#CordobaMinerals
(TSX-V: $CDB; OTCQX: $CDBMF) and HPX Discover Significant Lateral Extensions of
#Copper-#Gold Mineralization at the Alacran Deposit in #Colombia
TORONTO, ONTARIO - August 11, 2016
(Investorideas.com Newswire) Cordoba Minerals Corp. (TSX-V: CDB; OTCQX: CDBMF)
(“Cordoba” or the “Company”) and its joint venture partner, High Power
Exploration Inc. ("HPX"), a private mineral exploration company
indirectly controlled by mining entrepreneur Robert Friedland’s Ivanhoe
Industries, LLC, are pleased to announce that ongoing drilling at the Alacran
Copper-Gold Deposit has discovered significant new lateral extensions to known
copper-gold mineralization, indicating significant potential for a large
tonnage open-pit copper-gold resource.
Drilling in the northern area of the
Alacran Deposit, within the Company’s San Matias Copper-Gold Project in
Colombia, has outlined significant widths of high-grade coppergold mineralization
starting near surface. Mineralization now extends over 250 metres laterally and
remains open in all directions, highlighting the significant potential for
further resource expansion over the 1.3 kilometres of strike drilled to date.
Two active drill fences over 500 metres and 700 metres to the south of the
initial lateral step-out drilling and east of previous diamond drilling where
ASA-037 intersected 42 metres of 2.83 grams per tonne (g/t) gold and 0.43%
copper, have identified large zones of visible chalcopyrite-pyrite-magnetite
mineralization, indicating the potential for similar lateral extensions
including prospective gold-rich zones, significantly adding to the overall size
of the copper-gold mineralized system.
Alacran drilling highlights (refer to
Table 1):
- ACD-012: 224 metres @ 0.50% copper and 0.17
g/t gold, including 78 metres @ 0.74% copper and 0.35 g/t gold.
- ACD-010: 171 metres @ 0.51% copper and 0.18
g/t gold; including 35 metres @ 0.80% copper and 0.23 g/t gold.
- ACD-013: 160 metres @ 0.47% copper and 0.11
g/t gold including 78 metres @ 0.71% copper and 0.15 g/t gold.
- ACD-014: 109 metres @ 0.51% copper and 0.31
g/t gold including 54 metres @ 0.90% copper and 0.49 g/t gold.
Mario Stifano, President and CEO of
Cordoba, commented, “The ongoing 10,000-metre drilling program at Alacran is
continuing to successfully expand the size and scale of the deposit both on
strike and laterally and remains open, making Alacran potentially a
large-tonnage open-pit deposit in what we believe is a prolific copper-gold
system at San Matias. We have started Phase Two of the proprietary Typhoon
technology deployment that will cover 14 square kilometres of the San Matias
Copper-Gold Project including the southern area of Alacran, as we continue to
aggressively explore the district with a total 20,000-metre diamond drilling
program.”
The Northern Alacran area was the
focus of the five drillholes that were targeting both lateral and vertical
extensions from previous drilling. Four holes successfully intersected large
zones of copper-gold mineralization associated with both shallow and high-grade
zones, and the mineralization remains open in all directions (Figure 2). The
following is a discussion of each intersection:
- Drillhole ACD-010 (Figure 3) was located on
section 855720mN where it tested the up-dip extensions of drillhole
ACD-007 (169 metres @ 0.48% copper and 0.33 g/t gold) as a 50 metre
step-out. ACD-010 successfully intersected a large, continuous zone of
copper-gold mineralization of 171 metres @ 0.51% copper and 0.18 g/t gold,
including 35 metres @ 0.80% copper and 0.23 g/t gold, that remains open
both up- and down-dip on section. This mineralization remains open to the
south down plunge and up-dip on section.
- Drillhole ACD-012 (Figure 3) was also collared
on section 855720mN and tested between drillholes ASA-025 (downdip: 68
metres @ 0.50% copper and 0.09 g/t gold; and 131 metres @ 0.52% copper and
0.24 g/t gold) and ACD-007 (updip: 169 metres @ 0.48% copper and 0.33 g/t
gold). ACD-012 successfully intersected a large and continuous zone of
copper-gold mineralization of 224 metres @ 0.50% copper and 0.17 g/t gold,
including 78 metres @ 0.74% copper and 0.35 g/t gold, and indicates that
the copper-gold mineralization on this section has good continuity with
respect to grade and thickness.
- Drillhole ACD-013 (Figure 4) was located on
section 855760mN where it has tested the up-dip lateral extensions to
known copper-gold mineralization in drillhole ACD-009 (150m @ 0.73% copper
and 0.49 g/t gold) with a 50-metre step-out. ACD-013 successfully
intersected a large, continuous zone of coppergold mineralization of 160
metres @ 0.47% copper and 0.11 g/t gold, including 78 metres @ 0.71%
copper and 0.15 g/t gold.
- Drillhole ACD-014 (Figure 4) was also located
on section 855760mN and was collared 100 metres east of ACD-013 to test
the lateral up-dip extensions. ACD- 014 successfully intersected a large
and continuous zone of copper-gold mineralization of 109 metres @ 0.51%
copper and 0.31 g/t gold, including 54 metres @ 0.90% copper and 0.49 g/t
gold, that remains open to the east and up-dip.
- Drillhole ACD-011 was located on section
855960mN and was designed to test a large IP chargeability anomaly.
Drilling intersected a large interval of altered sediments, volcanic rocks
and diorite intrusive with abundant disseminated pyrite but no significant
intersection of copper-gold mineralization. Interpretation of the geology
and alteration suggests the drillhole was located on the northern side of
an east-west trending fault structure that offsets the copper-gold deposit
at the most northern parts of the known mineralization. The copper-gold
mineralization is interpreted to be located further east, where a
coincident gold-and copper-insoil anomaly is located.
Together, drillholes ACD-013 and
ACD-014 indicate the lateral extent of the Alacran Copper-Gold Deposit is
significantly larger to the east than previously suggested, demonstrating
potential for additional lateral extensions along the entire strike of the
Alacran Deposit.
Alacran Copper-Gold System
The Alacran copper-gold system is
located within the Company’s San Matias Copper- Gold Project in the Department
of Cordoba, Colombia. 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 interested 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 interested 87 metres of 0.62% copper and 0.51 g/t gold (Figure 1). The
copper-gold mineralization at Alacran is associated with stratabound
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 sub-parallel replacement-style
or skarn zones and associated disseminations (Figure 2). The copper-gold
mineralization is composed of multiple overprinting hydrothermal events with
the main ore phase comprised of chalcopyrite-pyrrhotite-pyrite that appears to
overprint a large-scale early magnetite metasomatic event.
High temperature potassic
feldspar-biotite-amphibole-albite alteration in the host geological sequence,
indicates that the copper-gold mineralization is proximal to a source
intrusion. At least two intrusive phases, locally occurring as sills, confirm
an intrusive source for the mineralizing fluids. The overall size and
complexity of the hydrothermal system indicates a significant mineralization
event. Mineralization occurs within all members of the sedimentary and volcanic
sequence, where it can be traced over a strike length of greater than 1,300
metres and local thickness of more than 90 metres true-width, and upwards of
180 metres true-width, from the current drilling and surface sampling (Figure
3).
Alacran Exploration
A soil sampling program covering the
entire Alacran project area has been completed consisting of 50-metre spaced
sampling centres on 100-metre spaced sampling lines. The results for both
copper-in-soil (Figure 5) and gold-in-soil (Figure 6) anomalism indicate the
copper-gold mineralized system at Alacran to be much more extensive than
previously suggested with dimensions of coincident copper and gold enrichment
of significant levels being evident over +1,500 metres strike and with lateral
widths of over 800 metres. The soil anomalism is particularly evident to the
east of the previous drilling programs carried out at Alacran and has been the
incentive for the lateral step-out drilling that has successfully located
significant lateral extents to the Alacran coppergold mineralization. The
accelerated and expanded diamond drilling program at Alacran is to test these
lateral extensions over the entire strike length of known mineralization and
additional targets as an ongoing aggressive drilling campaign.
About San Matias Project
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, coppergold skarn
mineralization 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 containing secondary
biotite alteration and various orientations of sheeted and stockwork
quartz-magnetite veins with chalcopyrite and bornite. The copper-gold skarn
mineralization at Alacran is associated with stratabound replacement of a
marine volcano-sedimentary sequence. The nature of mineralization encountered
at San Matias is similar to other large high-grade coppergold deposits.
Technical Information
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 (AIG) and
Australian Institute of Mining and Metallurgy (AusIMM).
All samples have been prepared and
assayed at ALS laboratory in Medellin, Colombia with gold assays being carried
out as 50-gram Fire-Assays with AAS finish and all trace elements and base
metals being assayed using four Acid Digest with ICP-MS finish. Copper-equivalent
values have been calculated using a US$1,350 per ounce gold price and US$2.20
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.
Joint Venture Agreement
The San Matias Project is a joint
venture between Cordoba and HPX, a private mineral exploration company founded
by mining entrepreneur Robert Friedland. HPX has entered Phase Two of the Joint
Venture Agreement, whereby HPX can earn a 51% interest in the San Matias
Project by spending an additional C$10.5 million bringing total expenditures to
C$19 million and can earn up to a 65% interest in the project by carrying it to
feasibility.
About High Power Exploration
HPX is a privately owned,
metals-focused exploration company deploying proprietary in-house geophysical
technologies to rapidly evaluate buried geophysical targets. The HPX technology
cluster comprises geological and geophysical systems for targeting, modelling,
survey optimization, acquisition, processing and interpretation. HPX has a
highly experienced board and management team led by Co-Chairman and Chief
Executive Officer Robert Friedland, President Eric Finlayson, a former head of
exploration at Rio Tinto, and co-chaired by Ian Cockerill, a former Chief
Executive Officer of Gold Fields Ltd. For further information, please visitwww.hpxploration.com.
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 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.
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.
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