Condor Resources Terminates Option Agreement on Soledad Project
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 Inc. (TSXV:CN) ha terminato il suo accordo con Chakana Copper Corp. per il progetto Soledad in Perù a causa di inadempienze. Chakana non è riuscita a effettuare un pagamento in contante di 1.000.000 USD e a emettere azioni del valore di 200.000 CAD entro il 23 giugno 2024. Condor riprenderà la proprietà delle concessioni Soledad, che ospitano la maggior parte di una risorsa conforme allo standard NI43-101 definita dai lavori di esplorazione di Chakana.
La proprietà Soledad Au-Ag-Cu, situata nelle Ande Centrali, copre 10,55 km². L'esplorazione di Chakana ha incluso 60.741 m di perforazioni in 259 fori, portando a una risorsa mineraria inferita di 4,8 milioni di tonnellate per l'estrazione sotterranea e 1,9 milioni di tonnellate per l'estrazione a cielo aperto. Circa il 71% della risorsa si trova nelle concessioni di Condor.
Condor concederà a Chakana una royalty NSR dell'1% sulle concessioni Soledad e su un'area di interesse di 2 km. L'azienda prevede di riprendere l'esplorazione della proprietà, citando un significativo potenziale di scoperta in brecce non testate e nel sistema minerale porfirico.
Condor Resources Inc. (TSXV:CN) ha terminado su acuerdo con Chakana Copper Corp. para el proyecto Soledad en Perú debido a falta de cumplimiento. Chakana no logró realizar un pago en efectivo de 1,000,000 USD y emitir acciones por valor de 200,000 CAD antes del 23 de junio de 2024. Condor volverá a tomar posesión de las concesiones de Soledad, que albergan la mayor parte de un recurso conforme al NI43-101 definido por el trabajo de exploración de Chakana.
La propiedad Soledad Au-Ag-Cu, ubicada en los Andes Centrales, cubre 10.55 km². La exploración de Chakana incluyó 60,741 m de perforaciones en 259 huecos, resultando en un Recurso Mineral Inferido de 4.8 millones de toneladas para minería subterránea y 1.9 millones de toneladas para minería a cielo abierto. Aproximadamente el 71% del recurso se encuentra en las concesiones de Condor.
Condor otorgará a Chakana una regalía NSR del 1% sobre las concesiones de Soledad y un área de interés de 2 km. La empresa planea reanudar la exploración de la propiedad, citando un importante potencial de descubrimiento en brechas no probadas y en el sistema porfirítico mineralizado.
콘도르 리소스 Inc. (TSXV:CN)는 차카나 구리 Corp.와 페루의 솔레다드 프로젝트에 대한 계약을 해지했습니다. 이는 성과 미달로 인한 것입니다. 차카나는 1,000,000 USD의 현금 지급을 하지 않았고 2024년 6월 23일까지 200,000 CAD 상당의 주식을 발행하지 않았습니다. 콘도르는 솔레다드 양허권의 소유권을 다시 회복할 것이며, 여기에는 차카나의 탐사 작업에 의해 정의된 NI43-101 준수 자원의 대부분이 포함됩니다.
솔레다드 Au-Ag-Cu 자산은 중앙 안데스에 위치하며 10.55 평방킬로미터를 차지합니다. 차카나의 탐사에는 60,741 m의 시추가 포함되어 있으며, 259개의 구멍에서 이뤄진 결과로 지하 채굴을 위한 추정 광물 자원이 480만 톤, 노천 채굴을 위한 190만 톤에 해당합니다. 자원의 약 71%는 콘도르의 양허권에 위치하고 있습니다.
콘도르는 솔레다드 양허권에 대해 차카나에게 1% NSR 로열티를 부여하고 2km의 관심 구역을 설정할 것입니다. 이 회사는 미탐사 브레치와 미네랄화된 포프리 시스템에서 상당한 발견 잠재력이 있다고 언급하며, 자산의 탐사를 재개할 계획입니다.
Condor Resources Inc. (TSXV:CN) a résilié son accord avec Chakana Copper Corp. pour le projet Soledad au Pérou en raison d'un non-respect des engagements. Chakana n'a pas réussi à effectuer un paiement en espèces de 1.000.000 USD et à émettre des actions d'une valeur de 200.000 CAD d'ici le 23 juin 2024. Condor reprendra possession des concessions Soledad, qui accueillent la majorité d'une ressource conforme aux normes NI43-101 définie par le travail d'exploration de Chakana.
La propriété Soledad Au-Ag-Cu, située dans les Andes centrales, couvre 10,55 km². L'exploration de Chakana a inclus 60.741 m de forage dans 259 trous, aboutissant à une ressource minérale inférée de 4,8 millions de tonnes pour l'exploitation souterraine et de 1,9 million de tonnes pour l'exploitation à ciel ouvert. Environ 71% de la ressource se trouve sur les concessions de Condor.
Condor accordera à Chakana une redevance NSR de 1% sur les concessions de Soledad et une zone d'intérêt de 2 km. L'entreprise prévoit de reprendre l'exploration de la propriété, citant un potentiel de découverte significatif dans des brèches non testées et le système porphyre minéralisé.
Condor Resources Inc. (TSXV:CN) hat seine Vereinbarung mit Chakana Copper Corp. für das Projekt Soledad in Peru wegen Nichterfüllung beendet. Chakana hat es versäumt, eine erforderliche Barzahlung von 1.000.000 USD zu leisten und bis zum 23. Juni 2024 Aktien im Wert von 200.000 CAD auszugeben. Condor wird das Eigentum an den Soledad-Konzessionen wieder aufnehmen, die den Großteil einer NI43-101-konformen Ressource beherbergen, die durch die Explorationsarbeiten von Chakana definiert wurde.
Das Soledad Au-Ag-Cu-Gebiet, das sich in den Zentralanden befindet, umfasst 10,55 km². Die Explorationsarbeiten von Chakana beinhalteten 60.741 m Bohrungen in 259 Löchern, was zu einer geschätzten Mineralressource von 4,8 Millionen Tonnen für den Untertagebau und 1,9 Millionen Tonnen für den Tagebau führte. Ungefähr 71% der Ressource befinden sich in den Konzessionen von Condor.
Condor wird Chakana eine NSR-ROYALTY von 1% auf die Soledad-Konzessionen und ein Interessengebiet von 2 km gewähren. Das Unternehmen plant, die Erkundung des Grundstücks wieder aufzunehmen, da es bedeutendes Entdeckungs-Potenzial in nicht getesteten Breccien und im mineralisierten Porphyrsystem sieht.
- Condor Resources regains full ownership of the Soledad project, which hosts 71% of the defined mineral resource
- The Soledad project has a NI43-101 compliant Inferred Mineral Resource of 6.7 million tonnes with gold, silver, and copper
- Significant exploration potential remains with untested high-grade tourmaline breccia targets and a mineralized porphyry system
- Termination of the agreement with Chakana Copper Corp. due to non-payment of US$1,000,000
- Condor will grant a 1% NSR Royalty to Chakana on the Soledad concessions
- Potential delays in project advancement as Condor resumes control and plans future exploration
VANCOUVER, BC / ACCESSWIRE / October 7, 2024 / Condor Resources Inc. ("Condor" or the "Company") (TSXV:CN) announces that, due to non-performance, the Company has terminated the agreement with Chakana Copper Corp. ("Chakana") that provided a framework for Chakana to acquire a
Chris Buncic, President & CEO of Condor, commented, "Chakana has completed a large amount of exploration work on the Soledad project over the years, defining a NI43-101 compliant Resource, the majority of which underlies Condor's concessions. Many of the high-grade tourmaline breccia targets have yet to be drilled, and there remains a great deal of discovery upside on the property among these untested breccias and within the previously drilled potassic altered mineralized porphyry system confirmed at depth. Coming to revised terms with Chakana to the benefit of Condor's shareholders has been very challenging, but with the project again in our hands, we have a vision for value enhancement for our shareholders."
Under the terms of the Agreement, Chakana and Condor will work collaboratively to transfer all information and data, including but not limited to relevant permits, surface access, project maps, reports, drilling results, core and samples to the Condor. Chakana remains responsible for all applicable environmental remediation and reclamation at the site as a result of Chakana's activities and is required to provide Condor with a copy of the relevant documents presented and accepted by the authorities. In addition, Chakana will remove any equipment in the area. Contemporaneously and in conjunction with the completion of these activities and the requirements of the Agreement, Condor will grant a
Condor will take all steps necessary for it to expeditiously resume its possession and continued exploration of the Soledad Property.
Summary of Condor's Soledad Project
The Soledad Au-Ag-Cu property is located in the Yanacocha - Pierina epithermal precious metals Tertiary-aged volcanic belt of the Central Andes, approximately 34 km south of the Pierina gold mine. The Company owns 3 concessions with a net area of 10.55 sq. km. Previous exploration on the concessions identified a number of high-grade quartz-tourmaline-sulfide breccia pipes outcropping at surface and focused on a local mineralized porphyry target. In 2016, Condor optioned the property to Chakana under terms that would allow it to acquire
The original option agreement from 2017 has been subject to a number of amendments to allow for a small corporate reorganization, a sale of a
Chakana has also acquired additional mineral rights in the area from third-parties and has completed a number of exploration drilling programs, with a total of 60,741 m of drilling in 259 holes completed to the end of 2021. On January 11, 2022 Chakana released their maiden inferred resource estimate for the Soledad project. Per the NI43-101 report published by Chakana Copper Corp. available under Chakana's SEDARplus profile, the Inferred Mineral Resource contains "4.8 million tonnes grading 0.72 g/t gold, 61 g/t silver and
Technical Disclosure/Qualified Person
The scientific and technical information in this press release has been reviewed and approved by Dr. Quinton Hennigh, (P.Geo., PhD), a Qualified Person as defined in National Instrument 43-101 and a Director of Condor Resources.
About Condor Resources Inc.
Condor Resources is a precious and base metals exploration company focused on its portfolio of projects in Peru. The Company's flagship project, Pucamayo, is an 85 km2 property containing a high sulfidation epithermal system with disseminated precious metals mineralization with a large lithocap alteration visible at surface. The Company has optioned several large projects to partners who continue to advance these projects and has a number of priority and prospective projects warranting further exploration by Condor. The Company's award-winning exploration team in Peru has a long history of success in discovering and advancing high quality exploration projects and managing the social aspects of its exploration activities.
For more information, please visit the Company's website at www.condorresources.com.
ON BEHALF OF THE BOARD
Chris Buncic
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.
View the original press release on accesswire.com
FAQ
Why did Condor Resources (CNRIF) terminate the Soledad project agreement with Chakana Copper?
What is the current mineral resource estimate for the Soledad project owned by Condor Resources (CNRIF)?
What royalty will Chakana Copper receive from Condor Resources (CNRIF) for the Soledad project?
How much exploration work has been done on the Soledad project by Chakana Copper?
