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Cordoba Minerals Drills 200.1 Metres of 0.66% Copper Equivalent at Montiel East and Defines Numerous Copper-Gold and Gold Targets Over the Entire 13 Kilometres of Strike at the San Matias Project
TORONTO, ONTARIO, February 23, 2015: Cordoba Minerals Corp. (TSX-V: CDB) ("Cordoba" or the "Company") is pleased to announce that the final drill holes from the recently completed diamond drilling program have shown large widths of copper-gold mineralization in the newly identified southern extension of the Montiel East target of the San Matias project. Additionally, the interpretation of over 250 stream sediment samples collected over the main north-south structural trends, located from airborne magnetics data, has shown numerous and extensive copper-gold and gold anomalous drainages over the entire 13 kilometres of strike of the project area, with at least three parallel north-south structural trends that host mineralization, located to date.
Montiel East Diamond Drilling
- SMDDH012: 200.1 metres @ 0.42% Cu and 0.33 g/t Au or 0.66% CuEq; including 118.39 metres @ 0.71% Cu and 0.56 g/t Au or 1.10% CuEq
Three parallel north-south trending structures defined by airborne magnetics, each of approximately 13 kilometres strike length entirely within the San Matias project, contain multiple trends of anomalous copper-gold and gold drainages of greater than 2 kilometres strike individually, including:
- Costa Azul - Buenos Aires: 3.4 kilometre trend of copper-gold anomalous drainages
- Valdes: 2.5 kilometre trend of copper-gold anomalous drainages
- Pepita: 2 kilometre trend of copper-gold anomalous drainages
- Caño Pepo: 2 kilometre trend of gold-copper anomalous drainages
- Nieves: 2 kilometre trend of gold anomalous drainages
- Betesta: 1 kilometre trend of gold anomalous drainages
Soil sampling at the Betesta target, the first of the newly defined target areas from the stream sediment sampling program, has identified a robust gold-in-soil anomaly of 800 m x 900 m dimension with grades up to 1.43 g/t Au and remains open in all directions.
Mario Stifano, President and CEO of Cordoba commented: "Drilling at our San Matias project continues to define broad zones of high grade near surface copper-gold mineralization. The commencement of the ground magnetics program will better define the magnetite alteration that is closely associated with the high grade zones for follow-up drilling. The extensive surface sampling and exploration work has clearly identified three large copper and gold trends and with the recent granting of Mining Titles the Company can now drill these additional high priority targets."
Final drilling results at the Montiel East target have returned large mineralized intervals at the southern extensions of the copper-gold porphyry that shows the mineralization remains open to the south and south-east where much larger volumes of mineralized porphyry have been located, greatly increasing the size of the target due to it dipping to the south and south-east under mafic volcanic country rocks (Figure 1). The porphyry copper-gold mineralized phase is associated with a series of porphyry dyke and sill-like intrusives of varying phases and incorporates both sheeted and stockwork quartz-magnetite-chalcopyrite-bornite veins within strongly potassic altered diorite porphyry. Minor copper-gold mineralization is also hosted within the mafic and intermediate volcanic hostrocks as multi-directional quartz-magnetite-chalcopyrite-bornite veins which are adjacent to porphyry margins. The mineralized zone was partially terminated where the diorite porphyry phase was intruded by a post-mineral quartz-feldspar porphyry phase. However, numerous smaller mineralized intervals until the end of hole indicate that the mineralized diorite phase is continuous to the south and south-east. The high magnetite content associated with the copper-gold mineralization in the diorite porphyry phase is expected to respond well to a magnetic survey based on magnetic susceptibility tests carried out on drill core to date and a detailed ground magnetics program covering the entire Montiel target has commenced to better define the extensions.
Ongoing Surface Sampling Exploration Program
A detailed +250 stream sediment sampling program that has covered the entire 13 kilometres of strike of the main north-south trending structural corridor has indicated that there are multiple trends of adjacent drainages that contain numerous copper-gold and gold anomalies over significant strike lengths of over 2 kilometres. The three structural trends (Figure 2), each of an approximate strike length of 13 kilometres entirely within tenure of the San Matias project, have previously been defined by the airborne magnetics program. On completion of the extensive preliminary stream sediment sampling program, all three structural trends have confirmed to being host to significant zones of copper-gold and gold anomalism of adjacent drainages in multiple areas. The three structural trends, from east to west, are the Main Porphyry, Skarn, and Valdes trends.
Main Porphyry Trend
Defined by a 13 kilometre long linear north-south trending structural corridor, the Main Porphyry trend hosts multiple intrusive porphyry centres (Montiel and Costa Azul) as defined by the airborne magnetics and displays extensive zones of surface gold-copper-silver anomalism. Additionally, skarn/replacement style mineralization and alteration has also been located at the Buenos Aires target where a large gossan is associated with massive magnetite-chalcopyrite-bornite replacement of volcanic units associated with widespread phyllic alteration and associated apatite-tourmaline alteration. Furthermore, immediately east of the Main Porphyry trend high-grade gold, targets associated with quartz-pyrrhotite-chalcopyrite veining over significant strike lengths of +500 metres are associated with zones of artisanal open-pit and underground mining at the Mina Ra, Mina Escondida and Mina Loca targets that also host porphyry style alteration halos in adjacent host rocks. The Main Porphyry trend contains a number of significant stream sediment anomalous trends (Figure 3a and 3b) that include:
Costa Azul -- Buenos Aires Trend: major 3.4 kilometre trend that extends from the Costa Azul porphyry target, that has returned 112 metres @ 0.36% Copper and 0.32 g/t Gold (CADDH001) and 87 metres @ 0.62% Copper and 0.51 g/t Gold (CADDH003) from previous diamond drilling, to Buenos Aires where previous channel sampling of a large gossan has returned an average of 4% Copper in 38 samples over significant widths with elevated levels of LREE's (light rare earth elements) and Uranium. The Copper-Gold stream sediment anomaly has been consistently located in every drainage that is formed on the western side of the north--south trending topographic high along 3.4 kilometres of strike and is also associated with a prominent magnetic high. cCopper and gold stream sediment anomalies surpass 1% copper and 1 g/t gold in sampling along this trend. The size and magnitude of this anomalous trend indicates a highly prospective terrain.
Pepita Trend: north-east trending stream sediment copper-gold anomalous trend that appears to be related to a major NW lineament that cuts the north-south trending Main Porphyry trend. Associated with a distinctive magnetic low signature and hosted in intensely sodic-calcic (albite-actnolite-chlorite) and potassic (secondary biotite +/- magnetite) altered volcanic rocks.
Caño Pepo Trend: north-west trending linear trend of 2 kilometres that emanates from the Main Porphyry trend and terminates at a series of artisanal hardrock quartz-pyrrhotite-chalcopyrite vein mineralized zones of +500 m strike length associated with porphyry style alteration halos in adjacent host rocks. Gold anomalous stream sediment samples include numerous samples assaying + 1 g/t gold to a maximum value of +5 g/t gold.
Betesta Trend: located immediately east of the Main Porphyry trend and associated with 2 kilometres of anomalous gold rich stream sediment samples to 4.7 g/t gold associated with a north-south trending incised valley where extensive artisanal alluvial gold mining has previously taken place in the central waterway (not sampled due to contamination from alluvial mining). This trend is associated with the Betesta target where a pronounced gold-in-soil anomaly has been located over considerable dimensions approximately 1 kilometre to the south, and potentially extends to this zone (Figure 4).
Defined by a 13 kilometre long linear north-south trending structural corridor that hosts major artisanal skarn/replacement style copper-gold workings in the north and a large zone of significant gold-copper stream sediment anomalous zones in the south referred to as the Nieves trend. The entire trend is defined by a continuous linear pronounced magnetic high and topographic high interpreted as being a major structural lineament.
Nieves Trend: pronounced 2 kilometre trend of intermittent gold and lesser copper stream sediment anomalies and artisanal alluvial and hardrock mining associated with mineralized breccias and veining in volcanic and sedimentary rocks which are intruded by porphyry centres in numerous locations.
Defined by a 13 kilometre long linear north-south trending structural corridor that hosts at its northern end a high tenor copper-gold stream sediment anomalous trend of 2.5 kilometres length. Almost all drainages on the western flank of a prominent north-south trending ridge line, coincident with a prominent magnetic high signature, contain high concentrations of coincident copper and gold anomalism.
Ground Magnetics Program
A preliminary 300 line kilometre ground magnetics program has been commenced and will cover all of the generated prospects in the northern 6 kilometres of strike of the San Matias project. The program is designed to cover all of the defined prospects with 50 metre spaced lines and 100 metre spaced lines in all other areas. Ground magnetics has been chosen given the large amounts of magnetite that is associated with the copper-gold mineralization in both the porphyry style mineralization and replacement/skarn-style mineralization located within the San Matias project to date. The major north-south mineralized trends that have been defined by the previous airborne magnetics survey have been shown to host the vast majority of mineralized areas and the ground magnetics program will allow the surface anomalies to be better defined at a scale that can lead to drill testing in a rapid time scale. On completion of the preliminary ground magnetics program a follow-up program over the multiple targets in the southern part of the San Matias project will be defined in the southern-most parts of the project area where numerous stream sediment anomalies have been generated
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 prolific and richly endowed Mid Cauca Belt. The San Matias Project area contains several known areas of porphyry copper-gold mineralization, copper-gold replacement or skarn style 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 that contain strong potassic style alteration and various orientations of sheeted and stockwork quartz-magnetite veins with chalcopyrite-bornite mineralization and minor zones of K-feldspar within vein margins and secondary biotite. Lesser calc-sodic alteration is also noted as trace actinolite and albite alteration zones, largely in basaltic wallrocks and inclusions. At least one later phase of chalcopyrite veining overprints the sheeted and stockwork quartz-magnetite veins. A second, more felsic intrusive mineralized phase has also been identified which contains lesser quartz-magnetite veining associated with chalcopyrite and pyrite and a more well developed dissemination of chalcopyrite-pyrite. Potassic alteration, as secondary biotite, is well developed along with minor zones of chlorite-epidote alteration. Within the diorite porphyry, zones of intense sheeted quartz veining often reaches over 90% replacement of the intrusive host rock associated with strong potassic alteration and copper-gold mineralization. The nature of mineralization and related alteration encountered at Montiel is similar to those of other large and elite high-grade copper-gold porphyry deposits.
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 over 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. Results from RAB drilling are not permissible for the purpose of NI 43-101 resource estimates. All samples have been prepared and assayed at SGS laboratory in Medellin, Colombia with gold assays being carried out as 50 gr Fire-Assays with AAS finish and all trace elements and base-metals being assayed using 4 Acid Digest with ICP-MS finish. The AuEq values have been calculated using a US$1,200 per ounce gold price and US$2.50 per pound copper price. The company utilizes an industry-standard QA/QC 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.
About Cordoba Minerals
Cordoba Minerals Corp. is a Toronto-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.cordobaminerals.com.
ON BEHALF OF THE COMPANY
Mario Stifano, President and CEO
Cordoba Minerals Corp.
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
This news release includes certain "forward-looking information" within the meaning of Canadian securities legislation. Forward-looking statements include predictions, projections and forecasts and are often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "forecast", "expect", "potential", "project", "target", "schedule", budget" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions and includes the negatives thereof. All statements other than statements of historical fact included in this release, including, without limitation, statements regarding the potential of the Company's properties are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are based on a number of material factors and assumptions. Important factors that could cause actual results to differ materially from Company's expectations include actual exploration results, changes in project parameters as plans continue to be refined, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, uninsured risks, regulatory changes, delays or inability to receive required approvals, and other exploration or other risks detailed herein and from time to time in the filings made by the Company with securities regulators. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ from those described in forward-looking statements, there may be other factors that cause such actions, events or results to differ materially from those anticipated. There can be no assurance that forward-looking statements will prove to be accurate and accordingly readers are cautioned not to place undue reliance on forward-looking statements which speak only as of the date of this news release. The Company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
|Table I: Montiel East Drilling Highlights|
|HoleID||From (m)||To (m)||Width (m)||Cu (%)||Au (g/t)||CuEq (%)|
Bulk intervals are calculated using a 0.25 g/t AuEq cut-off with a maximum of 7m of internal dilution.