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Cordoba Minerals Corp (2)
Symbol	CDB
Shares Issued	86,895,436
Close 2017-01-11	C$ 0.75
Market Cap	C$ 65,171,577
Recent Sedar Documents View Original Document

Cordoba drills 108 m of 1.26% Cu, 0.87 g/t Au at Matias

2017-01-11 07:16 ET - News Release

Mr. Mario Stifano reports

CORDOBA MINERALS INTERSECTS 108 METRES OF 1.26% COPPER AND 0.87 G/T GOLD AT THE ALACRAN DEPOSIT

Cordoba Minerals Corp. and its joint venture partner, High Power Exploration Inc., a private mineral exploration company indirectly controlled by mining entrepreneur Robert Friedland's Ivanhoe Industries LLC, have provided an update. Drilling at the San Matias copper-gold project in Colombia has significantly expanded the volume of near-surface copper-gold mineralization at the Alacran deposit. Copper mineralization at Alacran has been intersected over a strike length of 1.3 kilometres, to widths of up to 400 metres, and extends from surface to depths of more than 260 metres below surface.

Recent Alacran drilling highlights (refer to the associated table for complete drilling results):

ACD028:
- 24 metres (m) at 1.64 per cent copper (Cu) plus 0.62 gram per tonne gold (Au) (from 42 m), including:
  - Six m at 1.97 per cent Cu plus 0.91 g/t Au (from 50 m);
  - Four m at 3.69 per cent Cu plus 1.06 g/t Au (from 62 m).
ACD032:
- 66 m at 1.20 per cent Cu plus 0.23 g/t Au (from 46 m), including:
  - 14 m at 3.31 per cent Cu plus 0.26 g/t Au (from 60 m);
  - Six m at 1.95 per cent Cu plus 0.72 g/t Au (from 98 m).
ACD033:
- 108 m at 1.26 per cent Cu plus 0.87 g/t Au (from zero m), including:
  - 26 m at 1.48 per cent Cu plus 1.37 g/t Au (from 20 m);
  - 26 m at 3.18 per cent Cu plus 1.62 g/t Au (from 62 m).
ACD035:
- 34 m at 0.75 per cent Cu plus 0.47 g/t Au (from six m), including:
  - 18 m at 1.20 per cent Cu plus 0.74 g/t Au (from 22 m);
  - 60 m at 0.40 per cent Cu plus 0.21 g/t Au (from 122 m).

Hole ACD033 (108 m at 1.26 per cent Cu plus 0.87 g/t Au) has returned one of the best intersections to date on the project with mineralization outside the current inferred mineral resource shell. The recent drilling results demonstrate the potential to significantly increase the current inferred mineral resource at Alacran of 53.5 million tonnes of 0.70 per cent copper and 0.37 g/t gold announced in a press release dated Jan. 5, 2017. The area around hole ACD033 is a priority target to follow up with additional drilling to the east, where the mineralization remains open.

Prior to the current drilling program, the mineralization at Alacran was believed to be striking in a north-south direction, with a subvertical westerly dip. This drilling campaign has shown that the mineralization dips more moderately to the west, conformable to the host stratigraphy, adding additional shallow mineralization updip to the east. Moving from north to south, the host stratigraphy appears to steepen while the mineralization changes from pyrrhotite-pyrite-chalcopyrite to magnetite-chalcopyrite. Based on magnetic and induced polarization surveys, attractive exploration targets remain down plunge and along strike.

Mario Stifano, president and chief executive officer of Cordoba, commented: "These drill results highlight the potential for Alacran to host a large high-grade, open-pittable, copper-gold deposit. Current drilling at Alacran will continue to test the eastern extensions of the deposit as well as priority exploration to identify and target the potential source for the mineralization at Alacran."

Alacran copper-gold system

The Alacran copper-gold system is located within the San Matias copper-gold project in the department of Cordoba, Colombia. The 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.

The Alacran system is located on a topographic high in gently rolling topography, optimal for potential open-pit mining. Access and infrastructure are considered favourable. Alacran is approximately two kilometres southwest of the company's Montiel porphyry copper-gold discovery, where drilling intersected 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 drilling intersected 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 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 subparallel replacement-style 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 an early magnetite metasomatic event.

Technical information

The technical information has been reviewed and verified 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).

Copper-equivalent values have been calculated using a $1,300-(U.S.)-per-ounce gold price and $2.50-(U.S.)-per-pound copper price.

Cordoba utilizes a comprehensive industry-standard quality assurance/quality control program. HQ and NQ diamond drill core is sawn in two halves, and one-half is sampled and shipped to a sample preparation laboratory. The other half of the core is stored in a secure facility for future assay verification. All samples are prepared at ALS Minerals Laboratory in Medellin, Colombia, and assayed at ALS Minerals Laboratory in Lima, Peru. ALS Minerals operates in accordance with ISO/IEC 17025.

Gold is determined by 50-gram fire assay with an atomic absorption spectroscopy finish. An initial multielement suite comprising copper, molybdenum, silver and additional elements is analyzed by four-acid digest with an ICP-ES (inductively coupled plasma emission spectroscopy) or ICP-MS (inductively coupled plasma mass-spectrometry) finish. All samples with copper values over 2,000 parts per million are reassayed by a method for higher grades, which also uses a four-acid digest with an ICP-ES finish.

Cordoba also performs check assays on a regular basis at an independent laboratory. The company regularly conducts independent on-site reviews and laboratory audits to ensure procedural compliance for maintaining industry-standard best practices. Selected samples of elevated gold grades have been submitted to ALS Lima for metallic screen analysis for the possible presence of coarse gold. Assays are pending.

Joint venture agreement

The San Matias project is a joint venture between Cordoba and HPX. HPX has earned a 51-per-cent interest in the San Matias project by spending a cumulative total of $19-million on exploration expenditures on the project. Cordoba and HPX have entered phase three of their joint venture agreement, whereby HPX can earn a 65-per-cent interest in the project by completing a feasibility study.

About Cordoba Minerals

Cordoba Minerals is a Toronto-based mineral exploration company focused on the exploration and acquisition of copper and gold projects in Colombia. Cordoba has a joint venture with High Power Exploration on the highly prospective, district-scale San Matias copper-gold project located at sea level with excellent infrastructure and near operating open-pit mines in the department of Cordoba.


Hole ID

ACD023

including and

ACD024

including

including ACD025

including and

including and ACD026

including

including ACD027 including and and

ACD028

including and ACD029 including ACD030 including and ACD031

including and ACD032

including and and and and and

ACD033 including and and and and ACD034 including

including ACD035 including and and and

including

including and

Notes * Intercepts calculated using: 0.3-per-cent The 1.0-per-cent The 2.0-per-cent The "including" higher-grade portions therein. True width intervals widths from Copper-equivalent $1,300-(U.S.)-per-ounce For intercept capped at 10

DIAMOND DRILL HOLE RESULTS AT THE ALACRAN PROJECT* From (m) To (m) Interval (m) eCu (%) Summary eCu cut-off (%) 46 55 9 0.41 9 m at 0.22% Cu plus 0.25 g/t Au (from 46 m) 0.30% 83 91 8 1.08 8 m at 0.77% Cu plus 0.41 g/t Au (from 83 m) 0.30% 83 90 7 1.19 7 m at 0.87% Cu plus 0.42 g/t Au (from 83 m) 1.00% 83 85 2 2.19 2 m at 1.72% Cu plus 0.62 g/t Au (from 83 m) 2.00% 101 133 32 0.33 32 m at 0.3% Cu plus 0.04 g/t Au (from 101 m) 0.30% 147 165 18 0.35 18 m at 0.27% Cu plus 0.11 g/t Au (from 147 m) 0.30% 0 11 11 0.52 11 m at 0.22% Cu plus 0.39 g/t Au (from 0 m) 0.30% 19 29 10 0.37 10 m at 0.31% Cu plus 0.08 g/t Au (from 19 m) 0.30% 93 117 24 0.69 24 m at 0.45% Cu plus 0.32 g/t Au (from 93 m) 0.30% 93 103 10 1.08 10 m at 0.65% Cu plus 0.57 g/t Au (from 93 m) 1.00% 141 173 32 0.50 32 m at 0.42% Cu plus 0.1 g/t Au (from 141 m) 0.30% 169 173 4 1.25 4 m at 1.03% Cu plus 0.28 g/t Au (from 169 m) 1.00% 0 6 6 0.54 6 m at 0.3% Cu plus 0.31 g/t Au (from 0 m) 0.30% 86 112 26 0.72 26 m at 0.32% Cu plus 0.52 g/t Au (from 86 m) 0.30% 92 96 4 1.43 4 m at 0% Cu plus 1.88 g/t Au (from 92 m) 1.00% 108 110 2 2.23 2 m at 1.6% Cu plus 0.83 g/t Au (from 108 m) 2.00% 122 134 12 0.59 12 m at 0.33% Cu plus 0.34 g/t Au (from 122 m) 0.30% 254 260 6 1.46 6 m at 1.23% Cu plus 0.3 g/t Au (from 254 m) 0.30% 254 258 4 1.78 4 m at 1.53% Cu plus 0.32 g/t Au (from 254 m) 1.00% 256 258 2 2.51 2 m at 2.14% Cu plus 0.49 g/t Au (from 256 m) 2.00% 30 40 10 0.52 10 m at 0.49% Cu plus 0.04 g/t Au (from 30 m) 0.30% 48 84 36 0.79 36 m at 0.56% Cu plus 0.31 g/t Au (from 48 m) 0.30% 64 80 16 1.38 16 m at 0.95% Cu plus 0.58 g/t Au (from 64 m) 1.00% 98 132 34 0.75 34 m at 0.41% Cu plus 0.45 g/t Au (from 98 m) 0.30% 126 132 6 1.50 6 m at 0.38% Cu plus 1.47 g/t Au (from 126 m) 1.00% 18 54 36 1.16 36 m at 0.85% Cu plus 0.4 g/t Au (from 18 m) 0.30% 22 42 20 1.64 20 m at 1.28% Cu plus 0.47 g/t Au (from 22 m) 1.00% 22 24 2 3.09 2 m at 2.32% Cu plus 1.01 g/t Au (from 22 m) 2.00% 38 40 2 2.93 2 m at 2.49% Cu plus 0.58 g/t Au (from 38 m) 2.00% 118 140 22 0.58 22 m at 0.46% Cu plus 0.16 g/t Au (from 118 m) 0.30% 164 174 10 0.33 10 m at 0.3% Cu plus 0.04 g/t Au (from 164 m) 0.30% 0 30 30 0.40 30 m at 0.29% Cu plus 0.14 g/t Au (from 0 m) 0.30% 42 66 24 2.11 24 m at 1.64% Cu plus 0.62 g/t Au (from 42 m) 1.00% 50 56 6 2.67 6 m at 1.97% Cu plus 0.91 g/t Au (from 50 m) 2.00% 62 66 4 4.49 4 m at 3.69% Cu plus 1.06 g/t Au (from 62 m) 2.00% 178 190 12 0.91 12 m at 0.53% Cu plus 0.51 g/t Au (from 178 m) 0.30% 184 190 6 1.16 6 m at 0.76% Cu plus 0.53 g/t Au (from 184 m) 1.00% 192 260 68 0.66 68 m at 0.43% Cu plus 0.31 g/t Au (from 192 m) 0.30% 210 212 2 3.41 2 m at 1.49% Cu plus 2.53 g/t Au (from 210 m) 2.00% 218 222 4 1.72 4 m at 0.91% Cu plus 1.06 g/t Au (from 218 m) 1.00% 0 10 10 0.36 10 m at 0.24% Cu plus 0.15 g/t Au (from 0 m) 0.30% 20 34 14 0.64 14 m at 0.59% Cu plus 0.06 g/t Au (from 20 m) 0.30% 44 54 10 0.76 10 m at 0.62% Cu plus 0.19 g/t Au (from 44 m) 0.30% 84 90 6 0.86 6 m at 0.36% Cu plus 0.66 g/t Au (from 84 m) 0.30% 98 112 14 1.49 14 m at 1.29% Cu plus 0.26 g/t Au (from 98 m) 0.30% 98 102 4 3.92 4 m at 3.66% Cu plus 0.35 g/t Au (from 98 m) 1.00% 100 102 2 6.29 2 m at 5.8% Cu plus 0.64 g/t Au (from 100 m) 2.00% 4 16 12 0.37 12 m at 0.33% Cu plus 0.06 g/t Au (from 4 m) 0.30% 46 112 66 1.37 66 m at 1.2% Cu plus 0.23 g/t Au (from 46 m) 0.30% 48 54 6 1.53 6 m at 1.18% Cu plus 0.45 g/t Au (from 48 m) 1.00% 48 50 2 2.10 2 m at 1.59% Cu plus 0.67 g/t Au (from 48 m) 2.00% 60 74 14 3.51 14 m at 3.31% Cu plus 0.26 g/t Au (from 60 m) 1.00% 62 74 12 3.79 12 m at 3.58% Cu plus 0.27 g/t Au (from 62 m) 2.00% 98 104 6 2.50 6 m at 1.95% Cu plus 0.72 g/t Au (from 98 m) 1.00% 98 102 4 3.12 4 m at 2.51% Cu plus 0.8 g/t Au (from 98 m) 2.00% 120 138 18 0.60 18 m at 0.44% Cu plus 0.22 g/t Au (from 120 m) 0.30% 0 108 108 1.89 108 m at 1.26% Cu plus 0.87 g/t Au (from 0 m) 0.30% 20 46 26 2.52 26 m at 1.48% Cu plus 1.37 g/t Au (from 20 m) 1.00% 24 40 16 3.18 16 m at 1.89% Cu plus 1.7 g/t Au (from 24 m) 2.00% 62 88 26 4.26 26 m at 3.18% Cu plus 1.62 g/t Au (from 62 m) 1.00% 64 84 20 5.24 20 m at 3.91% Cu plus 1.99 g/t Au (from 64 m) 2.00% 104 108 4 1.28 4 m at 1.03% Cu plus 0.32 g/t Au (from 104 m) 1.00% 0 48 48 0.61 48 m at 0.46% Cu plus 0.2 g/t Au (from 0 m) 0.30% 42 48 6 1.29 6 m at 1.14% Cu plus 0.2 g/t Au (from 42 m) 1.00% 156 180 24 0.81 24 m at 0.59% Cu plus 0.29 g/t Au (from 156 m) 0.30% 164 170 6 1.16 6 m at 0.84% Cu plus 0.42 g/t Au (from 164 m) 1.00% 6 40 34 1.10 34 m at 0.75% Cu plus 0.47 g/t Au (from 6 m) 0.30% 22 40 18 1.77 18 m at 1.2% Cu plus 0.74 g/t Au (from 22 m) 1.00% 22 24 2 2.92 2 m at 1.29% Cu plus 2.14 g/t Au (from 22 m) 2.00% 30 34 4 2.16 4 m at 1.18% Cu plus 1.29 g/t Au (from 30 m) 2.00% 38 40 2 2.14 2 m at 2.03% Cu plus 0.15 g/t Au (from 38 m) 2.00% 98 108 10 0.76 10 m at 0.53% Cu plus 0.3 g/t Au (from 98 m) 0.30% 100 104 4 1.33 4 m at 0.87% Cu plus 0.61 g/t Au (from 100 m) 1.00% 122 182 60 0.56 60 m at 0.4% Cu plus 0.21 g/t Au (from 122 m) 0.30% 170 174 4 3.05 4 m at 2.27% Cu plus 1.03 g/t Au (from 170 m) 1.00% 170 172 2 4.59 2 m at 3.59% Cu plus 1.31 g/t Au (from 170 m) 2.00% copper-equivalent (eCu) cut-off with six m maximum internal dilution and a six m minimum width. eCu cut-off uses four m maximum internal dilution and four m minimum width. eCu cut-off uses two m maximum internal dilution and two m minimum width. and "and" intercepts are found within the preceding intercept and represent of the mineralization are interpreted as being between 90-and-100-per-cent true oriented diamond drill core and sectional interpretation. (eCu) calculations assume a $2.50-(U.S.)-per-pound copper price and a gold price. calculations: Sample assays of copper, gold and copper equivalent are all per cent Cu, 10 g/t Au and 10 per cent eCu.

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