- Location: Arizona, USA
- Metals: Copper Porphyry
- Size: ~13,000 acres
- Status: Exploration
- Cordoba’s Interest: 51%
- Location: Córdoba, Colombia
- Type: Open Pit Mine
- Metals: Copper-gold-silver
- Size: ~20,000-hectare
- Status: Development
Cordoba Minerals Corp. is a publicly traded copper-gold explorer and developer with a demonstrated track record of acquiring, exploring, and developing mineral projects in the Americas and around the world. The company’s current projects are in two underexplored, world-class porphyry copper belts in Colombia and in Arizona.
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Click image to enlarge Alacran Project
Córdoba, Colombia
A copper-gold-silver development offering significant upside opportunityCordoba’s flagship Alacran Project is a copper-gold-silver development project in Colombia. The Project comprises a ~20,000-hectare land package with excellent infrastructure, in a country becoming a major player in Latin American mining. The Alacran Project includes the Alacran Copper-Gold-Silver Deposit and satellite deposits at Alacran North, Montiel East, Montiel West and Costa Azul. The Project is being jointly developed with JCHX.
The Project contains several known areas of porphyry copper-gold and carbonate replacement mineralization, and gold veins. Project development has been focused on the Alacran deposit to date, with diamond drilling at Alacran comprising 85,499.35 metres of core from 422 PQ, HQ, and NQ-diameter drill holes completed between 1987 and 2023.
We released a Feasibility Study for the Alacran Project in December 2023, which outlined a robust copper-gold-silver project with demonstrated potential for a long-life, low-cost open pit copper mining operation with strong project economics. We filed the Mining Technical Workplan (PTO) in November 2021 and the Environmental Impact Assessment (EIA) in December 2023.
2023 Alacran Deposit Feasibility Study Highlights
14.2-year
mine life
Dual Processing Plants
21,200 tpd throughput1
$360M
after-tax NPV8%
After-tax 23.8% IRR
at $3.99/lb Cu2
797M lbs Cu
LOM Production
550K oz Au
LOM Production
5,350K oz Ag
LOM Production
1. Dual Processing Plants: main facility with 17,600 tpd for fresh and transition ore; wash gravity plant with 2,400 tpd for saprolite ore and, 1,200 tpd throughput for historical tailings materials. Plants produce separate copper and precious metal concentrates.
2. Using average metal prices of $3.99/lb copper, $1,715/oz gold and $22.19/oz silver.
The Project is in the municipality of Puerto Libertador, Department of Córdoba, 390 kilometres northwest of Bogotá and 160 kilometres north of Medellín. The Project sits in the northern foothills of the Western Cordillera and the southern side of the Caribbean lowlands, a region richly endowed in mineralization. Two large operating mines—Cerro Matoso (a large-scale nickel laterite mine, operated by South 32) and Carbon del Caribe—are located within 30 kilometres of the Alacran Project.
Altitudes in the property area are between about 100 metres and 350 metres above mean sea level. The climate allows for mineral exploration and drilling year-round. The physiography of the project area is favourable for open pit mining with sufficient room for a processing plant, waste rock dumps, tailings storage, and other mine infrastructure.
Dual Resources Inc. conducted initial exploration on the property from 1987-1989, including 15 diamond drill holes totalling 2,584 metres. In 2010, Ashmont Resources Corp. optioned the property from Sociedad Ordinaria de Minas Omni, and carried out geological mapping, underground mapping and sampling, a ground magnetic survey, and 52 diamond drill holes totalling, 13,429 metres.
Cordoba acquired the San Matias property in 2015, and subsequently optioned the Alacran deposit, completing the purchase in June 2020. The Company holds mining titles covering 146 km2, with mining titles for more than 893 km2 under application.
Cordoba conducted several exploration and drilling programs between 2012 and 2023, supported the completion of the 2019 Preliminary Economic Assessment, the 2022 Pre-Feasibility Study, and the 2023 Feasibility Study, which marks the beginning of the development phase for the Project.
Two permits required for mine construction: the Mining Technical Workplan (PTO) was filled in November 2021, and the Environmental Impact Assessment (EIA) was file in December 2023.
Alacran Project is in an accreted oceanic terrane of the Western Cordillera, described as the Calima Terrane. The host rocks likely belong to the Upper Cretaceous Cañasgordas Group, which is subdivided into the Barroso Formation of basalts, and the Penderisco Formation of turbidites, chert and limestone.
The Alacran Project area comprises three primary lithological domains:
- intrusive rocks (including porphyries) in the Alacran, Montiel East and Costa Azul deposits
- volcanic rocks in the Montiel West deposit
- volcaniclastic rocks in the Alacran deposit. Volcaniclastic rocks are also present in the Alacran Norte and Willian prospect areas. The volcanics and volcaniclastics likely belong to the early Cretaceous-age Barroso formation
The Alacran Deposit copper-gold-silver mineralization is hosted by a west-dipping Cretaceous succession comprising mafic volcanic rocks overlain by a calcareous volcaniclastic sequence and capped by pre- to syn-mineral, sill-like diorite, and felsic sub-volcanic bodies. The sequence is approximately 550 metres thick, and the diorites are about 200 metres thick. Copper-gold-silver mineralization occurs throughout the volcaniclastic package at Alacran, except within the lower mafic units. It is most strongly developed in the calcareous volcaniclastic sequence.
Cordoba released the Feasibility Study for the Alacran Deposit in December 2023, which outlined a robust copper-gold-silver project with demonstrated potential for a long-life, low-cost open pit copper mining operation with strong project economics.
The Feasibility Study engineering design work included mining-throughput studies; pit design; infrastructure alternatives; plant options; and confirmed the use of thickened tailings. Environmental baseline studies, also outlined in the Feasibility Study continue today, including air, water, vibration, noise, fauna, and flora surveys—along with community engagement activities.
With the completion of the Feasibility Study for the Alacran Deposit in December 2023, the Project has moved into development phase. Two permits required for mine construction: the Mining Technical Workplan (PTO) was filled in November 2021 and the Environmental Impact Assessment (EIA) was file in December 2023.
Alacran Deposit Feasibility Study Highlights1&2
Production Metrics Life of Mine Years 14.2 Recovered copper Mlb 797 Recovered gold Koz 550 Recovered silver Koz 5,350 Average copper recovery % 90 Average gold recovery % 74 Average silver recovery % 62 Average annual copper production Mlb 56.9 Average annual gold production Koz 39 Average annual silver production Koz 382 Strip ratio Waste:ore 1.15:1 Average LOM mine copper grade % 0.41 Average LOM mine gold grade g/t 0.23 Average LOM mine silver grade g/t 2.63 Dual processing plants tpd 21,200 Operating Costs LOM average mine site operating cash cost, net of by-products3 $/lb Cu 1.35 All-In Sustaining Cost (“AISC”), net of by-product $/lb Cu 1.51 Capital Costs Initial capital expenditures $M 420.4 Sustaining capital expenditures $M 104.5 Reclamation and closure expenditures $M 22.6 Total LOM capital expenditures $M 547.5 Key Financial Results Pre-tax NPV8% $M 633 Pre-Tax IRR % 33.9 Pre-tax project payback period Years 2.3 After-tax NPV8% $M 360 After-tax IRR % 23.8 After-tax project payback period Years 3 Copper price $/lb 3.99 Gold price $/oz 1,715 Silver price $/oz 22.19 1. The Feasibility Study was prepared by DRA Global Limited (DRA) following National Instrument 43-101 Standards of Disclosure for Mineral Projects. The technical disclosure on this website page is based upon the information in the Feasibility Study prepared by DRA, and the technical information on this website page has been reviewed and verified by Mr. Mark Gibson, P.Geo., a “Qualified Person” for the purpose of National Instrument 43-101.
2. Cash costs are a non-GAAP financial measure. As the Alacran Project is not in production, this prospective non-GAAP financial measure may not be reconciled to the nearest comparable measure under IFRS, and there is no equivalent historical non-GAAP financial measure for the prospective non-GAAP financial measure discussed herein. The Company calculated total cash costs per pound by attributing operation costs for production, broken down by pound of copper produced. While there is no standardized meaning of the measure across the industry, the Company believes that this measure is useful to external users in assessing operating performance
3. LOM cash costs exclude sustaining capital
In May 2023, Cordoba and JCHX closed the US$100 million strategic arrangement for the joint-development of the Alacran Project in Colombia.
JCHX acquired 50% ownership of the Alacran Project for US$100 through three installments:
- Installment one: US$40 million upon closing of the transaction -completed
- Installment two: US$40 million upon the completion of a Cordoba board approved Feasibility Study of the Alacran Project and the completion of the Environmental Impact Assessment (EIA) – completed
- Installment three: US$20 million is payable upon the approval of the EIA is obtained within two years of the transaction’s closing date,
- Should the EIA not be approved by the second anniversary of the closing date, JCHX will have the option to elect not to complete this final installment, which will result in JCHX being diluted to 40% and Cordoba increasing to a majority 60% shareholding in CMH Colombia S.A.S., (“CMH”) the joint venture vehicle that owns 100% of the Alacran Project, in Colombia.
The strategic relationship is governed by a Joint Venture Shareholders’ Agreement, and a CMH Board of Directors with four seats was established to set forth the general responsibilities and authorities of both Cordoba and JCHX:
Cordoba:
- Two out of the four seats on CMH Board
- One of the seats serves as the Chairperson with a casting vote
- Operator and manager of the Alacran Project
JCHX:
- Right of first offer to bid on Engineering, Procurement and Construction (EPC) and Detailed Design Agreement (DDA) contracts, provide that Cordoba has the right to open the process for competitive tender. JCHX has the right to match any competitive bid
- Entitled to up to 100% of the offtake from the current Feasibility Study of the Alacran Project, and paying at fair market value, and as the most competitive offer
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Click image to enlarge Perseverance Project
Arizona, USA
Exploring for large-scale copper porphyry in a
Tier 1 jurisdiction with multi-billion-dollar copper depositsThe Perseverance Project is a large-scale copper project in Arizona’s Copper Triangle, a Tier 1 jurisdiction with multi-billion-dollar copper deposits. The Project is in proximity to Freeport McMoRan’s Bagdad Copper Mine, Origin Mining’s Mineral Park Mine, and Rio Tinto’s Resolution Copper Project, one the largest and highest-grade copper deposits in the world. The Perseverance Project is located approximately 19 miles southeast of Kingman and 150 miles northwest of Phoenix, with a land package comprising more than 13,000 acres.
Cordoba has a 51% interest in the project, is currently earning-in to a total of 80% of ownership by April 2026.
In January 2024, hole K-23 was drilled approximately 1,000 meters southeast of hole K-22 and 1,000 meters east-northeast of hole K-20 — both holes returned evidence to support the existence of a nearby porphyry system from previous drilling. Hole K-23 targeted an undrilled area that could potentially host the core of a porphyry system, and 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. Learn more
Arizona has produced 10% of the world’s copper but, despite its mineral-rich mining history, has been underexplored for more than 30 years. The region is covered by recent gravels which make it challenging to conduct geophysical surveys in the area. Modern exploration technologies, including iPulse’s Typhoon™ technology, work in benefit to explore this kind of geological regions.
Arizona has produced 10% of the world’s copper and was the leading copper-producing State in 2019, accounting for an estimated 68% of US domestic output. Despite its rich mining history, Arizona has been underexplored for more than 30 years, with post-mineral cover concealing undiscovered deposits.
Ten kilometres southwest of the Perseverance Project is a 15 km2 surface exposure of a Laramide-age porphyry system called Wheeler Wash. Discovered in the 1950s, Wheeler Wash was identified as a likely “failed” porphyry copper system at the top of a mountain with exposed root of a porphyry system. Since that time, the Wheeler Wash system has been explored by many companies and many geologists thought the porphyry copper system had eroded.
In the late 1990s, Bell Copper Corporation’s Dr. Tim Marsh (former Chief Geologist at Resolution Copper and an authority on copper porphyry exploration) recognized the site as the root zone of a giant porphyry copper system being carried into the valley, covered and preserved by recent gravels and preserved.
In 2018, Cordoba entered into an agreement with Bell Copper to acquire 25% of the Project, with an option to earn up to an 80% interest by completing certain phased financial commitments and project expenditures over a 7.5-year period. Learn more about the agreement here.
In 2024, the latest drill results returned from hole K-23 showed 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.
Perseverance lies on the Arizona Volcanic Arc, a trend that hosts:
- Freeport McMoRan’s Bagdad Copper Mine (200+M lbs Cu/year)
- Origin Mining’s Mineral Park Mine (~380M lbs of Cu produced (2000-2016))
- Rio Tinto’s Resolution Copper Project, one the largest and highest-grade copper deposits in the world (delineated indicated and inferred resources from drilling totalling 1.97 Bt at 1.53% Cu and 0.036%)
Ten kilometres southwest of the project is the Wheeler Wash surface exposure of a Laramide-age porphyry system, which has been the site of significant exploration since its discovery in the 1950s, which revealed intense alteration, quartz veining, and highly anomalous molybdenum and copper contents, typical of major porphyry copper deposits.
Hole K-20 and K-22 drilled in 2018 and 2019 returned evidence to support the existence of a nearby porphyry system. Hole K-22 tested a large low resistivity anomaly generated by a Magneto Telluric (“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 meters of anomalous copper assaying 541 ppm copper, within a low MT resistivity anomaly that was interpreted as being on the outer margin of a porphyry copper deposit.
Hole K-23 was drilled in 2024, which was approximately 1,000 meters southeast of hole K-22 and 1,000 meters east-northeast of hole K-20. 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 meters, 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. Hematite, limonite impregnated and fracture-filled Laramide porphyry and tuffaceous rocks that were strongly sericite altered and acid leached to a depth of 571 meters. This style of alteration and leaching is commonly referred to as a “leached cap” situated at the top of a porphyry copper deposit. Learn more
Cordoba has the option to earn up to an 80% interest in Perseverance by spending a total of C$18.2M over a 7.5-year period, completing the phased project expenditures before April 2026. In 2021, Cordoba completed the Phase 2 earn-in requirement and vested a 51% interest in the project. The Company is currently in the Phase 3 stage and is earning-in to a total 80% interest of the project, on track to be completed by April 2026.
