In December 2019, Condor applied to the Ministry of Energy and Mines for a Declaración de Impacto Ambiental ("DIA"), the principal permit required prior to drilling. Approval of the DIA application is expected during the second quarter of 2020. The Company has long term access and surface rights agreements with two local communities.
Location & Ownership:
Huiñac Punta is located on the eastern flank of the Mesozoic polymetallic carbonate sediment host belt in north-central Peru at elevations ranging from 3800 to 4400m, approximately 260 km north-northeast of Lima in the Department of Huanuco. Huinac Punta is about 65 km south-east of the Antamina mine, and about 90 km east of the Company's Soledad project. The project was acquired by staking in 2016 at nominal cost.
The 20 sq km project (approximate) is 100% owned by Condor, subject to a 0.5% NSR held by Sandstorm Gold Ltd.
The area of interest shows pervasive silicification in limestones with dark sulfides and oxides; de-calcified limestone with strong iron-oxides; and silicified and brecciated limestone with iron-oxides, copper oxides, manganese, and greyish sulphides.
In October 2017 an initial reconnaissance and sampling program was undertaken by Condor. A total of 26 rock chip channel samples were collected over an area of interest approximately 500m by 800m. Eighteen of the twenty-six samples were 2m long rock chip samples from outcrop/bedrock, while eight of the samples were 1m long rock chip samples taken from rocks in dump piles, which rocks are assumed to have been sourced from the old adits. As the rock chip samples were selected samples taken from outcrop/bedrock, or from the rocks in the dump piles, they may not be representative of the mineralization hosted on the project.
Five of the samples reported high silver values (greater than 500g/tonne); with the highest silver values (4115 g/tonne and 3225 g/tonne) recorded in the bedrock samples. Anomalous copper results were also noted, with reported values up to 2.7% copper (dump sample). Anomalous zinc values were present in all samples, up to a value of 0.6% zinc (bedrock sample), and anomalous cobalt up to 0.3% (dump sample).
Ever Marquez made the following field observations: "The alteration assemblages have replaced the limestone sequences in contact with the granitic intrusive, with occurrences of pervasive silicification in the lower part of the limestone, with massive dark sulphides and oxides. In the upper part of the limestone, we see brecciated decalcifications, with minor sulphides and oxides. I would consider Huiñac Punta as a new discovery in the Mesozoic polymetallic carbonate sediment host belt of Central Peru, with great potential for bulk tonnage silver, copper, and zinc resources."
A follow up program of mapping and sampling was completed in March 2018, and a further 145 samples (typically 2m long rock chip samples) were collected. Results from the March sampling were released by news release of April 19, 2018. The follow up sampling has confirmed the mineralized system hosts potential for discovery of a bulk tonnage, disseminated silver-base metal deposit, related to metasomatic carbonate replacement.