Condor Res Stock Price, News & Analysis

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.

Condor Resources Inc. (TSXV:CN) has terminated its agreement with Chakana Copper Corp. for the Soledad project in Peru due to non-performance. Chakana failed to make a required US$1,000,000 cash payment and issue CAD$200,000 worth of shares by June 23, 2024. Condor will resume ownership of the Soledad concessions, which host the majority of a NI43-101 compliant Resource defined by Chakana's exploration work.

The Soledad Au-Ag-Cu property, located in the Central Andes, covers 10.55 sq. km. Chakana's exploration included 60,741 m of drilling in 259 holes, resulting in an Inferred Mineral Resource of 4.8 million tonnes for underground mining and 1.9 million tonnes for open pit mining. Approximately 71% of the resource is on Condor's concessions.

Condor will grant Chakana a 1% NSR Royalty on the Soledad concessions and a 2 km area of interest. The company plans to resume exploration of the property, citing significant discovery upside in untested breccias and the mineralized porphyry system.

Condor Resources released an update on its four exploration projects in Peru, highlighting progress in Pucamayo, Soledad, Huinac Punta, and Andrea.

The 2023 drill program at Pucamayo confirmed geological interpretations, revealing mineralization of gold, silver, copper, lead, and zinc. An updated drone survey identified potential hydro-magmatic centers, requiring further drilling and community approval.

At Soledad, Condor awaits a $1,000,000 payment and CAD$200,000 in shares from Chakana Copper Corp. for option maintenance, with discussions ongoing.

Progress continues with community discussions at Huinac Punta, with a key meeting expected in July, potentially leading to a drill program start.

After dormant years, discussions with the local community at Andrea are progressing, highlighting potential resumption of activities.

The technical information was reviewed by Dr. Quinton Hennigh, a Qualified Person under National Instrument 43-101.

Condor has received a rescheduled payment of US$220,000 from Element79 Gold for the Lucero project, part of a US$3.5 million deal payable over five years. Notably, the total consideration could increase to US$4.0 million or US$6.0 million if the gold price exceeds US$2,500 or US$3,000 per ounce, respectively, at the time of the final payment. To date, Condor has received US$965,000, with the next US$1,000,000 payment due by December 21, 2024.