the eastern entrance to the 200 Level Adit is over one (1) kilometer east, and about 300 metres lower in elevation, than the nearest of seven drill holes completed by the Company in 2007 and 2008. The closest drill hole (OCR-001) was drilled to a depth of 400m, and reported 251m of 0.15% Cu from 150m to 400m, which included 54m of 0.41% Cu at the bottom of the hole. This drill intersection would be located over 700 meters from the western termination of the 200 Level Adit. This early drilling only intersected sporadic potassic alteration. The sampling information from the 200 Level Adit indicates that the center of the copper enriched porphyry system is interpreted to be entirely preserved at depth and located further to the east, and at a lower elevation, than the area originally tested by Condor's 2007/2008 drill program.
In the overlying and underlying adits, twenty three (23) non-systematic reference samples were collected during this phase of exploration and confirmed that these adits are also hosted in copper mineralized potassic altered feldspar-hornblende porphyry. On the 250 Level adit, ten (10) rock chip samples were collected over the first 41m of the adit, and the average reported copper grade was 1.1%. On the 150 Level adit, thirteen (13) referential rock chip samples, collected over approximately 300m, averaged 0.63% copper.
"The results from samples collected from the old adits at Ocros, along with the visual observations from inside the adits, confirm the copper mineralized potassic core for some 326m inside the hill, and we are confident this is the porphyry type center, and that this occurrence is similar to copper porphyry projects in the Miocene belt of Northern Peru," stated Ever Marquez, Condor's VP of Exploration.
The copper mineralization in the three Eldorado adits, and in particular 200 Level Adit, is very uniform and typical of mineralization associated with the potassic core of many other well-known copper-porphyry deposits. The geology in the adit is well exposed and is entirely hosted within feldspar-hornblende-porphyry, with strong potassic alteration throughout. Mineralization is in the form of disseminated chalcopyrite-bornite, as well as quartz chalcopyrite and bornite stockwork veins. Native copper is also observed in some places.
Condor is a project generator focused exclusively on Peru and Chile, 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
Dr. Richard Culbert is the Qualified Person under NI 43-101 who has approved the technical content of this news release.
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.
There has been insufficient exploration to define a mineral resource on the Ocros Property and it is uncertain if further exploration will result in the El Dorado target at the Ocros Property being delineated as a mineral resource. The Ocros chip samples were transported in sealed bags to ALS Minerals laboratory in Lima, Peru, an ISO 17025:2005 accredited laboratory; no standards or blanks were included in the submitted samples. Samples were prepared at ALS Minerals. The chip sample results summarized in this release were assayed using ALS procedure ME-MS41, and/or ALS procedure Cu-OG46.
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