TSXV: LCO
US Symbol: ECNRF
VANCOUVER, May 8, 2012 /PRNewswire/ - El Condor Minerals
Inc. ("El Condor" or the "Company") is pleased to announce the
analytical results from a 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 to the northeast of the known resource,
along a section 50 meters north of the drilling completed in 2008
by Southampton Ventures Inc.
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.
Analytical results from the four drill holes are
summarized in Table 1.1. Drill hole locations are shown on
Figure 1.1. 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 1.1. Horden Lake Diamond Drill Hole
Results
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% |
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g/t |
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Est.True |
Drill Hole # |
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From (m) |
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Length (m) |
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Cu |
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Ni |
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Co |
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Pd |
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Pt |
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Au |
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Ag |
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Width (m) |
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HN-12-82 |
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69.8 |
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7.7 |
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2.75 |
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0.45 |
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0.052 |
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0.47 |
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0.41 |
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1.30 |
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40.1 |
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7.5 |
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HN-12-84 |
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87.4 |
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15.8 |
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1.75 |
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0.36 |
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0.030 |
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0.34 |
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0.05 |
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0.32 |
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26.4 |
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12.6 |
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including |
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8.2 |
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2.18 |
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0.43 |
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0.039 |
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0.42 |
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0.07 |
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0.39 |
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32.3 |
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6.5 |
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HN-12-85 |
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37.0 |
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9.0 |
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0.36 |
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0.18 |
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0.009 |
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0.37 |
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0.09 |
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0.14 |
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3.3 |
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unknown |
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145.0 |
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2.1 |
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1.29 |
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0.41 |
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0.017 |
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0.23 |
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0.07 |
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0.10 |
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20.6 |
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1.7 |
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HN-12-91 |
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111.0 |
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3.3 |
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0.38 |
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0.16 |
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0.009 |
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0.35 |
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0.11 |
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0.64 |
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9.8 |
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unknown |
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188.1 |
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12.3 |
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1.14 |
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0.26 |
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0.016 |
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0.19 |
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0.15 |
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0.17 |
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17.2 |
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9.8 |
"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. |
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"The fence of drill holes completed to the
northeast of the resource area continues to demonstrate excellent
metal grades in the Main Zone, especially the copper values.
We are anxious to continue exploration efforts and potential
resource expansion to the northeast on the Horden Lake property and
onto the adjacent Glitter Lake property, which the Company recently
optioned from Pacific North West Capital," commented Leigh Freeman, El Condor President &
CEO.
Additional Horden Lake drill results are being
processed and will be released as they become available.
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 43-101 standards (MMSA - #01088QP), is responsible for the
technical and geological content of this news release, and for
approval of the QA/QC program.
Glitter Lake Property Option
The Company is also pleased to report that it
has received regulatory approval for the Glitter Lake Property
transaction, originally reported in its May
2, 2012 news release. El Condor has also now provided
the initial consideration of cash and shares due to the vendor as
the first phase of exercising its option to acquire the
1,008-hectare Property. As indicated above, plans for
exploration at Glitter Lake are currently being developed in
conjunction with the potential expansion of the Company's
copper-nickel resource at Horden Lake, directly to the south of the
main block of the newly-acquired Glitter Lake claims.
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 43-101 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: www.elcondorminerals.com.
ON BEHALF OF THE BOARD OF DIRECTORS
"Leigh W. Freeman"
President & CEO
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.
SOURCE El Condor Minerals Inc.
Image with caption: "Figure 1.1 Drill Hole Location Map (CNW
Group/El Condor Minerals Inc.)". Image available at:
http://photos.newswire.ca/images/download/20120508_C5116_PHOTO_EN_13236.jpg