TSXV: LCO
US Symbol: ECNRF
VANCOUVER, May 24, 2012 /PRNewswire/ - El Condor Minerals
Inc. ("El Condor" or the "Company") is pleased to announce the
analytical results from a third and final 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
southwest of the known resource, along two drill sections 150 and
200 meters south of the drilling completed in 2008 by Southampton
Ventures Inc.
The Horden Lake resource occurs in a
copper-nickel-platinum group element ("PGE") deposit associated
with a gabbro sill complex. The mineralization occurs primarily as
semi-massive to massive sulfide in the footwall of the gabbro sill
("Main Zone"). Most of the mineralization is hosted in the
underlying meta-sedimentary rocks, but there are also disseminated
sulfides in the gabbro complex itself, offering potential for
widespread lower grade but shallow extensions to the resource.
Results from the four drill holes are summarized
in Table 1.3. Drill hole locations are shown on Figure
1.3.
Table 1.3 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
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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-12-86 |
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49.3 |
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12.8 |
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0.85 |
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0.25 |
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0.044 |
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0.11 |
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0.02 |
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0.06 |
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7.7 |
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12.5 |
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HN-12-87 |
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135.4 |
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15.7 |
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0.45 |
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0.15 |
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0.014 |
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0.11 |
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0.02 |
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0.04 |
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4.4 |
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14.2 |
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HN-12-89 |
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40.4 |
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18.1 |
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0.87 |
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0.31 |
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0.025 |
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0.15 |
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0.04 |
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0.08 |
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8.8 |
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17.6 |
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HN-12-90 |
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154.7 |
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10.3 |
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0.82 |
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0.24 |
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0.019 |
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0.19 |
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0.08 |
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0.11 |
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9.4 |
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8.4 |
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"From" column is the upper,
starting depth of the mineralized interval reported.
Intercepts represent assay intervals from disseminated
mineralization in the gabbro sill complex. |
"The fence of drill holes completed to the southwest of the
resource area demonstrates continued presence of good metal grades
in the Main Zone, and adds 200 meters to the strike length of
mineralization beyond the resources outlined by the Southampton drilling in 2008" commented
Leigh Freeman, El Condor President
& CEO.
Discussion of Geology and Drill Results
These holes were all drilled towards the
southeast in order to intercept the mineralized body at a high
angle. Nominal drill spacing along the section is
approximately 50 meters. These new intercepts represent an
extension of approximately 50 meters along strike from previous
drilling.
The Cu-Ni-PGE mineralization at Horden Lake is
associated with a northeast trending, northwest dipping gabbroic
sill-like complex. INCO and Noranda discovered the gabbro body and
associated mineralization during a regional airborne and surface
exploration program in the 1960's. The Main Zone of mineralization
is comprised of massive to semi-massive and disseminated
mineralization occurring in the footwall contact zone of the gabbro
with metasedimentary rocks, but is primarily hosted by the
metasedimentary package. At the property scale, the Main Zone
is tabular in shape, dipping approximately 55º northwest.
The Horden Lake resources are predominantly
contained in the metasediments beneath the gabbro. However,
disseminated mineralization also occurs in certain phases of the
igneous suite, offering potential for more widespread, lower-grade
but shallow mineralization.
Quality Control and Qualified Person Review
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.
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 1.3 Drill Hole Location Map (CNW
Group/El Condor Minerals Inc.)". Image available at:
http://photos.newswire.ca/images/download/20120524_C2273_PHOTO_EN_14119.jpg