Sep. 22, 2009 (TheNewswire.ca) --
Vancouver, B.C., September 22, 2009, Condor Resources Inc. (TSXV:CN) ("Condor" or the "Company") is pleased to announce that field exploration crews have been mobilized to the Company's Condor de Oro property in northern Peru.
The Condor de Oro project covers an area of 82.38 sq km within the Cordillera Del Condor, one of the most significant newly emerging and under explored gold and copper belts remaining in the world. Placer gold (OOTC:PGCR) has been mined from alluvial deposits in this belt on both sides of the border between Ecuador and Peru since pre-Incan time. Condor has agreed to purchase an 85% interest in the Condor de Oro Property.
Condor's follow up program is designed to prepare for drilling on the large Pucayacu gold and base metals target, where combined geochemical and airborne geophysical surveys have outlined coincident anomalies covering an area of 4 sq km within a coarse-grained Tertiary quartz-eye porphyry intrusive cutting Jurassic andesites. The target remains open to the north and south. Historically, placer gold has been mined from several of the creeks draining this anomaly. Details of past exploration were reported in a Condor news release dated March 3, 2009. The earlier geochemical program returned peak values of 13.2 g/t Au in rock chip samples, values as high as 8.20 g/t, 11.95 g/t and 16 g/t Au from rock float, and soil samples with peak values of 1.56 g/t and 1.99 g/t Au.
The Pucayacu target is characterized by intense quartz-sericite-clay alteration along with abundant disseminated pyrite (plus limonite) and strong quartz vein stockworks with limonite-pyrite and secondary copper. Chalcedonic quartz and jasper are also present, these being products of multiphase hydrothermal events related to an island arc environment similar to that at Kinross' Fruta del Norte property in Ecuador.
In addition, prospecting and sampling will be carried out on a second developing geochemical gold and base metals anomaly, Yuracyacu, located approximately 8 km to the northeast of Pucayacu, where visible gold is also present in pan concentrates from streams draining an area of approximately 3 to 4 sq km, and previous prospecting encountered a float boulder which assayed 9 g/t Au .
The Company also has the right to acquire a 100% interest in each of the Sol de Oro and Kury Intsa projects, giving Condor mineral exploration rights totaling in excess of 200 sq km within the Peruvian side of the Cordillera del Condor gold and copper belt.
On the Ecuadorean side of the border, recent discoveries within the belt include Kinross Gold Corporation's (TSX:K''C) (TSX:K''B) (OOTC:KNRSF) (NYSE:KGC) (TSX:K'U) (TSX:K) (Ex-Aurelian Resources) Fruta del Norte gold deposit, located approximately 124 km NE of the Condor de Oro project, with reserves of 13.7Moz gold (grading 7.23 g/t Au) and 22Moz silver, and Corriente Resources (AMEX:ETQ) ' Mirador Copper District, located north of Fruta del Norte, with an inferred resource of 1.7Bt grading 0.6% Cu. On the Peruvian side of the border, approximately 54 kilometers SW of the Condor de Oro project, Zijin Mining's Rio Blanco copper-molybdenum porphyry deposit contains reserves of 1.2Bt grading 0.57% copper and 228 ppm molybdenum, making the Rio Blanco deposit one of the largest undeveloped copper resources in the world today.
There has been very little modern-day exploration carried out to date along the Peruvian side of the border due largely to geopolitical events and restrictions imposed by the Peruvian government. Prior to 1992, for example, mineral exploration was not permitted along Peru's border regions. The mining code was revised in 1992 to permit mining in the frontier regions but a border dispute broke out between Peru and Ecuador shortly thereafter and was not resolved until 1999.
A major staking rush has occurred within the Cordillera del Condor since the Fruta del Norte discovery in 2006 and it is now estimated that claims totaling some 500,000 hectares (+1.2M acres) have been staked covering virtually all of the belt on both sides of the border. Major players, such as Iamgold Corporation (NYSE:IAG) (TSX:IMG) , Barrick Gold Corporation (NYSE:ABX) (TSX:ABX) , Kinross Gold Corporation, Franco-Nevada Corporation (TSX:FNV''A) (TSX:FNV') (TSX:FNV) and Zijin Mining Group Company (OOTC:ZIJMY) , have taken up land positions within this newly-emerging and under-explored metallogenic belt.
Dr. Richard Culbert, Condor's Qualified Person, has advised the Company that "Although much of the Condor de Oro Property is unexplored, there can be little doubt that it covers at least one large porphyry gold-copper deposit, with the value of the gold likely to dominate that of copper". The combined occurrence of coincident stream sediment, soil and rock sample anomalies, along with the large aeromagnetic anomaly, make the Pucayacu zone one of the most attractive undrilled gold and base metal targets within the Cordillera del Condor.
Condor Resources Inc. was incorporated in 2003 by field exploration specialists focused on the generation of copper and gold projects in Latin America, where management has extensive experience and a proven track record of discovery. The Company's long term business plan offers shareholders access to a growing portfolio of properties, including six 100% owned projects in Chile, and seven in Peru, each providing a unique path to discovery.
ON BEHALF OF THE BOARD
Patrick J. Burns,
President & Chief Executive Officer
For further information please contact the Company at 1-866-642-5707, or by email at: email@example.com
Forward-Looking Statements: Statements in this release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed under the heading "Risk Factors" and elsewhere in the Company's periodic filings with Canadian securities regulatory authorities. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The Company does not assume the obligation to update any forward-looking statement. Dr. Richard Culbert, P.Eng., is the Qualified Person for the Company as required by NI 43-101 and has reviewed the contents of this news release.
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.
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