Condor Resources Inc.
TSX VENTURE : CN

Condor Resources Inc.

July 05, 2012 08:00 ET

Condor Resources Inc.: High Level Epithermal Precious Metals System Identified at Soledad

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 5, 2012) - Condor Resources Inc. ("Condor" or the "Company") (TSX VENTURE:CN) is pleased to announce the discovery of a large gold bearing quartz-alunite alteration system on the 100% owned Soledad property located near the provincial capital of Aija in Ancash Province of west-central Peru and approximately a two hour drive SSW of the city of Huaraz. Gold values in grab samples have returned up to 31.9 g/t Au in the new alteration zone. Additional recent work on the property included a geophysical magnetic and IP survey, additional prospecting, mapping and sampling.

A previously unrecognized zone of intense advanced argillic alteration was identified by prospecting and geophysics within the topographically highest elevations (4,500m) in the northeastern sector of the property, and so far measures approximately 650m by 450m. Quartz-alunite is pervasive within this zone, along with vuggy quartz and local granular silica which is interpreted to represent a high sulphidation epithermal system possibly overlying silica ledges or breccias and an intrusive at depth. Geochemical rock chip samples are anomalous in gold and silver within this pervasive advanced argillic alteration zone. Sampling of a 30 cm wide drusy quartz veinlet swarm or silica fluidization structure within the broad zone of advanced argillic alteration returned peak gold values of 10.1 g/t, 17.4 g/t and 31.9 g/t Au and 79.5 g/t Ag.

The 16.8 line-kilometer ground magnetic and IP geophysical survey was carried out during late March to early April, 2012. The geophysical results are complex and reveal a number of resistivity and conductivity anomalies. The breccia pipes are easily identified by the geophysics and appear to be part of a low resistivity semi-circular structure at depth which may be due to argillic clay alteration, interpreted to represent a reaction rim around a deep intrusion. A total of nine (9) breccia pipes have now been identified on the property. An additional 10 line-kilometer geophysical survey to extend the original survey lines was recently completed to cover this newly-discovered alteration zone located in the NE portion of the property.

During the exploration program, a site visit to Soledad was conducted by Dr. Richard Culbert, Condor's Qualified Person, during February 2012. In his Soledad report, Dr. Culbert documented taking 13 check samples at 13 sites previously sampled by Condor geologists to bring the reported values into compliance with NI 43-101. More than half of his samples returned higher gold values than those previously taken at the same sample sites. Gold results included peak highs of 4.2 g/t Au, 4.9 g/t Au, 12.2 g/t Au and 361.3 g/t Au; this last sample is described as being taken "from tailings or rubble from the floor of an old trench." Silver values within the breccias returned peak highs of 245 g/t Ag, 266 g/t Ag and 364 g/t Ag. A continuous line of chip sampling across the northwest sector of one of the largest breccia pipes returned an average of 5.6 g/t Au, 39 g/t Ag and 920 ppm Cu over 47 metres.

The Soledad property encompasses a large hydro-magmatic centre located within the Central Andes Tertiary volcanic belt, which is host to several epithermal gold deposits including Pierina, Alto Chicama and Yanacocha. As noted, a cluster of nine quartz-tourmaline-iron oxide breccias have been discovered within an area measuring approximately 1500m in diameter and containing Au-Ag-Cu mineralization, as evidenced by surface geochemistry. One of the breccias (Breccia 1) was drilled in 1996 and reported 61.5m grading 1.92 g/t Au, 145.8 g/t Ag and 1.82% Cu in diamond drill hole DDH-3, and 28.5m grading 5.0 g/t Au and 1.10% Cu in diamond drill hole DDH-5. Note: these drill hole assays are historic, have not been verified, and should not be relied upon. This is the only previous drilling that has occurred on the Soledad property.

Permitting is underway to conduct approximately 2500m of drilling on the Soledad project.

Condor Resources Inc. was incorporated in 2003 by field exploration specialists focused on the generation of precious and base metals projects in South America, where management has extensive experience and a proven track record of discovery. The Company's long term objective is the discovery of a major new precious/base metals deposit and its business plan offers shareholders access to an exciting portfolio of fifteen properties in Peru and Chile, each offering a unique path to discovery.

ON BEHALF OF THE BOARD

Patrick J. Burns, 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 Corporation 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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