Condor Resources Inc. is pleased to provide an update on the continuing exploration program being conducted by BHP Billiton on Condor's Cristal project in northern Chile.
The exploration target at Cristal is a large disseminated Cu-Mo mineralized intrusive beneath the overlying cover comprised of barren ignimbrite. Two diamond drillholes have been completed at Cristal.
Diamond drillhole INT003D was drilled vertically to a depth of 905m, and encountered volcanics from about 607m to 902m, or a 295m interval.
Diamond drillhole INT005D, located approximately 5km north of INT003D, was drilled to a vertical depth of 721m, and encountered intrusive from about 430m to 718m, or a 288m interval.
Copies of the processed airborne geophysical data covering the property have been received from BHP Billiton, and include the Magnetics (RTP), Gravity (GDD) and EM (AdTau) interpretations. BHP Billiton is currently completing an evaluation of all data obtained to date, and the reclamation of the initial two drillholes.
BHP Billiton has advised Condor they will provide a detailed expenditure report covering work to date, by late September. BHP Billiton is required to complete cumulative exploration expenditures of US$500,000 by October 4, 2013, and US$2.5million by October 4, 2014, to maintain their option.
Cristal is located along the West Fissure in northern Chile, near the border with Peru. The West Fissure is host to the majority of Chile's large porphyry copper deposits, including the Escondida, Collahuasi, Ujina and Quebrada Blanca porphyry copper mines.
Condor was incorporated in 2003 by field exploration specialists focused on the generation of precious and base metals projects in South America, where management has extensive experience and a proven track record. The Company's long term objective is the discovery of a major precious/base metals deposit through its portfolio of properties in Peru and Chile.