Condor Resources Inc. (TSXV:CN) and its Peruvian subsidiary have entered into an option and joint venture agreement on its wholly owned Cobreorco copper-gold project located in Peru with Teck Perú S.A., a subsidiary of Teck Resources Limited.
Under the agreement, Teck has a first option to earn a 55% interest in the project over three years by completing US$4M in exploration expenditures and cash payments totalling US$500K. An initial cash payment of US$80,000 was made upon signing, with the start of the three-year term to commence once the permits and approvals required to commence a drill programme are in place.
On exercise of the first option, the parties intend to form a dedicated holding company which will own the Cobreorco concessions, and thereafter Teck has a second option to increase its interest in the project to 75% over the next three years by completion of a further US$6M in exploration expenditures and additional cash payments of US$600K.
Condor VP of exploration, Ever Marquez commented, “Condor is pleased to welcome Teck and their technical expertise to advance the exploration of our Cobreorco project towards a new discovery of critical and precious minerals.”
In June 2023, Condor Exploration Peru S.A.C. applied for the primary environmental permit required to initiate a drill programme at Cobreorco. The Declaración de Impacto Ambiental, (DIA), seeks approval for up to forty drill platforms on a 4km² area of the project.
The 50km² Cobreorco project in south central Peru was acquired by staking, is royalty free. Numerous porphyry and skarn related copper-gold occurrences are exposed in outcrop, and geophysical surveys completed by Condor support the potential for discovery of copper and gold porphyry and skarn-related deposits within the main 2km² area of interest.
For further information, please visit: www.condorresources.com
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