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Condor Resources Provides Update on Soledad Project

Condor Resources Inc. is pleased to provide an update on the Company's Soledad project, located in the Cordillera Negra metallogenic province approximately 35 km south of Barrick Gold's Pierina mine, Peru.

Mariana Resources Ltd. has an option to earn a 70% interest in the project by completing US$4.0 million in cumulative exploration work, and making cumulative cash payments of US$1.1 million to the Company.

Mariana contracted Val d'or Geofisica to complete an Induced Polarization geophysics survey, consisting of 6 north-south lines at 400m spacing, for a total of 12.3 line km, to provide information to an approximate depth of 500m.

Along with the 2014 drill program (12 hole, 2084m), and the earlier 2012 geophysics, the latest geophysics program was designed to provide information on the geometry of the nine breccia pipes exposed at surface, and the geometry of the mineralized porphyry interpreted to be the source of the breccias. The breccias have been observed to contain mineralized porphyry clasts at depth, supporting the interpretation of a mineralized porphyry system below the breccias.

The new geophysical data, together with additional surface geochemical (refer to Figures 1, 2, and 3 at www.condorresources.com/s/ProjectMaps.asp?ReportID=503254) and PIMA sampling completed by Mariana, have resulted in 3 target areas being identified for the 2015 drill program at Soledad (refer to Figure 4 at www.condorresources.com/i/maps/Soledad-Feb-2015-news-release-Fig-4-2015-Priority-Dri.jpg).

Mariana have identified the priority drill targets at Soledad as:

  1. Soledad Central: A prominent low resistivity / high conductivity anomaly, approximately 500m in length by 400m width is best developed at vertical depths exceeding 300m, and importantly underlies mineralized breccia pipes 5, 6, and 4. This highly conductive zone is interpreted to coincide with the root zone to the three breccia pipes, and is thought to be a concealed breccia target (refer to Figure 5 at www.condorresources.com/i/maps/Soledad-Feb-2015-news-release-Fig-5-South-North-Secti.jpg). There is moderate Cu and Au geochemical (systematic rockchip sampling) anomalism at surface. The new target is below the previous breccia 5 intersection in SDH‐07: 96m @ 0.92 g/t Au, 15 g/t Ag, and 0.22% Cu from 33m; and SDH‐12: 139m @ 0.4% Cu, 1.4 g/t Au, 15 g/t Ag from 87m.
  2. Faro: A second low resistivity/high conductivity anomaly lying on the western margin of the survey area associated with breccia 9. As the anomaly lies on the limits of the survey area, Mariana are planning an additional line or two of IP to more accurately locate the position of the Faro target. A coincident surface Cu‐Au‐Mo geochemical anomaly is located approximately 500m due west of breccia pipe 4. This geochemical signature is more typical of porphyry‐type systems, and could represent an extension to the porphyry‐style mineralization and hydrothermal alteration identified at depth in drill hole SDH‐12.
  3. Cima Blanca: A near surface, high resistivity/low conductivity anomaly located in the north‐eastern part of the survey area at Cima Blanca. This high resistivity zone likely represents silicification within the Cima Blanca lithocap, with the geological interpretation being that the lithocap usually lies above, and is slightly offset from, the main porphyry Cu‐Au centre in telescoped porphyry systems. Previous hole SDH‐03 intersected 5 m @ 3.9 g/t Au, 13 g/t Ag from 43m in this vicinity.

Ever Marquez, Condor's VP Exploration, commented: "The geophysic anomalies and the interpreted geometry below Breccias 4, 5 and 6 indicate the possibility of a root zone for these mineralised breccias, as confirmed by the 2014 drill program. The potential for a large breccia body and/or a porphyry system will be targeted in the upcoming drill program."

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.

Source: http://www.condorresources.com/

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