Condor Resources Inc. has announced that Condor, and its Peruvian subsidiary, have entered into an option and joint venture agreement on its wholly owned Cobreorco copper-gold project located in the Apurimac Department, Peru with Teck Perú S.A., a subsidiary of Teck Resources Limited.
Under the terms of the agreement, Teck has a first option to earn a 55% interest in the Cobreorco project over three years by completing US$4 million in exploration expenditures and making cash payments totalling US$500 000. An initial cash payment of US$80 000 was made on signing the agreement. The start of the three-year term commences 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 Cobreorco project to 75% over the next three years by completion of a further US$6 million in exploration expenditures and additional cash payments of US$600 000.
“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,” commented Condor VP of Exploration, Ever Marquez. In June 2023, Condor Exploration Peru S.A.C. applied to the Peruvian Ministry of Energy and Mines for the primary environmental permit required to initiate a drill programme at Cobreorco. The Declaración de Impacto Ambiental seeks approval for up to forty drill platforms on a 4 km2 area of the project.
The 50 km2 Cobreorco porphyry-skarn project in south central Peru was acquired by staking, is royalty free, and 100% owned by Condor. 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 two square kilometre area of interest.