Condor: Updates on the Cobreorco Copper-Gold Project

VANCOUVER, August 11, 2022 - Condor Resources Inc. - ("Condor" or the "Company") (TSXV:CN) is pleased to provide a detailed description and update of our Cobreorco Porphyry- Skarn Project, a copper-gold prospect in south central Peru.

Cobreorco is a 47 sq km project acquired by staking, is royalty free, and 100% owned by Condor, located in the province of Andahuaylas in the department of Apurimac, in the prolific Eocene-Oligocene aged Andahuaylas-Yauri porphyry copper belt. This region is influenced by the large Abancay deflection, and is home to the Las Bambas, Huaquira, Constancia, Tintaya and Antapaccay deposits.

Refer to Figure 1, Cobreorco Location Map
https://condorresources.com/site/assets/files/4116/figure_1_cobreorco_location_map.jpg

An exposed porphyry with intense stockwork and alteration, along with outcroppings of skarn-gossan with massive magnetite-iron oxide, and other calcsilicate minerals that have been exploited on a small scale by artisanal miners, led to our interest in this area. Numerous porphyry and skarn related copper-gold occurrences are exposed in outcrop, and in small scale artisanal workings within the main 2 sq km area of interest. A high portion of surface rock samples contained anomalous copper and gold values: 32% contained greater than 1000 ppm copper, and 44% contained greater than 100 ppb gold.

Refer to Figure 2, one of several area of interest at Cobreorco North Target
https://condorresources.com/site/assets/files/4114/figure_2_area_of_interest_at_cobreorco_north_target.png

The bulk of our exploration has been concentrated within a 2 sq km area, and has identified two primary targets - the North Target, and the South Target. Sampling programs have collected 226 rock channel samples (typically 2 metres in length), with anomalous copper and gold values, with copper values testing to 1.95%, and gold to 19.3 g/t. Ever Marquez, Condor's VP Exploration, noted "the high values of gold and copper are consistent - more so than a typical copper-gold porphyry, and this could be related to mineralization events of the Eocene-Oligocene era, which era generated many of the world class porphyry deposits in the central Andes." Copper and gold value plots are shown on Figures 3 & 4.

Refer to Figure 3, Cobreorco Copper Geochemistry:
https://condorresources.com/site/assets/files/4116/figure_3_cobreorco_copper_geochemistry2.png

Refer to Figure 4, Cobreorco Gold Geochemistry:
https://condorresources.com/site/assets/files/4116/figure_4_cobreorco_gold_geochemistry2.png

Geophysics Program

A drone based 3D magnetic survey was conducted over approximately 5 sq kms including the North and South Target areas. The survey totalled 68 line kms, flown east-west using 100m line spacing. The survey data suggests the possible presence of two intrusive related centers with typical geometry of anomalies of porphyry and skarns; the location of both centers are well correlated with the exposed gold/copper porphyry and skarn outcrops. Plan and section views of the magnetic survey highlights are shown in Figures 5 and 6.

Refer to Figure 5, Cobreorco Magnetic Survey, Plan View:

https://condorresources.com/site/assets/files/4116/figure_5_cobreorco_magnetic_survey_plan_view1.png

Refer to Figure 6, Cobreorco Magnetic Survey, Section View:

https://condorresources.com/site/assets/files/4116/figure_6_cobreorco_magnetic_survey_cross_section_view2.png

The North Target

The North Target has outcrops of typical mineralized copper-gold porphyry with intense alteration: quartz-sericite-secondary biotite, with intense stockwork typical of multi-event mineralization, with quartz sulphide infill systems. Sampling of the porphyry exposures returned consistent and anomalous copper and gold values. The North Target area also has outcrops of a mineralized skarn, with massive magnetite, and other calcsilicate assemblages, and with consistent values of copper-gold, and other base metals. The alteration and geochemical sample results correlate with the geophysics geometry and signatures.

Photo 1, Exposed Porphyry at North Target:

https://condorresources.com/site/assets/files/4114/north_target_-_exposed_porphyry_outcrop.jpg

Photo 2, Porphyry at North Target - Quartz-secondary biotite-sericite-iron oxides-copper oxides, with intense stockwork of quartz-iron oxides-copper oxides:

https://condorresources.com/site/assets/files/4114/north_target_-_closeup_of_exposed_porphyry.jpg

Photo 3, Porphyry at North Target - Sheeting and stockwork veins of Quartz-Iron Oxide, secondary copper: https://condorresources.com/site/assets/files/4114/north_target_-_2nd_closeup_of_exposed_porphyry.jpg

The South Target

The geophysics outlines an anomaly that is coincident with the location of the porphyry outcrops, with consistent mineralization of gold and copper, as a low magnetic center, and with skarn assemblages with gold and copper, with base metals, with a high magnetic ring. In the South Target area there are hydrothermal mineralized breccias, showing multievent phases of fluids with samples testing up to 19.3g/t Au, and with anomalous copper values.

Photo 4, Hydrothermal Breccia at South Target - Rock channel samples tested to 19.3 g/t gold: https://condorresources.com/site/assets/files/4114/south_target_-_hydrothermal_breccia.jpg

Plans for Cobreorco

Baseline sampling of water, air, and soil has been completed, a requirement for filing our application to the Ministry of Energy & Mines ("MEM") for a Declaración de Impacto Ambiental ("DIA"), a process which is currently underway. In parallel with the DIA application, the company is in dialogue with the two local communities that will be required to grant surface access permits for our drill programs. The next step with both communities will be informative workshops, conducted by the MEM. Both the DIA and the community access agreements are expected to take several months.

Condor is an active explorer focused exclusively on Peru, supplemented by a project generator and royalty model designed to generate exploration capital whilst minimizing shareholder dilution. Our objective in advancing our portfolio of projects is the discovery of a major new precious metals or base metals deposit in Peru. Project acquisition and exploration activities are managed by the Company's 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

The technical content of this news release has been reviewed and approved by Brian Game, P.Geo., a qualified person as defined by National Instrument 43-101.

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.

SOURCE: Condor Resources Inc.