Ecuador Resources

[Tackler]

Goldmarca drills 2.75 gpt Au over 284 m on Condor

2006-09-21 14:37 ET - News Release

Mr. Robin Slaughter reports

GOLDMARCA DRILLING HITS HIGH GRADE ZONE AT THE CONDOR GOLD PROJECT ECUADOR INTERSECTING 284 METRES OF METRES OF 2.75 GRAMS PER TONNE OF GOLD INCLUDING AN INTERCEPT OF 98 METRES OF 6.05 GRAMS PER TONNE OF GOLD

At Goldmarca Ltd.'s Condor gold project in Ecuador, a drill hole has intersected a high-grade gold zone in the Los Cuyes sector of 308 metres of 2.57 grams per tonne gold including 284 metres of 2.75 grams per tonne gold including 98 metres of 6.05 grams per tonne gold and 24 metres of 12.7 grams per tonne gold, 72.9 grams per tonne silver and 4.1 per cent zinc. True width is estimated to be approximately to 60 per cent of the drill intercepts.

CONDOR GOLD PROJECT DRILLING RESULTS DCU 17B SEPTEMBER, 2006

 
 Hole #   From(m) To(m) Intercept(m) Au(g/t) Ag(g/t) Zn(%) 
 CU-17B	  108	   416	   308	    2.57    19.1    0.94 
 Incl.	  108      392     284      2.75    20.2    0.99 
 Incl.	  108	   296     188      3.68    27.4    1.40 
 Incl. 	  198	   296     98       6.05    34.7    1.80 
 Incl.	  202	   242     40       8.98    55.4    2.78 
 Incl.	  202	   226     24      12.70    72.9    4.10 
 

As previously reported at Los Cuyes sector hole DCU-17 was abandoned at 232 metres in the higher-grade mineralized zone due to operational problems. DCU-17B is a twin hole drilled to final depth of 448 metres and the results reported in this release updates the partial drill results reported for drill hole DCU-17 in news release in Stockwatch dated Aug. 21, 2006.

The drill results set out above demonstrate the potential for higher-grade mineralization at the Los Cuyes Sector in the Condor gold project, within the mineralized envelope of 500 metres length mapped, 300 metres in width and 300 metres to 400 metres deep. The Los Cuyes breccias represent a window of a large epithermal system inside a breccia camp with surface dimensions of 1.5 km by 1.5 km and 400 m in depth. The breccia camp includes:


San Jose;
Bonanza;
Soledad;
Guayas;
Buena
Esperanza;
Brechas Negras;
Gossan Luna;
Los Cuyes;
Pangui; and
Reina del Cisne.

These breccias have been localized by mapping and by drilling and drill logs. The breccia mineralization is apparently structurally controlled. The geophysical program at Condor has been completed and the anomalies are being interpreted for targeting future drilling. The plan is to continue to drill the known breccias to define resources and drill exploration targets aided by previous drilling and geophysics. The Condor geological model (lower zone -- breccias) has close similarities to the Pascua gold deposits in Chile (breccias -- lower zone) with an additional disseminated type in upper zones in volcanoclastic cover.

Drilling comprises NQ diamond core with recovery close to 100 per cent. The core samples are sawed in half and half the core was crushed and pulverized, and then assayed for gold, silver and zinc at the Acme Laboratory in Vancouver, B.C., Canada, by fire assay with an ICPAES or gravimetric finish. Sample preparation was performed by Acme's sample preparation facility in Cuenca, Ecuador. As part of quality-assurance, quality-control (QA/QC) certified standards of known gold content are inserted every 20 samples, blanks were inserted every 20 samples, and field and laboratory blind duplicates taken every 20 samples. The other half of the core is retained on-site for verification and reference purposes.

Dr. Howard Lahti, PhD, geology, is acting as qualified person in compliance with National Instrument 43-101 with respect to this release. He has reviewed the contents for accuracy.