Condor de Oro-Mariana Advances to Next Stage of Option and Reports Results from Hole 5
January 28 2014 - 8:30AM
Marketwired
Condor de Oro-Mariana Advances to Next Stage of Option and Reports
Results from Hole 5
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan 28, 2014) -
Condor Resources Inc. - ("Condor" or the "Company")
(TSX-VENTURE:CN) is pleased to provide results from CDOYE-005, the
fifth hole of 2013 completed at the Condor de Oro project, located
along the gold-copper Cordillera del Condor belt in northern Peru.
The widely spaced, 'scout drilling' program was designed to provide
a better understanding of the four square kilometre target area,
which hosts an anomalous gold-copper system at surface related to
porphyritic intrusions. The prior four holes completed in 2013 were
summarized in news releases dated November 20th and December
20th.
With the completion of hole 5, Mariana Resources Limited
('Mariana') have satisfied their contractual obligations for the
first year of their option. Mariana have advised the Company they
are continuing with the earn-in option, and will be making the
US$200,000 option payment to Condor due by January 31, 2014.
CDOYE-005 targeted the central zone of the intrusive complex and
was drilled at an azimuth of 20 degrees and angled at minus 60
degrees. The hole is located 607m north-northeast of CDOYE-004.
Hole 5 intersected copper and molybdenum, interpreted as wall rock
style porphyry copper mineralization, hosted by intense potassic
altered andesite volcanics. The best copper interval was 102.7m of
0.19% copper. Anomalous gold is present as well, and includes
intervals of 2.4m of 0.84 g/t Au, 6.6m of 0.56g/t Au, 20.0m of
0.31g/t Au, and 102.7m of 0.11g/t Au.
TABLE 1: SUMMARY OF DRILL RESULTS
CDOYE-005
FROM (m) |
TO (m) |
interval (m)* |
Au g/t |
Cu % |
Mo ppm |
|
Comments |
2.50 |
27.00 |
24.50 |
0.20 |
0.05 |
97 |
|
|
63.15 |
85.50 |
22.35 |
0.17 |
0.17 |
12 |
|
|
190.20 |
210.15 |
19.95 |
0.31 |
0.14 |
70 |
|
|
277.90 |
380.65 |
102.75 |
0.11 |
0.19 |
135 |
|
Includes 4.5m 0.33% Cu from 323.2m to 327.7m |
439.95 |
466.80 |
26.85 |
<0.10 |
0.13 |
96 |
|
|
482.65 |
516.70 |
34.05 |
0.16 |
0.16 |
53 |
|
Includes 6.6m of 0.56g/t Au, 0.29% Cu at 482.7m |
548.15 |
596.25 |
48.10 |
<0.10 |
0.14 |
55 |
|
Includes 2.4m of 0.84g/t Au, 18g/t Ag at 583.8m |
The widely spaced drilling to date confirms the Pucayacu target
area mineralization relates to a large porphyry complex with
multiple diorite and dacite porphyry intrusive phases. The
geological understanding of the target area is evolving favourably
with this initial phase of drilling, and the focus of the current
field exploration is now on continued geological mapping and
geochemical sampling to assist in prioritizing additional drilling
targets. It is expected drilling will resume next month.
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/924284_FIGURE.jpg.
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
www.MarianaResources.com.
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.
Condor Resources
Inc.1-866-642-5707info@condorresources.comwww.condorresources.com
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