Ms. Sarah Armstrong-Montoya reports

CORDOBA MINERALS IDENTIFIES THE LEACHED CAP OF A PORPHYRY COPPER SYSTEM AT THE PERSEVERANCE PROJECT IN ARIZONA, USA

Sarah Armstrong-Montoya, president and chief executive officer of Cordoba Minerals Corp., is talking about the diamond drilling activity at the Perseverance porphyry copper project, located in northwestern Arizona, United States.

The Perseverance porphyry copper project is under a joint venture and earn-in agreement with Bell Copper Corp. Cordoba has already earned a 51-per-cent interest and has the right to increase its interest to 80 per cent of Perseverance by spending $14.2-million in exploration expenditures before April 24, 2026.

Prior drilling shows evidence of a nearby porphyry system

In January, 2024, hole K-23 was drilled approximately 1,000 metres southeast of hole K-22 and 1,000 metres east-northeast of hole K-20. Both holes returned evidence to support the existence of a nearby porphyry system.

Hole K-22 tested a large, low-resistivity anomaly generated by a magnetotelluric (MT) survey that shares the characteristic features of the giant, high-grade Resolution porphyry copper deposit in Arizona owned by Rio Tinto. The hole encountered clay-filled breccia zones with minor occurrences of pyrite, chalcopyrite in quartz veins and stringers representing distal alteration and mineralization to a porphyry copper system. Hole K-20 intersected 321 metres of anomalous copper assaying 541 parts per million (ppm) copper (Cu), within a low MT resistivity anomaly that was interpreted as being on the outer margin of a porphyry copper deposit (refer to Cordoba news release dated Oct. 19, 2021).

K-23 potentially points in the right direction to a porphyry system

Hole K-23 targeted an undrilled area that could potentially host the core of a porphyry system. The hole drilled through a thick series of gravel followed by a sequence of volcanic basalt that blankets the valley floor before being covered over by the recent gravel fill. Underlying the basalt, Laramide-age porphyry volcanic and tuffaceous units were intersected at 516 metres, which are intensely oxidized with hematite and limonite representing weathered pyrite and chalcopyrite that has formed as a gossan on the surface exposure of potential porphyry copper mineralization long before the basalt was extruded onto the land surface. Arizona copper deposits that produced approximately 10 per cent of the world's copper were directly associated with Laramide intrusive rocks.

Hole K-23 continued in hematite, limonite-impregnated and fracture-filled Laramide porphyry and tuffaceous rocks that were strongly sericite altered and acid leached to a depth of 571 metres. This style of alteration and leaching is commonly referred to as a leached cap situated at the top of a porphyry copper deposit. At 571 metres, the hole crossed through a major fault and breccia zone, and into weakly altered Laramide porphyry intrusive rocks with minor quartz veins with sphalerite, galena and tennantite to 579 metres. The hole ended at 590 metres in Laramide porphyry rocks with minor disseminated pyrite. The core interval between 516 metres and 590 metres in hole K-23 will be submitted for assay.

"We are glad to see hole K-23 returned with the appearance of true volcanic rocks in the Laramide porphyry system in a leached cap, which may indicate the top of a porphyry copper system at Perseverance," commented Sarah Armstrong-Montoya, president and chief executive officer of Cordoba. "We intend to undertake a Typhoon IP [induced polarization]-resistivity survey to better understand the system and target a follow-up drill campaign."

Next steps: Typhoon system to direct future drilling

A Typhoon IP-resistivity survey is intended to map out the east side of the project using one of Ivanhoe Electric's proprietary deep-penetration Typhoon high-power transmitter systems. Further exploration diamond drilling will be planned upon completion of this survey.

Technical information and qualified person

The technical information in this release has been reviewed and verified by Charles N. Forster, PGeo, a qualified person for the purpose of National Instrument 43-101. Mr. Forster is a consultant for the Perseverance project and is not considered independent under National Instrument 43-101.

About Cordoba Minerals Corp.

Cordoba Minerals is a mineral exploration company focused on the exploration, development and acquisition of copper and gold projects. Cordoba is jointly developing the Alacran project with JCHX Mining Management Co. Ltd., located in the department of Cordoba, Colombia. Cordoba also holds a 51-per-cent interest in the Perseverance copper project in Arizona, United States, which it is exploring through a joint venture and earn-in agreement.

We seek Safe Harbor.