Drilling Commences At Ocros Project In Peru
VANCOUVER, BC - Condor Resources reported that written approval for the "Iniciación de Actividades" has been received from the Peruvian Ministry of Energy and Mines. In anticipation of this approval, Compañia Minera Casapalca S.A. had mobilized their drilling contractor to the Ocros project earlier this month.
DDH-001 is located about 100m to the south of the old workings and adits, which run from east to west. DDH-001, with an azimuth of 285° and a dip of -75°, is oriented to closely parallel the old workings.
The objective of the drill program is test the continuity of the mineralization over an approximate area of 1.5 square kilometres centered around the adits of the historic Eldorado mine, where the mineralization has been confirmed by systematic sampling on two levels, and over 325m on each level.
The 19.7 sq km Ocros property is located 180 km NW of Lima at elevations ranging between 2250m and 3550m and on the continental-scale West Fissure fault system, host to the majority of South America's most significant copper resources
85% interest. The property vendor holds a 1% net smelter returns royalty, and a 15% interest carried to commercial production. Condor has the right to purchase the royalty at any time for US$2,000,000. The property vendor's interest is fully-carried and non-contributing until the completion of a feasibility study, at which time the property vendor will receive an additional 1 million shares. All costs incurred by Condor on behalf of the property vendor following completion of the feasibility study will be recouped with interest from the property vendor's 15% share of production proceeds.
The property covers an intensely altered, copper-mineralized target measuring 6 sq km in area, with mineralization presently exposed over a vertical extent of more than 700m. High grade "exotic" copper mineralization, comprising secondary copper-rich chrysocolla cementing gravels at the bedrock-gravel interface is also present, representing a second separate high-grade copper exploration target.