Cordoba Minerals Corp. is pleased to announce that a second drill rig has been mobilized to the high-grade, near-surface Alacran Deposit, located within the San Matias Copper-Gold Project in Colombia.
Further to Cordoba's August 21, 2017 news release, the drill program that is currently underway is testing three high-priority targets, which include the new southern strike extension; the northeast extension across a WNW fault zone; and the down-dip extensions on the western side of the deposit.
Drilling in the northeast of the fault will target a strong copper-gold soil geochemical anomaly coincident with mineralized float that is underlain by a chargeability anomaly and potentially extending under a diorite sill.
Mario Stifano, President and CEO of Cordoba said, "Mobilization of a second rig allows us to accelerate the pace of drilling at Alacran, the results of which we plan to incorporate into an updated mineral resource estimate and a Preliminary Economic Assessment, both expected in the first half of 2018. We are optimistic that this drilling program will continue to yield significant results for Cordoba."
Expanding the new southern strike extension target
As reported in Cordoba's July 25, 2017 news release, drilling encountered high-grade copper-gold mineralization outside of the current mineral resource shell, demonstrating potential to significantly expand the current resource estimate. Drill hole ACD066 indicated that previous drilling in the southern-most part of the property was collared too far west and that the copper-gold deposit is offset to the east by post-mineralization faulting, indicating potential for undrilled strike extensions of almost 500 metres.
Highlights from drill hole ACD066 include:
- 48 metres @ 0.70% copper and 0.19 g/t gold (0.84% CuEq) from 0 metres, including:
- 12 metres @ 1.13% copper and 0.26 g/t gold (1.32% CuEq) from 20 metres.
- 34 metres @ 0.37% copper and 0.14 g/t gold (0.48% CuEq) from 60 metres, including:
- 8 metres @ 0.73% copper and 0.37 g/t gold (1.01% CuEq) from 57 metres.
- 22 metres @ 0.24% copper and 0.08 g/t gold (0.30% CuEq) from 110 metres
Alacran copper-gold system
The Alacran copper-gold system is located within the San Matias Copper-Gold Project in the Department of Cordoba, Colombia, 200 km North of Medellin. San Matias comprises a 20,000-hectare land package. The project contains several known areas of porphyry copper-gold and IOCG and/or CRD mineralization and gold veins.
The Alacran copper-gold system is located on a topographic high in gently rolling topography, optimal for potential open-pit mining. Access and infrastructure are considered favourable.
The Inferred Mineral resources at Alacran are 53.5 million tonnes of 0.70% copper and 0.37 g/t gold. Alacran is approximately two kilometres southwest of the Company's Montiel porphyry copper-gold discovery, where drilling intersected 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 drilling intersected 87 metres of 0.62% copper and 0.51 g/t gold.
The copper-gold mineralization at Alacran is associated with stratabound replacement of a marine volcano-sedimentary sequence in a faulted antiformal fold structure. The deposit comprises moderately to steeply-dipping stratigraphy that is mineralized as a series of sub-parallel replacement-style zones and associated disseminations. The mineralization is composed of multiple overprinting hydrothermal events with the main ore phase comprised of chalcopyrite-pyrrhotite-pyrite that appears to overprint an early magnetite metasomatic event.
The technical information in this release has been reviewed, verified and compiled by Christian J. Grainger, Ph.D., a Qualified Person for the purpose of NI 43-101. Dr. Grainger is not considered independent under NI 43-101 as he is a consultant to Cordoba Minerals. Dr. Grainger is a geologist with over 18 years in the minerals mining, consulting, exploration and research industries. Dr. Grainger is a Member of the Australian Institute of Geoscientists (AIG).
The Alacran initial Inferred Mineral Resource estimate was completed by Mining Associates Limited and reported by the Company on January 5, 2017, and is in accordance with National Instrument 43-101 and the 2014 Canadian Institute of Mining (CIM) definition standards. Inferred Mineral Resources are considered to be too speculative geologically to have the economic considerations applied to them to be categorized as Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.