Condor Resources Announces Drilling Program at the Cobreorco Copper-Gold Project, Peru
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CONDOR RESOURCES ANNOUNCES DRILLING PROGRAM AT THE COBREORCO COPPER-GOLD PROJECT, PERU
Vancouver, B.C., May 29, 2026 - Condor Resources Inc. (“Condor” or the “Company”) (TSXV: CN)
is pleased to announce that drilling will commence at its Cobreorco copper-gold project in Apurímac, Peru. The 3,500 metre diamond drilling program, comprising six priority holes, is the first drill program at Cobreorco under the Company’s op�on and joint venture agreement with Teck Perú S.A. (“Teck”), a subsidiary of Teck Resources Limited, and follows the extensive geophysical, geochemical and geological work completed in 2025 that defined the target.
The program will be carried out with two diamond drill rigs. The first rig is mobilizing to begin drilling in June 2026, with a second rig to be added over the following weeks to advance the program in parallel. Drilling is designed to test a coincident copper-gold skarn and porphyry target supported by overlapping magne�c, gravity and induced polariza�on anomalies.
Chris Buncic, President and Chief Execu�ve Officer of Condor, commented: “Commencement of drilling at Cobreorco is a milestone our shareholders have waited a long �me for, and one we are very pleased to reach. Teck has done outstanding work refining the geological model and comple�ng the technical, social and permi�ng groundwork, and this program is the culmina�on of that effort. Cobreorco sits in one of the most prolific copper-gold belts in Peru, alongside world- class deposits such as Las Bambas, and we believe a well-targeted drill program has the poten�al to deliver meaningful value for Condor shareholders.”
The 2026 program targets a structurally controlled and intrusive-related copper-gold-iron skarn and porphyry system hosted in Eocene intrusions. The principal objec�ve is to intersect highgrade skarn mineraliza�on, interpreted as a cluster of discrete mineralized cells, related to potassic-altered, copper-oxide-bearing dykes mapped at surface, and a poten�al underlying porphyry interpreted as the source of the broader hydrothermal system. The target is defined by coincident high chargeability, magne�c-high and elevated-density responses across the main porphyry-skarn footprint.
Figure 1: Synthesis target map showing proposed drill holes over project geology with coincident geophysical and geochemical anomaly footprints
Cobreorco lies within the Southern Peru Eocene metallogenic belt, host to a number of large copper-gold skarn and porphyry deposits that share the same carbonate host stra�graphy and Eocene intrusive ages (approximately 34 Ma) interpreted at Cobreorco. Deposits within the belt include Ferrobamba at the Las Bambas mining complex (2.3 billion tonnes grading 0.55% Cu), Coroccohuayco in the Tintaya district (184 million tonnes grading 1.02% Cu), and Haquira (1.4 billion tonnes grading 0.45% Cu). These deposits illustrate the scale and grade poten�al of welldeveloped skarn-porphyry systems in the belt and provide geological context for the style of mineraliza�on Condor and Teck are tes�ng at Cobreorco.
Readers are cau�oned that mineraliza�on hosted on adjacent, nearby and/or analogous proper�es is not necessarily indica�ve of mineraliza�on on the Company’s property. The deposits referenced above are provided for geological context only.
Figure 2: Schema�c geological model of the interpreted Cobreorco skarn-porphyry system showing the rela�onship between skarn bodies, mineralized dykes and the interpreted porphyry source
Samples will be submi�ed for assay on a hole-by-hole basis following comple�on of first-pass core logging. Allowing for laboratory turnaround, the Company an�cipates receiving ini�al assay results in early August 2026, and will provide results as they are received, compiled and interpreted.
Cobreorco comprises nine mineral concessions totaling approximately 5,100 hectares and is located in the Southern Peru Eocene Belt, approximately 175 kilometres southwest of Cusco. The project hosts copper-gold skarn and porphyry-style mineraliza�on and is considered by management to represent a significant discovery opportunity. Cobreorco is being advanced pursuant to Condor’s op�on and joint venture agreement with Teck, the details of which are available in previous corporate disclosures.
Technical Disclosure
The scien�fic and technical informa�on contained in this news release has been reviewed and approved by Dr. Quinton Hennigh, P.Geo., Ph.D., a Qualified Person as defined by Na�onal Instrument 43-101 and a Director of Condor Resources Inc.
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 also op�oned the Cobreorco project which targets gold-copper skarn and porphyry-style mineraliza�on to a subsidiary of Teck Resources Limited. 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. Such forward-looking statements include, but are not limited to the Company’s expecta�ons with respect to the use of proceeds raised under the sale.
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, including risks associated with the business of mineral explora�on and development; con�nued availability of capital and financing; general poli�cal and economic condi�ons, fluctua�ons in metal prices and other market-related risks, including any vola�lity in the Company’s share price, that may cause actual results, performance or developments to differ materially from those contained in such statements. Therefore, readers are cau�oned not to place undue reliance on forward-looking statements and forward-looking informa�on. Condor does not assume any obliga�on to update or revise its forward-looking statements, whether as a result of new informa�on, future or otherwise, except as required by applicable law.
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