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Cordoba Minerals mobilizes a second drill rig to the Alacran Deposit in Colombia
TORONTO, CANADA: Cordoba Minerals Corp. (TSX-V: CDB; OTCQX: CDBMF) (“Cordoba” or the “Company”) is pleased to announce that a second drill rig has been mobilized to the high-grade, near-surface Alacran Deposit, located within the San Matias Copper-Gold Project in Colombia.
Further to Cordoba’s August 21, 2017 news release, the drill program that is currently underway is testing three high-priority targets, which include the new southern strike extension; the northeast extension across a WNW fault zone; and the down-dip extensions on the western side of the deposit.
Drilling in the northeast of the fault will target a strong copper-gold soil geochemical anomaly coincident with mineralized float that is underlain by a chargeability anomaly and potentially extending under a diorite sill.
Mario Stifano, President and CEO of Cordoba said, “Mobilization of a second rig allows us to accelerate the pace of drilling at Alacran, the results of which we plan to incorporate into an updated mineral resource estimate and a Preliminary Economic Assessment, both expected in the first half of 2018. We are optimistic that this drilling program will continue to yield significant results for Cordoba.”
Expanding the new southern strike extension target
As reported in Cordoba’s July 25, 2017 news release, drilling encountered high-grade copper-gold mineralization outside of the current mineral resource shell, demonstrating potential to significantly expand the current resource estimate. Drill hole ACD066 indicated that previous drilling in the southern-most part of the property was collared too far west and that the copper-gold deposit is offset to the east by post-mineralization faulting, indicating potential for undrilled strike extensions of almost 500 metres.
Highlights from drill hole ACD066 include:
- 48 metres @ 0.70% copper and 0.19 g/t gold (0.84% CuEq) from 0 metres, including:
- 12 metres @ 1.13% copper and 0.26 g/t gold (1.32% CuEq) from 20 metres.
- 34 metres @ 0.37% copper and 0.14 g/t gold (0.48% CuEq) from 60 metres, including:
- 8 metres @ 0.73% copper and 0.37 g/t gold (1.01% CuEq) from 57 metres.
- 22 metres @ 0.24% copper and 0.08 g/t gold (0.30% CuEq) from 110 metres
Alacran copper-gold system
The Alacran copper-gold system is located within the San Matias Copper-Gold Project in the Department of Cordoba, Colombia, 200 km North of Medellin. San Matias comprises a 20,000-hectare land package. The project contains several known areas of porphyry copper-gold and IOCG and/or CRD mineralization and gold veins.
The Alacran copper-gold system is located on a topographic high in gently rolling topography, optimal for potential open-pit mining. Access and infrastructure are considered favourable.
The Inferred Mineral resources at Alacran are 53.5 million tonnes of 0.70% copper and 0.37 g/t gold. Alacran is approximately two kilometres southwest of the Company’s Montiel porphyry copper-gold discovery, where drilling intersected 101 metres of 1.0% 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% copper and 0.51 g/t gold.
The copper-gold mineralization at Alacran is associated with stratabound replacement of a marine volcano-sedimentary sequence in a faulted antiformal fold structure. The deposit comprises moderately to steeply-dipping stratigraphy that is mineralized as a series of sub-parallel replacement-style zones and associated disseminations. The mineralization is composed of multiple overprinting hydrothermal events with the main ore phase comprised of chalcopyrite-pyrrhotite-pyrite that appears to overprint an early magnetite metasomatic event.
The technical information in this release has been reviewed, verified and compiled by Christian J. Grainger, Ph.D., a Qualified Person for the purpose of NI 43-101. Dr. Grainger is not considered independent under NI 43-101 as he is a consultant to Cordoba Minerals. Dr. Grainger is a geologist with over 18 years in the minerals mining, consulting, exploration and research industries. Dr. Grainger is a Member of the Australian Institute of Geoscientists (AIG).
The Alacran initial Inferred Mineral Resource estimate was completed by Mining Associates Limited and reported by the Company on January 5, 2017, and is in accordance with National Instrument 43-101 and the 2014 Canadian Institute of Mining (CIM) definition standards. Inferred Mineral Resources are considered to be too speculative geologically to have the economic considerations applied to them to be categorized as Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
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 is currently focused on its 100%-owned San Matias Copper-Gold Project which includes the advanced stage Alacran deposit located in the Department of Cordoba. For further information, please visit www.cordobaminerals.com.
ON BEHALF OF THE COMPANY
President & CEO Cordoba Minerals Corp.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed here and elsewhere in both Cordoba’s periodic filings with Canadian securities regulators. When used in this news release, words such as “believe”, “will”, “could”, “plan”, “estimate”, “expect”, “intend”, “may”, “potential”, “should,” and similar expressions, are forward-looking statements. Information provided in this document is necessarily summarized and may not contain all available material information.
Although Cordoba has attempted to identify important factors that could cause actual results, performance or achievements to differ materially from those contained in the forward-looking statements, there can be other factors that cause results, performance or achievements not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate or that management's expectations or estimates of future developments, circumstances or results will materialize.
Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements in this news release are made as of the date of this news release, and Cordoba disclaims any intention or obligation to update or revise such information, except as required by applicable law, and Cordoba does not assume any liability for disclosure relating to any other company herein.