Cordoba Minerals Corp. (TSX VENTURE:CDB)(OTCQX:CDBMF) ("Cordoba" or the "Company") and its joint-venture partner, High Power Exploration Inc. ("HPX"), a private mineral exploration company indirectly controlled by mining entrepreneur Robert Friedland's Ivanhoe Industries, LLC, are pleased to announce an initial Mineral Resource estimate for the Alacran Copper-Gold Deposit in Colombia.
Highlights (the figures referenced are at end of news release)
- The initial, pit-constrained, Inferred Mineral Resource for the Alacran Deposit is 53.52 million tonnes at 0.70% copper and 0.37 g/t gold, or 0.95% copper equivalent (CuEq), including 7.37 million tonnes at 2.14% copper and 0.41 g/t gold above 1% copper (Cu) cut off.
- The Inferred Mineral Resource is contained within a shallow, north-south trending mineralized corridor that is approximately 1.3 kilometres long and up to 355 metres wide.
- Mineral resources are reported within a conceptual open-pit shell which extends for the full length of the 1.3 kilometre corridor and to a depth of 220 metres below surface (see figure 2 and 4). The broad horizontal widths of mineral resource zones from surface are considered favorable for potential open-pit development at relatively low potential strip ratios, subject to the demonstration of economic viability (see figures 2, 4, 5 & 6).
- Copper-gold mineralization has been intercepted in drill holes below the conceptual pit shell and also at depths greater than 220 metres below surface; however, this mineralization was not included in the initial Inferred Mineral Resource due to insufficient drilling at the Mineral Resource cut-off date (see figures 4, 5 & 6). This mineralization provides the joint venture with immediate drilling targets which could materially expand the Inferred Mineral Resource.
- The Alacran mineralized system remains open to depth. Surface copper-gold geochemical anomalies also indicate significant potential for additional mineralized zones to the east and west of the Mineral Resource.
- The potential for the discovery of the mineralizing source for the high-grade copper and gold at Alacran is considered strong. Drill targets have been identified and will be aggressively tested by the joint venture this year.
Table 1: El Alacran Mineral Resource as at October 27, 2016
* Pit constrained mineral resources are reported in relation to a conceptual Whittle pit shell. Mineral resources are not mineral reserves and do not have demonstrated economic viability. All figures are rounded to reflect the relative accuracy of the estimate. Mt: millions of tonnes; Mlb: millions of pounds; Koz: thousands of ounces.
**Copper equivalent grades are based on estimated copper and gold values, metal prices $2.50/lb Cu and $1300/oz gold (Au). Metal prices are not constant and are subject to change.
*** Pit constrained mineral resources are reported at a copper equivalent cut-off of 0.3% and applying assumed metal recoveries of 90% for Cu and 80% for Au. Note no metallurgical test work has been undertaken by Cordoba and the recoveries are estimates only.
**** Capped copper and gold assay composites were interpolated by ordinary kriging constrained within geologically constrained copper-gold grade shell boundaries (Figure 3).
The Mineral Resource estimate was independently prepared by Mining Associates Limited ("MA"), a leading global geological, resource and mining consultancy, and is reported in accordance with National Instrument 43-101 ("NI 43-101") and the 2014 CIM Definition Standards. The Inferred Mineral Resource estimate is based on 20,200 metres of diamond drilling completed as at October 27, 2016.
Mario Stifano, President and CEO of Cordoba, commented, "We are pleased with the initial mineral resource which demonstrates the potential for the Alacran Project to host a significant tonnage of high-grade, potentially open-pittable copper-gold mineralization. This is just the beginning as our ongoing, aggressive drilling program is aimed at growing the mineral resources in size and confidence levels, extending high-grade copper- and gold-rich mineralized zones and drilling additional exploration targets with potential to add a new and significant exploration front to Alacran."