Community Access Agreement Renewed at the Pucamayo Project, Peru
VANCOUVER, BC / ACCESSWIRE / May 31, 2023 / Condor Resources Inc. - ("Condor" or the "Company") (TSXV:CN) is pleased to announce that it has signed a multi-year surface rights access agreement with the local community. This agreement allows the Company to commence its permitted drill program at the Pucamayo East project.
The access agreement seeks to create a long term, mutually beneficial arrangement resulting from Condor's exploration activities, and includes commitments to hire locally to the fullest extent possible, support and provide opportunities for local businesses, provide support to the community school in the form of technology and supplies, and provide financial support for an improved community centre. The agreement was concluded May 23, 2023, has an initial term of two years and will be in effect until April 10, 2025, which is two years from the date that the agreement was approved at the general assembly of the local community. Due to the mutually beneficial relationship that is being built between the Company and the community, Condor expects that the agreement will be extended in due course.
The maiden drill program at Pucamayo East is designed to define the extent of the high sulphidation epithermal gold-silver mineralized breccias and silicification identified in outcrop and associated with large areas of high-sulphidation vuggy silica alteration. An additional target to be tested includes a leached porphyry stockwork type alteration with anomalous gold and copper, located near the high-sulphidation target. The program will consist of up to 15 diamond drill holes with a minimum of 2,000 metres of drilling. The Company expects to commence the drill program in late June or early July.
Ever Marquez, Condor's Vice President of Exploration states: "With the signing of the renewed Community Access Agreement, Condor is very excited, as the agreement will serve as the basis to commence the maiden drill program at Pucamayo East. This was a protracted process but, in the end, we have signed an agreement that will benefit all stakeholders. Condor is committed to responsible mineral exploration and creating a positive impact in the communities in which we live and work. I would like to thank all parties who worked so hard to get this agreement completed. I would also like to thank our shareholders for their support and patience during this process."
Condor is an active explorer focused exclusively on Peru, supplemented by a project generator and royalty model designed to generate exploration capital whilst minimizing shareholder dilution. Our objective in advancing our portfolio of projects is the discovery of a major new precious metals or base metals deposit in Peru. Project acquisition and exploration activities are managed by the Company's Lima based exploration team.
ON BEHALF OF THE BOARD
Lyle Davis,
President & Chief Executive Officer
For further information please contact the Company at 1-866-642-5707, or by email at info@condorresources.com
Forward-Looking Statements
This press release may contain forward-looking statements within the meaning of applicable securities law. Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur.
Although the Company believes that the expectations reflected in applicable forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. Such forward-looking statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in such statements.
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 news release.
SOURCE: Condor Resources Inc.
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