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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.
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Condor Resources Inc. (CNRIF) announced the receipt of a US$200,000 payment from Element79 Gold Corp. as part of their agreement related to the acquisition of shares in Condor's subsidiary, Minas Lucero del Sur S.A.C., which owns the Lucero project in Peru. This payment was made on March 31, 2023, with a subsequent payment scheduled before December 21, 2023. Condor focuses solely on exploring projects in Peru, utilizing a project generator and royalty model to minimize shareholder dilution while seeking to discover significant deposits of precious or base metals.
Condor Resources Inc. announced the resignation of Mr. Andres Recalde as Director and VP of Community and Social Relations. CEO Lyle Davis expressed gratitude for Recalde's contributions to community relations. The company continues its focus on exploring opportunities in Peru, aiming to discover significant precious and base metals deposits. Condor employs a project generator and royalty model to generate exploration capital while minimizing shareholder dilution. The Lima-based exploration team manages project acquisition and exploration activities, aligning with the company's strategic objectives.
Condor Resources Inc. has received a payment of US$100,000 from Element79 Gold Corp. as of January 31, 2023. This payment pertains to Element79's acquisition of Calipuy Resources Inc., which involves obligations related to the purchase of Condor's subsidiary, Minas Lucero del Sur S.A.C., owner of the Lucero project in Peru. A subsequent payment of US$200,000 is scheduled on or before March 31, 2023. Condor focuses on exploring potential precious and base metals deposits in Peru and employs a project generator and royalty model to minimize shareholder dilution.
Condor Resources has revised its payment agreement with Element79 Gold Corp concerning the Lucero project. Initially scheduled for December 21, 2022, a total payment of US$300,000 is now split into two installments: US$100,000 due by January 31, 2023, and US$200,000 due by March 31, 2023. In exchange for the rescheduling, Element79 will issue 250,000 shares to Condor. The company is focused on mining exploration in Peru, aiming for significant discoveries while minimizing shareholder dilution.
Condor Resources Inc. announces the grant of stock options totaling 4,575,000 shares at a price of $0.11 each, valid until December 5, 2027, subject to regulatory approval. The grants are aimed at directors, officers, employees, and consultants under the company's Stock Option Plan. Condor focuses on mineral exploration in Peru, utilizing a project generator and royalty model designed to minimize shareholder dilution while seeking major deposits of precious and base metals.
Condor Resources Inc. has appointed Mr. Andres Recalde as Vice President of Community and Social Relations, effective October 1. Mr. Recalde, who has been an independent director since December 2021, will enhance the company's communications with local stakeholders and government entities at its Pucamayo project. Additionally, at the Annual General and Special Meeting on October 12, shareholders approved all business items, including a revised Stock Option Plan allowing up to 12,688,238 incentive options. The plan awaits final TSXV approval.
Condor Resources has secured US$800,000 in cash and 1,379,310 shares from Chakana Copper Corp. as part of an agreement for Chakana to acquire full ownership of the Soledad concessions. Chakana is required to make additional payments totaling US$3.425 million over three years, alongside Cdn$800,000 in shares. Furthermore, Condor received US$75,000 from Calipuy Resources, with another payment of US$300,000 expected in December 2022. These funds will aid Condor in advancing its projects in Peru.
Condor Resources Inc. has announced a binding agreement with Chakana Copper Corp. concerning the Soledad project in Peru. The agreement extends Chakana's option to acquire a 100% interest in the Soledad concessions to June 23, 2022. Chakana made an initial payment of US$200,000 and can complete the remaining balance of US$4.225 million through two options: a lump-sum payment of US$2.8 million plus shares or a staggered payment option over three years. Condor retains a 1% NSR on the concessions, allowing ongoing interest as a shareholder.