Condor Resources Inc. – announces that MMG Chile Exploration SPA (“MMG”), a subsidiary of MMG Limited, has commenced an airborne geophysical survey over Condor’s Brahma/Austral porphyry copper project in southern Chile.
The survey is being conducted by New-Sense Geophysics Limited and includes airborne radiometrics and magnetometer surveys utilizing a Eurocopter AS350 B3. Approximately 3000 line-kilometres will be flown at 150m line-spacings, and it is anticipated that the survey will be completed before the end of September.
Condor recently signed an agreement giving MMG a 270 day exclusivity period to conduct a mandatory due diligence program at Brahma/Austral, which due diligence includes the airborne survey, and follow up mapping and sampling. If MMG decide to proceed with an option agreement, they will be required to complete cumulative exploration expenditures of US$7 million, and complete a Preliminary Economic Assessment, both within 6 years of execution of the option agreement, in order to earn a 70% interest in Brahma/Austral.
The Brahma/Austral concessions cover some 186 sq km situated southeast of the city of Talca in southern Chile. The project is located on the southern extension of the West Fissure fault system, the continental scale structure which controls most of the large world class copper deposits located within the central Andes of Chile, including the El Teniente mine located 200 km to the north.
In 2006, Dr. Richard Culbert discovered a highly anomalous stream sediment sample at a location called Los Boldos Creek. In 2007 Condor geologists, attempting to locate the source of the copper anomaly within the creek, identified and traced float boulders containing finely-disseminated chalcopyrite and covellite in a pervasive quartz-sericite (“phyllic”) altered quartz feldspar porphyry intrusive (QFP) to a tributary of the main creek and then to an outcrop where copper sulphides occur as disseminations, localized stockwork veinlets and fracture coatings. Subsequent prospecting approximately 300 m vertically above this outcrop located additional pervasive-altered and leached QFP in bedrock, with hematite and lesser jarosite occurring as disseminations, in stockwork veinlets and on fracture surfaces within the intrusive. This type of alteration closely resembles the leached capping commonly occurring above most Chilean porphyry copper deposits. Abundant finely disseminated chalcopyrite, covellite and pyrite occur at the base of the intensely-altered system.