Mr. Mario Stifano reports
CORDOBA MINERALS CONFIRMS A SIGNIFICANT COPPER-GOLD DISCOVERY AT THE ALACRAN PROJECT WITH 111 METRES OF 1.01% COPPER AND 0.38 G/T GOLD
Drilling at the Alacran project within Cordoba Minerals Corp.'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
- ASA051: 111 metres at 1.01 per cent copper and 0.38 gram per tonne gold (1.32 per cent copper equivalent (CuEq));
- ACD006A: 109 metres at 0.95 per cent copper and 0.35 g/t gold (1.24 per cent CuEq);
- ACD001: 108 metres at 0.94 per cent copper and 0.37 g/t gold (1.24 per cent CuEq);
- ACD005: 29 metres at 2.72 per cent copper and 1.16 g/t gold (3.66 per cent CuEq);
- ACD002: 80 metres at 0.75 per cent copper and 0.31 g/t gold (1.0 per cent CuEq).
Mario Stifano, president and chief executive officer 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.
Details
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 per cent 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 per cent copper and 0.51 g/t gold. The copper-gold mineralization at Alacran is associated with strata-bound replacement of a marine volcanosedimentary sequence in the core of a faulted anti-formal fold structure. The deposit comprises moderately to steeply dipping stratigraphy that is mineralized as a series of subparallel replacement-style or skarn zones and associated disseminations. The copper-gold mineralization is composed of multiple overprinting hydrothermal events with the main ore phase comprising 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 indicate 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.
Alacran exploration
In addition to the continuing diamond drilling program, extensive soil sampling and detailed geological mapping programs are under way 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 electromagnetic survey also has been completed over the northern parts of the Alacran project and data are currently being interpreted.
Typhoon
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 3-D 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 strata-bound replacement of a marine volcanosedimentary sequence. District-scale alteration and an abundance of mineralized showings at San Matias show similarities to other world-class Tier 1 copper-gold porphyry deposits.
Technical information
The technical information has been reviewed, verified and compiled by Dr. Christian J. Grainger, PhD, a qualified person for the purpose of National Instrument 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's laboratory in Medellin, Colombia, with gold assays being carried out as 50-gram fire assays with atomic absorption spectroscopy finish and all trace elements and base metals being assayed using four-acid digest with inductively coupled plasma-mass spectrometry finish. The CuEq values have been calculated using a $1,250 (U.S.) per ounce gold price and $2.25 (U.S.) per pound copper price. The company utilizes an industry-standard quality assurance/quality control 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-per-cent interest in the San Matias project by spending $6-million. In phase two of the agreement, HPX can earn a 51-per-cent interest in the San Matias project by spending an additional $10.5-million and can earn up to a 65-per-cent interest in the project by carrying it to feasibility.
INITIAL DIAMOND DRILL HOLE RESULTS AT THE ALACRAN PROJECT(i)
Interval
Drill hole From To (ii) Copper Gold
(m) (m) (m) (%) (g/t)
ASA-051 6 117 111 1.01 0.38
123 143 20 0.62 0.17
151 153 2 0.75 0.14
ACD-001 53 57 4 0.43 0.25
63 68 5 0.35 0.12
77 88 11 0.72 0.02
101 118 17 0.36 0.10
132 240 108 0.94 0.37
247 248 1 0.79 0.36
264 272 8 0.48 0.07
279 280 1 0.91 0.09
ACD-002 107 118 11 0.40 0.18
126 206 80 0.75 0.31
212 220 8 0.16 0.27
249 262 13 0.42 0.06
ACD-003 98 113 15 0.65 0.29
130 193 63 0.37 0.15
200 209 9 0.25 0.04
216 220 3 0.28 0.28
ACD-004 42 74 32 0.62 0.12
83 92 9 0.62 0.22
101 169 68 0.64 0.20
177 197 20 0.69 0.24
204 215 11 0.55 0.21
ACD-005 18 47 29 2.72 1.16
53 64 11 0.36 0.35
ACD-006A 2 111 109 0.95 0.35
120 125 5 0.33 0.04
Notes
(i) True-width intervals of the mineralization are interpreted as being
true widths of between 90 and 100 per cent from oriented diamond drill
core and sectional interpretation.
(ii) Intercepts calculated at cut-off of 0.35 per cent CuEq with maximum
internal dilution of five m.
(iii) Assays pending for drill holes ACD-007, ACD-008, ACD-009 and
ACD-010.
We seek Safe Harbor.
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