El Condor intercepts 18.1 meters 0.87% Cu & 0.31% Ni In SW holes
US Symbol: ECNRF
VANCOUVER, May 24, 2012 /PRNewswire/ – El Condor Minerals Inc. (“El Condor” or
the “Company”) is pleased to announce the analytical results from a
third and final 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 to the southwest of the known
resource, along two drill sections 150 and 200 meters south of the
drilling completed in 2008 by Southampton Ventures Inc.
The Horden Lake resource occurs in a copper-nickel-platinum group
element (“PGE”) deposit associated with a gabbro sill complex. The
mineralization occurs primarily as semi-massive to massive sulfide in
the footwall of the gabbro sill (“Main Zone”). Most of the
mineralization is hosted in the underlying meta-sedimentary rocks, but
there are also disseminated sulfides in the gabbro complex itself,
offering potential for widespread lower grade but shallow extensions to
Results from the four drill holes are summarized in Table 1.3. Drill
hole locations are shown on Figure 1.3.
Table 1.3 Horden Lake Diamond Drill Hole Results
| % | g/t | Est.True Drill From Length | | | Width Hole # (m) (m) Cu Ni Co Pd Pt Au Ag (m) HN-12-86 49.3 12.8 0.85 0.25 0.044 0.11 0.02 0.06 7.7 12.5 HN-12-87 135.4 15.7 0.45 0.15 0.014 0.11 0.02 0.04 4.4 14.2 HN-12-89 40.4 18.1 0.87 0.31 0.025 0.15 0.04 0.08 8.8 17.6 HN-12-90 154.7 10.3 0.82 0.24 0.019 0.19 0.08 0.11 9.4 8.4 "From" column is the upper, starting depth of the mineralized interval reported. Intercepts represent assay intervals from disseminated mineralization in the gabbro sill complex.
“The fence of drill holes completed to the southwest of the resource
area demonstrates continued presence of good metal grades in the Main
Zone, and adds 200 meters to the strike length of mineralization beyond
the resources outlined by the Southampton drilling in 2008″ commented
Leigh Freeman, El Condor President & CEO.
Discussion of Geology and Drill Results
These holes were all drilled towards the southeast in order to intercept
the mineralized body at a high angle. Nominal drill spacing along the
section is approximately 50 meters. These new intercepts represent an
extension of approximately 50 meters along strike from previous
The Cu-Ni-PGE mineralization at Horden Lake is associated with a
northeast trending, northwest dipping gabbroic sill-like complex. INCO
and Noranda discovered the gabbro body and associated mineralization
during a regional airborne and surface exploration program in the
1960′s. The Main Zone of mineralization is comprised of massive to
semi-massive and disseminated mineralization occurring in the footwall
contact zone of the gabbro with metasedimentary rocks, but is primarily
hosted by the metasedimentary package. At the property scale, the Main
Zone is tabular in shape, dipping approximately 55º northwest.
The Horden Lake resources are predominantly contained in the
metasediments beneath the gabbro. However, disseminated mineralization
also occurs in certain phases of the igneous suite, offering potential
for more widespread, lower-grade but shallow mineralization.
Quality Control and Qualified Person Review
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 Ltd.
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 1.3 Drill Hole Location Map (CNW Group/El Condor Minerals Inc.)”. Image available at: http://photos.newswire.ca/images/download/20120524_C2273_PHOTO_EN_14119.jpg