VANCOUVER, British Columbia, July 05, 2017 (GLOBE NEWSWIRE) -- Condor Resources Inc. (“Condor” or the “Company”) (TSX-V:CN) is pleased to announce that Compañia Minera Virgen de la Merced S.A.C. ("Merced") has commenced drilling operations at the Ocros project.
Further to Company’s news release of May 17, 2017, Merced has the option to earn a 70% interest in Ocros over 4 years by completing 10,000m of drilling and making cash payments totaling US$550,000. Merced is a private Peruvian company, and the owner of the mineral concessions adjacent and to the south of Ocros, where Merced has a small mining operation.
The objective of the drill program is to test the continuity of the copper porphyry 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). Merced are required to complete a minimum 2,000m of drilling over the next year.
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.
