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About Condor Resources Inc. (CNRIF)
Condor Resources Inc. is a Vancouver-based junior exploration company specializing in the discovery and development of precious and base metal projects in Peru, a region renowned for its rich mineral deposits. With a focused portfolio of high-potential properties, Condor operates as a project generator, leveraging its extensive expertise in early-stage exploration to identify and advance significant mineral opportunities. The company’s strategy emphasizes creating shareholder value through strategic partnerships, option agreements, and asset monetization, rather than direct mining operations.
Core Business and Operations
Condor's business model revolves around acquiring and advancing exploration projects to a stage where they attract interest from major mining companies. By partnering with established players, Condor mitigates the financial and operational risks of exploration while retaining upside potential through royalties, equity stakes, or milestone payments. This approach allows the company to maintain a lean operational structure while focusing on its core strength: exploration.
Flagship Projects
- Pucamayo: Spanning 8,500 hectares in Ica, Peru, this project features a high-sulfidation epithermal system with potential for gold-silver and copper-gold mineralization. Advanced geophysical surveys and drill programs have identified multiple high-priority targets, with exploration efforts supported by community engagement and environmental permitting.
- Huinac Punta: A 7,200-hectare property in Huanuco, Peru, this project is prospective for carbonate replacement-style silver-dominant polymetallic deposits. With historical high-grade silver samples and recent expansion of its land package, Huinac Punta is poised for a maiden drilling program targeting bulk-tonnage mineralization.
- Soledad: Located in the Yanacocha-Pierina belt, this project hosts high-grade quartz-tourmaline-sulfide breccia pipes and a significant inferred resource. Following the termination of a previous option agreement, Condor has regained control of the project and is exploring monetization opportunities.
- Rio Bravo: This copper-molybdenum porphyry project in South Central Peru has shown promising historical drill results, with potential for a large, bulk-mineable deposit. Condor's acquisition of historical data has positioned the project as a key asset for future partnerships or divestment.
Industry Context and Differentiation
Condor operates within the highly competitive mineral exploration industry, where success hinges on technical expertise, strategic partnerships, and effective risk management. The company differentiates itself through its award-winning exploration team, a robust portfolio of projects, and a strong track record of community engagement. By focusing on Peru, a mining-friendly jurisdiction with world-class mineral potential, Condor aligns its operations with favorable geological and regulatory conditions.
Challenges and Opportunities
Key challenges include navigating complex permitting processes, maintaining strong community relations, and managing the inherent risks of early-stage exploration. However, Condor's ability to monetize non-core assets, coupled with its strategic partnerships, positions the company to capitalize on rising commodity prices and increased demand for critical metals.
Commitment to Sustainability
Condor places a strong emphasis on social responsibility, actively engaging with local communities and funding initiatives such as community centers. This approach not only facilitates project advancement but also builds long-term trust and support among stakeholders.
Conclusion
Condor Resources Inc. stands out as a dynamic project generator in the mining industry, leveraging its expertise to unlock the value of Peru's mineral wealth. With a diversified portfolio, strategic partnerships, and a commitment to sustainability, the company is well-positioned to deliver value to its shareholders while contributing to the development of Peru’s mining sector.
Condor Resources (TSXV:CN) has provided a corporate update for 2025, highlighting progress across its precious metals portfolio in Peru. The company is advancing two key projects: Pucamayo, an 8,500-hectare exploration project awaiting DIA approval for a planned 6,000-meter drilling program, and Huinac Punta, which recently received its Initiation of Activities permit and expanded by 5,200 hectares.
At Cobreorco, Teck Resources can earn up to 75% interest through exploration expenditures of US$10 million and cash payments of US$1.1 million. The company regained control of the Soledad project, which has an Inferred Resource of 4.8 million tonnes grading 0.72 g/t gold, 61 g/t silver, and 0.97% copper for underground mining, plus 1.9 million tonnes for open pit mining. The company also acquired historical data for its Rio Bravo project, showing significant porphyry copper and molybdenum mineralization.
Condor Resources has confirmed a significant copper-molybdenum porphyry discovery at its 100%-owned Rio Bravo project, located 112 km southeast of Lima, Peru. The confirmation comes from newly acquired historical data from a major mining company that previously owned the project.
The data includes results from 11 drill holes totaling 5,729m from 2012, showing significant mineralization intervals. Notable intersections include: 220m at 0.32% Cu and 275 ppm Mo, 324m at 0.32% Cu and 199 ppm Mo, and 312m at 0.29% Cu and 329 ppm Mo.
After reviewing the comprehensive data package, which includes soil geochemistry, ground geophysics, and detailed geological mapping, Condor interprets potential for a higher-grade core approximately 400m southeast and deeper from previous drilling locations. The mineralization system remains open in all directions, with the main core of the intrusive porphyry still untested.
Condor Resources (TSXV:CN) has restructured its payment agreement with Element79 Gold Corp. regarding the Lucero Project in Peru. The original US$1,000,000 payment due in December 2024 has been increased to US$1,100,000 and extended to June 30, 2025. As security, Element79 has pledged 1,750,000 shares of Sun Silver (ASX-listed, A$93M market cap), which are restricted from trading until May 6, 2025.
Additionally, Condor announced the cancellation of its previously announced non-brokered private placement, which aimed to raise up to $1,500,000 through the issuance of 10,000,000 units at $0.15 per unit. The company expects better financing opportunities in the new year, citing upcoming catalysts including the anticipated DIA receipt at Pucamayo South East.
Condor Resources (TSXV:CN) held its 2024 Annual General and Special Shareholders' Meeting on December 11, 2024, in Vancouver. A total of 32,169,685 common shares were voted, representing 22.79% of outstanding shares. Shareholders approved all presented matters, including setting the board size at six directors and appointing De Visser Gray LLP as auditor. The company's omnibus equity incentive plan was approved with 95.555% of votes in favor. Notable changes include Mr. Lyle Davis not standing for re-election to the Board of Directors, following his tenure as Director and CEO from July 2013 until April 2024.
Condor Resources (TSXV:CN) has announced a non-brokered private placement offering of up to 10,000,000 units at $0.15 per unit, aiming to raise up to $1.5 million. Each unit consists of one common share and half of a warrant. Each whole warrant allows purchase of an additional share at $0.20 within 24 months or $0.25 thereafter, valid for 36 months total.
The proceeds will fund exploration at the Huinac Punta Project, the Pucamayo Project, and general corporate purposes. The offering is expected to close around December 13, 2024. Eligible finders may receive up to 7% cash fee and 7% finder's warrants. The offering will be available in all Canadian provinces except Québec.
Condor Resources advises shareholders to vote online or by phone for the upcoming annual general and special meeting (AGSM) scheduled for December 11, 2024, due to ongoing postal strike in Canada. The proxy cut-off time is December 9, 2024. Meeting materials are available on the company's website and Sedar+. North American registered holders can call Computershare at 1-800-564-6253 for their control number, while overseas holders should call 1-514-982-7555. Votes can be submitted at investorvote.com or by phone at 1-866-732-8683.
Condor Resources has received the final Initiation of Activities permit for its Huinac Punta project after completing the Consulta Previa process. The company is now ready to commence its maiden drill program at this silver-dominant polymetallic prospect. Surface sampling has revealed high-grade silver and elevated copper, zinc, lead, and cobalt values. Historical Spanish colonial mining works are present, with accessible adits showing elevated silver values in sulfide material. The project shows potential for a large, carbonate replacement style mineralized body, and the company plans to target geological and geophysical features suggesting a bulk tonnage silver and base metals deposit.
Condor Resources has expanded its Huiñac Punta high-grade silver prospect from 2,000 to 7,200 hectares through uncontested application for additional exploration concessions. The property shows potential for a large carbonate replacement style silver-dominant polymetallic deposit. Surface sampling has revealed significant mineralization, with 28 out of 163 two-metre rock chip samples showing silver grades over 100 g/t, including exceptional grades of 4,115 and 3,225 g/t Ag. Historical Spanish colonial workings are present, with adits containing silver-rich sulfide material. The company is awaiting final drill permits, with the Initiation of Activities document expected shortly.
Condor Resources Inc. (TSXV:CN) has terminated its agreement with Chakana Copper Corp. for the Soledad project in Peru due to non-performance. Chakana failed to make a required US$1,000,000 cash payment and issue CAD$200,000 worth of shares by June 23, 2024. Condor will resume ownership of the Soledad concessions, which host the majority of a NI43-101 compliant Resource defined by Chakana's exploration work.
The Soledad Au-Ag-Cu property, located in the Central Andes, covers 10.55 sq. km. Chakana's exploration included 60,741 m of drilling in 259 holes, resulting in an Inferred Mineral Resource of 4.8 million tonnes for underground mining and 1.9 million tonnes for open pit mining. Approximately 71% of the resource is on Condor's concessions.
Condor will grant Chakana a 1% NSR Royalty on the Soledad concessions and a 2 km area of interest. The company plans to resume exploration of the property, citing significant discovery upside in untested breccias and the mineralized porphyry system.
Condor Resources released an update on its four exploration projects in Peru, highlighting progress in Pucamayo, Soledad, Huinac Punta, and Andrea.
The 2023 drill program at Pucamayo confirmed geological interpretations, revealing mineralization of gold, silver, copper, lead, and zinc. An updated drone survey identified potential hydro-magmatic centers, requiring further drilling and community approval.
At Soledad, Condor awaits a $1,000,000 payment and CAD$200,000 in shares from Chakana Copper Corp. for option maintenance, with discussions ongoing.
Progress continues with community discussions at Huinac Punta, with a key meeting expected in July, potentially leading to a drill program start.
After dormant years, discussions with the local community at Andrea are progressing, highlighting potential resumption of activities.
The technical information was reviewed by Dr. Quinton Hennigh, a Qualified Person under National Instrument 43-101.
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