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Condor Resources drills 290m of 2.1 g/t AuEq at Soledad

2016-07-06 07:39 ET - News Release

Mr. Lyle Davis reports

CONDOR RESOURCES INC.: SOLEDAD DRILLING RETURNS 2.1 G/T AUEQ OVER 290M FROM SURFACE

Condor Resources Inc. has provided the following update on the diamond drilling of the third and fourth holes at the Soledad project in Peru. Compania Minera Casapalca SA of Lima has the option to earn up to a 70-per-cent interest in Soledad and is the operator of the current drill program.

The Soledad gold-copper-silver project is located in the newly emerging Mio-Oligocene copper-gold belt of the Cordillera Negra, in north-central Peru. Soledad features a semicircular cluster of mineralized quartz-tourmaline breccia pipes exposed at surface, with the exposed surface area ranging up to 80 metres in diameter, within a one-kilometre-diameter zone of interest. Results from the first two holes of the current drill program were released on June 2, and reported 2.1 grams per tonne gold equivalent (AuEq) from surface to 119 m in SDH-013, and 1.5 g/t AuEq from surface to 164 m in SDH-014.

The fourth hole, SDH-016, is a near-vertical hole (80-degree dip), located on the surface exposure of breccia 1. This hole confirmed the extent of the polymictic breccia 1, both to depth and width, and also confirmed encouraging potassic porphyry-style mineralization and alteration at depth. As summarized in the associated table, the hole contains significant mineralization from surface to 490 m depth where the drill hole ultimately exited the breccia, 85 metres northwest of the drill collar, and 45 metres beyond the surface extent of breccia 1, suggesting the horizontal area encompassed by the breccia is increasing in size at depth. SDH-016 encountered an alteration zonation within the breccia vectoring to the northwest. The drill hole initiates in an interpreted 40-metre-deep oxidized zone with elevated gold and low base metals (includes 4.96 g/t gold from surface to 24 metres) within phyllic sericitic alteration. The phyllic alteration is observed with decreasing sericite content at depth and increasing to pervasive potassic assemblages of quartz, secondary biotite-magnetite-pyrrhotite-pyrite-chalcopyrite downhole and to the northwest. The zonation is clearly evident, and near the bottom of the hole a transition to the siliceous potassic core is interpreted to commence associated with more intense stockwork and copper sulphides.

Results from SDH-016 indicate the nature of mineralization is complex, with the relative content of gold, silver and copper showing variance throughout the hole. Notable amounts of lead and zinc were also encountered at depth, including 200 m of 0.5 per cent zinc from 290 m.

                    SUMMARY OF SIGNIFICANT INTERSECTIONS, HOLE SDH-016
 
Hole              From     To   Interval     Au      Ag      Cu      Pb       Zn       AuEq
                   (m)    (m)    (m) (i)    g/t     g/t     (%)     (%)      (%) (g/t) (ii)

SDH-016              0    490        490   0.74    30.3    0.39    0.17     0.33        1.6
SDH-016              0    290        290   1.04    33.5    0.47    0.15     0.23        2.1
Includes             0     24         24   4.96    31.3    0.02    0.04     0.00        5.4
Includes            24     40         16   0.48    11.8    0.01    0.09     0.00        0.6
Includes            40     75         35   3.48    37.1    0.72    0.16     0.35        4.8
Includes            75    116         41   0.47    88.6    1.12    0.34     0.56        3.0
Includes           116    172         56   0.10     4.2    0.05    0.03     0.06        0.2
Includes           172    223         51   0.18    45.5    0.79    0.21     0.32        1.7
Includes           223    255         32   0.06    4.02    0.09    0.05     0.09        0.2
Includes           255    290         35   0.56    35.4    0.53    0.21     0.27        1.7
SDH-016            290    490        200   0.30    25.8    0.28    0.21     0.48        1.0

Notes
(i) True widths are unknown. 
(ii) AuEq assumes $1,200 (U.S.) per ounce gold, $16 (U.S.) per ounce 
silver, $2.10 (U.S.) per pound copper and 100-per-cent recovery. 
Lead and zinc are not included in the AuEq calculation.                                          

The third hole, SDH-015, is located in the northeast area of the project, approximately one km to the north of SDH-016 and 200 m higher in elevation. The hole was designed to test an epithermal high sulphidation target. SDH-015 was completed to a depth of 443 m and returned no significant results. In 2014, SDH-003, in the same area as SDH-015, had returned a five m interval of 3.9 g/t Au.

Ever Marquez, vice-president, exploration, noted: "The alteration system and significant mineralization of gold, copper, silver and other polymetallic pathfinder elements with significantly elevated values in SDH-016 suggest that there have been multiple mineralizing events and confirms the presence of a breccia-porphyry complex. The drilling and regional setting confirms that this complex is centred at the Soledad project and the underground polymetallic orebodies being mining on the adjacent concessions to the east of Soledad are related to this alteration zoning centred at Soledad."

Brian D. Game, PGeo, is the qualified person under National Instrument 43-101 who has approved the technical content of this news release.

Quality assurance/quality control

Drilling was performed by GeoDrill SAC of Peru. All technical information for the Soledad project is obtained and reported under a quality assurance and quality control program. Samples are shipped to and assayed by SGS del Peru SAC in Lima, a laboratory where the quality control system complies with International Standards OHSAS 18001, ISO 14001 and ISO 9001. A four-acid digestion system with 51-element inductively coupled plasma-mass-spectrometry analysis is conducted on all samples, with silver, copper, lead and zinc being reanalyzed with atomic absorption spectrometry method when analyzing over the ICP-MS limits. Gold is assayed using a fire assay with an atomic absorption spectrometry finish. Systematic assaying of sample duplicates and commercially prepared blanks and standards is performed for analytical reliability. Screen fire assays for gold may be carried out on selected samples. A secure chain of custody is maintained in transporting and storing of all samples.

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