Condor Resources Inc. - ("Condor" or the "Company") Further to the Company's news release of August 19, 2016, Condor has been advised by Compañia Minera Casapalca S.A. ("Casapalca") that Casapalca have filed their "Iniciación de Actividades" with the Peruvian Ministry of Energy and Mines for the Ocros project. This filing is required prior to commencement of the drill program.
Condor owns 85% of the Ocros copper project. As previously announced, the Ocros project is permitted for up to twenty-four drill holes. Access roads and drill pads have been constructed since receipt of the drill permit in August, and the drill rig is scheduled to be mobilized shortly, with drilling expected to start by mid-October. Proposed drill hole locations can be found on our website at http://www.condorresources.com/i/maps/OCROS-PROPOSED-DRILLHOLES-SEPT-2016.jpg.
Sampling on two of the 1950's era adits at the Ocros porphyry project has confirmed porphyry style copper, gold, and silver mineralization, which mineralization remains open laterally, to the west, and to depth. The historic Eldorado mine exploited a late phase, high grade copper sulphide vein, which was mined westward into wallrocks consisting of the potassic altered portion of a well mineralized porphyry copper system. To the best of the Company's knowledge, exploratory diamond drilling has never been completed on the copper porphyry system in the area of the adits. Systematic sampling of the old adits by the Company in 2014 and 2015 yielded greater than 0.55% copper over a horizontal length up to 326m on two separate levels. (see our July 7, 2015 news release).
The objective of this drill program is test the continuity of the mineralization over an approximate area of 1.5 square kilometres centered around the historic adits, where the mineralization has been confirmed.
Casapalca may earn a 51% interest in the Ocros project by completing 6,000m of diamond drilling and making cash payments totalling US$250,000, over the next 3 years, with a further option to increase their interest at Ocros to 70% by completing an additional 4,000m of diamond drilling (or work equivalent), and by making a further payment of US$300,000.
Casapalca is a significant private Peruvian mining company with more than 29 years of local experience, and extensive knowledge of underground mining. Its principal asset is the Americana mine, located in the historic Casapalca mining district, about 100 km east of Lima, where they are currently mining almost 1 km below the surface. Casapalca has been involved in the discovery and development of several mines and joint ventures in Peru.