Condor Resources Terminates OpƟon Agreement On Soledad Project
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Condor Resources Terminates OpƟon Agreement On Soledad Project
Vancouver, B.C., October 7, 2024 - Condor Resources Inc. ("Condor" or the "Company") (TSXV:CN)
announces that, due to non-performance, the Company has terminated the agreement with
Chakana Copper Corp. (“Chakana”) that provided a framework for Chakana to acquire a 100%
interest in the Company’s Soledad concessions in Peru. Under the terms of the agreement iniƟally
executed in April 2017 and subsequently amended several Ɵmes, Chakana was required to
complete a US$1,000,000 cash payment and issue CAD$200,000 worth of Chakana common
shares at a price not less than $0.145/share to Condor on June 23, 2024 and a further payment
of US$ 1,400,000 by June 23, 2025 (the “Agreement”). The Agreement was previously amended
in good faith at the request of Chakana in March 2019, November 2020 and April 2022. This
US$1,000,000 payment has not been received and, despite Condor using its best efforts, the two
companies have not been able to reach alterna Ɵve terms acceptable to both par Ɵes. Thus,
pursuant to the terms of the Agreement, Condor has delivered noƟce of its intent to exercise its
rights to resume ownership of its Soledad concessions.
Chris Buncic, President & CEO of Condor, commented, “Chakana has completed a large amount
of explora Ɵon work on the Soledad project over the years, de fining a NI43-101 compliant
Resource, the majority of which underlies Condo r’s concessions. Many of the high-grade
tourmaline breccia targets have yet to be drilled, and there remains a great deal of discovery
upside on the property among these untested breccias and within the previously drilled potassic
altered mineralized porphyry system confirmed at depth. Coming to revised terms with Chakana
to the benefit of Condor’s shareholders has been very challenging, but with the project again in
our hands, we have a vision for value enhancement for our shareholders.”
Under the terms of the Agreement, Chakana and Condor will work collaboraƟvely to transfer all
informaƟon and data, including but not limited to relevant permits, surface access, project maps,
reports, drilling results, core and samples to th e Condor. Chakana remains responsible for all
applicable environmental remedia Ɵon and reclama Ɵon at the site as a result of Chakana’s
acƟviƟes and is required to provide Condor with a copy of the relevant documents presented and
accepted by the authori Ɵes. In addi Ɵon, Chakana will remove any equipment in the area.
Contemporaneously and in conjunc Ɵon with the comple Ɵon of these ac ƟviƟes and the
requirements of the Agreement, Condor will gr ant a 1% NSR Royalty to Chakana covering
Condor’s Soledad concessions and a 2 km area of interest for the royalty should Condor acquire
addiƟonal concessions in the area. This royalty is executed as a public deed and registered upon
compleƟon of all closing acƟviƟes.
Condor will take all steps necessary for it to expedi Ɵously resume its possession and con Ɵnued
exploraƟon of the Soledad Property.
Summary of Condor’s Soledad Project
The Soledad Au-Ag-Cu property is located in the Yanacocha – Pierina epithermal precious metals
TerƟary-aged volcanic belt of the Central Andes, approximately 34 km south of the Pierina gold
mine. The Company owns 3 concessions with a net area of 10.55 sq. km. Previous exploraƟon on
the concessions iden Ɵfied a number of high-grade quartz-tourmaline-sul fide breccia pipes
outcropping at surface and focused on a local mi neralized porphyry target. In 2016, Condor
opƟoned the property to Chakana under terms that would allow it to acquire 100% of the project
upon compleƟon of the opƟon requirements. Chakana began its exploraƟon at Soledad in 2017,
focusing on the high-grade breccia pipes.
The original opƟon agreement from 2017 has been subject to a number of amendments to allow
for a small corporate reorganizaƟon, a sale of a 1% NSR back to Chakana in 2019, and delays in
project work due to COVID-19, permiƫng challenges, and Chakana’s delays in financing. Details
of these amendments are detailed in the Company’s financial disclosures available on SEDARplus
under Condor’s profile as well as the company’s website.
Chakana has also acquired addi Ɵonal mineral rights in the area from third-par Ɵes and has
completed a number of exploraƟon drilling programs, with a total of 60,741 m of drilling in 259
holes completed to the end of 2021. On January 11, 2022 Chakana released their maiden inferred
resource esƟmate for the Soledad project. Per the NI43-101 report published by Chakana Copper
Corp. available under Chakana’s SEDARplus profile, the Inferred Mineral Resource contains “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 extrac Ɵon by open pit mining methods”. The es Ɵmate
included Breccias #1, #5, #6, and #7 on Condor’s concessions, and from the Huancarama East,
Paloma East, and Paloma West breccia pipes, which are not located on Condor’s concessions.
Approximately 71% of the tonnage in the inferred resource es Ɵmate is located on Condor’s
concessions.
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 Company has opƟoned several large projects to partners
who conƟnue to advance these projects and has a number of priority and prospec Ɵve projects
warranƟng further explora Ɵon by Condor. 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.
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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