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Re: News Releases - Tuesday, November 24, 2009
Sampling Expands Extensive Mineralization & defines drill targets
at the Pucayacu Target, Condor de Oro
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Vancouver, B.C., November 24, 2009 - Condor Resources Inc. - ("Condor"
or the "Company") (TSX.V: CN) is pleased to announce results of recent
follow up work on the Pucayacu Target on the Condor de Oro project in
northern Peru, where the Company has the right to earn an 85% interest.
Additional mapping and sampling on the 4 sq km Pucayacu zone have
confirmed the favourable geology and expanded the strong gold and
copper geochemical anomaly in outcrop, rock float, soils and stream
sediments which occur along with a coincident airborne magnetic
geophysical anomaly. The program resulted in the collection of an
additional 89 samples, which returned negligible to anomalous results,
with peak values of 754 ppb Au, 0.18% Cu, 91 ppm Mo, 0.22% Pb, 0.52%
Zn and locally anomalous As, Sb and Hg.
Including the recent sample program, a total of 385 samples have now
been collected and analyzed at Pucayacu. The results to date are
summarized below.
Rock Outcrop (192 samples):
Au: Negligible to 13.2 g/t Au. A total of 117 samples (61%) have
greater than 50 ppb Au and 26 (14%) have greater than 500 ppb Au.
Cu: Negligible to 0.28% Cu. A total of 143 (74%) have greater than100
ppm Cu.
Rock Float (44 samples):
Au: Negligible to 16.00 g/t Au. A total of 38 (86%) have greater than
50 ppb Au.
Cu: Negligible to 1.00% Cu. A total of 40 (91%) have greater than 100
ppm Cu.
Soils (85 samples):
Au: Negligible to 1.98 Au. A total of 60 (71%) have greater than ppb
Au.
Cu: Negligible to 0.18% Cu. A total of 46 (54%) have greater than 100
ppm Cu.
Stream sediment (64 samples):
Au: Negligible to 1.33g/t Au. A total of 53 (83%) have greater than 50
ppb Au.
Cu: Negligible to 0.11% Cu. A total of 59 (92%) have greater than 100
ppm Cu.
The Pucayacu targets on the Condor de Oro property have never
previously been drill tested. As a result of the reported sampling
program, the combined geochemical sample density is now considered
sufficient to define two immediate drill targets that have approximate
plan size of 1.0 and 0.75 square kilometers, respectively. These target
areas consist of highly anomalous geochemical Au and Cu values and are
located approximately 1500m apart. In these areas, sampling to date has
returned peak values of 13.2 g/t Au in a 3m rock chip sample, with
values as high as 8.20 g/t, 11.95 g/t and 16 g/t Au from rock float,
and soil samples with peak values of 1.56 g/t and 1.98 g/t Au. These
targets are also locally anomalous in the gold pathfinder elements (As,
Bi, Sb and Hg), with a peripheral Pb-Zn anomaly.
As a result, the Company has initiated plans to request a drill permit
to test these two targets at Pucayacu. Some additional detailed soil
sampling may be undertaken to better define drill site locations.
The Pucayacu target is characterized by intense quartz-sericite-clay
alteration along with abundant disseminated limonites/pyrite and a
strong quartz vein stockwork with limonite-pyrite and secondary copper,
as well as rhodochrosite, chalcedonic quartz and jasper, hosted within
an intrusive complex including a coarse-grained Tertiary quartz-eye
porphyry cutting Jurassic andesites. The target remains open to the
north and south. Placer gold has been mined from several of the creeks
draining Pucayacu and elsewhere on the property since pre-Inca times.
Chalcedonic quartz and jasper are also present, these being products of
multiphase hydrothermal events related to an island arc environment
similar to that at Kinross' Fruta del Norte project in Ecuador. The
Pucayacu project occurs at the intersection of the southwest projection
of the newly emerging Cordillera del Condor metallogenic belt and the
NW-SE Machala mineralized fault system. Both structural zones contain
multi-million ounce gold deposits elsewhere in Ecuador and Peru. (for
an area map, see link below)
(http://www.condorresources.com/s/PhotoGallery.asp?ReportID=373600&_Ti
tle=Cordillera-del-CondorMachala-Belts)
Incentive Options
Pursuant to the Company's 2009 Stock Option Plan, it has granted
680,000 incentive stock options with an exercise price of $0.15, and
has re-priced 385,000 existing incentive options held by employees and
consultants to an exercise price of $0.15, subject to approval of the
TSX Venture Exchange.
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 Tue Nov 24, 2009 at 1:49:13 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. |