Condor Resources Inc. (TSX.V: CN) ("Condor" or the "Company") Further to the Company's news release of October 3, 2016, Condor reports that Compañia Minera Casapalca S.A. ("Casapalca") have instructed their drilling contractor to mobilize a drill rig to the Ocros project, and the drill rig has now arrived on site.
The initial "Iniciación de Actividades", filed in late September, was required to be re-filed with the Peruvian Ministry of Energy and Mines ("MEM"). Correspondence from MEM with their observations on the Iniciación de Actividades was received in early November, and since receipt, the Company and Casapalca worked diligently to remedy and/or clarify the noted observations. The primary concern was whether the drilling activities were being conducted by Casapalca (Casapalca have an option to earn up to a 70% interest in the project), or by Condor's 85% owned subsidiary, the owner of the Ocros concessions. The Iniciación de Actividades must be accepted by the MEM prior to commencement of the drill program, and we expect this acceptance shortly.
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 adits of the historic Eldorado mine, where the mineralization has been confirmed by systematic sampling on two levels, and over 325m on each level (refer to our July 7, 2015 news release). 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.
Condor is an explorer and 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.
Source: Condor Resources
