Condor Resources Inc. (TSX-V:CN, OTC:CNRIF) Chris Buncic talked with Proactive about the company’s latest exploration updates in Peru, including progress at Rio Bravo, Huiñac Punta, and Pucamayo East.
Looking ahead, Buncic sees multiple catalysts, including active drilling campaigns and potential partnership deals.
Proactive: Hello, you're watching Proactive. Joining me is Condor Resources CEO Chris Buncic. Chris, very good to speak with you. You have updates on your exploration program in Peru and are shifting focus to drill programs at Huiñac Punta and Pucamayo East. Take us through the thinking around this.
Chris Buncic: Great, thanks. Great to be here. We have fully permitted projects at Pucamayo East and Huiñac Punta, and it's going to be an exciting year. We're just getting started with programs there once the weather improves. Huiñac Punta is at a high elevation, so we have to wait for the landslide season to end.
After that, we’ll get active with drilling. We have a 1,500-meter program planned at Huiñac Punta and a 2,000-meter program at Pucamayo East. We’re looking forward to getting started.
So you're shifting your focus away from Pucamayo Southeast for now while you wait for a DIA permit?
Yes, it's been a frustrating wait. We’re working through the permitting process at Pucamayo Southeast, but given some recent hurdles, we’ll refocus on the other two projects, which are fully permitted. We're still working on the DIA application and expect success there, but in the meantime, we have a lot going on.
In your recent press release, you mentioned discussions with potential partners. What kind of interest are you seeing in the company?
There are a lot of layers to the Condor story and many ways we can unlock value for shareholders. One of these is the Rio Bravo project. Our February 4th press release detailed data acquired from a major company that previously drilled at Rio Bravo. That data confirms a copper-molybdenum porphyry discovery.
Following that release, we’ve received significant inbound interest from other companies interested in potential partnerships, similar to what we did at Cobreorco. We are advancing those discussions and hope to finalize a deal later this year.
And what’s the latest at Cobreorco?
We have a joint venture with Teck Resources at Cobreorco. They are set to invest $10 million over six years in two phases to earn a 75% interest. It’s a large copper-gold skarn porphyry target, with a 2.5 km-wide anomaly that they’ll be drilling.
Teck is currently in the permitting process for their DIA, and we expect them to begin drilling in the second half of the year, depending on permit approvals. They are eager to move forward, and we’re looking forward to seeing the results.
Looking at the next few months, what should investors be watching for?
There are several key catalysts this year. We’re starting drill programs at Huiñac Punta and Pucamayo East. By the second half of the year, we expect news flow from Cobreorco as Teck advances their work. That joint venture is fully funded by Teck, so there’s no cost to us.
We’re also working on other opportunities that we’ll announce in due course.
Quotes have been lightly edited for clarity and style