What Happened On Monday To Make Condor Resources (CNRIF) Stock Soar?

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The share price of Condor Resources Inc (OTCPINK: CNRIF) surged 35.28% to $0.1664 at yesterday’s close. There were 117.81K shares traded for CNRIF stock compared with 34.12K shares for the Average Weekly Volume. The price of CNRIF stock rose after the company provided an update on its Peruvian projects.

What has CNRIF updated?

A major focus of Condor’s business is its active exploration effort in Peru as well as its project generator and royalty model intended to maximize shareholder value while minimizing dilution. CNRIF seeks to solve the problem of finding a major new precious metals or base metals deposit in Peru through its portfolio of projects. CNRIF’s exploration team in Lima is responsible for project acquisition and exploration activities.

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An update was recently provided by Condor Resources on its several projects in Peru, such as Pucamayo, Cobreorco, Ocros, and Huiñac Punta.

Pacumayo Project:

  • With regard to surface access and community engagement, CNRIF is renewing its agreement with the community.
  • It was reported to CNRIF that the process of registering the council with Peruvian authorities ended this week, following the filing of documents in July by the community council.
  • Members of the community council have indicated they will meet with community members to discuss renewing our access agreement.
  • A permit expansion to the south and east is being prepared by the CNRIF for the Ministry of Energy and Mines (“MEM”).
  • This application was handled by Horizonte Consultores, whose field work is complete.

An update about Cobreorco Project:

  • On the Cobreorco project, CNRIF is exploring a largely unexplored gold and copper porphyry with an associated skarn. Shared surface samples indicate gold and copper mineralization over a wide area of the project.
  • Gold and copper values have been relatively homogeneous based on a limited number of samples.
  • Mineralization has been identified both in skarn and in porphyry.
  • Cobreorco currently consists of a contiguous project area of approximately 20 square kilometers.
  • A drone based magnetic survey that was conducted in 2020 was followed up by a program of geologic sampling within CNRIF this year.
  • Several mineralized centers were detected by the magnetic survey and correlate with exposed surface skarn and gold/copper porphyry outcrops.

Ocros Project:

  • Ocros is currently a strategic option under review at the CNRIF, which could include the sale of the 34% shareholding.

An overview of Huiñac Punta:

Project Huiñac Punta has the potential to host a great deal of silver-rich, polymetallic mineralization associated with a carbonate replacement. On the basis of surface exposure sampling, high-grade Ag, elevated Cu, Zn and Pb values have been identified, with mineralization interpreted as disseminated mineralization within sequences of carbonate limestones.

In the first phase, Condor Resources (CNRIF) drilled around geological and geophysical features suggesting the possibility of finding bulk tonnage silver deposits. CNRIF will review the reports with MEM officials in a web meeting scheduled for early October as a result of the study and report completion.