Condor Resources Inc. (TSX VENTURE:CN) has announced that it has received an encouraging progress report on its 100% owned Chavin polymetallic property from joint venture partner Minera Silex Peru SRL , a subsidiary of Golden Minerals Company (TSX:AUM)(NYSE Amex:AUMN).
Silex plans to conduct a 12 hole diamond drill program totalling 2,650m to test the main vein and additional anomalous silicified and oxidized structures for continuity at depth.
Underground channel sample results by Silex from an historically mined 60m long adit on the property returned grades as high as 849 g/t Ag, 19.45% Pb and 7.92% Zn over 0.60m, 785 g/t Ag, 17.95% Pb and 9.56% Zn over 0.55m and 579 g/t Ag, 12.65% Pb and 6.02% Zn over 1.20m. Surface channel samples assayed as high as 616 g/t Ag, 12.05% Pb and 6.25% Zn over 1.00m, 561 g/t Ag, 10.35% Pb and 5.44% Zn over 1.00m. The highest gold value obtained was 5.57 g/t Au over 1.10m.
Since optioning the Chavin property in April, 2010, Silex has engaged the local community, contracted for an environmental impact study to cover the property, constructed 6.5 km of access road to the project and an additional 1.5 km within the property boundary, and built a base camp. In addition, Silex has carried out 1:1000 scale geological mapping, a topographical survey for control and collected and analyzed a total of 369 surface samples from the main vein and surrounding silicified and oxidized structures, as well as taking 25 samples from the existing 60m long adit. Surface samples from the main vein were cut with a portable diamond saw at 25m intervals perpendicular to the vein. Secondary structures were also sampled at 25m intervals and peripheral silicified and oxidized structures were sampled at 50m intervals along strike. Each sample, of varying length, was cut 20cm wide by 10cm deep and averaged 3 to 4 kg in weight. ALS Chemex conducted the geochemical analyses.
Some 3.3 km of vein length have now been measured, including 1.5 km of the main vein. The main vein trends 140/50-70SW, ranges from 50cm to 4.50m wide and comprises quartz-carbonate with sphalerite-galena-chalcopyrite-pyrite-pyrrhotite and gold mineralization with associated banded, drusy and bladed textures. The Chavin polymetallic vein system is located within the Central Andes mineral belt in northern Peru, 45 km NW of the Pierina gold mine operated by Barrick and 10 km SW of the Pashpap Cu-Mo porphyry project. The Chavin property has been increased from 6 sq km in size to approximately 8 sq km.
Condor currently owns a 100% interest in the property. Silex can acquire a 65% interest in the Property by incurring exploration expenditures of US$1,400,000 and by paying Condor a minimum of US$130,000 in cash over three years. If the option is exercised, the Property title will be transferred into a single-purpose company in which Condor and Silex will have 35% and 65% shareholdings respectively. If Condor elects to not contribute to the costs of a pre-feasibility study and a feasibility study, Silex can increase its shareholding up to 75%.
Source: Condor Resources Inc.