Condor Resources Inc.
TSX VENTURE : CN

Condor Resources Inc.

October 16, 2014 16:39 ET

Condor Resources Inc.: Copper-Rich Potassic Core Recognized at Ocros Project, Central Peru

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 16, 2014) - Condor Resources Inc. - ("Condor" or the "Company") (TSX VENTURE:CN) is pleased to provide a project update and results from a recent sampling program at its Ocros Property, located in the Ancash Department.

An abandoned adit dating from mining activities that likely occurred in the 1950's on the eastern edge of the Company's Ocros concessions was recently re-opened by an independent operator seeking access to high grade, direct shipping ore. The adit rehabilitation and opening was conducted without the permission of the Company, nor cost to the Company. The adit, referred to locally as the Eldorado mine adit, is over one (1) kilometer east, and about 300 metres lower in elevation, than the nearest of seven drill holes completed by the Company in 2007 and 2008. The closest 2007 drill hole (OCR-001) was drilled to a depth of 400m, and reported 251m of 0.15% Cu from 150m to 400m, which included 54m of 0.41% Cu at the bottom of the hole.

In late August, after discovering the activity by the independent operator, Company geologists entered the adit and collected eighteen (18) representative two-metre long horizontal rock chip samples from the adit wall over a horizontal distance along the adit of about 300 metres. The well exposed rock in the adit is characterized as feldspar-hornblende-porphyry, with strong potassic alteration throughout, and mineralization in the form of disseminated chalcopyrite-bornite, as well as chalcopyrite and bornite in sulphide vein stockwork and quartz veins. Native copper is also observed in the samples. Copper assays from the eighteen (18) samples ranged from 0.01% to 4.72%, with an average of 0.99%, and included anomalous gold and silver.

Ever Marquez, Condor's VP Exploration commented: "The 2007 and 2008 drilling program confirmed the presence of a porphyry system, with a large alteration halo. The opportunity to now observe and sample the newly exposed underground workings has demonstrated that the Ocros system has a copper-rich potassic core to a porphyry copper system that was not discovered with our original drill program, and encourages us to further explore this large system."

This new information from the old underground workings indicates that the center of copper enriched porphyry system is located further to the east, and at a lower elevation than the area tested by Condor's initial drill program. Further detailed sampling of the adit is currently planned with the objective of defining new drill targets to test from surface or within the adit. The following table summarizes the results from each of the two-metre long chip samples summarized in this release.

OCROS - SUMMARY OF SAMPLE RESULTS FROM HISTORIC ADIT

Sample location, metres from adit entrance Copper % Gold
ppm
Silver
ppm
Sample Description
(all underground rock chip samples)
35 0.46 <0.01 2 Qz-Bio-Chl alt. in FHP; with stockwork of Qz-Py-FeOx
65 1.89 0.01 24 Qz-Bio-Chl alt in FHP; with Stockwork Qz-Py-Cp++
80 0.10 <0.01 1 Qz-Bio-Chl-Py-Cpy alt in FHP; with stockwork of Cp+, Py+
90 0.02 <0.01 <1 Qz-Bio-Chl-Py-Cp alt in FHP; with Stockwork of Cp, & fine Slph
105 0.07 0.01 1 Qz-Bio-Chl-Py alt in FHP; with Stockwork Cp-Py, Stw
125 0.04 <0.01 <1 Qz-Bio-Chl-Py alt in FHP; with Stockwork Cp-Py Qz-Stw
170 3.68 1.83 25 Qz-Bio-Chl-Py alt in FHP; with Stockwork Cp
190 4.72 0.08 45 Qz-Bio-Chl-Py alt in FHP; with Stockwork Qz-Py-Cp min
241 0.50 0.04 3 Qz-Bio-Chl-Py alt in FHP; with Stockwork Bo++Cp++
244 1.05 0.22 6 Qz-Bio-Chl-Py alt in FHP; with Stockwork secondary Cu
250 0.07 <0.01 <1 Qz-Bio-Chl-Py alt in FHP; with Stockwork Cp-Py-Bo++
250 0.68 0.06 4 Qz-Bio-Chl-Py alt in FHP; with Stockwork Qz-Py-Cp min
253 3.71 0.04 45 Qz-Bio-Chl-Py alt in FHP; with Stockwork Qz-Py-Cp min
280 0.17 <0.01 2 Qz-Bio-Chl-Py alt in FHP; with Stockwork Cp-Py
300 0.46 0.01 3 Qz-Bio-Chl-Py alt in FHP; with Stockwork Cp-Py-Bo, Cu Native
315 0.02 <0.01 <1 Qz-Bio-Chl-Py alt in FHP; with Stockwork
315 0.01 <0.01 <1 Qz-Bio-Chl-Py alt in FHP; with Stockwork Cp-Py
330 0.15 <0.01 <1 Qz-Bio-Chl-Py alt in FHP; with Stockwork Cp-Py
average 0.99 0.13 12

A short photo and map summary on the Ocros project is available on our website. (www.condorresources.com/i/pdf/2014-10-10-ocros-report.pdf)

Condor currently has two of its properties under active exploration by third parties, and looks forward to a steady flow of results from these programs. In addition, the Company is actively seeking partners on its other projects, and is reviewing new opportunities identified by its Lima based exploration team.

ON BEHALF OF THE BOARD

Lyle Davis, President & Chief Executive Officer

Dr. Richard Culbert is the Qualified Person under NI 43-101 who has approved the technical content of this news release.

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.

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