VANCOUVER, British Columbia, May 08, 2017 (GLOBE NEWSWIRE) -- Condor Resources Inc. - (“Condor” or the “Company”) (TSX-V:CN) is pleased to report the results provided from a third party sampling program conducted at Condor’s wholly owned Lucero project in southern Peru, approximately 22 km southwest of the Orcopampa mine of Buenaventura. Lucero is currently leased to Compania Minera Casapalca S.A. (“Casapalca”) of Lima in return for a 3% NSR, which NSR is shared on an equal basis with Sandstorm Gold Ltd. Casapalca is currently procuring permits prior to commencing exploration and production, and to date Condor has received US$150,000 in minimum royalties.
The Lucero project is home to the former Shila mining district, where gold/silver mining was conducted in at least three underground locations from the late 1980s until 2005. Publicly available production records from 1998 through 2004 from the previous operator show the average grade mined during this seven year period was 14 g/t gold, and 373 g/t silver.
The sampling program was conducted in late 2016 by a third party, with the agreement of the Company and Casapalca. The sampling locations were dispersed over the concessions, and tested six different target areas. In total, 60 samples were taken and analyzed, with the majority (50) being outcrop channel samples. Most of the outcrop samples (forty-four of fifty) were taken at surface, while several of the outcrop samples (six of fifty) were taken from the wall rocks and mineralized structures inside the former underground workings. The balance of ten (non-outcrop) samples consisted of 8 grab samples taken at surface, and 2 grab samples from inside the old workings.
From the sixty samples, reported gold values ranged up to 144 g/t Au, with 21 of the samples reporting gold values greater than 1.0 g/t Au. Silver values ranged from 0.1g/t Ag to greater than 10,000 g/t Ag, with 23 of the samples reporting silver values greater than 50g/t Ag. Sample number 3938, a 1.8m rock channel sample taken at surface, from, and perpendicular to the strike of the principal vein in the Sando Acalde area, reported 18.9 g/t gold, and greater than 10,000 g/t silver (the upper analytical limit of the laboratory analysis utilized).
This recent sampling program confirms the bonanza grade precious metals reported from earlier mining operations, and reinforces our belief in the potential for Lucero to host additional resources in the many structures (over 80 veins have been mapped at surface), and also in the prospectivity of the high sulphidation epithermal bulk tonnage target.
“Our Lima based exploration team has consistently generated a pipeline of high quality exploration projects” noted Condor President Lyle Davis. “The Lucero project, which was acquired by staking at minimal cost to the Company, is one of many great examples of their capabilities.”
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.
