Condor Resources Inc. has announced that Mariana Resources Inc. has given up its control of the Soledad Project, terminating its option to claim up to 70 percent of the profits from the operation.
A project generator focusing exclusively on Peru, Condor Resources expressed surprise with the decision. Mariana Resources had completed 12 diamond drill holes in 2014, totaling 2,279 yards of drilling, and recently followed that with a deep geophysics pilot program designed to identify targets for future drilling.
“We are therefore surprised by Mariana’s decision, and understand it was made on the basis of the current difficult conditions in the financial markets as opposed to the exploration potential of the project, and we are excited to regain control of a robust project like Soledad,” Condor CEO Lyle Davis said. “Upon receipt of all the exploration data and completion by Mariana of their reclamation work, Condor will consider its strategic alternatives for Soledad, including potential option and joint venture opportunities with new partners.”
The Soledad project is an alternation system that boasts high levels of quartz tourmaline breccia pipes cluster within a 0.75-mile radius exposed at the surface level.
