Condor Resources Confirms Receipt of Initiation of Activities Permit FOR Cobreorco and Announces 3,500 Metre Drill Program
TSXV:CN WWW.CONDORRESOURCES.COM
CONDOR RESOURCES CONFIRMS RECEIPT OF INITIATION OF ACTIVITIES PERMIT FOR
COBREORCO AND ANNOUNCES 3,500 METRE DRILL PROGRAM
Vancouver, B.C., March 10, 2026 - Condor Resources Inc. (“Condor” or the “Company”) (TSXV:
CN) is pleased to announce that its Cobreorco copper-gold project in Apurímac, Peru, has received
the IniƟaƟon of AcƟviƟes (“IA”) permit from the Peruvian Ministry of Energy and Mines (“MEM”),
the final permit required to commence exploraƟon drilling at the project.
Cobreorco is being advanced pursuant to Condor’s opƟon and joint venture agreement with Teck
Perú S.A. (“Teck Perú”), a subsidiary of Teck Resources Limited. Following receipt of the IA permit,
Teck Perú is expected to commence a 3,500-metre diamond drilling program in June 2026,
consisƟng of six priority holes designed to test a compelling copper -gold skarn and porphyry
target defined through geophysical, geochemical and geological work completed in 2025.
Chris Buncic, President and CEO of Condor, commented: “The receipt of the IA permit is a major
milestone for Cobreorco and an important step forward in unlocking the value of this project. Teck
Perú have done an excellent job advancing Cobreorco through the technical, social and permiƫng
work required to get to this point. We are excited to see drilling begin and believe that a successful
program at Cobreorco has the poten Ɵal to have a material posi Ɵve impact for Condor
shareholders.”
During 2025, Teck Perú completed an extensive work program at Cobreorco that materially
advanced the project toward drilling. This included ongoing engagement with local communiƟes,
technical field reviews to refine the geological model, and mul Ɵple geophysical and surface
exploraƟon surveys. Key work programs completed during the year included a radiometric survey
over approximately 70% of the property, in-fill soil sampling, a ground gravimetric survey, and a
20 line-kilometer induced polarizaƟon survey. The results of this work were integrated into an
updated geological and geophysical model, which was used to define the planned 2026 drill
program.
In addiƟon to the technical work, Teck Perú made significant progress on the project’s permiƫng
and social workstreams during 2025. The project’s Declaración de Impacto Ambiental (“DIA”) was
approved in June 2025. ThereaŌer, Teck Perú advanced the required consultaƟon and community
engagement processes, culminaƟng in support from the relevant communi Ɵes for the proposed
drilling acƟviƟes. Teck Perú also received the project’s water permit from the Autoridad Nacional
del Agua (“ANA”).
Figure 1: Geophysical surveys completed during 2025, including radiometric coverage, gravimetry
staƟons, induced polarizaƟon lines, and the locaƟon of planned 2026 drill holes.
Figure 2: Integrated geophysical and geochemical anomalies defining the Cobreorco drill target,
including proposed and conƟngent drill holes in the 2026 program.
Cobreorco comprises nine mineral concessions totaling approximately 5,100 hectares and is
located in the Southern Peru Eocene Belt, approximately 175 kilometers southwest of Cusco. The
project hosts copper-gold skarn and porphyry- style mineraliza Ɵon and is considered by
management to represent a significant discovery opportunity.
As previously announced, under the terms of the agreement, Teck Perú has the opƟon to earn an
iniƟal 55% interest in Cobreorco by incurring US$4 million in exploraƟon expenditures and making
US$500,000 in cash payments over a three-year period beginning on the permit date. Following
exercise of the first opƟon, Teck Perú may increase its interest to 75% by compleƟng an addiƟonal
US$6 million in exploraƟon expenditures and making a further US$600,000 in cash payments.
Separately, the Company announces that, pursuant to a finder’s fee agreement dated April 7,
2025, it will pay Hernán Barros Cruchaga a finder’s fee in connec Ɵon with the Company’s sale of
its Soledad property in Ancash, Peru. The finder’s fee consists of US$3,000 in cash and 150,000
common shares of the Company, subject to acceptance by the TSX Venture Exchange.
Technical Disclosure
The scienƟfic and technical informa Ɵon contained in this news release has been reviewed and
approved by Dr. Quinton Hennigh, P .Geo., Ph.D., a Qualified Person as defined by Na Ɵonal
Instrument 43-101 and a Director of Condor Resources Inc.
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 also opƟoned the Cobreorco project which targets gold-copper
skarn and porphyry-style mineralizaƟon to a subsidiary of Teck Resources Limited. 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 explora Ɵon
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”, “an Ɵcipate”, “es Ɵmate” a nd other similar words, or
statements that certain events or condi Ɵons “may” or “will” occur. Such forward-looking
statements include, but are not limited to the Company’s expectaƟons with respect to the use of
proceeds raised under the sale.
Although the Company believes that the expecta Ɵons reflected in applicable forward -looking
statements are reasonable, there can be no assurance that such expecta Ɵons will prove to be
correct. Such forward-looking statements are subject to risks and uncer tainƟes, including risks
associated with the business of mineral explora Ɵon and development; con Ɵnued availability of
capital and financing; general poliƟcal and economic condiƟons, fluctuaƟons in metal prices and
other market-related risks, including any volaƟlity in the Company’s share price , that may cause
actual results, performance or developments to differ materially from those contained in such
statements. Therefore, readers are cau Ɵoned not to place undue reliance on forward -looking
statements and forward-looking informaƟon. Condor does not assume any obliga Ɵon to update
or revise its forward- looking statements, whether as a result of new informa Ɵon, future or
otherwise, except as required by applicable law.
Neither the TSX Venture Exchange nor its RegulaƟon 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.