Condor Resources Inc. (
TSX: V.CN,
Stock Forum) said that today it received Directoral Resolution No. 189-2013 from the Ministry of Energy and Mines Peru, approving exploration activities, including up to 20 drill holes, at the company's 100% owned Soledad project.
The Soledad property is located within the Central Andes tertiary volcanic belt in the Ancash Province of west-central Peru.
According to the
Condor Resources press release, the permit is valid until July 2014, and is transferable to potential joint venture partners.
The Soledad property encompasses a large hydro-magmatic center, which includes a cluster of nine quartz-tourmaline-iron oxide breccias, and an epithermal high sulphidation system at higher elevations.
A limited drill program in 1996 reported very encouraging results from one of the larger breccias, 61.5 metres grading 1.92 grams per tonne gold, 145.8 grams per tonne silver, and 1.82% copper from one diamond drill hole.
Condor is an exploration stage company engaged in the acquisition and exploration of mineral properties in Canada, Chile and Peru.
On Thursday, Condor soared 50% and was trading at $0.06 a share. The company had a market cap of $4.1 million, based on 68.1 million shares outstanding.