Condor Resources Inc. (TSX-V:CN, OTC:CNRIF) CEO Chris Buncic talked with Proactive about the latest developments at the company's key projects, including Pucamayo and Huiñac Punta. Buncic provided insights into the ongoing DIA process at Pucamayo, which is expected to conclude by mid to late September 2024, paving the way for their next program.
Additionally, he highlighted the progress at Huiñac Punta, where they are navigating the Consulta Previa process with hopes of starting a drill program in early fall.
Proactive: Could you provide an update on the various developments happening across different fronts, particularly regarding the recent significant declaration you've made about Pucamayo?
Chris Buncic: Yeah, it's been a busy summer. We've been working on several projects over the past few months. At Pucamayo, we're advancing through our DIA process for the southeast target area, which is crucial since that’s where we plan to focus our next program.
We had a successful meeting with the community in late July, and we've just submitted our DIA application to the Ministry of Energy and Mines. We expect to navigate through the bureaucratic process and have it in hand by mid to late September. Things are progressing well there.
The second update is on Huiñac Punta. Huiñac Punta already has a DIA, but we're currently going through the Consulta Previa process, which involves community consultation related to cultural identity. We had a key meeting in early August, and we're now awaiting news from the government in late August. Once the Consulta Previa process is complete, we should be ready to start a drill program in early fall.
It's important to understand that these documents are necessary and must be processed this way. The timeline is actually quite favorable for the company and aligns with what we want to achieve this fall.
Everything seems to be coming together nicely, especially with the recent uptick in the junior market and gold prices at $2,500. We’re in a strong position, and there's another catalyst on the horizon—the work being done at Cobreorco. We JV'd that project with Teck Resources earlier this year. Teck has been going through the same DIA process we're currently in, and they’re about to submit their own DIA application for Cobreorco.
Their timeline will likely follow closely behind Pucamayo, so we expect Teck to start drilling soon. This is significant because it’s not our drill program; it’s Teck Resources’. They’ll be very diligent with it, especially since they’ve made other investments in the region with similar geology. Specifically, Coppernico, which started trading last week with a $60 million market cap, where Teck holds a 10% stake, is targeting another skarn deposit. We’ve got a skarn and high-grade skarn copper porphyry with gold, so we’re excited about that. We expect Teck to be busy this fall as well.
Are you able to gain insights or advice from the work they’re doing to apply to some of your other projects, especially since you're all working in the same area and collaborating to push everyone forward?
Yes, exactly. We have a good relationship with Teck and several other exploration companies advancing projects in Peru. These dialogues are always open and can certainly continue. I believe this is a great opportunity for our company because not everyone knows what Cobreorco is and the potential it holds.
Cobreorco is a classical, textbook-style porphyry skarn system with high-grade copper and gold from grab samples on the surface. I encourage everyone to visit our newly launched website, which provides a comprehensive description of the project.
While the stock price hasn't yet fully reflected its value, I believe that over time, we will be able to realize its true potential.
Quotes have been lightly edited for clarity and style