EL CONDOR REPORTS DRILLING RESULTS AND ANNOUNCES INTENT TO EXERCISE OPTION ON ANCHACA PROPERTY
TSXV Symbol: LCO
The program and the results are separated into two east-north-east trending mineralized corridors:
Basilia Zone: A total of four holes were drilled in the recent drill program. The two NE most holes both intersected important mineralization beneath surface trenches. These holes pierce the Basilia structural zone 170 meters apart. The zone immediately disappears to the east-north-east under cover and reappears 600 meters further along strike and 300 meters higher in elevation as the Leon breccias on the top of a ridge. Specifically: - Hole AN-002, -55 degrees, 155.3 meters long. At 54.0 to 56.8 meters intersected 2.8 m (true thickness 1.6 meters) 0.65 gpt Au, 2.35% Cu, 52 gpt Ag. The drill intercept lies approximately 50 meters under a surface trench intercept of 3.45 meters of 1.45 gpt Au. - Holes AN-004, -55 degrees, 79.9 meters long. At 39.5 to 40.8 meters intersects 1.3 m (true thickness 0.75 meters) 18.83 gpt Au, 0.11% Cu and 7 gpt Ag. This intercept lies approximately 30 meters under surface trench value of 0.8 meters of 7.70 gpt Au. - These two drill holes and intercepts occur at approximately the same elevation. - Surface trenching confirmed and expanded on earlier work. - Holes AN-001 and AN-003 contain geochemically anomalous metal values. Condor Zone: Three drill holes by El Condor pierce the Condor structural zone, AN-007, AN-005 and AN-008 respectively 55, 130 and 450 meters off the end of the mineralization intersected in the Cedimin underground exploration adit. Hole AN-005 essentially tests the known center of the zone and pierces it at its deepest point, specifically: - Hole An-005, -45 degrees, 281 meters long. At 152.05 to 158.05 meters intersects 6.0 meters (true thickness 4.2 meters) 1.43 gpt Au 1.2% Cu and 20 gpt Ag at an elevation of 4910 meters. Trenching was not possible due to colluvial cover. - Hole AN-007, -63 degrees, 337.3 meters long. Intersects the main Condor structure as manifested by the mineral suite and alteration at 4890 meter elevation and reports a few centimeters of mineralization identical in sulfide composition to the zone in AN-005 at 152 meters. This zone from 122.2 to 122.5 graded 0.63 gpt Au, 0.58% Cu, and .73% Zn. These two intercepts are separated by 80 meters. - AN-008 intersects the main Condor structure 320 meters to the east- north-east and at an elevation of 5150 meters. It reports geochemical value of Au, Cu and Ag along with Pb and Zn, consistent with metal values expected as the near-surface expression of buried mineralization. - In addition a second zone was encountered in hole AN-007. From 302.7 to 304.7 meters intersects 2.0 meters of 4.0 gpt Au, nil Cu and nil Ag. This intercept is the deepest of the three drill holes testing the Condor mineralized corridor, at an elevation of 4725 meters. Surface trenching in this area was not possible due to colluvial cover. - Resampling of Cedimin drill hole SD3A from 8.3 to 24.7 m intersects 16.4 meters (true thickness of approximately 8.7 meters) graded 1.39 gpt Au. The surface expression of this mineralization as represented in a trench is 12 meters true thickness averaging 0.56 gpt Au. The centre of the drill intercept lies 13 meters beneath this trench. - Surface trenching confirmed and expanded on earlier work. - Hole AN-08 contained geochemically anomalous metal values Each of the three holes drilled were collared to test the Condor zone as represented by the projection of the underground workings and its continuation as defined by geologic mapping and the geophysics anomaly mapped beneath alluvial cover. All three holes intersected the zone. All three holes continued in strongly altered rock with highly anomalous gold values and disseminated sulfides over lengths of 150 to 320 meters confirming that the vein systems are part of a much larger, disseminated mineralized event, the exploration for which will be a significant element of the Phase II work program.
These results are derived from the recently completed Phase I exploration program on the 2,200 hectare Anchaca property, located in the department of Arequipa in southwestern
Of most critical importance, drilling successfully demonstrated continuity of mineralization consistent with other vein-type deposits in the district. In addition, the three best drill intercepts from the Phase I program are stronger than their shallower expressions (see details below). This continuity and increasing strength of mineralization is consistent with our initial interpretation that Anchaca is virtually the top of a much larger mineral system. And, it establishes the foundation for the design of our Phase II work program to outline a mineral resource and preliminary economics.
In addition, the Phase I program increased the aggregate strike length of the Basilia and Condor mineralized corridors by more than 50%. Both structural corridors remain unbounded in both directions.
Phase I work also validated an efficient tool to explore through the ubiquitous alluvial cover on the Anchaca property (80% to 95% cover for the Condor and Basilia mineralized corridors, respectively). Specifically, the best mineralization on the Condor zone is coincident with geophysics (induced polarization) chargeability highs indicating sulfide mineralization and resistivity highs indicating silicification. Induced polarization (“IP”) will be an important and efficient exploration tool in future exploration work on Anchaca.
The Basilia and Condor mineralized corridors are separated by 700 meters. They are hosted by Tertiary volcanic and volcaniclastic sediments as well as andesite and rhyolite. These structures, in turn locally host hydrothermal breccias and pebble dikes consistent with intrusive-type mineralization, as is the local presence of anomalous molybdenum values. Alteration includes phyllic, silicification, argillic, advanced argillic, propylitic, hornfels and skarn. The best mineralization is associated with silicification and appears to increase below a 4900 meter elevation, consistent with other mines in the district.
Samples were analyzed by ACME Labs, 1020 Cordova St,
Independent geologists Gustavson & Associates completed their field visit and are preparing an update to the NI 43-101 compliant report on the Anchaca project as soon as possible.
Exercise of Anchaca Option and Next Steps
Based on the results of the Phase I exploration program, El Condor now intends to provide notice that it will exercise its option with Exploraciones Cori Condor SAC (“ECC”) to acquire the rights to 100% of the Anchaca property (subject to a 1.5% NSR) subject to financing. ECC, controlled by
On his review of exploration program results, Mr. Bernstein offered the following statement. ‘I am pleased with the outcome of the first phase of work on Anchaca. This confirms Au, Cu and Ag values and widths consistent with operating mines in this important mining district with which I am intimately familiar. Also of great interest to me are the long intervals of highly anomalous gold mineralization and suite of hydrothermal alteration types, which supports our interpretation that the vein mineralization is the expression of a much larger, buried mineral system. I look forward to joining the El Condor team in the continued development work on the Anchaca project and other projects as well’.
Phase II Definition Drilling and Exploration
The initial phase of work on Anchaca was accomplished in five months with a budget of
Specifically, the program will include: - 'Grid drilling' to develop a resource model: 12,500 meters at $200/m for a total cost of $2.5 million. Systematically grid-drill vein intercepts with a fences of drill holes providing pierce points through the mineralization at 50 to 75 meters spacing to test continuity with the goal of developing a resource model. Extend the current mineralized intercepts with drill-hole fences approximately 100 to 150 meters to look for additional mineral centers along the mineralized corridors. - Supporting work permitting of exploration work and geology, geochemistry, remote sensing, geophysics, trenching and prospect drilling $1.0 million - Preliminary view of potential production scenarios: initial environmental and social base line work, preliminary economic assessment. $500,000 Timing: 12 months commencing fourth quarter of this year. Financing
The Company is currently finalizing plans for a projected
- Exercise the option to acquire 100% of Anchaca: US$ 4 million - Phase II exploration at Anchaca: US$ 4 million (as above) - General working capital and corporate purposes: US$ 500,000
The proposed financing and certain specific aspects of the Anchaca option exercise are subject to regulatory approval.
This news release has been reviewed by
About El Condor Minerals Inc.
El Condor Minerals Inc. is a minerals exploration company focused on the discovery of large precious- and base-metal mineral systems in stable political jurisdictions. The Company’s first project is Anchaca, a 2,200 hectare gold-copper property in southern
ON BEHALF OF THE BOARD OF DIRECTORS "Leigh W. Freeman" President & CEO
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SOURCE El Condor Minerals Inc.