Progress Report from the Condor de Oro Drill Program
December 20 2013 - 2:10PM
Marketwired Canada
Condor Resources Inc. - ("Condor" or the "Company") (TSX VENTURE:CN) is pleased
to provide an update on the drill program at the Condor de Oro project, located
along the gold-copper Cordillera del Condor belt in northern Peru. The drill
program is intended to test the four square kilometre target area, which hosts
an anomalous gold-copper system at surface related to porphyritic intrusions.
The widely spaced, 'scout drilling' program is intended to provide a better
understanding of this large mineralized system with five drill holes completed
to date extending over about 1.5km.
Highlights to date include an encouraging grade gold intercept in CDOYE-004 and
a wide zone of intensely veined and potassic altered diorite, with significant
quartz-pyrite-chalcopyrite-(molybdenite) as disseminations and multiphase
stockworks in CDOYE-005.
The fifth hole CDOYE-005 was terminated at 597m depth on December 18th, and the
drill program was shut down for the Christmas break. To date, 1641m of diamond
drilling has been completed in five holes. Mariana Resources Limited is expected
to resume drilling in January.
TABLE 1: SUMMARY OF DRILL HOLE LOCATIONS
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HOLE ID BEARING DIP DEPTH
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CDOYE-001 320 degrees -65 degrees 283.2m
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CDOYE-002 350 degrees -60 degrees 152.8m
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CDOYE-003 270 degrees -60 degrees 252.8m
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CDOYE-004 30 degrees -60 degrees 355.5m
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CDOYE-005 20 degrees -60 degrees 596.7m
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HOLE ID EAST NORTH COMMENT
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100m of 0.31g/t Au from
CDOYE-001 733,700 9,463,550 surface
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Abandoned due to technical
CDOYE-002 733,555 9,464,073 problems
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175m of 0.12g/t Au from
CDOYE-003 733,557 9,464,075 surface
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4.8m of 26.0g/t Au from 117m
Includes 1.0m 119g/t Au,
CDOYE-004 732,808 9,462,754 uncut.
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CDOYE-005 733,092 9,463,290 Assays pending
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CDOYE-001 - see November 20, 2013 news release. Strongly anomalous in gold from
surface to 258m, averaging 0.18g/t Au over this interval.
CDOYE-002 - see November 20, 2013 news release. Intersected molybdenum in quartz
veins hosted by quartz feldspar porphyry from 81m to end of hole.
CDOYE-003 - drilled in westerly direction from the same pad as CDOYE-002,
intended to test anomalous gold, copper and molybdenum geochemistry. Moderately
altered dacite porphyry was intersected. Minor disseminated/veinlet pyrite,
quartz-molybdenite, quartz-pyrite-molydenite, and quartz-pyrite-chalcopyrite
from 60m to end of hole. Assay results received for this hole show anomalous
gold from surface to 175m, averaging 0.12g/t Au.
CDOYE-004 - located some 1.2 km southwest of CDOYE-001, targeted anomalous
copper and gold geochemistry at the southwest quartz-feldspar porphyry (QFP)
boundary zone. This hole intersected a volcanic sequence of andesite and
andesite tuffs from surface to 239m, and QFP from 239m to the end of the hole at
266m. The volcanics are characterized by weak to moderate propylitic
alterations, with zones of intense silicification and brecciation. The hole
intersected high grade gold of 1.0m of 119g/t Au in hydrothermal breccia between
119.5 and 120.5m surrounded by about 3.8 meters of lower but elevated gold
grades. Other intervals of interest noted in Table 2.
TABLE 2: SUMMARY OF DRILL RESULTS CDOYE-004
--------------------------------------------------------------
TO WIDTH Au Ag
HOLE ID FROM (m) (m) (m)(i) g/t g/t
--------------------------------------------------------------
CDOYE-004 7.70 27.25 19.55 0.30 1.6
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CDOYE-004 67.30 84.65 17.35 0.13 1.3
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CDOYE-004 116.70 121.50 4.80 26.06 39.0
including 119.5 120.5 1.0 119.0 127.0
--------------------------------------------------------------
CDOYE-004 134.40 165.00 30.60 0.30 1.5
--------------------------------------------------------------
(i)True width is unknown
CDOYE-005 - located 597m from CDOYE-004 and targeted to test the central zone of
the intrusive complex. Hole 5 intersected porphyry style mineralization, with
intensely veined and potassic altered diorite, with significant
quartz-pyrite-chalcopyrite (with and without molybdenite) as disseminations and
multiphase stockworks. The presence of the diorite may indicate an earlier
intrusive phase, and may represent the principal target for a porphyry type
copper mineralization.
The widely spaced drilling to date confirms the target area mineralization
relates to a large porphyry complex with multiple diorite and dacite porphyry
intrusive phases. The understanding of the target area is evolving, and the
focus of the field exploration is now on the higher western margin of the
porphyry complex.
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.
To view the figure associated with this press release, please visit the
following link: http://media3.marketwire.com/docs/Figure1CN.pdf.
ON BEHALF OF THE BOARD
Lyle Davis, President & Chief Executive Officer
Darcy Krohman, P.Geo., 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/2013/11/131220a_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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