Condor Resources Inc. announces that Mariana Resources Ltd. has elected to terminate its option to earn 70% of the Soledad project. Soledad is located within the North Central Andes belt in Ancash department, approximately 35km south of the Pierina mine.
Mariana completed 12 diamond drill holes (2,084m) in 2014, and had followed with a deep geophysics program in 2015 in order to define drill targets for the follow up drill program. The most recent geophysics confirmed a significant conductivity anomaly below Breccias 4, 5, and 6 (the Soledad Central target), as well as a new target to the west of the 2012 geophysics and the 2014 drilling (the Faro target). Both targets are interpreted to be related to a mineralized porphyry system at depth that has generated the nine breccia zones near surface.
The Soledad project is host to an alteration system exposed at surface which includes a cluster of quartz tourmaline breccia pipes within a 1.2 km radius, ranging in size to over 100 metres in diameter. The drill program at Soledad produced some of the best drill intervals of 2014, and indicated proximity to a mineralized porphyry system at depth. Mariana's exploration programs have dramatically improved the prospectivity of the Soledad project.
"We are therefore surprised by Mariana's decision, and understand it was made on the basis of the current difficult conditions in the financial markets as opposed to the exploration potential of the project and we are excited to regain control of a robust project like Soledad," commented Lyle Davis, Condor's CEO. Upon receipt of all the exploration data and completion by Mariana of their reclamation work, Condor will consider its strategic alternatives for Soledad, including potential option and joint venture opportunities with new partners.
Condor is a project generator focused exclusively on Peru, 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.