Condor Resources Inc. (TSX-V:CN, OTC:CNRIF) is shifting its exploration focus to fully permitted drill programs at its Huinac Punta and Pucamayo East projects in Peru.
At Huinac Punta, a high-grade silver project, Condor has expanded its land position from 2,000 to 7,200 hectares and is preparing to launch a 1,500-meter Phase 1 drill program, it said in a statement.
The site has shown potential for a carbonate replacement-style (CRD) polymetallic deposit, with rock chip samples yielding silver grades as high as 4,115 grams per ton (g/t).
At Pucamayo East, a 2023 drill program confirmed epithermal gold-silver mineralization and potential porphyry-style alteration at depth. Key intercepts included 72.5 meters grading 0.83 g/t gold equivalent, with a high-grade interval of 2 meters at 18.96 g/t gold equivalent.
The company plans a 2,000-meter Phase 2 drill program to further explore the deposit.
Delays at Pucamayo South East
The shift comes as bureaucratic delays continue to stall Condor’s permit application for Pucamayo South East.
The company said it is working with the Peruvian Ministry of Energy and Mines (MEM) to advance its Declaración de Impacto Ambiental (DIA) application for Pucamayo South East but faces ongoing regulatory hurdles.
Condor submitted a DIA application in August 2024 to expand its Pucamayo South East drilling, but the MEM disapproved it in early 2025, citing 26 observations. The company expects to resolve these issues through an appeal.
"We had a very fruitful conference at the PDAC in early March at which our peers and investors were impressed with our corporate prospects at each of Pucamayo, Huinac Punta, Cobreorco and Rio Bravo among others,” CEO Chris Buncic told investors.
“Additional delays with the Pucamayo South East DIA application are leading us to refocus our efforts as the drilling season approaches. We will continue to advance our DIA application with a number of next steps to pursue while at the same time driving forward on our many other opportunities.”
Condor continues to engage with major copper producers regarding its Rio Bravo project, where historical drilling has confirmed porphyry copper-molybdenum mineralization. Meanwhile, partner Teck Resources is advancing permitting for the Cobreorco copper-gold project under a joint venture agreement.