Condor Resources Inc. (TSX-V:CN, OTC:CNRIF) said on Monday that an evaluation of historical technical data at its Rio Bravo project in Peru indicates the potential for a significant copper-molybdenum deposit.
A review of the data, combined with Condor’s own surface work, suggests copper and molybdenum mineralization occurs from surface and below an observed leached cap, the company said.
Three historical drill holes from 2012 intersected lengthy zones of mineralization, including 220 meters grading 0.32% copper and 275 parts per million molybdenum, 324 meters at 0.32% copper and 199 ppm molybdenum, and 312 meters at 0.29% copper and 329 ppm molybdenum.
The porphyry-type mineralizing system remains open in all directions, it added.
The Rio Bravo project, located southeast of Lima in Peru’s South-Central porphyry copper-molybdenum belt, contains historical drilling data from 2012, including 11 drill holes totaling 5,729 meters.
The dataset also includes drill logs, assay results, core photographs, and various technical studies such as soil geochemistry, ground geophysics, and geological mapping over a 20 square kilometer area.
"Rio Bravo represents a significant new copper-molybdenum porphyry-type discovery in South Central Peru, where the western crustal suture of the Central Andes controls the Cretaceous-Tertiary copper belt that hosts Rio Bravo,” said Ever Marquez, Condor’s vice president of exploration.
“For Condor and its shareholders, this property represents a significant opportunity for future growth.”