Condor Resources Inc. has been notified by Mariana Resources Ltd. that Mariana is withdrawing from their option agreement on the Condor de Oro project in northern Peru.
Under the terms of the option agreement announced October 2012, Mariana was required to complete cumulative exploration work of US$25 million and make payments to Condor totalling US$5 million over 4 years to earn a 51% interest in the 102 sq km project. Condor is pleased with the extent and quality of work completed by Mariana, and to have the project returned in good standing with significant value added.
Over the two years of the option, the project has been advanced considerably, particularly with the completion of 2,585m in eight diamond drill holes on the Pucayacu target. The eight shallow and widely spaced holes at this target confirmed the existence of a very large multiphase intrusive system, and all holes encountered altered and mineralized lithology. A summary of results from the eight (8) holes can be found on the Company website. Results from three different holes include 100m of 0.3 grams per tonne ("g/t") Au from surface, 25m of 0.2 g/t Au from 3m, and 4.8m of 26.0 g/t Au. (http://www.condorresources.com/s/ProjectCondorDeOro.asp)
Ever Marquez, Condor's VP of Exploration commented: "We believe the wide spaced drilling to date has been encouraging and has confirmed the presence of a large, disseminated gold-copper-molybdenum system in this underexplored, prolific area of the Cordillera del Condor. Further drilling is warranted at the Pucayacu target, as well as the many untested targets on the Condor de Oro concessions, in order to advance the project to a commercial discovery."
Mariana's work at Condor de Oro was concentrated on the Pucayacu gold-copper target. The larger Yuracyacu target on the northern part of the concessions was not evaluated with drilling. An overview of the two targets can be seen at the Company website. (http://www.condorresources.com/s/ProjectMaps.asp?ReportID=416186)
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.
Condor is a project generator focused exclusively on Peru and Chile, and our objective is the discovery of a major new precious metals or base metals deposit. Project acquisition and development is managed by our Lima based exploration team.