Santa Ana Silver Project

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Santa Ana covers the core of the historic Mariquita Silver District, one of Colombia's most prolific colonial silver mining camps with production dating back to the sixteenth century. Santa Ana comprises 669 hectares of the historic Mariquita Silver District, one of Colombia's most prolific colonial silver mining camps with production dating back to the sixteenth century. The property is located approximately 190 kilometres ENE of Bogota in Tolima, Colombia.

A NI 43-101 Technical Report on the Santa Ana Property dated April, 2013, coauthored by Doublewood Consulting Inc. and Antediluvial Consulting Inc., cited the following archival information from historical Spanish documents regarding past production at Santa Ana:

"The La Porfia, El Dorado, La Manta and La Obdulia mines are located within the property as part of the historic colonial Santa Ana silver mines. The average smelter return for silver ore during those days was "4 marcos per quintal" (approximately 17 kg/t Ag) according to official reports of Hacienda Santa Fe (year 1585) also reporting widths exceeding 1 1/2 varas (4 1/2 feet). More veins were discovered in the Santa Ana (today Falan) and Frias region following exploration during the XVI Century, adding 14 new mines to the district, all of them producing over 1 marco of silver per quintal (approximately 4.3 kg/t Ag)."

Geology

The Santa Ana property is located on the eastern side of the Central Cordillera, underlain by highly deformed Paleozoic schists, quartzites and gneisses of the Cajamarca formation, intruded by the Tertiary El Hatillo granodiorite stock. The polymetallic silver-gold veins are characteristic of an intrusion related silver rich system later overprinted by a low sulphidation epithermal system in a thrust and fold setting. They are comprised of variable amounts of pyrite, sphalerite, galena, silver sulphosalts, native silver and gold in a gangue of quartz and adularia. The veins generally strike N-S to NNE and dip 45 to 85 degrees W to NW. They are directly related to right-lateral strike-slip movement on the regional scale Palestina Fault System.

Deposit

Preliminary prospecting, rock chip sampling, and drilling were carried out by Condor between 2012 and 2014. Chip samples of vein material collected in 2012 from the historic Santa Ana mine tunnels returned assay values as high as 11 g/t Au and 2,820 g/t Ag. Other high silver values included 929 g/t Ag, 600 g/t Ag and 443 g/t Ag. Chip samples collected from outcrops in 2013-2014 returned several high gold values along with high silver values, including: 68 g/t Au and 422 g/t Ag; 48 g/t Au and 81 g/t Ag; and 36 g/t Au and 163 g/t Ag.

A preliminary diamond drilling programme was conducted in 2012 completing eight shallow holes for a total of 1,170 metres. All of the holes were drilled from a single platform and tested the down-dip extension of vein mineralization below the historic Santa Ana mine tunnels. The results further highlighted the potential for bonanza-type silver-gold veins, with drill intersections including: 1,751 g/t (51 oz/t) AgEq over 3.04 metres; 1,465 g/t (43 oz/t) AgEq over 1.82 metres; and 2,545 g/t (75 oz/t) AgEq over 1.34 metres.

Table 1: Santa Ana Drill Intersections

Hole From (m) To (m) Length (m) Au (g/t) Ag (g/t) AgEq (g/t)
CP-1201 78.45 79.30 0.85 1.34 667 760
CP-1202 110.03 110.56 0.53 1.21 389 473
CP-1203 83.82 86.86 3.04 3.68 1,495 1,751
CP-1203 100.58 102.40 1.82 1.26 1,378 1,465
CP-1204 133.15 134.97 1.82 0.47 149 182
CP-1205 70.10 74.70 4.60 0.32 179 201
CP-1205 88.00 88.80 0.80 1.64 532 646
CP-1205 104.84 107.22 2.38 0.38 193 219
CP-1206 124.66 125.15 0.49 0.34 742 765
CP-1206 137.00 137.66 0.66 1.89 685 816
CP-1207 170.47 170.76 0.29 2.45 746 916
Drill Section A Map Drill Section B Map

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