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    CN   CA20676U1049

CONDOR RESOURCES INC.

(CN)
  Report
Delayed Bourse de Toronto  -  12:38 2022-10-05 pm EDT
0.1100 CAD   -8.33%
08/12Condor Resources Provides Update on the Cobreorco Copper-Gold Project
AQ
08/12Condor - Updates on the Cobreorco Copper-Gold Project
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08/11Condor Resources Inc. Provides Detailed Description and Update of Cobreorco Porphyry- Skarn Project
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Condor Resources Provides Update on the Cobreorco Copper-Gold Project

08/12/2022 | 09:38am EDT

VANCOUVER - Condor Resources Inc. ('Condor' or the 'Company') (TSXV: CN) is pleased to provide a detailed description and update of our Cobreorco Porphyry- Skarn Project, a copper-gold prospect in south central Peru.

Cobreorco is a 47 sq km project acquired by staking, is royalty free, and 100% owned by Condor, located in the province of Andahuaylas in the department of Apurimac, in the prolific Eocene-Oligocene aged Andahuaylas-Yauri porphyry copper belt. This region is influenced by the large Abancay deflection, and is home to the Las Bambas, Huaquira, Constancia, Tintaya and Antapaccay deposits.

An exposed porphyry with intense stockwork and alteration, along with outcroppings of skarn-gossan with massive magnetite-iron oxide, and other calcsilicate minerals that have been exploited on a small scale by artisanal miners, led to our interest in this area. Numerous porphyry and skarn related copper-gold occurrences are exposed in outcrop, and in small scale artisanal workings within the main 2 sq km area of interest. A high portion of surface rock samples contained anomalous copper and gold values: 32% contained greater than 1000 ppm copper, and 44% contained greater than 100 ppb gold.

The bulk of our exploration has been concentrated within a 2 sq km area, and has identified two primary targets - the North Target, and the South Target. Sampling programs have collected 226 rock channel samples (typically 2 metres in length), with anomalous copper and gold values, with copper values testing to 1.95%, and gold to 19.3 g/t. Ever Marquez, Condor's VP Exploration, noted 'the high values of gold and copper are consistent - more so than a typical copper-gold porphyry, and this could be related to mineralization events of the Eocene-Oligocene era, which era generated many of the world class porphyry deposits in the central Andes.'

Plans for Cobreorco

Baseline sampling of water, air, and soil has been completed, a requirement for filing our application to the Ministry of Energy & Mines ('MEM') for a Declaracion de Impacto Ambiental ('DIA'), a process which is currently underway. In parallel with the DIA application, the company is in dialogue with the two local communities that will be required to grant surface access permits for our drill programs. The next step with both communities will be informative workshops, conducted by the MEM. Both the DIA and the community access agreements are expected to take several months.

Condor is an active explorer focused exclusively on Peru, supplemented by a project generator and royalty model designed to generate exploration capital whilst minimizing shareholder dilution. Our objective in advancing our portfolio of projects is the discovery of a major new precious metals or base metals deposit in Peru. Project acquisition and exploration activities are managed by the Company's Lima based exploration team.

Contact:

Tel: 1-866-642-5707

Email: info@condorresources.com

(C) 2022 Electronic News Publishing, source ENP Newswire

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Financials
Sales 2022 - - -
Net income 2022 0,12 M 0,09 M 0,09 M
Net cash 2022 0,32 M 0,24 M 0,24 M
P/E ratio 2022 121x
Yield 2022 -
Capitalization 15,2 M 11,1 M 11,2 M
EV / Sales 2021 -
EV / Sales 2022 -
Nbr of Employees -
Free-Float 83,1%
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Managers and Directors
Lyle Davis Chief Executive Officer & Director
Jonathan L. Younie Chief Financial Officer
Paul Anthony Larkin Independent Director
Robert T. Boyd Independent Director
Francisco de Undurraga F. Independent Director
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