Condor Acquires Andrea Au-Ag Epithermal Project in Peru
VANCOUVER, B.C., June21, 2017(GLOBE NEWSWIRE) -- Condor Resources Inc. - ("Condor" or the "Company") (TSXV:CN) is pleased to announce the acquisition of a 100% interest in the Andrea epithermal gold-silver project in the Department of Ayacucho, approximately 480 km south-east of Lima in the south-central Andes. The mineral rights on the 8 sq km property were recently acquired by application to the Peruvian Ministry of Energy and Mines. Andrea is approximately 20 km north of the Breapampa mine owned by Minas Buenaventura, and situated at elevations ranging from 4100 to 4600m.
Condor acquired the Andrea project because it hosts a compelling high sulphidation epithermal type gold and silver target within a core area approximately 800m in diameter. Gold and silver mineralization (up to 4.2 g/t Au) is hosted in hydrothermal breccias with vuggy silica. The surface area exposure of the largest siliceous breccia is about 200m in diameter, with a halo of advanced argillic assemblages. The alteration and mineralization is hosted within Miocene to Pliocene aged Tertiary volcanics.
"I am excited by the exploration potential of our newly acquired Andrea project," stated Ever Marquez, Condor's VP of Exploration, "Based on my experience in the south-central Andes, these high sulphidation type targets can yield significant discoveries when explored with drilling; we do not believe this project has ever been drilled."
An initial reconnaissance mapping effort was recently completed, and 117 rock chip channel samples were collected and analyzed by ALS Peru S.A. in Lima. Exploration sampling and mapping was concentrated in the central part of the project within a much larger advanced argillic alteration envelope. The sample results also confirmed the presence of anomalous pathfinder elements typical of high sulphidation epithermal systems. Condor geologists found no evidence of previous exploration activities or small scale mining on the concession.
Gold assays in the samples range from negligible to 4.2 g/t Au, with 23 of the samples showing anomalous gold values exceeding 50 ppb, including 13 samples exceeding 500 ppb, and 7 samples greater than 1 g/t. Samples taken in the 800m diameter breccia 'core area' - 81 of the 117 samples - exhibited more consistent gold values, ranging from 5 ppb to 4180 ppb, and averaged 41 ppb. Measurable silver values were present in all but 6 of the 117 samples, but none of the silver assays exceeded 1 g/t.
More details of the Andrea project can be found on our website at www.condorresources.com/s/ProjectAndrea.asp.
Condor is an explorer and project generator focused exclusively on Peru, 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
For further information please contact the Company at 1-866-642-5707, or by email at info@condorresources.com, OR
Renmark Financial Communications Inc.
Barry Mire: BMire@renmarkfinancial.com
Tel: (416) 644-2020 or (514) 939-3989
www.renmarkfinancial.com
Mr. Brian D. Game, P.Geo, is the Qualified Person under NI 43-101 who has approved the technical content of this news release.
Quality Assurance/Quality Control: The sampling program was undertaken by Company personnel under the direction of Ever Marquez, Condor's VP Exploration. A secure chain of custody is maintained in transporting and storing of all samples. Samples were delivered to and assayed by ALS Peru S.A. in Lima, a laboratory whose quality control system complies with International Standards ISO/IEC 17025:2005 and ISO 9001:2015, respectively. Analysis by aqua regia digestion system with 51 element ICP-MS analysis was conducted on all samples. Gold was assayed using a fire assay with atomic absorption spectrometry/ICP-MS and gravimetric finish when required. Systematic assaying of sample duplicates and commercially prepared blanks and standards was performed for analytical reliability by the laboratory. Bedrock rock chip samples are selective by nature and are unlikely to represent average grades within the bedrock when drilled.
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.
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