Geophysics Defines 700 by 350 Metre Target at the Pucamayo Project, Peru; May Dr
posted on Apr 08, 2010 11:59AM
Edit this title from the Fast Facts Section
Condor Resources Inc.: Geophysics Defines 700 by 350 Metre Target at the Pucamayo Project, Peru; May Drilling Planned
Thursday April 8, 2010, 10:24 am EDT
VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 8, 2010) - Condor Resources Inc. ("Condor" or the "Company") (TSX VENTURE:CN; OTC:CNRIF - News) is pleased to announce that an Induced Polarization (IP) geophysical survey has defined a 700 by 350 metre chargeability and resistivity anomaly coincident with the East Zone Breccia target at its Pucamayo epithermal gold-silver project in Peru. In addition, further sampling, prospecting and mapping has confirmed significant mineralization at both the West Zone gold-silver bonanza vein system and the East Zone high sulphidation breccia target.
The Company is proceeding with plans to commence mechanized trenching and drilling both of these targets in May.
The Pucamayo project has never been drilled.
Geophysical Survey. A total of 15.3 line kilometres of IP were also completed over both the East and West Zones, along with 46.1 line kilometers of magnetics and Gamma Ray Spectrometry. The geophysical survey over the East Zone breccia target outlined a broad NNE trending and vertically continuous chargeability anomaly measuring approximately 700m long by 350m wide, with a coincident moderate resistivity anomaly within the breccia exposures. This large anomaly is coincident with the favourable geology, alteration and precious metal values as determined by field mapping and sampling, and confirms the depth potential of this large epithermal precious metals target. The geophysical results will be used to prioritize trenching and drilling plans for the breccia.
In addition, at the West Zone vein targets, the geophysical survey outlined resistivity and chargeability anomalies coincident with the main NNW-striking vein and provide priority trenching and drill targets for follow-up.
Follow-up Sampling Program. During February and March, an additional 116 chip-channel samples, including 14 grab samples collected by Dr. Richard Culbert, Condor's Qualified Person, were submitted for assay. Assay results returned values up to highs of 7.61 g/t Au and 624 g/t Ag, along with base metal values up to 1.34% Cu, 20.2% Pb and 13.5% Zn.
West Zone. Chip-channel sample results from the recent work program confirm the highly anomalous precious metals values previously reported from the West Zone (see January 5, 2010 news release). Dr. Culbert's sampling program has returned values as high as 7.61 g/t Au and 95 g/t Ag over 2m, and 1.34 g/t Au and 634 g/t Ag over 2m. In addition, three grab samples taken by Dr. Culbert, returned assays of 2.77 g/t Au and 25.7 g/t Ag, 1.57 g/t Au and 137 g/t Ag, and 1.77 g/t Au and 257 g/t Ag.
East Zone. Sample results from the recent work program confirm the encouraging values previously reported from the East Zone (see January 5, 2010 news release). Within the intermediate to high sulphidation hydrothermal breccias in the East Zone, samples values of 1.34 g/t Au and 624 g/t Ag over a 2m width and 1.18 g/t Au and 396 g/t Ag over 2m were reported. Grab samples within the breccia zone taken by Dr. Culbert returned anomalous precious metals values, including 0.63 g/t Au and 255 g/t Ag and 0.96 g/t Au and 362 g/t Ag. A grab sample from one of the peripheral veins returned 0.33 g/t Au, 387 g/t Ag, 1.34% Cu, 20.2% Pb and 13.5% Zn.
Future Work. The recent exploration at Pucamayo continues to confirm the presence of highly anomalous precious metals values and the geophysical survey has outlined several strong targets coincident with this favourable geology. The geophysical results from the East Zone have outlined a high priority target consisting of a broad NNE trending, vertically continuous, chargeability and resistivity anomaly measuring 700m long by 350m wide and covering the area of the mineralized breccias.
Once the Company has finalized agreements with the local communities, mechanical trenching will be initiated at the West and East Zones. These agreements are anticipated to be completed over the next two to three weeks. In the meantime, bids have been now been received for the initial drill program to target both the East and West zone targets. It is now anticipated that drilling at Pucamayo should begin by mid May.
About Condor Resources Inc.
Condor Resources Inc. was incorporated in 2003 by field exploration specialists focused on the generation of gold and copper projects in South America, where management has extensive experience and a proven track record of discovery. The Company's long term objective is the discovery of a major new gold and/or base metal deposit, and its business plan offers shareholders access to an exciting and growing portfolio of discovery stage properties, including six 100% owned projects in Chile, and seven projects in Peru, each offering a unique path to discovery.
ON BEHALF OF THE BOARD
Patrick J. Burns,
President & Chief Executive Officer