Astorius Enters Into Option Agreement to Acquire Strategically-Located Condor Gold Project in Southeast Ecuador
Vancouver, British Columbia (FSCwire) - Astorius Resources Ltd. (TSX-V: ASQ, Frankfurt: 47AF) (“Astorius” or the “Company”) reports that it has entered into an option agreement to acquire 100% of the shares of Lateegra Ecuador S.A., title holder of the Condor gold property in southeast Ecuador from Condor Mines S.A. (“CMSA”). The Condor property represents a group of strategically-located mineral claims surrounded entirely by the 75,000-hectare Fruta del Norte concession, Lundin Gold’s flagship asset where mineral production is expected to begin Q1 2020.
Astorius Resources on signing of the Option Agreement, will issue 500,000 restricted commong shares of (“ASQ”) and pay US$50,000 in cash, subject to TSX and regulatory approval.
The Condor property is one of the few remaining claim blocks in the Fruta del Norte concession area not held by Lundin Gold. The claims also lie within the recognized Ecuadorian Copper Belt, just six kilometres south of EcuaCorriente’s Mirador, Panantza and San Carlos advanced copper projects.
“The Lateegra-Condor acquisition represents a significant milestone for Astorius,” said Sandy MacDougall, Astorius’ Chairman of the Board. “Not only is Condor valuable for us from a strategic standpoint due to its location, geologically it’s highly prospective in relation to Fruta del Norte. Condor’s alluvial potential also aligns with our strategy of striving for near-term production of high-value minerals.”
Astorius is now updating the existing NI 43-101 Technical Report on the Condor concession. A new report is expected early in 2017.
Lateegra Ecuador originally purchased the Condor claims from Mr. Freddy Salazar, an Ecuadorian geologist who was instrumental in identifying the Fruta del Norte land package held originally by Aurelian Resources, then Kinross Gold and now Lundin Gold. Mr. Salazar spent ten years working as an in-country geologist for Newmont Gold and subsequently for Aurelian Resources.
The Condor concession is covered by strongly altered and oxidized intrusive rocks with presence of limonite veins and some brecciated bull quartz sections with sericitic alteration. The property is underlain by strongly altered intermediate porphyritic intrusive rocks containing weathered sericitic/chloritic alteration. Veins up to four metres wide of tectonically brecciated crystalline quartz with iron oxides have been intersected in nearby trenches by Aurelian Resources.
The technical information contained in this news release has been reviewed and approved by Chris Cherrywell, QP, who is a Qualified Person with respect to the Condor property as defined under NI 43-101.
About Astorius Resources Ltd.
Astorius (TSX.V:ASQ Frankfurt: 47AF) is a junior exploration and near term production company focused on high value minerals deposits in North and South America.
ON BEHALF OF THE BOARD OF DIRECTORS
/s/ “Arthur Brown”
President & Director
This news release contains projections and forward-looking information that involve various risks and uncertainties regarding future events. Such forward-looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of the Company. The following are important factors that could cause the Company’s actual results to differ materially from those expressed or implied by such forward looking statements; the uncertainty of future profitability; and the uncertainty of access to additional capital. These risks and uncertainties could cause actual results and the Company's plans and objectives to differ materially from those expressed in the forward-looking information. Actual results and future events could differ materially from anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and expressed qualified in their entirety by this notice. The Company assumes no obligation to update forward-looking information should circumstance or management's estimates or opinions change.
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 release.
To view this press release as a PDF file, click onto the following link:
public://news_release_pdf/astorius10252016.pdf
Source: Astorius Resources Ltd. (TSX Venture:ASQ)
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