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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 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.
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