Business
Positive Sampling Results at Condor de Oro
(via Thenewswire.ca)
About this update from Condor Resources Inc.
[{"type":"text","content":"Positive Sampling Results at Condor de Oro\n\n(via Thenewswire.ca)\nTSX.V: CN Shares Outstanding: 24,060,241\n\nVancouver, B.C., March 3, 2009 - Condor Resources Inc. - (\"Condor\" or the \"Company\") (TSX.V: CN) is pleased to announce results of an exploration reconnaissance program on the Condor de Oro Property, located in the highly prospective Cordillera del Condor gold and copper district in northern Peru, along the border with Ecuador. Condor has agreed to purchase an 85% interest in the Condor de Oro project.\n\nThe Condor de Oro project comprises 82.38 sq km and lies within what is arguably one of the most significant unexplored, newly-emerging gold and copper belts in the world. Placer gold has been mined from alluvial deposits on both sides of the border between Ecuador and Peru for hundreds of years, beginning with the Incas and followed by the Spanish Conquistadors.\n\nOn the Ecuadorean side of the border, discoveries within the belt include Kinross Gold Corporation's (Ex-Aurelian Resources) Fruta del Norte gold deposit, located approximately 124 km NE of the Condor de Oro project, with reserves of 13Moz gold and 22Moz silver, and Corriente Resources' 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.\n\nGold-bearing rock outcrop and float was originally discovered on the Condor de Oro property in 2003 within a coarse-grained Tertiary quartz-eye porphyry intrusive cutting Jurassic andesites. Follow up work included stream sediment, soil and rock sampling as well as an airborne magnetic geophysical survey. This earlier work, performed by Monterrico Metals plc, is not NR-43-101 compliant and therefore may not be relied upon, reportedly returned highly anomalous gold and base metal geochemical results with a coincident magnetic high over an area of approximately 4 sq km adjacent to a large magnetic low in the southwestern portion of the property. Placer gold can be panned from streams draining this target, named Puca Yacu. The Condor de Or...