Recently, Condor Resources Inc. reported the following updates on their Soledad and Ocros projects in Peru.
Compañia Minera Casapalca S.A. has given an official termination notice on their earn-in option on both the Soledad and Ocros projects, effective from February 3, 2017. Recently, Casapalca finished DDH-001 at Ocros to a depth of 500 m, and previously in 2016 had finished 2,807 m in four drillholes at Soledad.
As a part of their earn-in options, Casapalca was required to finish an aggregate of 3,000 m of diamond drilling across the two projects, and this responsibility has been fulfilled.
We believe Casapalca's decision was driven by a change in corporate strategy and a desire to work on their wholly owned projects.
Lyle Davis, President, Condor Resources Inc
Currently, only limited assay results have been obtained for DDH-001; full assay results will be reported when received.
At the Ocros project, Condor has signed a Memorandum of Understanding (MOU) with Compañia Minera Virgen de la Merced S.A.C., conditional on the receipt of clear title of the Ocros concessions and the termination of Casapalca's rights.
Within the MOU, Merced will have the choice to earn nearly a 70% interest in the Ocros concessions over a span of four years, by making cash payments adding to US$550,000, and finishing 10,000 m of drilling. The MOU includes a payment of US$75,000 on signing the detailed agreement, and a compulsory first year work program of 2,000 m of drilling.
Merced owns the mineral concessions next to and to the south of Ocros, and is running a small mining operation on the Merced concessions. An agreement signed in 2015 with Merced, allowed Merced to access a limited area of the Ocros concessions, as well as re-open many of the old adits.
Condor is an explorer and project generator that is fully focused on Peru. The company’s objective is locating base metals deposit or major new precious metals. Acquisition and development of the project is handled by the company’s Lima-based exploration team.