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Condor Resources Inc
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Close 2015-02-04 C$ 0.05
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Condor Resources samples 326 m of 0.68% Cu at Ocros

2015-02-10 14:22 ET - News Release

Mr. Lyle Davis reports

CONDOR REPORTS ENCOURAGING RESULTS FROM OCROS PROJECT IN CENTRAL PERU

Condor Resources Inc. has provided an update on exploration activity on its 85-per-cent-owned Ocros copper project, Ancash department, Peru. The Ocros property is accessible from existing roads. In the 1950s, the historic Eldorado mine adit located on the Ocros property, which adit was only recently reopened, exploited a high-grade copper sulphide vein, which mined westward into wall rocks consisting of the potassic-altered portion of a well-mineralized porphyry copper system. To the best of the company's knowledge, no exploratory diamond drilling has ever been completed on the copper porphyry system in the area of this adit.

In October, 2014, the company reported the results from 18 representative two-metre-long horizontal rock chip samples taken from the adit wall over a horizontal distance of approximately 300 metres. This preliminary investigation of the (recently opened) adit provided very encouraging results, with the average grade of the 18 samples being 0.99 per cent copper, hosted entirely within feldspar hornblende porphyry that has been potassic altered.

Subsequent to the October news release, and based on the early encouragement, the company completed a more detailed rigorous and systematic rock chip sampling program of the entire length of the historic Eldorado mine adit referred to as the 200 level adit. An additional 44 representative five-metre-long horizontal rock chip samples were taken on the 200 level adit. Limited sampling was also completed on two other adits above and below the 200 level adit. The sampling on the other adits was access constrained.

Together with the samples reported in October, 2014, a total of 62 horizontal adit wall chip samples that each average 2.2 kilograms in weight was collected along the exposed portions on the entire 326-metre open length of the 200 level adit.

Compilation of the complete (62) sample results from the two phases of sampling confirmed the earlier sampling results, with the combined sampling results yielding 326 metres of 0.68 per cent copper over the entire length of the 200 level adit. Included in the 326 metres was a 141-metre interval of 1.1 per cent copper located toward the western extension of this adit.

As reported in October, 2014, the eastern entrance to the 200 level adit is over one kilometre east, and about 300 metres lower in elevation than the nearest of seven drill holes completed by the company in 2007 and 2008. The closest drill hole (OCR-001) was drilled to a depth of 400 metres, and reported 251 metres of 0.15 per cent copper from 150 metres to 400 metres, which included 54 metres of 0.41 per cent copper at the bottom of the hole. This drill intersection would be located over 700 metres from the western termination of the 200 level adit. This early drilling only intersected sporadic potassic alteration. The sampling information from the 200 level adit indicates that the centre of the copper-enriched porphyry system is interpreted to be entirely preserved at depth and located farther to the east, and at a lower elevation than the area originally tested by Condor's 2007-08 drill program.

In the overlying and underlying adits, 23 non-systematic reference samples were collected during this phase of exploration, and confirmed that these adits are also hosted in copper-mineralized, potassic-altered feldspar hornblende porphyry. On the 250 level adit, 10 rock chip samples were collected over the first 41 metre of the adit, and the average reported copper grade was 1.1 per cent. On the 150 level adit, 13 referential rock chip samples collected over approximately 300 metres averaged 0.63 per cent copper.

"The results from samples collected from the old adits at Ocros, along with the visual observations from inside the adits, confirm the copper-mineralized potassic core for about 326 metres inside the hill, and we are confident this is the porphyry type centre, and that this occurrence is similar to copper porphyry projects in the Miocene belt of northern Peru," stated Ever Marquez, Condor's vice-president of exploration.

The copper mineralization in the three Eldorado adits, and in particular the 200 level adit, is very uniform and typical of mineralization associated with the potassic core of many other well-known copper porphyry deposits. The geology in the adit is well exposed and is entirely hosted within feldspar hornblende porphyry, with strong potassic alteration throughout. Mineralization is in the form of disseminated chalcopyrite-bornite, as well as quartz chalcopyrite and bornite stockwork veins. Native copper is also observed in some places.

Dr. Richard Culbert is the qualified person under National Instrument 43-101 who has approved the technical content of this news release.

We seek Safe Harbor.

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