Condor Resources Inc. - ("Condor" or the "Company") is pleased to announce that Mariana Resources Ltd. ("Mariana") has commenced hole CDOYE-06 at the the Condor de Oro copper-gold-molybdenum project in Northern Peru.
The prior five holes (1,641m) were completed in late 2013, and were summarized in Condor's news releases dated November 20th, December 20th, and January 28th. The widely spaced, 'scout drilling' program was designed to provide a better understanding of the four square kilometre target area, which hosts an anomalous gold-copper system at surface related to porphyritic intrusions. Highlights from this earlier drilling included 102.8m of 0.19% copper hosted by intense potassic altered andesite volcanics.
Mariana completed further geochemical sampling on the project in January, and together with the results from the first five holes, determined the drill-hole locations for the current program, which will comprise a minimum of 3 holes. These holes are targeting the core zone and other priority targets of potentially higher grade mineralization within the large, multiphase intrusive system.
The Condor de Oro concessions are owned by Exploraciones Aguila Dorada S.A.C. ("EAD"). Condor has an irrevocable option to acquire 85% of the issued shares of EAD, and in turn, Condor has granted Mariana an option to acquire 60% of Condor's shareholding interest, being an overall 51% interest. Mariana is assisting EAD with the drill program under the terms of the option agreement with Condor.
Condor currently has three of its properties under active exploration by third parties, and looks forward to a steady flow of results from these programs. In addition, the Company is actively seeking partners on its other projects, and is reviewing new opportunities identified by its Lima based exploration team.
ON BEHALF OF THE BOARD
Lyle Davis, President & Chief Executive Officer
Dr. Richard Culbert is the Qualified Person under NI 43-101 who has approved the technical content of this news release.
Source: http://www.condorresources.com/