Apr 30 2014
Cordoba Minerals Corp. ("Cordoba" or the "Company") is pleased to announce that it has secured the rights to the Guadalajara Project located in the Department of Cordoba, Colombia that is interpreted as being highly prospective for porphyry style mineralization and displays extensive areas of varying porphyry-style alteration, and numerous gold-anomalous drainages.
The Guadalajara Project is a 2,000 hectare land package located 13 kilometres to the SSW of BHP Billiton's Cerro Matoso open pit nickel mine and within seven kilometers of the Company's San Matias Project (see Figure 1). The Guadalajara Project area is largely associated with intrusive rocks and mafic/intermediate volcanic rocks that display extensive zones of porphyry-style propyllitic alteration and zones of diatreme breccia development and is therefore highly prospective for porphyry-style mineralization. To date the major diatreme breccia located is over one kilometre in strike and displays both volcanic and intrusive clasts with potassic-style alteration (magnetite and secondary biotite) associated with a matrix of phyllic and propyllitic alteration styles. Stream sediment sampling in this area has shown numerous drainages with visible gold in pan concentrate samples.
Mario Stifano, CEO of Cordoba, commented: "The Company has been leveraging its geological knowledge and first mover advantage in this highly prospective and unexplored copper-gold porphyry district, by locking up what we believe is ground with the most potential for large copper-gold porphyry discoveries."
Transaction Terms
Cordoba has paid an initial US$50,000 payment on signing of the agreement with a commitment to spend US$250,000 in exploration activities within one year. After completion of the exploration expenditures the Company will be granted the option to acquire a 98% interest in the Guadalajara Project under the following terms:
- A US$150,000 payment on signing of a formal option agreement (the "Option Agreement") with minimum exploration expenditures of US$500,000 including 1,000m of drilling in the first year.
- A US$250,000 payment 12 months after the signing of the Option Agreement with minimum exploration expenditures of US$1,000,000 including at least 2,500m of drilling during the second year.
- A US$350,000 payment 24 months after the signing of the Option Agreement with minimum exploration expenditures of US$2,000,000 including at least 5,000m of drilling during the third year and completion of a NI 43-101 resource calculation by the end of the third year.
The Company will have the right to terminate the Option Agreement at any time without penalty.
On the completion of a Feasibility Study the Optionor will have the right to sell their remaining 2% stake in the Project for US$5.00 per ounce of gold and US$0.035 per pound of copper for such metals that are in the Measured and Indicated category of the NI 43-101 resource calculation. The Optionor will maintain 100% of the coal rights on the Property.
To view Figure 1 accompanying this press release, please visit the following link: http://media3.marketwire.com/docs/941827.png
Technical Information
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 +15 years in the minerals mining, consulting, exploration and research industries. Dr. Grainger is a Member of the Australian Institute of Geoscientists and Australian Institute of Mining and Metallurgy.
About Cordoba Minerals
Cordoba Minerals Corp. is a Vancouver-based mineral exploration company focused on the exploration and acquisition of copper and gold projects in Colombia. Cordoba currently owns 100% of the highly prospective San Matias Project located near operating open pit mines with ideal topography in the Department of Cordoba. For further information, please visit www.cordobamineralscorp.com.
ON BEHALF OF THE COMPANY
Mario Stifano, President and CEO
Source: http://www.cordobamineralscorp.com/s/Home.asp