Cordoba Minerals Corp. announced today that High Power Exploration Inc., a private mineral exploration company indirectly controlled by mining entrepreneur Robert Friedland, has completed Phase One of the Joint Venture Agreement and has now earned an initial, 25% interest in the San Matias Copper-Gold Project in Colombia.
Phase Two of the Joint Venture Agreement has now commenced, whereby HPX can earn a 51% interest in San Matias by spending an additional C$10.5 million, for total exploration expenditures of C$19 million. HPX can increase its ownership in the San Matias Project to 65% by carrying it to feasibility.
Cordoba and HPX have started a follow-on, 2,100-metre drilling program at the Alacran Copper-Gold Project ("Alacran" or "Alacran Project") where recent drilling intersected 150 metres of 0.73% copper and 0.49 g/t gold in the main zone with mineralization open in all directions and to depth. The current drill program is designed to test the potential eastern extension of the deposit where recent results from soil sampling have identified a 1.3-kilometre by 800-metre gold and copper soil anomaly. The Company is targeting issuing an initial NI 43-101 resource for Alacran during the third quarter of 2016. The prior operator completed a historical inferred resource of 37 million tonnes of 0.62% copper and 0.40 g/t gold.
In addition, a 10,000-metre drilling program designed to test targets identified from the initial Typhoon IP survey has been initiated and expected to commence in the coming weeks. This drilling program will also include follow-on drilling at the Montiel porphyry target, where previous drilling intersected 100 metres of 1.0% copper and 0.65 g/t gold. An expansion of the Typhoon IP survey is underway and will cover an additional 14 km2 including southern Alacran and the Costa Azul porphyry target, where previous drilling intersected 87 metres of 0.62% copper and 0.51 g/t gold.
Mario Stifano, President and CEO of Cordoba, commented: "We are pleased that our partner HPX has committed to an extensive 12,000-metre drill program now underway at San Matias and significantly expanding the Typhoon survey to cover an area double in size from the previous survey. Drilling will focus on the opportunity to expand the near-surface copper-gold deposit at Alacran, while also testing targets identified by the completed phase one Typhoon survey, where results indicate multiple large and potentially significant sulphide chargeability targets."
Highlights of Phase One of the Joint Venture include the acquisition and consolidation of the Alacran Project, an initial 3,000 metres of drilling, completion of the first phase of the proprietary Typhoon Induced Polarization (IP) and Electromagnetic (EM) survey covering an initial 7.5 km2 area, and key investments in community relations.