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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 Inc. (CNRIF) announced the receipt of a US$200,000 payment from Element79 Gold Corp. as part of their agreement related to the acquisition of shares in Condor's subsidiary, Minas Lucero del Sur S.A.C., which owns the Lucero project in Peru. This payment was made on March 31, 2023, with a subsequent payment scheduled before December 21, 2023. Condor focuses solely on exploring projects in Peru, utilizing a project generator and royalty model to minimize shareholder dilution while seeking to discover significant deposits of precious or base metals.
Condor Resources Inc. announced the resignation of Mr. Andres Recalde as Director and VP of Community and Social Relations. CEO Lyle Davis expressed gratitude for Recalde's contributions to community relations. The company continues its focus on exploring opportunities in Peru, aiming to discover significant precious and base metals deposits. Condor employs a project generator and royalty model to generate exploration capital while minimizing shareholder dilution. The Lima-based exploration team manages project acquisition and exploration activities, aligning with the company's strategic objectives.
Condor Resources Inc. has received a payment of US$100,000 from Element79 Gold Corp. as of January 31, 2023. This payment pertains to Element79's acquisition of Calipuy Resources Inc., which involves obligations related to the purchase of Condor's subsidiary, Minas Lucero del Sur S.A.C., owner of the Lucero project in Peru. A subsequent payment of US$200,000 is scheduled on or before March 31, 2023. Condor focuses on exploring potential precious and base metals deposits in Peru and employs a project generator and royalty model to minimize shareholder dilution.
Condor Resources has revised its payment agreement with Element79 Gold Corp concerning the Lucero project. Initially scheduled for December 21, 2022, a total payment of US$300,000 is now split into two installments: US$100,000 due by January 31, 2023, and US$200,000 due by March 31, 2023. In exchange for the rescheduling, Element79 will issue 250,000 shares to Condor. The company is focused on mining exploration in Peru, aiming for significant discoveries while minimizing shareholder dilution.
Condor Resources Inc. announces the grant of stock options totaling 4,575,000 shares at a price of $0.11 each, valid until December 5, 2027, subject to regulatory approval. The grants are aimed at directors, officers, employees, and consultants under the company's Stock Option Plan. Condor focuses on mineral exploration in Peru, utilizing a project generator and royalty model designed to minimize shareholder dilution while seeking major deposits of precious and base metals.
Condor Resources Inc. has appointed Mr. Andres Recalde as Vice President of Community and Social Relations, effective October 1. Mr. Recalde, who has been an independent director since December 2021, will enhance the company's communications with local stakeholders and government entities at its Pucamayo project. Additionally, at the Annual General and Special Meeting on October 12, shareholders approved all business items, including a revised Stock Option Plan allowing up to 12,688,238 incentive options. The plan awaits final TSXV approval.
Condor Resources has secured US$800,000 in cash and 1,379,310 shares from Chakana Copper Corp. as part of an agreement for Chakana to acquire full ownership of the Soledad concessions. Chakana is required to make additional payments totaling US$3.425 million over three years, alongside Cdn$800,000 in shares. Furthermore, Condor received US$75,000 from Calipuy Resources, with another payment of US$300,000 expected in December 2022. These funds will aid Condor in advancing its projects in Peru.
Condor Resources Inc. has announced a binding agreement with Chakana Copper Corp. concerning the Soledad project in Peru. The agreement extends Chakana's option to acquire a 100% interest in the Soledad concessions to June 23, 2022. Chakana made an initial payment of US$200,000 and can complete the remaining balance of US$4.225 million through two options: a lump-sum payment of US$2.8 million plus shares or a staggered payment option over three years. Condor retains a 1% NSR on the concessions, allowing ongoing interest as a shareholder.
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