Mineral exploration company, Condor Resources declared that Phase I drilling campaign was performed at its San Martin project located in southern Peru.
Overall 10 diamond holes of approximately 2,001 m were drilled. Holes SMA-004 to SMA-008 comprise near surface intercepts of 7.9 m grading 71.97 g/t silver in SMA-006 hole, 9.30 m grading 64.66 g/t silver in SMA-008 hole, and 12.6 m grading 48.57 g/t silver in SMA-007 hole.
On mid-January February 2012, positive results from initial three holes were announced and comprised a near surface interval of 14.9 m grading 68.73 g/t silver. Assay results for the remaining drill holes will be announced shortly.
A huge silicified alteration system consisting of hydrothermal breccias was confirmed through drilling which was expanded to 400 m at vertical depth, and to 150 m wide and 800 m long at surface. This system remains exposed at depth and in all directions. Inside the silicified breccias, the values of silver range as high as 1,595 g/t over 0.20 m. In view of drill limitations, among 10 holes, 8 of them reached down-hole depths varying from 136 to 182 m. Among these drill holes, four of them intercepted a sub-horizontal, mineralized hydrothermal breccias zone that ranges from 7.9 to 14.9 m in width. Silver grades within this zone vary from 63.89 g/t silver to 71.97 g/t silver.
Condor Resources is planning the Phase II drilling program, which will be primarily performed to outline the degree of anomalous gold values and silver mineralization within the silicified alteration system. This drilling program will also be done to analyze feeders and high grade lenses at depth as well as to analyze potential continuity under gravel cover towards the south.