Soledad to be drilled
Condor Resources receives community OK to drill Soledad
2012-08-31 13:24 ET - News Release
Mr. Patrick Burns reports
CONDOR'S SOLEDAD PROJECT RECEIVES COMMUNITY APPROVAL FOR UPCOMING DRILL PROGRAM; AGM RESULTS
Condor Resources Inc. has received unanimous approval for the proposed drill program from the communities surrounding the company's 100-per-cent-owned Soledad project. The approval followed the information workshop presented to these communities on Aug. 23.
The workshop presentation is a fundamental requirement toward the social inclusion mechanism designed by the government to allow the participation of local communities and surface land-rights owners in voicing their opinions in the mineral exploration process, and is a prerequisite to obtaining approval for the DIA (environmental impact declaration) from the Peruvian Ministry of Energy and Mines. The DIA is required to obtain a drill permit, which is expected shortly.
Soledad is a large hydromagmatic centre located within the Central Andes Tertiary volcanic belt, which is host to several epithermal gold deposits, including Pierina, Alto Chicama and Yanacocha. To date, a cluster of nine quartz-tourmaline-iron oxide breccias have been discovered at Soledad within an area measuring approximately 1,500 metres in diameter. The breccia bodies contain gold, silver and copper mineralization, as evidenced by surface geochemistry. Only one of the breccias was drill tested in 1996, with encouraging results (see Condor's Jan. 20, 2012, news release). In the northeast sector of the property, Condor geologists have now identified a 650-metre-by-450-metre-high sulphidation epithermal surface exposure comprising intense advanced argillic alteration, with gold values in grab samples up to 31 grams per tonne (see Condor's July 5, 2012, news release).
The targets at Soledad include the cluster of nine geochemically anomalous breccias, the newly discovered epithermal system, which could host bulk-tonnage gold-silver mineralization, and possibly an underlying gold-copper-bearing intrusive that is responsible for these mineralizing systems exposed at surface.
The multipurpose drill program at Soledad will comprise approximately 1,500 metres to 2,500 metres of drilling to confirm results of the 1996 drilling program in Breccia 1, to test one or more of the other eight breccias discovered to date on the property and possibly to test the new bulk-tonnage gold-silver target. It is anticipated that a drill rig will be mobilized shortly after receipt of the drill permit, sometime within the next 30 days.
Annual general meeting results
Condor's annual general meeting of shareholders was held on Aug. 29, 2012. At the meeting, the shareholders appointed Patrick Burns, Graham Scott, Robert Boyd, Lyle Davis and Paul Larkin as directors for the coming year. All other resolutions placed before the shareholders were passed by near-unanimous margins.
We seek Safe Harbor.