El Condor in-fill drilling intersects 26.9 meters 2.19% Cu & 0.58% Ni
US Symbol: ECNRF
VANCOUVER, May 15, 2012 /PRNewswire/ – El Condor Minerals Inc. (“El Condor” or
the “Company”) is pleased to announce the analytical results from a
second portion of the twelve-hole, 2,037 meter diamond drilling program
at its Horden Lake property, completed during the 2012 winter drilling
program. The drilling program was designed to provide metallurgical
samples for preliminary processing work and to test for expansion of
resources to the northeast and southwest of the known mineralization
and resource. Analytical results reported in this release are from
four holes completed within the known resource area, which will provide
mineralized material for metallurgical test work.
Analytical results from the four internal drill holes are summarized in
Table 1.2. Drill hole locations are shown on Figure 1.2. The intercepts are calculated using a 0.25% copper cutoff grade,
without consideration of other metals. Lower grade internal intervals
up to 3.0 meters in length are incorporated if adjacent copper values
carry the low grade intervals. True thicknesses of intervals within
the Main Zone are estimated using cross sections and linear,
non-deviated drill hole projections.
Table 1.2 Horden Lake Diamond Drill Hole Results
| % | g/t | Est.True Drill Length | | | Width Hole # From (m) (m) Cu Ni Co Pd Pt Au Ag (m) HN-12-80 198.1 2.9 0.28 0.13 0.012 0.17 0.09 0.19 7.4 2.2 210.4 5.6 0.90 0.35 0.035 0.27 0.10 0.13 11.4 4.3 including 3.0 1.37 0.22 0.025 0.19 0.07 0.20 16.5 2.3 HN-12-81 85.3 2.1 0.43 0.02 0.005 0.21 0.08 0.51 32.0 unknown 114.3 3.0 0.49 0.14 0.022 0.11 0.02 0.03 5.0 unknown 136.9 4.5 0.99 0.21 0.020 0.59 0.01 0.07 8.6 3.7 including 1.1 2.74 0.68 0.039 0.26 0.00 0.04 21.2 0.9 HN-12-83 141.9 17.4 0.79 0.35 0.050 0.25 0.09 0.29 9.3 14.1 including 3.6 0.94 0.34 0.023 0.26 0.04 0.08 9.4 2.9 including 4.2 1.51 0.36 0.085 0.32 0.06 0.14 18.1 3.4 HN-12-88 169.2 26.9 2.19 0.58 0.051 0.56 0.16 0.27 30.5 23.3 including 2.8 4.58 0.56 0.060 0.79 0.18 1.06 59.9 2.4 including 3.9 2.89 0.57 0.071 0.61 0.10 0.31 41.0 3.4 "From" column is the upper, starting depth of the mineralized interval reported. Estimated true thickness of gabbro-hosted disseminated mineralization is unknown. Intercepts in bold aremetasediment-hosted, and varyfrom massiveto semi-massive sulfide,todisseminated style mineralization. Non-bold figures represent assay intervals from disseminated mineralization in the gabbro sill complex.
“The drilling internal to the known resource was successful in providing
excellent intercepts for our metallurgical test work,” commented Leigh
Freeman, El Condor President & CEO.
Additional results are being processed and will be released as they
Copper-nickel-precious metal mineralization at Horden Lake is associated
with a northeast trending, northwest dipping gabbroic sill-like
complex. Massive to semi-massive and disseminated mineralization
occurs in the footwall contact zone (“Main Zone”) of the gabbro with
underlying metasedimentary rocks, but is primarily hosted by the
metasedimentary package. The reported resources at Horden Lake are
predominately contained in the Main Zone which, at the property scale,
is a tabular zone dipping approximately 55(0 )to the northwest. Disseminated mineralization is also contained within
certain phases of the igneous suite, offering potential for more
widespread, shallow, lower grade mineralization.
Caracle Creek International Consulting Inc. (“CCIC”) performed the
on-site management of drilling operations, core logging and core
sampling. CCIC managed the QA/QC program including the insertion of
standards, blanks and duplicates into the sampling routine at the rate
of approximately 17%. Protocols for the core sampling and QA/QC
program were developed by CCIC in collaboration with El Condor. Fire
assays for precious metals and total digestion ICP analysis for base
metals and other elements were completed by Activation Laboratories
Donald Baker, PhD, the Company’s Horden Lake Project Manager and
Qualified Person under NI 43-101 standards (MMSA – #01088QP), is
responsible for the technical and geological content of this news
release, and for approval of the QA/QC program.
About El Condor Minerals Inc.
El Condor Minerals Inc. is currently developing the Horden Lake Copper
Project, an advanced exploration stage copper-nickel deposit in Quebec.
Horden Lake is a NI 43-101 compliant resource calculated effective
April 2009 using the Ordinary Kriging method and a 0.5% copper cut-off,
with 8,759,200 Indicated Tonnes at 0.88% Cu and 0.21% Ni and 7,791,195
Inferred Tonnes at 0.87% Cu and 0.25% Ni. The resource is unbounded at
depth as well as along both its northeasterly and southwesterly strike
extensions, where historic drilling by INCO continues to intersect the
Additional information on El Condor, its properties and its exploration
and development activities is available at the Company’s website: www.elcondorminerals.com.
ON BEHALF OF THE BOARD OF DIRECTORS
“Leigh W. Freeman”
President & CEO
FORWARD LOOKING STATEMENTS: This press release contains forward-looking
statements. Forward-looking statements are statements that are not
historical facts and are generally, but not always, identified by the
words “expects”, “plans”, “anticipates”, “believes”, “intends”,
“estimates”, “projects”, “potential” and similar expressions, or that
events or conditions “will”, “would”, “may”, “could” or “should”
occur. Although the Company believes the expectations expressed in
such forward-looking statements are based on reasonable assumptions,
such statements are not guarantees of future performance and actual
results may differ materially from those in forward looking
statements. Forward-looking statements are based on the beliefs,
estimates and opinions of the Company’s management on the date such
statements were made. The Company expressly disclaims any intention or
obligation to update or revise any forward-looking statements whether
as a result of new information, future events or otherwise.
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 release.
SOURCE El Condor Minerals Inc.
Image with caption: “Figure 1.2 Drill Hole Location Map (CNW Group/El Condor Minerals Inc.)”. Image available at: http://photos.newswire.ca/images/download/20120515_C7586_PHOTO_EN_13711.jpg