Condor Provides Update ON Exploration Priorities and Plans
TSXV:CN WWW.CONDORRESOURCES.COM
CONDOR PROVIDES UPDATE ON EXPLORATION PRIORITIES AND PLANS
Drilling programs at Huinac Punta (1,500m) and Pucamayo (2,000m) planned for Spring
2025 to advance our two priority exploraƟon projects
Vancouver, B.C., March 19, 2025 - Condor Resources Inc. ("Condor" or the "Company") (TSXV:CN)
is pleased to provide an update on its explora Ɵon acƟviƟes in Peru and ongoing discussions on
other projects. With conƟnued delays with the Pucamayo South East DIA applica Ɵon, the
Company is shiŌing its focus to drill programs at Huinac Punta and Pucamayo East, which are both
fully permiƩed and available for drill programs to commence in the coming months once weather
condiƟons improve. A program at Pucamayo South East is delayed as the Company conƟnues to
work with the Peruvian Ministry of Energy and Mines ("MEM") to advance the Declaración de
Impacto Ambiental ("DIA") applicaƟon which conƟnues to face bureaucraƟc hurdles.
Chris Buncic, President and CEO, commented, “We had a very frui ƞul conference at the PDAC in
early March at which our peers and investors were impressed with our corporate prospects at
each of Pucamayo, Huinac Punta, Cobreorco and Rio Bravo among others. AddiƟonal delays with
the Pucamayo South East DIA applica Ɵon are leading us to refocus our efforts as the drilling
season approaches. We will conƟnue to advance our DIA applicaƟon with a number of next steps
to pursue while at the same Ɵme driving forward on our many other opportuniƟes”.
Huinac Punta
Following the receipt of the Ini ƟaƟon of AcƟviƟes designaƟon, in effect the final drill permit, at
the Huinac Punta project last year, Condor acquired addi Ɵonal exploraƟon concessions at the
high-grade silver prospect, expanding the property size from 2,000 to 7,200 hectares (Ha).
Management believes Huiñac Punta has the poten Ɵal to host a large, carbonate replacement
style (CRD) silver-dominant polymetallic mineralized body.
Sampling of exis Ɵng surface exposures recovered mineraliza Ɵon including high -grade Ag and
elevated Cu, Zn, Pb and Co values. Of 163 two-metre rock chip samples collected by Condor, 28
samples reported silver grades greater than 100 g/t and included bonanza grades in two-metre
chip samples of 4,115 and 3,225 g/t Ag. Evidence of historical workings from Spanish colonial
Ɵmes is present with several accessible historical adits showing evidence of the elevated silver
values associated in addiƟon to other metals.
The company anƟcipates an iniƟal Phase 1 drill program of 1500m in the coming months when
access is more reliable due to weather constraints.
Pucamayo
The drill program at Pucamayo East in late 2023 was largely successful in confirming a
hydromagmaƟc center associated with broad zones of Epithermal -type high to intermediate
sulfidaƟon alteraƟon and Au, Ag and base metal mineraliza Ɵon. It demonstrated encouraging
high values of Au-Ag, with Cu, Pb, and Zn hosted within ledges of hydrothermal breccias
overprinƟng to porphyry halo alteraƟon evident below this mineralized epithermal assemblage,
collecƟvely providing a strong mo ƟvaƟon to con Ɵnue explora Ɵon efforts on the property in
search of a significant bulk tonnage discovery. Further details can be found in the Company’s
February 13th 2024 Press Release HERE.
Six of the nine drillholes tested the extent of high to intermediate sulphidaƟon type epithermal
gold and silver bearing outcropping ledges of breccia and four of these (PUC-E-001, 007, 008 and
009) intersected near surface gold-silver-poly metallic intervals ranging from 3.8m to 52.2m, and
grades from 0.1 to 1.1 g/t AuEq. Two holes (PUC-E-002 and 003) drilled to the east and collared
higher in eleva Ɵon encountered barren steam heated host rocks interpreted to lie above the
mineralized zones intersected in PUC-E-001, 007, 008 & 009. These intersected ledges of
calcedonic breccias are of cri Ɵcal interest since they demonstrate a mulƟ event of fluidiza Ɵons
with silica and vuggy clasts. It can be theorized that due to the type of breccia and the alteraƟon
textures seen, only the top of the system has been accessed thus far, vectoring towards higher
grades at depth.
Three deeper holes (PUC-E-004, 005, and 006) tested an outcropping area of mulƟ-phase
stockwork and altera Ɵon associated with anomalous gold and copper with associated IP
chargeability and resisƟvity anomalies interpreted to be an intrusive related system. The best of
these, PUC-E-005 intersected a 72.5 interval from 190-262.5m grading 0.45 g/t Au, 30 g/t Ag (0.83
g/t AuEq) including a 2 m high grade interval of 11.43 g/t Au, 687 g/t Ag (18.96 g/t AuEq). PUC-E-
006 intersected a 2m interval grading 7.97 g/t Au, 20.9 g/t Ag (8.26 g/t AuEq). All three of these
holes encountered extensive amounts of pyrite and discon Ɵnuous zinc, copper, and lead
mineralizaƟon associated with argillic/phyllic altered andesiƟc/dioriƟc host rocks.
In April 2024, Condor completed a drone supported magne Ɵc survey to encompass the
interpreted hydro-magmaƟc centers.
Following management’s review of the 2023 drill program results and the comple Ɵon of the
addiƟonal magne Ɵc study, a Phase 2 drill program of 2,000m is planned to target zones of
expected epithermal and 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. The Company has received DGAAM
directorial resoluƟon disapproving the DIA applicaƟon. In all, 26 new observaƟons were provided
which are not substan Ɵve and can be corrected. Without hav ing been given an opportunity to
address these deficiencies, management is confident that the Company will be successful in an
Appeal for Reconsidera Ɵon with the DGAAM of the MINEM based on new evidence. This is a
typical path in applicaƟons for DIAs within Peru, and oŌen results in applicaƟons being approved
aŌer the technical ques Ɵons are sufficiently addressed. Management believes that the
Company’s applica Ɵon will similarly be approved in Ɵme. In the mean Ɵme, the addi Ɵonal
bureaucraƟc delay is moƟvaƟon for a shiŌ towards our other meaningful exploraƟon alternaƟves.
Rio Bravo
Since the announcement of the confirmaƟon of copper molybdenum porphyry discovery with the
acquisiƟon of addiƟonal data for the Rio Bravo project on February 3, 2025 HERE, the company
had much inbound interest from major copper producers and other financial groups alike.
Discussions with several large par Ɵes conƟnue as the Company looks to posi Ɵon the project for
advancement in the most accreƟve method possible. Recal l that historical drilling, geochemical
and geophysical data recently obtained from a major mining company that previously controlled
the Rio Bravo project confirms intersec Ɵons of significant porphyry copper and molybdenum
mineralizaƟon associated with a largely untested target. Three historical drill holes completed in
2012 encountered 200+ m intercepts of mineralizaƟon:
• DDH-01 intersected 220 m grading 0.32% Cu and 275 ppm Mo (0.51% CuEq)*
• DDH-06 intersected 324 m grading 0.32% Cu and 199 ppm Mo (0.47% CuEq)*
• DDH-08 intersected 312 m grading 0.29% Cu and 329 ppm Mo (0.54% CuEq)*
AŌer a thorough review of this newly acquired data package including surface mapping rock
geochemistry and ground geophysics, Condor interprets the poten Ɵal for discovery of a higher -
grade core of the Rio Bravo porphyry system as being centered approximately 400 m southeast
and somewhat deeper from the locaƟon of the prior encouraging drilling acƟvity.
Cobreorco
In the Company’s February 24 th, 2025 press release HERE, management provided an update on
the Cobreorco joint venture with a subsidiary of Teck Resources Limited (“Teck”), which presents
a significant opportunity for a discover at what management believes is a typical porphyry/skarn
system. Following further technical work and community engagement, Teck submiƩed a revised
DIA applicaƟon in Q4 2024 and is acƟvely working with MEM to advance the permiƫng process.
Recall that in December 2023, Condor entered into an op Ɵon 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 op Ɵon 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 addi Ɵonal US$6 million in explora Ɵon and
making further cash payments of US$600,000.
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 managing
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
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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
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