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Condor Resources Inc. reports developments for a precious and base metals exploration portfolio in Peru. News centers on Pucamayo, its high-sulfidation epithermal flagship project; Huiñac Punta, a carbonate-replacement silver and base-metals target; and Cobreorco, a copper-gold skarn and porphyry project advanced under an option and joint venture arrangement with Teck Perú.
Recurring updates include Peruvian exploration permits, geological and geophysical target definition, partner-funded project activity, portfolio transactions such as the completed sale of the Soledad project, and capital actions including private placements, unit and warrant terms, insider participation, and TSX Venture Exchange matters.
Condor Resources (TSXV:CN) has announced a non-brokered private placement offering of up to 12.5 million units at $0.12 per unit, aiming to raise gross proceeds of up to $1.5 million. Each unit comprises one common share and one-half of a non-transferable warrant.
The warrants are exercisable for 36 months with a tiered structure: $0.15 per share if exercised within 24 months, increasing to $0.20 thereafter. The proceeds will fund exploration at the Huinac Punta Project, the Pucamayo Project, and general corporate purposes.
The offering, expected to close around April 30, 2025, will be available in all Canadian provinces except Quebec. Company insiders may participate, subject to a four-month hold period. Eligible finders may receive up to 8% cash fee and 8% Finder's Warrants.
Condor Resources (TSXV:CN) has announced updates to its exploration activities in Peru, with planned drilling programs at Huinac Punta (1,500m) and Pucamayo (2,000m) scheduled for Spring 2025. The company is shifting focus due to delays in the Pucamayo South East DIA application.
At Huinac Punta, the company expanded its property from 2,000 to 7,200 hectares, with high-grade silver sampling results showing values up to 4,115 g/t Ag. The Pucamayo East 2023 drill program confirmed hydromagmatic centers with encouraging Au-Ag values, including intersections of 72.5m grading 0.83 g/t AuEq.
The company also highlighted progress at Rio Bravo, where historical drilling revealed significant copper-molybdenum mineralization with intercepts including 220m grading 0.51% CuEq. At Cobreorco, a joint venture with Teck Resources offers potential for a porphyry/skarn system discovery, with Teck having the option to earn up to 75% interest through exploration expenditures and cash payments.
Condor Resources (TSXV:CN) has provided a corporate update for 2025, highlighting progress across its precious metals portfolio in Peru. The company is advancing two key projects: Pucamayo, an 8,500-hectare exploration project awaiting DIA approval for a planned 6,000-meter drilling program, and Huinac Punta, which recently received its Initiation of Activities permit and expanded by 5,200 hectares.
At Cobreorco, Teck Resources can earn up to 75% interest through exploration expenditures of US$10 million and cash payments of US$1.1 million. The company regained control of the Soledad project, which has an Inferred Resource of 4.8 million tonnes grading 0.72 g/t gold, 61 g/t silver, and 0.97% copper for underground mining, plus 1.9 million tonnes for open pit mining. The company also acquired historical data for its Rio Bravo project, showing significant porphyry copper and molybdenum mineralization.
Condor Resources has confirmed a significant copper-molybdenum porphyry discovery at its 100%-owned Rio Bravo project, located 112 km southeast of Lima, Peru. The confirmation comes from newly acquired historical data from a major mining company that previously owned the project.
The data includes results from 11 drill holes totaling 5,729m from 2012, showing significant mineralization intervals. Notable intersections include: 220m at 0.32% Cu and 275 ppm Mo, 324m at 0.32% Cu and 199 ppm Mo, and 312m at 0.29% Cu and 329 ppm Mo.
After reviewing the comprehensive data package, which includes soil geochemistry, ground geophysics, and detailed geological mapping, Condor interprets potential for a higher-grade core approximately 400m southeast and deeper from previous drilling locations. The mineralization system remains open in all directions, with the main core of the intrusive porphyry still untested.
Condor Resources (TSXV:CN) has restructured its payment agreement with Element79 Gold Corp. regarding the Lucero Project in Peru. The original US$1,000,000 payment due in December 2024 has been increased to US$1,100,000 and extended to June 30, 2025. As security, Element79 has pledged 1,750,000 shares of Sun Silver (ASX-listed, A$93M market cap), which are restricted from trading until May 6, 2025.
Additionally, Condor announced the cancellation of its previously announced non-brokered private placement, which aimed to raise up to $1,500,000 through the issuance of 10,000,000 units at $0.15 per unit. The company expects better financing opportunities in the new year, citing upcoming catalysts including the anticipated DIA receipt at Pucamayo South East.
Condor Resources (TSXV:CN) held its 2024 Annual General and Special Shareholders' Meeting on December 11, 2024, in Vancouver. A total of 32,169,685 common shares were voted, representing 22.79% of outstanding shares. Shareholders approved all presented matters, including setting the board size at six directors and appointing De Visser Gray LLP as auditor. The company's omnibus equity incentive plan was approved with 95.555% of votes in favor. Notable changes include Mr. Lyle Davis not standing for re-election to the Board of Directors, following his tenure as Director and CEO from July 2013 until April 2024.
Condor Resources (TSXV:CN) has announced a non-brokered private placement offering of up to 10,000,000 units at $0.15 per unit, aiming to raise up to $1.5 million. Each unit consists of one common share and half of a warrant. Each whole warrant allows purchase of an additional share at $0.20 within 24 months or $0.25 thereafter, valid for 36 months total.
The proceeds will fund exploration at the Huinac Punta Project, the Pucamayo Project, and general corporate purposes. The offering is expected to close around December 13, 2024. Eligible finders may receive up to 7% cash fee and 7% finder's warrants. The offering will be available in all Canadian provinces except Québec.
Condor Resources advises shareholders to vote online or by phone for the upcoming annual general and special meeting (AGSM) scheduled for December 11, 2024, due to ongoing postal strike in Canada. The proxy cut-off time is December 9, 2024. Meeting materials are available on the company's website and Sedar+. North American registered holders can call Computershare at 1-800-564-6253 for their control number, while overseas holders should call 1-514-982-7555. Votes can be submitted at investorvote.com or by phone at 1-866-732-8683.
Condor Resources has received the final Initiation of Activities permit for its Huinac Punta project after completing the Consulta Previa process. The company is now ready to commence its maiden drill program at this silver-dominant polymetallic prospect. Surface sampling has revealed high-grade silver and elevated copper, zinc, lead, and cobalt values. Historical Spanish colonial mining works are present, with accessible adits showing elevated silver values in sulfide material. The project shows potential for a large, carbonate replacement style mineralized body, and the company plans to target geological and geophysical features suggesting a bulk tonnage silver and base metals deposit.
Condor Resources has expanded its Huiñac Punta high-grade silver prospect from 2,000 to 7,200 hectares through uncontested application for additional exploration concessions. The property shows potential for a large carbonate replacement style silver-dominant polymetallic deposit. Surface sampling has revealed significant mineralization, with 28 out of 163 two-metre rock chip samples showing silver grades over 100 g/t, including exceptional grades of 4,115 and 3,225 g/t Ag. Historical Spanish colonial workings are present, with adits containing silver-rich sulfide material. The company is awaiting final drill permits, with the Initiation of Activities document expected shortly.