Condor Acquires New Projects and Expands the Pucamayo Project
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jul 20, 2016) - Condor Resources Inc. - ("Condor" or the "Company") (TSX VENTURE:CN) is pleased to announce the acquisition of mineral rights from the Peruvian government on three (3) new projects, and also the acquisition from a private group of a substantial land position adjoining the Pucamayo Project. Condor is an explorer and project generator focused exclusively on Peru.
"Our team in Lima have once again demonstrated their expertise in recognizing opportunities and acquiring quality projects on a shoestring budget. For modest expenditures we now have a substantially larger property at Pucamayo, as well as three new prospective projects that any junior would be proud of" stated Lyle Davis, Condor's President.
As a result of their in depth research and data compilation, the Company applied to the Peruvian government for the award of mineral rights on five projects in Peru, and was successful on three of these applications, resulting in the acquisition of three new projects named Humaya, Quilisane, and Huiñac Punta. Summary reports are being finalized, and will be available on our website shortly.
Humaya is a 7 sq km copper prospect in south central Peru, approximately 190 km east of the city of Ica. On the property a one (1) km long area of outcrop shows intense alteration and stockwork, typical of a gold and copper porphyry system. The neighbouring concessions are held by majors.
Quilisane is a 14 sq km gold/silver prospect located approximately 75 km north-west of the city of Puno, and about 12 km south-east of the Arasi gold mine of the Aruntani group. Quilisane is host to a large epithermal alteration, with anomalous geochem results for gold and pathfinder elements. There is evidence in one sector of several shallow drillholes, thought to have been completed in 2003.
Huiñac Punta is a 10 sq km prospect located within the polymetallic belt of the central Andes, about 65 km south-east of the Antamina mine, and about 90 km east of the Company's Soledad project. This project hosts potential for the discovery of a silver and copper related replacement system hosted in a carbonaceous sedimentary sequence. Small scale underground mining of silver, copper, and lead occurred on the neighbouring concessions until around 1970.
In parallel with their applications to acquire new projects from the state, the Company arranged to acquire unencumbered ownership of a third party's mineral right holdings on an additional 94 sq km of concessions contiguous with Condor's Pucamayo gold-silver project.
To focus on the new and existing projects the Company has decided to terminate their option to acquire an 85% interest in the Condor de Oro project in northern Peru.
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
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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