Cordoba Minerals Corp. ("Cordoba" or the "Company") is pleased to announce that drilling at the Alacran Project within the Company's San Matias Copper Gold Project in Colombia has confirmed a high-grade and shallow copper-gold discovery.
The initial six drill holes in the preliminary 3,000-metre diamond drilling program all contain significant intercepts of copper and gold mineralization, often from near surface. Drilling also has demonstrated similar visual copper-sulphide mineralization in an additional four holes. Drilling to date at Alacran covers 270 metres of strike length at the northern end of a 1,300-metre defined mineralized trend. The mineralized trend remains open in all directions and at depth.
Alacran drilling highlights (refer to Table 1):
- ASA051: 111 metres @ 1.01% copper and 0.38 g/t gold (1.32% CuEq)
- ACD006A: 109 metres @ 0.95% copper and 0.35 g/t gold (1.24% CuEq)
- ACD001: 108 metres @ 0.94% copper and 0.37 g/t gold (1.24% CuEq)
- ACD005: 29 metres @ 2.72% copper and 1.16 g/t gold (3.66% CuEq)
- ACD002: 80 metres @ 0.75% copper and 0.31 g/t gold (1.0% CuEq)
Mario Stifano, President and CEO of Cordoba, commented: "Our drilling at Alacran has confirmed a significant high-grade copper-gold discovery within what we believe is potentially a large and prolific copper-gold district. The geological importance of the Alacran discovery confirms our belief that the San Matias Copper-Gold Project hosts porphyry copper-gold mineralization and high-grade replacement (or skarn-hosted) copper-gold systems. In addition, preliminary results from the proprietary Typhoon deep Induced Polarization technology deployed by the Company's joint venture partner, High Power Exploration, indicate multiple large and potentially significant sulphide chargeability targets, indicating the potential to make a world-class discovery."
Cordoba and High Power Exploration ("HPX") are jointly planning the next phase of the exploration program at the San Matias Project. Current plans include an expansion of the Typhoon survey and follow-on drilling at Alacran and additional high priority targets defined by Typhon IP and detailed airborne magnetic surveys.
Alacran Copper-Gold System
The Alacran copper-gold system is located within the Company's San Matias Copper-Gold Project in the Department of Cordoba, Colombia. The Alacran system is located on a topographic high in gently rolling topography, optimal for potential open-pit mining. Access and infrastructure are good. Alacran is approximately two kilometres southwest of the Montiel porphyry copper-gold discovery, where recent drilling interested 101 metres of 1.0% copper and 0.65 g/t gold, and two kilometres northwest of the Costa Azul porphyry copper-gold discovery, where recent drilling interested 87 metres of 0.62% copper and 0.51 g/t gold (Fig. 1). The copper-gold mineralization at Alacran is associated with stratabound replacement of a marine volcano-sedimentary sequence in the core of a faulted antiformal fold structure. The deposit comprises moderately to steeply-dipping stratigraphy that is mineralized as a series of sub-parallel replacement-style or skarn zones and associated disseminations (Fig. 2). The copper-gold mineralization is composed of multiple overprinting hydrothermal events with the main ore phase comprised of chalcopyrite-pyrrhotite-pyrite that appears to overprint a large-scale early magnetite metasomatic event.
High temperature potassic feldspar-biotite-amphibole-albite alteration in the host geological sequence, indicates that the copper-gold mineralization is proximal to a source intrusion. At least two intrusive phases, locally occurring as sills, confirm an intrusive source for the mineralizing fluids. The overall size and complexity of the hydrothermal system indicates a significant mineralization event. Mineralization occurs within all members of the sedimentary and volcanic sequence, where it can be traced over a strike length of greater than 1,300 metres and local thickness of more than 90 metres true-width from the current drilling and surface sampling (Fig. 3).
In addition to the ongoing diamond drilling program, extensive soil sampling and detailed geological mapping programs are underway to further define the extent of copper-gold mineralization at Alacran and to determine if additional mineralized zones exist. The hydrothermal alteration halo associated with the known mineralization is of kilometre-scale dimensions, indicating the potential for a substantial mineralized zone and the high probability of additional mineralized areas. A Typhoon IP and EM survey also has been completed over the northern parts of the Alacran project and data is currently being interpreted.
Typhoon is a proprietary deep IP technology, developed by HPX that generates high signal-to-noise ratios enabling accurate inversions to identify prospective targets. The recently completed Phase One Typhoon program at San Matias, which covered Montiel and the northern area of Alacran, will be expanded north and south of the currently surveyed areas as the trends and targets remain open. The final 3D inversion of the Typhoon geophysical survey is being completed and will be released in the coming weeks.
About San Matias Project
The newly discovered San Matias Copper-Gold Project comprises a 20,000-hectare land package on the inferred northern extension of the richly endowed Mid Cauca Belt in Colombia. The project contains several known areas of porphyry copper-gold mineralization, copper-gold skarn mineralization and vein-hosted, gold-copper mineralization. Porphyry mineralization at the San Matias Project incorporates high-grade zones of copper-gold mineralization hosted by diorite porphyries containing secondary biotite alteration and various orientations of sheeted and stockwork quartz-magnetite veins with chalcopyrite and bornite. The copper-gold skarn mineralization at Alacran is associated with stratabound replacement of a marine volcano-sedimentary sequence. District scale alteration and an abundance of mineralized showings at San Matias shows similarities to other world-class tier one copper-gold porphyry deposits.
The technical information has been reviewed, verified and compiled by Christian J. Grainger, PhD, a Qualified Person for the purpose of NI 43-101. Dr. Grainger is a geologist with over 15 years in the minerals mining, consulting, exploration and research industries. Dr. Grainger is a Member of the Australian Institute of Geoscientists (AIG) and Australian Institute of Mining and Metallurgy (AusIMM).
All samples have been prepared and assayed at ALS laboratory in Medellin, Colombia with gold assays being carried out as 50 gr Fire-Assays with AAS finish and all trace elements and base-metals being assayed using four Acid Digest with ICP-MS finish. The CuEq values have been calculated using a US$1,250 per ounce gold price and US$2.25 per pound copper price. The company utilizes an industry-standard QA/QC program. HQ and NQ diamond drill-core is sawn in half with one-half shipped to a sample preparation lab. The remainder of the core is stored in a secured storage facility for future assay verification. Blanks, duplicates and certified reference standards are inserted into the sample stream to monitor laboratory performance and a portion of the samples are periodically checked for assayed result quality.
Joint Venture Agreement
The San Matias Project is a joint venture between Cordoba and HPX, a private mineral exploration company founded by mining entrepreneur Robert Friedland. HPX has entered Phase One of the Joint Venture Agreement whereby HPX can earn a 25% interest in the San Matias Project by spending C$6 million. In Phase Two of the Agreement, HPX can earn a 51% interest in the San Matias Project by spending an additional C$10.5 million and can earn up to a 65% interest in the project by carrying it to feasibility.
About High Power Exploration
HPX is a privately owned, metals-focused exploration company deploying proprietary in-house geophysical technologies to rapidly evaluate buried geophysical targets. The HPX technology cluster comprises geological and geophysical systems for targeting, modelling, survey optimization, acquisition, processing and interpretation. HPX has a highly experienced board and management team led by Chairman and Chief Executive Officer Robert Friedland and co-chaired by Ian Cockerill, a former Chief Executive Officer of Gold Fields Ltd.
Table 1: Initial diamond drillhole results at the Alacran Project*
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