Condor Resources Inc. (TSX-V:CN, OTC:CNRIF) CEO Chris Buncic talked with Proactive about the latest updates on the company's flagship project, Pucamayo.
Buncic provided a detailed synopsis of the progress and milestones Condor Resources is anticipating.
Proactive: You recently put out an update on various developments within the company. It seems very busy right now with a lot going on. Most importantly, you provided a detailed synopsis on Pucamayo. So, first off, can you tell me a bit about Pucamayo and where things stand at the moment, especially regarding the important milestones you're anticipating?
Chris Buncic: We're working on several key initiatives, and I would say there are four significant projects. If any of them come to fruition in the short term, they would be material for our story.
Regarding Pucamayo, it’s our flagship project and the most important to Condor right now. We are making progress with our DIA application for the southeast target, which is a bit further from the area drilled in the fall. While the fall drilling program didn’t yield headline-making grades, it did confirm our thesis of a magmatic center overlain by epithermal mineralization.
When we received the results from that drill program, we observed mineralization in the drill hole that suggests we are likely sitting on top of a porphyry. Above that porphyry, we have high-sulfidation type mineralization consistent with epithermal deposits, which keeps us very excited about this target.
In April, we conducted an airborne magnetic survey, which revealed two hydro-magnetic targets on the project. One is located where we drilled in the fall, and the other is in the southeast area we are very excited about. All geochemical work and IP surveys corroborate this magnetic survey.
Once we complete the DIA process, likely in early fall, we will be able to kick off the next drill program.
That could be up to 40 holes, correct? You’re applying for a pretty substantial mining license and the DIA as well.
That's right. It will certainly open the door for a large-scale exploration program. We're excited to get into that area because epithermal deposits can be relatively flat-lying and close to the surface. In our fall drilling, we had 72 meters of a gram per ton gold. While that’s not particularly exciting, there was a snippet of two meters of ten grams of gold or 19 grams per ton gold equivalent. That’s what we’re trying to find.
In the southeast, where we plan to start drilling, we believe we might find something significant. We have a new presentation on our website that provides a good indication of what we think is there. This area looks similar to one of the Yanacocha pits, where there was an overlying granular silica cap that had been leached, causing the gold to settle below by gravity. When they drilled that area, they had great results. That’s our analogy for what we hope to find in the southeast.
You talked about a number of other projects, but could you give us an update on Andrea and let us know what else you’re waiting for in the next couple of months that could be significant for the company?
Andrea has been relatively dormant for the past few years, and I’m not expecting it to become very active in the short term. However, the door has been opened, and we’re starting to have conversations with the local community. One thing Condor has always done exceptionally well is local relationship management.
We’ve been very close to the community and have done an excellent job with Pucamayo and other projects, which the company has successfully auctioned off. We expect to have great engagement from Andrea as well. There has been a bit of a delay due to some issues in the area with other companies and their mining projects. Now that the dust has settled, they are happy to reengage with us. This could take some time, but we hope to make progress in the short term.
Regarding Huinac Punta, I’d like to comment that it is a CRD type deposit, similar to the Alma Cheeto mine from my time at Senate Resources, which is still in operation after 75 years. In a CRD type deposit, hydrothermal fluids come up from below, and the last one to reach the surface is silver-rich. We’re finding high-grade silver grab samples on the surface and hope to see high-grade silver extending down to depth, following a kilometer-wide anomaly on the geophysics.
At Huinac Punta, we are going through the Consulta Previa process, a governmental process mandated for projects in culturally sensitive areas. We’re making progress, and I’m hopeful that by early fall, like with Pucamayo, we’ll be in a position to start drilling at Huinac Punta as well.
Quotes have been lightly edited for style and clarity