Condor Resources Inc.: Drill Results from the Condor de Oro Project
November 20 2013 - 7:24AM
Marketwired Canada
Condor Resources Inc. - ("Condor" or the "Company") (TSX VENTURE:CN) is pleased
to announce assay results have been received from Mariana Resources Ltd.
("Mariana") on the first two holes completed at Condor de Oro, located along the
gold-copper Cordillera del Condor belt in northern Peru. The 1500m drill program
is intended to test the four square kilometre target area, which potentially
hosts a copper-gold system related to porphyritic intrusions.
The initial hole confirms the potential for discovery of an intrusive related
large-tonnage disseminated gold system on the Condor de Oro Project. Hole 1
(CDOYE-001) was completed to a depth of 282m, and was strongly anomalous in gold
from surface to 258m, averaging 0.18g/t Au over this interval. Higher grade
intervals included 0.85g/t Au over 12m from surface, and 0.31g/t Au over 100m
from surface.
Hole 2 (CDOYE-002), located approximately 500m to the northwest of Hole 1,
intersected molybdenum in quartz veins hosted by quartz feldspar porphyry from
81m to the end of the hole, with copper and molybdenum values increasing at the
lower depths. The last 26.8m of the hole reported 110ppm molybdenum. Hole 2 was
abandoned at 153m, 200m short of its target depth, due to technical problems.
Hole 2 had lower gold content than Hole 1 and is interpreted to have intersected
the marginal alteration assemblage associated with the gold mineralization.
Strong sericitic, illite, propyliitc, and argillic alteration have been observed
in Holes 1 and 2. Hole 3 (CDOYE-03) was drilled from the same pad as hole 2,
with a 270 degree change in azimuth, and has been completed to its planned depth
of 253m. Hole 3 is currently being logged and sampled with no assay results to
date.
Hole 4 (CDOYE-04 has now commenced and is located approximately 1.2km southwest
of the Hole 1, and is intended to test anomalous geochemistry at the southwest
border of the intrusive system.
The Condor de Oro concessions are owned by Exploraciones Aguila Dorada S.A.C.
("EAD"). Condor has an irrevocable option to acquire 85% of the issued shares of
EAD, and in turn, Condor has granted Mariana an option to acquire 60% of
Condor's shareholding interest, being an overall 51% interest. Mariana is
assisting EAD with the drill program under the terms of the option agreement
with Condor.
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.
Mariana Resources Ltd.'s news release can be found at
http://marianaresources.com/site/wp-content/uploads/2013/11/131120_Mariana_news.pdf.
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.
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Condor Resources Inc.
1-866-642-5707
info@condorresources.com
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