Condor Provides Corporate Update and Outlook FOR 2025
TSXV:CN WWW.CONDORRESOURCES.COM
CONDOR PROVIDES CORPORATE UPDATE AND OUTLOOK FOR 2025
Vancouver, B.C., February 24, 2025 - Condor Resources Inc. ("Condor" or the "Company")
(TSXV:CN) is pleased to provide a corporate update and management’s outlook for the remainder
of 2025.
Chris Buncic, President and CEO, commented: “We expect 2025 to be a defining year for Condor.
We are advancing two highly prospec Ɵve precious metals projects —Pucamayo and Huinac
Punta—both of which have the potenƟal to scale to a size that could aƩract the interest of major
mining companies. Significant progress is anƟcipated on both projects this year. AddiƟonally, our
Cobreorco project, currently being advanced through the permi ƫng process by a subsidiary of
Teck Resources Limited (“Teck”), is expected to become increasingly acƟve once final permits are
granted. Condor stands to benefit significantly if Teck’s exploraƟon succeeds in discovering the
anƟcipated large gold-copper skarn and porphyry type project together with the terms of our
opƟon and joint venture agreement.
On the corporate front, we are acƟvely exploring opportuniƟes to divest non-core assets, which
would generate meaningful non- diluƟve capital to support the development of our primary
projects. With these iniƟaƟves underway, we expect a busy and producƟve year ahead and look
forward to keeping investors updated on our progress.”
Project Updates
Pucamayo
Pucamayo is Condor’s flagship 8,500-hectare exploraƟon project in Ica, Peru. The project features
a complex high- to intermediate-sulfidaƟon system beneath a large, six-square-kilometer lithocap
alteraƟon, prospecƟve for epithermal gold-silver and copper-gold porphyry mineralizaƟon.
In August 2024, Condor submi Ʃed its Declaración de Impacto Ambiental ("DIA") applica Ɵon to
the Peruvian Ministry of Energy and Mines ("MEM") for the expanded Pucamayo South East area.
The Company subsequently received follow- up ques Ɵons from the MEM in November and
December, with responses submi Ʃed in mid -January. Given the nature of the inquiries,
management believes the applicaƟon is in its final stages, with approval anƟcipated shortly.
A 6,000- meter exploraƟon drilling program has been planned for Pucamayo South East, to be
executed in phases. The pending permit applica Ɵon allows for 40 drill pla ƞorms, with mul Ɵple
holes per plaƞorm, and a five-year window to complete exploraƟon acƟviƟes before requiring re-
applicaƟon.
Huinac Punta
In August 2024, the Company completed the Consulta Previa process, which included a
community consultaƟon coordinated in conjuncƟon with the Social Management Directorate of
MEM, and as reported on November 14, 2024 , Condor subsequently received its Ini ƟaƟon of
AcƟviƟes ("IA"), the final permit required to commence exploraƟon drilling at Huinac Punta. The
IA permit provides for forty drill plaƞorms with the ability to drill several holes per pla ƞorm and
the flexibility to conduct drilling over a five-year period.
The Company has since expanded the project by acquiring an addi Ɵonal 5,200 hectares of
exploraƟon concessions, which are considered prospec Ɵve for silver, copper, and other base
metals. A maiden 2,000- meter exploraƟon drilling program is planned to commence aŌer the
rainy season, targeƟng a one -kilometer structure where high-grade silver and base metal grab
samples were collected associated with coincident geophysical anomalies.
Cobreorco
In December 2023, Condor entered into an opƟon and joint venture agreement with Teck, on the
Company’s Cobreorco copper-gold project in the Apurimac Department, Peru. Under the
agreement, Teck has the opƟon to earn a 55% interest in Cobreorco over three years by incurring
US$4 million in explora Ɵon expenditures and making US$500,000 in cash payments. Upon
exercising this first op Ɵon, a dedicated holding company will be formed, a Ōer which Teck may
further increase its stake to 75% by spending an addiƟonal US$6 million in exploraƟon and making
further cash payments of US$600,000.
Following further technical work and community engagement, Teck submi Ʃed a revised DIA
applicaƟon in Q4 2024 and is acƟvely working with MEM to advance the permiƫng process.
Soledad
As reported October 7, 2024 , Condor terminated its op Ɵon agreement with Chakana Copper
Corp. ("Chakana") due to non-performance under the agreement. The Company regained control
of the project data, drill core, and samples in February 2025.
In 2022, Chakana completed an updated NI 43-101 technical report on the Soledad project, in
which the author esƟmated an Inferred Resource of 4.8 million tonnes grading 0.72 g/t gold, 61
g/t silver and 0.97% copper amenable to extrac Ɵon by underground mining methods plus an
addiƟonal 1.9 million tonnes grading 1.29 g/t gold, 37.1 g/t silver and 0.65% copper amenable to
extracƟon by open pit mining methods. The report notes that Breccia s 1, 5, 6 and 7 are located
on the Condor concessions, and make up 71% of the Inferred Resource.
Management has engaged in discussions with mul Ɵple interested par Ɵes regarding a poten Ɵal
sale of the Soledad concessions and remains op ƟmisƟc regarding opportuniƟes to moneƟze the
asset.
Rio Bravo
As reported on February 3, 2025, Condor completed a transacƟon with a major mining company,
acquiring a historical dataset for its Rio Bravo project. The dataset includes results from 11 drill
holes totaling 5,729 meters (completed in 2012), along with drill logs, assays, core photographs,
soil geochemistry, ground geophysics, and detailed geological mapping. Although historical, these
results confirm intersec Ɵons of significant porphyry copper and molybdenum mineraliza Ɵon.
Management believes the main porphyry system, exposed along a one-kilometer ravine, sits
within a larger alteraƟon halo, suggesƟng the potenƟal for a bulk-mineable deposit.
Following Condor’s acquisi Ɵon of this data, several par Ɵes have expressed interest in the Rio
Bravo project, and management is opƟmisƟc about potenƟal moneƟzaƟon opportuniƟes.
Technical Disclosure/Qualified Person
The scienƟfic and technical informaƟon in this press release has been reviewed and approved by
Dr. Quinton Hennigh, (P .Geo., PhD), a Qualified Person as defined in NaƟonal Instrument 43-101
and a Director of Condor Resources.
About Condor Resources Inc.
Condor Resources is a precious and base metals exploraƟon company focused on its porƞolio of
projects in Peru. The Company’s flagship project, Pucamayo, is an 85 km 2 property containing a
high sulfidaƟon epithermal system with disseminated precious metals mineralizaƟon with a large
lithocap alteraƟon visible at surface. The Huiñac Punta project, a 7,200 Ha property in Huanuco,
Peru, has the poten Ɵal to host a large carbonate replacement style (CRD) silver-dominant
polymetallic mineralized body with the potenƟal for discovery of a bulk tonnage silver and base
metals deposit. The Company has op Ɵoned several large projects to partners who con Ɵnue to
advance these projects. The Company’s award- winning explora Ɵon team in Peru has a long
history of success in discovering and advancing high quality explora Ɵon projects and managi ng
the social aspects of its exploraƟon acƟviƟes.
For more informaƟon, please visit the Company's website at www.condorresources.com.
Follow Condor Resources (@CondorResources) on X and (@condor-resources) on LinkedIn.
ON BEHALF OF THE BOARD
Chris Buncic
President & Chief ExecuƟve Officer
For further informaƟon please contact the Company at 1-866-642-5707, or by email at
Forward-Looking Statements
This press release may contain forward-looking statements within the meaning of applicable
securiƟes law. Forward-looking statements are frequently characterized by words such as “plan”,
“expect”, “project”, “intend”, “believe”, “anƟcipate”, “esƟmate” and other similar words, or
statements that certain events or condiƟons “may” or “will” occur.
Although the Company believes that the expectaƟons reflected in applicable forward-looking
statements are reasonable, there can be no assurance that such expectaƟons will prove to be
correct. Such forward-looking statements are subject to risks and uncertainƟes that may cause
actual results, performance or developments to differ materially from those contained in such
statements.
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the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of
this news release.