VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb. 24, 2017) - Condor Resources Inc. - ("Condor" or the "Company") (TSX VENTURE:CN) is pleased to announce that it has concluded a Memorandum of Understanding ("MOU") with Chakana Resources S.A.C. ("Chakana") with respect to the Company's wholly owned Soledad project in Ancash, Peru.
Under the terms of the MOU, Chakana has been granted an exclusivity period of 45 days to conclude its due diligence, and prepare a comprehensive agreement to replace the MOU. Pursuant to the MOU, Chakana has the option to earn a 100% interest in Soledad, over a period of 4.5 years, subject to a 2% net smelter return royalty in favour of the Company. To earn the 100% interest, Chakana is required to complete 12,500m of drilling (or work equivalent), make cash payments totaling US$5.375 million, and issue 500,000 Chakana shares to Condor. The 500,000 shares will be delivered when Chakana "goes public". A non-refundable deposit of US$10,000 was received by Condor on signing the MOU.
The Soledad Au-Cu-Ag project is located in the newly emerging Mio-Oligocene copper-gold belt of the Cordillera Negra, in north central Peru. Soledad features a semicircular cluster of mineralized quartz-tourmaline breccia pipes exposed at surface, with the exposed surface area ranging up to 80m diameter, within a zone of interest that is about one kilometre in diameter.
Prior drilling at Soledad in 2016 produced compelling results, including a 119m interval from surface of 2.1 g/t AuEq (SDH-013: 1.30 g/t Au, 27.1 g/t Ag, 0.32% Cu), a 164m interval from surface of 1.5 g/t AuEq (SDH-014: 0.42 g/t Au,70.0 g/t Ag, 0.13% Cu), and a 490m interval from surface of 1.6 g/t AuEq (SDH-016: 0.74 g/t Au, 30.3 g/t Ag, 0.39% Cu). AuEq assumes US$1200/oz gold, US$16/oz silver, US$2.10/lb copper, and 100% recovery.
Chakana is a private Peruvian mining company focused on acquiring and exploring base and precious metal projects with high potential to host economic deposits.
Condor is a project generator focused exclusively on Peru, and our objective is the discovery of a major new precious metals or base metals deposit. Project acquisition and development is managed by our Lima based exploration team.
ON BEHALF OF THE BOARD
Lyle Davis, President & Chief Executive Officer
Cautionary Statement Regarding Forward-Looking Information: All statements, trend analysis and other information contained in this press release relative to markets about anticipated future events or results constitute forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "expect" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions. Forward-looking statements are subject to business and economic risks and uncertainties and other factors that could cause actual results of operations to differ materially from those contained in the forward-looking statements. Forward-looking statements are based on estimates and opinions of management at the date the statements are made. The Company does not undertake any obligation to update forward-looking statements even if circumstances or management's estimates or opinions should change. Investors should not place undue reliance on forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.