Cobreorco

Prospective for: Copper-Gold

Location:
Cobreorco is located in south-central Peru, in the province of Andahuaylas in the department of Apurimac, at elevations of 3,700 to 4,100m. Cobreorco is approximately 90km north-east of the town of Puquio, and approximately 120km west of the Las Bambas mine.

Ownership:
The initial Cobreorco Project area was acquired by staking and is 100% owned by Condor.

In November 2020 the Company applied to INGEMMET (a branch of the Peruvian Ministry of Energy and Mines) for an additional 30 sq km of concessions adjoining our core 100% owned concessions. At the time, we were successful in obtaining an additional 6 sq km, with the ownership of the remaining 24 sq km, which area was subject to applications by others, to be determined by a sealed bid auction conducted by INGEMMET. The sealed bid auction was conducted for 22 sq km (of the 24 sq km) on September 30, 2021, and included the concessions contiguous to our core holdings. The Company was successful in obtaining all 22 sq km that were subject to the sealed bid auction.

Subsequent to November 2020, the Company successfully applied for concessions to the west of our core concessions, which combined with September auction results, increased the total project area to approximately 37 sq km.

The project is 100% owned, and not subject to any royalties.

Previous Work:
An exposed copper skarn and outcroppings of massive magnetite-iron oxide lead to the staking of this project. In addition, there is a skarn-gossan outcropping that has been exploited on a small scale by artisanal miners. We have found no evidence of prior sampling or exploration drilling on the project.

Geology/Mineralization:
It is the opinion of Condor geologists that Cobreorco is a typical porphyry/skarn system, with large massive magnetite, calcosilicate assemblages with evidence of an eroded skarn, and an outcropping of potasic porphyry, approximately 80 m in diameter. Limited sampling to date suggests the mineralization of the porphyry is relatively homogeneous in gold and copper values.

Recent activity:
In January 2021 Condor geologists conducted a second sampling program, and collected 153 samples, typically over a 2m length. Results from this sampling program have not been released.

A drone supported magnetic survey was completed in July 2020. The survey covered an area of approximately 5 sq km at a 100 m line spacing for a total of 68 line kms. Data from this survey has been processed, and the initial review of the magnetic survey data suggests the presence of two potential intrusive systems that correlate well with exposed surface gold/copper porphyry and skarn outcrops. The sampling results and analysis of the proprietary magnetic survey will be used to design a maiden diamond drill program.

Condor geologists undertook a small sampling program in 2019, and collected 51 rock channel samples, typically over a 2m length. Of the 51 samples, 9 of 51 tested over 1% copper, and another 29 tested between 0.1% and 1.0% copper. Gold values were as high as 10.8 g/t, with 19 of the 51 samples testing over 1 g/t Au.

Planned Activities:
Condor plans to fast track Cobreorco to drill readiness. The Company has initiated contact with the local community, as community consent is required prior to preparing and filing its DIA application. A third party firm has been retained to assist in the DIA application process.