Condor announces Sample Results from Lucero Project, Peru Includes a number of Bonanza grade results
Condor announces Sample Results from Lucero Project, Peru
Includes a number of Bonanza grade results
VANCOUVER, British Columbia, May 08, 2017 (GLOBE NEWSWIRE) -- Condor Resources Inc. -
(“Condor ” or the “Company”) ( TSX-V:CN) is pleased to report the results provided from a third party
sampling program conducted at Condor ’s wholly owned Lucero project in southern Peru, approximately 22
km southwest of the Orcopampa mine of Buenaventura. Lucero is currently leased to Compania Minera
Casapalca S.A. ( “Casapalca”) of Lima in return for a 3% NSR, which NSR is shared on an equal basis with
Sandstorm Gold Ltd. Casapalca is currently procuring permits prior to commencing exploration and
production, and to date Condor has received US$150,000 in minimum royalties.
The Lucero project is home to the former Shila mining district, where gold/silver mining was conducted in at
least three underground locations from the late 1980s until 2005. Publicly available production records
from 1998 through 2004 from the previous operator show the average grade mined during this seven year
period was 14 g/t gold, and 373 g/t silver.
The sampling program was conducted in late 2016 by a third party, with the agreement of the Company
and Casapalca. The sampling locations were dispersed over the concessions, and tested six different
target areas. In total, 60 samples were taken and analyzed, with the majority (50) being outcrop channel
samples. Most of the outcrop samples (forty -four of fifty) were taken at surface, while several of the outcrop
samples (six of fifty) were taken from the wall rocks and mineralized structures inside the former
underground workings. The balance of ten (non -outcrop) samples consisted of 8 grab samples taken at
surface, and 2 grab samples from inside the old workings.
From the sixty samples, reported gold values ranged up to 144 g/t Au, with 21 of the samples reporting
gold values greater than 1.0 g/t Au. Silver values ranged from 0.1g/t Ag to greater than 10,000 g/t Ag, with
23 of the samples reporting silver values greater than 50g/t Ag. Sample number 3938, a 1.8m rock channel
sample taken at surface, from, and perpendicular to the strike of the principal vein in the Sando Acalde
area, reported 18.9 g/t gold, and greater than 10,000 g/t silver (the upper analytical limit of the laboratory
analysis utilized).
This recent sampling program confirms the bonanza grade precious metals reported from earlier mining
operations, and reinforces our belief in the potential for Lucero to host additional resources in the many
structures (over 80 veins have been mapped at surface), and also in the prospectivity of the high
sulphidation epithermal bulk tonnage target.
“Our Lima based exploration team has consistently generated a pipeline of high quality exploration
projects” noted Condor President Lyle Davis. “The Lucero project, which was acquired by staking at
minimal cost to the Company, is one of many great examples of their capabilities. ”
Condor is an explorer and project generator focused exclusively on Peru, and our objective is the discovery
of a major new precious metals or base metals deposit. Project acquisition and development is managed by
our 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
Mr. Brian D. Game, P.Geo, is the Qualified Person under NI 43 -101 who has approved the technical
content of this news release.
Quality Assurance/Quality Control: Quality Assurance/Quality Control: The sampling program was
undertaken by a Canadian headquartered gold mining company with annual production in excess of
500,000 oz/gold per year, and no direct or indirect interest in the Lucero project. Condor personnel and/or
consultants were not involved in the sampling program, and cannot confirm the quality control and quality
assurance methods used. Samples were received and prepared by ALS Peru S.A. ( “ALS”) in Arequipa, and
were assayed by ALS in Lima, a laboratory whose quality control system complies with International
Standards ISO 9001:2008 and accredited with ISO 17025, by the IQNet and "Standards Council of
Canada", respectively. Analysis by aqua regia digestion system with 35 element ICP -AES analysis was
conducted on all samples. Gold and silver were assayed using a fire assay with atomic absorption
spectrometry/ICP-AES and gravimetric finish when required. Systematic assaying of sample duplicates and
commercially prepared blanks and standards was performed for analytical reliability by the laboratory.
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.
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.