EL CONDOR IN-FILL DRILLING INTERSECTS 26.9 METERS 2.19% CU & 0.58% NI

Transcription

1 EL CONDOR IN-FILL DRILLING INTERSECTS 26.9 METERS 2.19% CU & 0.58% NI El Condor Minerals Inc. ( El Condor or the Company ) is pleased to announce the analytical results from a second portion of the twelve-hole, 2,037 meter diamond drilling program at its Horden Lake property, completed during the 2012 winter drilling program. The drilling program was designed to provide metallurgical samples for preliminary processing work and to test for expansion of resources to the northeast and southwest of the known mineralization and resource. Analytical results reported in this release are from four holes completed within the known resource area, which will provide mineralized material for metallurgical test work. Analytical results from the four internal drill holes are summarized in Table 1.2. Drill hole locations are shown on Figure 1.2. The intercepts are calculated using a 0.25% copper cutoff grade, without consideration of other metals. Lower grade internal intervals up to 3.0 meters in length are incorporated if adjacent copper values carry the low grade intervals. True thicknesses of intervals within the Main Zone are estimated using cross sections and linear, non-deviated drill hole projections. Table 1.2 Horden Lake Diamond Drill Hole Results % g/t Est.True 1 / 20

2 Drill Hole # From (m) Length (m) Cu Ni Co Pd Pt Au Ag Width (m) 2 / 20

3 HN / 20

4 / 20

5 including / 20

6 HN / 20

7 unknown / 20

8 unknown / 20

9 including / 20

10 / 20

11 HN / 20

12 including / 20

13 including / 20

14 / 20

15 HN / 20

16 including / 20

17 including / 20

18 From column is the upper, starting depth of the mineralized interval reported. Estimated true thickness of gabbro-hosted disseminated mineralization is unknown. Intercepts in bold are metasediment-hosted, and vary from massive to semi-massive sulfide, to disseminated style mineralization. Non-bold figures represent assay intervals from disseminated mineralization in the gabbro sill complex. The drilling internal to the known resource was successful in providing excellent intercepts for our metallurgical test work, commented Leigh Freeman, El Condor President & CEO. Additional results are being processed and will be released as they become available. Copper-nickel-precious metal mineralization at Horden Lake is associated with a northeast trending, northwest dipping gabbroic sill-like complex. Massive to semi-massive and disseminated mineralization occurs in the footwall contact zone ( Main Zone ) of the gabbro with underlying metasedimentary rocks, but is primarily hosted by the metasedimentary package. The reported resources at Horden Lake are predominately contained in the Main Zone which, at the property scale, is a tabular zone dipping approximately 550 to the northwest. Disseminated mineralization is also contained within certain phases of the igneous suite, offering potential for more widespread, shallow, lower grade mineralization. Caracle Creek International Consulting Inc. ( CCIC ) performed the on-site management of drilling operations, core logging and core sampling. CCIC managed the QA/QC program including the insertion of standards, blanks and duplicates into the sampling routine at the rate of approximately 17%. Protocols for the core sampling and QA/QC program were developed by CCIC in collaboration with El Condor. Fire assays for precious metals and total digestion ICP analysis for base metals and other elements were completed by Activation Laboratories Ltd. Donald Baker, PhD, the Company s Horden Lake Project Manager and Qualified Person under NI standards (MMSA - #01088QP), is responsible for the technical and geological 18 / 20

19 content of this news release, and for approval of the QA/QC program. About El Condor Minerals Inc. El Condor Minerals Inc. is currently developing the Horden Lake Copper Project, an advanced exploration stage copper-nickel deposit in Quebec. Horden Lake is a NI compliant resource calculated effective April 2009 using the Ordinary Kriging method and a 0.5% copper cut-off, with 8,759,200 Indicated Tonnes at 0.88% Cu and 0.21% Ni and 7,791,195 Inferred Tonnes at 0.87% Cu and 0.25% Ni. The resource is unbounded at depth as well as along both its northeasterly and southwesterly strike extensions, where historic drilling by INCO continues to intersect the mineralization. Additional information on El Condor, its properties and its exploration and development activities is available at the Company s website: ON BEHALF OF THE BOARD OF DIRECTORS Leigh W. Freeman President & CEO For information, please contact the Company at (604) (ext 103) or info@elcondorminerals.com. FORWARD LOOKING STATEMENTS: This press release contains forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words expects, plans, anticipates, believes, intends, estimates, projects, potential and similar expressions, or that events or conditions will, would, may, could or should occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company s management on the date such statements were made. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Figure 1.2 Drill Hole Location Map 19 / 20

20 Drill are conducted the mineralization reported HN approximate from holes the resources. and results based HN hole, bedrock reported Collars on 18,000 Drill the are surface hole herein 2008 colored meter drilled numbers trace were Southampton core from red of all best drilling are the drilled Company same viewed Main program drilling, along Zone. in holes site section 200% and of The along Southampton encompasses completed zoom. L blue section line Note Collars outlines L Ventures the that majority drill colored the The Inc holes known red of blue the line is 20 / 20