Condor Resources Inc. (TSXV: CN) Signs Joint Venture with Peruvian Mining Company on their Soledad Gold-Silver-Copper Project located in Peru

By Dr. Allen Alper, PhD Economic Geology and Petrology, Columbia University, NYC
on 3/18/2016
Condor Resources’ CEO, Lyle Davis, who has a strong background in finance, funding, mining, managing and engineering , provided information to Metals News readers on the progress they have been making at their Soledad gold-silver-copper project located in Peru and their newly signed agreement for additional drilling.

Mr. Davis said, “Condor is a prospect generator that went public in 2006 with properties in Chile. Along the way, we migrated into Peru and are working exclusively in Peru at the moment, and we plan to stay there for some time. It is a lean management structure, if you would - I and a part-time CFO in Vancouver with most of the management of the mine in Lima. We have a staff of six people working in Lima. They are all Peruvians and the office is run by Ever Marquez, who is a brilliant Peruvian geologist, formerly with Newcrest and Newmont before he joined Condor. He won the explorer of the year award, which was worldwide, for Newmont. He is a very well known, highly regarded Peruvian geologist and is working for our subsidiary Condor Exploration Peru, which has won the company of the year award in their category several times. It is a very prestigious recognition.”

Recently, Casapalca signed an agreement to do drilling and joint venture work with Condor. Mr. Davis said, “Casapalca is a private Peruvian mining company that has been around for about forty years, and is controlled by a Peruvian mining family. I’ll just tell you a little bit about how we came across each other. They have been mining in the country for years and they are always looking for new projects. They were doing this exercise last September, where they were looking for areas of interest in the country based on their experience and some high tech reconnaissance. Twice in the space of one day they zoomed in on an area that they thought would be of interest and found that the ground wasn’t open, in fact it was controlled by this little company called Condor. That led to them knocking on our door and it went from there.”

The timing on the Soledad project couldn’t have been better for the company. Mr. Davis said, “We started discussions in September of 2015 and in November, we announced that we had signed an MOU to option two of our projects, Soledad and Ocros. What we announced at the end of February was that we had signed a detailed, comprehensive agreement for Soledad, which gets into obviously, a lot more detail than the memorandum of understanding that was executed in November. We are particularly excited about the Soledad project as our former partner on that project, Mariana Resources, completed a twelve hole program in 2014, roughly 2000 meters, with very significant results. If you have looked at our corporate brochure you will see a map showing the hole locations and some of the more notable results there.”

Mr. Davis said, “Subsequent to the 2014 drill program, Mariana completed some lines of deep penetrating geophysics in 2014 and 2015. We fully expected them to, and they were telling us that they were going to, complete the follow up drill program. A whole bunch of things happened to them, corporately, and a month before they were expected to start the drilling, they dropped the option on the project. That happened in early September. That is when discussions with Casapalca commenced. The good news is that Casapalca has mobilized a drill to the project. The drill permit is in place from the work that Mariana completed earlier so it is all systems go. Before we did the deal with Mariana, we turned down a deal from a substantial gold producer in Toronto. Turns out that was a bad idea, but that is the way that it goes.”

The Soledad project is the project that Davis and his team are the most excited about. He said, “There is an underground polymetallic mine, adjacent to the project that you can see easily from satellite photos. It is a significant project.

Going forward, we have an MOU with Casapalca on the Ocros project. As we speak, we are going through the comprehensive agreement on the Ocros project, and I expect that we will announce fairly shortly that we have completed it. There is a fairly vigorous earn-in at Ocros and I believe Casapalca will be working there shortly; to date they have done what they say they are going to do.”

Ocros has its own details that make it promising. Mr. Davis said, “Ocros is an interesting project as well, because on the property there was an underground quartz-copper mine where mining ceased in the 1950’s. Afterwards there was an earthquake and the access tunnels collapsed. Recently it was re-opened by a local miner and we were surprised that the walk rock has strong copper mineralization hosted in potassic porphyry. With access to the recently re-opened adit, we did detailed channel sampling along the length of the old adit.”

Mr. Davis and his team are excited about the results that have come back. He said, “The first adit we had access to was 326 meters long. We took 62 wall channel samples that averaged 2.2 kilograms/sample and the sample results yielded 0.68% copper over the 326 meters. Those are fantastic numbers and there is another adit approximately 100 meters below that has similar numbers. The drill program is expected at Ocros later this year. At the end of the first adit there is a short cross adit with the same mineralization as seen along the length of the adit. We need to do more work to confirm the continuity of the mineralization in this dimension. I recently got my hands on a report that was written in the 1950’s and it shows they had worked a kilometer into the side of the hill. I had no idea the workings there were that extensive. It is an exciting project and shouldn’t take much drilling to see the extent of the situation.”

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