Condor Resources Inc. [TSXV-CN] provided an update on four of its exploration projects in Peru.
Pucamayo: Following the release of the assay results from the 2023 drill program at Pucamayo on February 12, 2024, the exploration team performed an analysis of these results in the context of the exploration model.
Overall, the drill program was successful in confirming the geological interpretations made to date based on prior work, and the project remains highly prospective for a gold-bearing epithermal deposit. Drill results of the program validate the thesis of at least one hydro-magmatic centre, with mineralization of gold, silver, and associated elevated values for lead, zinc, copper.
Mineralization discovered to date by drilling is confirmed as high to intermediate sulfidation classification with mineralization consisting of Au-Ag, Cu, Pb, Zn, within ledges of hydrothermal breccias, with halos of crackle breccias, and quartz and carbonate vein fillings in associated structures.
Also identified in the drilled area are distal assemblages of an intrusive porphyry that support the interpretation of a magmatic intrusive centre below the epithermal mineralization, all hosted in Tertiary-aged ignimbrites, andesitic lavas, and hypabyssal porphyries.
In April, an updated drone supported airborne magnetics survey was completed over the exploration area of interest resulting in the identification of two obvious magnetic anomalies suggesting two hydro-magmatic centres. One of these centres is within the area drilled to date. and the second magnetic anomaly is located within Pucamayo South East Extension area (South East Target) indicating a second interpreted hydro-magmatic centre associated with the 3 x 2 km area of the outcropping high sulfidation lithocap alteration. Both targets are associated with IP-related geophysical anomalies identified in earlier surveys.
The company received notice from the Ministry of Energy and Mines that a separate DIA will be required for the South East Target, and the application process has been initiated. The community remains supportive of the company’s exploration efforts including expansion of drill plans to include an additional 40 drill holes in the South East Target.
The Ministry will need to confirm this support in a community meeting as part of this DIA application. The Company is proud of its efforts to engage the community and in particular significant progress has been made in the construction of a community centre funded by the company.
Soledad: Under terms of the agreement with Chakana Copper Corp., Chakana was scheduled to complete a US$1,000,000 payment and issue CAD$200,000 worth of Chakana common shares at a price not less than $0.145/share to Condor on June 22, 2024 to maintain its option. This payment has not yet been received and the companies are in active discussions on the matter.
Huinac Punta: The company continues to make progress with community discussions through the Consulta Previa process. The Social Management Directorate of the Ministry of Energy and Mines (DGS MEM)) and the president of the local community will plan for the required community meeting to take place, and this is currently anticipated to be in July.
Upon completion of this meeting, the next step in the process would be the Initiation of Activities, during which the company would be able to initiate a drill program on this highly prospective high grade silver project.
Andrea: After a number of dormant years at the Andrea project, which is in proximity to the Breapampa mine formerly owned by Newmont Corp., the company is in constructive discussions with the leaders of the local community. Condor’s team is planning a comprehensive overview of its activities in Peru and the available benefits to the local community.
The company’s flagship project, Pucamayo, is an 85 km2 property containing a high sulfidation epithermal system with disseminated precious metals mineralization with a large lithocap alteration visible at surface.
Condor has optioned several large projects to partners who continue to advance these projects, and has a number of priority and prospective projects warranting further exploration.
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