Condor Resources gets go-ahead for Cobreorco drilling

Executive Summary

• Condor Resources Inc. has received the final Initiation of Activities (IA) permit from the Peruvian Ministry of Energy and Mines (MEM) for its Cobreorco project, clearing the way for exploration drilling.
• Teck Peru, Condor's joint venture partner, is scheduled to commence a 3,500-metre diamond drilling program in June 2026, consisting of six priority holes targeting copper-gold skarn and porphyry mineralization.
• The permit follows significant technical and social progress in 2025, including the approval of the Environmental Impact Declaration (DIA), community support, and the acquisition of a water permit.

Key Details

• Permitting Milestone: Receipt of the Initiation of Activities (IA) permit from the Peruvian Ministry of Energy and Mines (MEM), the final permit required to start drilling at Cobreorco.
• Drilling Program:
  • Start Date: June 2026.
  • Scope: 3,500 metres of diamond drilling.
  • Configuration: Six priority holes.
  • Target: Copper-gold skarn and porphyry targets defined by 2025 geophysical, geochemical, and geological work.
• 2025 Technical Work Completed by Teck Peru:
  • Radiometric survey over ~70% of the property.
  • In-fill soil sampling.
  • Ground gravimetric survey.
  • 20 line-kilometre induced polarization (IP) survey.
  • Integration of data into an updated geological and geophysical model.
• 2025 Permitting and Social Progress:
  • Approval of the Declaracion de Impacto Ambiental (DIA) in June 2025.
  • Completion of consultation and community engagement processes, resulting in community support for drilling.
  • Receipt of the water permit from the Autoridad Nacional del Agua (ANA).
• Project Location and Size:
  • Located in the southern Peru Eocene belt, ~175 km southwest of Cusco.
  • Comprises nine mineral concessions totaling ~5,100 hectares.
  • Hosts copper-gold skarn and porphyry-style mineralization.
• Joint Venture Terms (Teck Peru Option):
  • Initial Option: Teck Peru can earn a 55% interest by incurring $4 million (USD) in exploration expenditures and paying $500,000 (USD) in cash over three years from the permit date.
  • Second Option: Teck Peru can increase interest to 75% by completing an additional $6 million (USD) in exploration expenditures and paying a further $600,000 (USD).
• Corporate Action: Condor announced a finder's fee agreement with Hernan Barros Cruchaga for the sale of its Soledad property in Ancash, Peru.
  • Consideration: $3,000 (USD) cash and 150,000 common shares (subject to TSX Venture Exchange acceptance).

Notable Quotes

• Chris Buncic, President and CEO: "The receipt of the IA permit is a major milestone for Cobreorco and an important step forward in unlocking the value of this project... We are excited to see drilling begin and believe that a successful program at Cobreorco has the potential to have a material positive impact for Condor shareholders."