Condor Provides Corporate Update and Outlook for 2025
TSXV:CN WWW.CONDORRESOURCES.COM
CONDOR PROVIDES CORPORATE UPDATE AND OUTLOOK FOR 2025
Vancouver, B.C., February 24, 2025 - Condor Resources Inc. ("Condor" or the "Company")
(TSXV:CN) is pleased to provide a corporate update and management’s outlook for the remainder of 2025.
Chris Buncic, President and CEO, commented: “We expect 2025 to be a defining year for Condor.
We are advancing two highly prospec�ve precious metals projects—Pucamayo and Huinac Punta—both of which have the poten�al to scale to a size that could a�ract the interest of major mining companies. Significant progress is an�cipated on both projects this year. Addi�onally, our Cobreorco project, currently being advanced through the permi�ng process by a subsidiary of Teck Resources Limited (“Teck”), is expected to become increasingly ac�ve once final permits are granted. Condor stands to benefit significantly if Teck’s explora�on succeeds in discovering the an�cipated large gold-copper skarn and porphyry type project together with the terms of our op�on and joint venture agreement.
On the corporate front, we are ac�vely exploring opportuni�es to divest non-core assets, which would generate meaningful non-dilu�ve capital to support the development of our primary projects. With these ini�a�ves underway, we expect a busy and produc�ve year ahead and look forward to keeping investors updated on our progress.”
Project Updates
Pucamayo
Pucamayo is Condor’s flagship 8,500-hectare explora�on project in Ica, Peru. The project features a complex high- to intermediate-sulfida�on system beneath a large, six-square-kilometer lithocap altera�on, prospec�ve for epithermal gold-silver and copper-gold porphyry mineraliza�on.
In August 2024, Condor submi�ed its Declaración de Impacto Ambiental ("DIA") applica�on to the Peruvian Ministry of Energy and Mines ("MEM") for the expanded Pucamayo South East area.
The Company subsequently received follow-up ques�ons from the MEM in November and December, with responses submi�ed in mid-January. Given the nature of the inquiries, management believes the applica�on is in its final stages, with approval an�cipated shortly.
A 6,000-meter explora�on drilling program has been planned for Pucamayo South East, to be executed in phases. The pending permit applica�on allows for 40 drill pla�orms, with mul�ple holes per pla�orm, and a five-year window to complete explora�on ac�vi�es before requiring reapplica�on.
Huinac Punta
In August 2024, the Company completed the Consulta Previa process, which included a community consulta�on coordinated in conjunc�on with the Social Management Directorate of MEM, and as reported on November 14, 2024, Condor subsequently received its Ini�a�on of Ac�vi�es ("IA"), the final permit required to commence explora�on drilling at Huinac Punta. The IA permit provides for forty drill pla�orms with the ability to drill several holes per pla�orm and the flexibility to conduct drilling over a five-year period.
The Company has since expanded the project by acquiring an addi�onal 5,200 hectares of explora�on concessions, which are considered prospec�ve for silver, copper, and other base metals. A maiden 2,000-meter explora�on drilling program is planned to commence a�er the rainy season, targe�ng a one-kilometer structure where high-grade silver and base metal grab samples were collected associated with coincident geophysical anomalies.
Cobreorco
In December 2023, Condor entered into an op�on and joint venture agreement with Teck, on the Company’s Cobreorco copper-gold project in the Apurimac Department, Peru. Under the agreement, Teck has the op�on to earn a 55% interest in Cobreorco over three years by incurring US$4 million in explora�on expenditures and making US$500,000 in cash payments. Upon exercising this first op�on, a dedicated holding company will be formed, a�er which Teck may further increase its stake to 75% by spending an addi�onal US$6 million in explora�on and making further cash payments of US$600,000.
Following further technical work and community engagement, Teck submi�ed a revised DIA applica�on in Q4 2024 and is ac�vely working with MEM to advance the permi�ng process.
Soledad
As reported October 7, 2024, Condor terminated its op�on agreement with Chakana Copper Corp. ("Chakana") due to non-performance under the agreement. The Company regained control of the project data, drill core, and samples in February 2025.
In 2022, Chakana completed an updated NI 43-101 technical report on the Soledad project, in which the author es�mated an Inferred Resource of 4.8 million tonnes grading 0.72 g/t gold, 61 g/t silver and 0.97% copper amenable to extrac�on by underground mining methods plus an addi�onal 1.9 million tonnes grading 1.29 g/t gold, 37.1 g/t silver and 0.65% copper amenable to extrac�on by open pit mining methods. The report notes that Breccias 1, 5, 6 and 7 are located on the Condor concessions, and make up 71% of the Inferred Resource.
Management has engaged in discussions with mul�ple interested par�es regarding a poten�al sale of the Soledad concessions and remains op�mis�c regarding opportuni�es to mone�ze the asset.
Rio Bravo
As reported on February 3, 2025, Condor completed a transac�on with a major mining company, acquiring a historical dataset for its Rio Bravo project. The dataset includes results from 11 drill holes totaling 5,729 meters (completed in 2012), along with drill logs, assays, core photographs, soil geochemistry, ground geophysics, and detailed geological mapping. Although historical, these results confirm intersec�ons of significant porphyry copper and molybdenum mineraliza�on. Management believes the main porphyry system, exposed along a one-kilometer ravine, sits within a larger altera�on halo, sugges�ng the poten�al for a bulk-mineable deposit.
Following Condor’s acquisi�on of this data, several par�es have expressed interest in the Rio Bravo project, and management is op�mis�c about poten�al mone�za�on opportuni�es.
Technical Disclosure/Qualified Person
The scien�fic and technical informa�on in this press release has been reviewed and approved by Dr. Quinton Hennigh, (P.Geo., PhD), a Qualified Person as defined in Na�onal Instrument 43-101 and a Director of Condor Resources.
About Condor Resources Inc.
Condor Resources is a precious and base metals explora�on company focused on its por�olio of projects in Peru. The Company’s flagship project, Pucamayo, is an 85 km2 property containing a high sulfida�on epithermal system with disseminated precious metals mineraliza�on with a large lithocap altera�on visible at surface. The Huiñac Punta project, a 7,200 Ha property in Huanuco, Peru, has the poten�al to host a large carbonate replacement style (CRD) silver-dominant polymetallic mineralized body with the poten�al for discovery of a bulk tonnage silver and base metals deposit. The Company has op�oned several large projects to partners who con�nue to advance these projects. The Company’s award-winning explora�on team in Peru has a long history of success in discovering and advancing high quality explora�on projects and managing the social aspects of its explora�on ac�vi�es.
For more informa�on, please visit the Company's website at www.condorresources.com.
Follow Condor Resources (@CondorResources) on X and (@condor-resources) on LinkedIn.
ON BEHALF OF THE BOARD
Chris Buncic President & Chief Execu�ve Officer
For further informa�on please contact the Company at 1-866-642-5707, or by email at [email protected]
Forward-Looking Statements
This press release may contain forward-looking statements within the meaning of applicable securi�es law. Forward-looking statements are frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “an�cipate”, “es�mate” and other similar words, or statements that certain events or condi�ons “may” or “will” occur.
Although the Company believes that the expecta�ons reflected in applicable forward-looking statements are reasonable, there can be no assurance that such expecta�ons will prove to be correct. Such forward-looking statements are subject to risks and uncertain�es that may cause actual results, performance or developments to differ materially from those contained in such statements.
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