VANCOUVER, BRITISH COLUMBIA–(Marketwired – Sept. 4, 2015) – Condor Resources Inc. (“Condor” or the “Company”) (TSX VENTURE:CN) announces that Mariana Resources Ltd. (“Mariana”) has elected to terminate its option to earn 70% of the Soledad project. Soledad is located within the North Central Andes belt in Ancash department, approximately 35km south of the Pierina mine.
Mariana completed 12 diamond drill holes (2,084m) in 2014, and had followed with a deep geophysics program in 2015 in order to define drill targets for the follow up drill program. The most recent geophysics confirmed a significant conductivity anomaly below Breccias 4, 5, and 6 (the Soledad Central target), as well as a new target to the west of the 2012 geophysics and the 2014 drilling (the Faro target). Both targets are interpreted to be related to a mineralized porphyry system at depth that has generated the nine breccia zones near surface.
The Soledad project is host to an alteration system exposed at surface which includes a cluster of quartz tourmaline breccia pipes within a 1.2 km radius, ranging in size to over 100 metres in diameter. The drill program at Soledad produced some of the best drill intervals of 2014, and indicated proximity to a mineralized porphyry system at depth. Mariana’s exploration programs have dramatically improved the prospectivity of the Soledad project.
“We are therefore surprised by Mariana’s decision, and understand it was made on the basis of the current difficult conditions in the financial markets as opposed to the exploration potential of the project and we are excited to regain control of a robust project like Soledad,” commented Lyle Davis, Condor’s CEO. Upon receipt of all the exploration data and completion by Mariana of their reclamation work, Condor will consider its strategic alternatives for Soledad, including potential option and joint venture opportunities with new partners.
Condor is a 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.
ON BEHALF OF THE BOARD
Lyle Davis, President & Chief Executive Officer
Dr. Richard Culbert is the Qualified Person under NI 43-101 who has approved the technical content of this news release.
Cautionary Statement Regarding Forward-Looking Information: All statements, trend analysis and other information contained in this press release relative to markets about anticipated future events or results constitute forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, “expect” and “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions. Forward-looking statements are subject to business and economic risks and uncertainties and other factors that could cause actual results of operations to differ materially from those contained in the forward-looking statements. Forward-looking statements are based on estimates and opinions of management at the date the statements are made. The Company does not undertake any obligation to update forward-looking statements even if circumstances or management’s estimates or opinions should change. Investors should not place undue reliance on forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.