Condor: Updates on the Cobreorco Copper-Gold Project
Condor: Updates on the Cobreorco Copper-Gold Project
Vancouver, B.C., August 1 1, 2022 - Condor Resources Inc. - ("Condor" or the "Company")
(TSXV:CN) is pleased to provide a detailed description and update of our Cobreorco Porphyry - Skarn
Project, a copper-gold prospect in south central Peru.
Cobreorco is a 47 sq km project acquired by staking, is royalty free, and 100% owned by Condor, located
in the province of A ndahuaylas in the department of Apurimac, in the prolific Eocene -Oligocene aged
Andahuaylas-Yauri porphyry copper belt. This region is influenced by the large Abancay deflection, and
is home to the Las Bambas, Huaquira, Constancia, Tintaya and Antapaccay deposits.
Refer to Figure 1, Cobreorco Location Map
https://condorresources.com/site/assets/files/4116/figure_1_cobreorco_location_map.jpg
An exposed porphyry with intense stockwork and alteration, along with outcroppings of skarn -gossan
with massive magnetite-iron oxide, and other calcsilicate minerals tha t have been exploited on a small
scale by artisanal miners, led to our interest in this area. Numerous porphyry and skarn related copper -
gold occurrences are exposed in outcrop, and in small scale artisanal workings within the main 2 sq km
area of interest. A high portion of surface rock samples contained anomalous copper and gold values:
32% contained greater than 1000 ppm copper, and 44% contained greater than 100 ppb gold.
Refer to Figure 2, one of several area of interest at Cobreorco North Target
https://condorresources.com/site/assets/files/4114/figure_2_area_of_interest_at_cobreorco_north_target.png
The bulk of our exploration has been concentrated within a 2 sq km area, and has identified two primary
targets – the North Target, and the South T arget. Sampling programs have collected 226 rock channel
samples (typically 2 metres in length), with anomalous copper and gold values, with copper values
testing to 1.95%, and gold to 19.3 g/t. Ever Marquez, Condor’s VP Exploration, noted “the high values
of gold and copper are consistent – more so than a typical copper -gold porphyry, and this could be
related to mineralization events of the Eocene -Oligocene era, which era generated many of the world
class porphyry deposits in the central Andes.” Copper and gold value plots are shown on Figures 3 & 4.
Refer to Figure 3, Cobreorco Copper Geochemistry:
https://condorresources.com/site/assets/files/4116/figure_3_cobreorco_copper_geochemistry2.png
Refer to Figure 4, Cobreorco Gold Geochemistry:
https://condorresources.com/site/assets/files/4116/figure_4_cobreorco_gold_geochemistry2.png
Geophysics Program
A drone based 3D magnetic survey was conducted over approximately 5 sq kms including the North and
South Target areas. The survey totalled 68 line kms, flown east -west using 100m line spacing. The
survey data suggests the possible presence of two intrusive related centers with typical ge ometry of
anomalies of porphyry and skarns; the location of both centers are well correlated with the exposed
gold/copper porphyry and skarn outcrops. Plan and section views of the magnetic survey highlights are
shown in Figures 5 and 6.
Refer to Figure 5, Cobreorco Magnetic Survey, Plan View:
https://condorresources.com/site/assets/files/4116/figure_5_cobreorco_magnetic_survey_plan_ view1.png
Refer to Figure 6, Cobreorco Magnetic Survey, Section View:
https://condorresources.com/site/assets/files/4116/figure_6_cobreorco_magnetic_survey_cross_section_view2.png
The North Target
The North Target has outcrops of typical mineralized copper -gold porphyry with intense alteration:
quartz–sericite-secondary biotite, with intense stockwork typical of multi -event min eralization, with
quartz sulphide infill systems. Sampling of the porphyry exposures returned consistent and anomalous
copper and gold values. The North Target area also has outcrops of a mineralized skarn, with massive
magnetite, and other calcsilicate assemblages, and with consistent values of copper-gold, and other base
metals. The alteration and geochemical sample results correlate with the geophysics geometry and
signatures.
Photo 1, Exposed Porphyry at North Target:
https://condorresources.com/site/assets/files/4114/north_target_-_exposed_porphyry_outcrop.jpg
Photo 2, Porphyry at North Target - Quartz-secondary biotite-sericite-iron oxides-copper oxides, with
intense stockwork of quartz-iron oxides-copper oxides:
https://condorresources.com/site/assets/files/4114/north_target_-_closeup_of_exposed_porphyry.jpg
Photo 3, Porphyry at North Target - Sheeting and stockwork veins of Quartz -Iron Oxide, secondary
copper: https://condorresources.com/site/assets/files/4114/north_target_ -_2nd_closeup_of_exposed_porphyry.jpg
The South Target
The geophysics outlines an anomaly that is coincident with the location of the porphyry outcrops, with
consistent mineralization of gold and copper, as a low magnetic center, and with skarn assemblages with
gold and copper, with base metals, with a high magnetic ring. In the South Target area there are
hydrothermal mineralized breccias, showi ng multievent phases of fluids with samples testing up to
19.3g/t Au, and with anomalous copper values.
Photo 4, Hydrothermal Breccia at South Target - Rock channel samples tested to 19.3 g/t gold:
https://condorresources.com/site/assets/files/4114/south_target_-_hydrothermal_breccia.jpg
Plans for Cobreorco
Baseline sampling of water, air, and soil has been completed, a requirement for filing our application to
the Ministry of Energy & Mines (“MEM”) for a Declaración de Impacto Ambiental (“DIA”), a process
which is currently underway. In parallel with the DIA application, the company is in dialogue with the
two local communities that will be required to grant surface access permits for our drill programs. The
next step with both communities will be informative workshops, conducted by the MEM. Both the DIA
and the community access agreements are expected to take several months.
Condor is an active explorer focused exclusively on Peru, supplemented by a project generator and
royalty model designed to generate exploration capital whilst minimizing shareholder d ilution. Our
objective in advancing our portfolio of projects is the discovery of a major new precious metals or base
metals deposit in Peru . Project acquisition and exploration activities are managed by the Company’s
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
The technical content of this news release has been reviewed and approved by Brian Game, P.Geo., a
qualified person as defined by National Instrument 43-101.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined i n the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.