Cordoba drills 0.89% CuEq over 175.4 metres at San Matias, Colombia
Cordoba Minerals Corp. [CDB-TSXV; CDBMF-OTCQB] reported additional assay results received from the continuing 25,000-metre initial infill drilling program at the 100%-owned San Matias copper-gold-silver project in Colombia.
Highlights: Significant intercepts returned from the additional drill holes include drill hole ACD126 that returned 175.40 metres from 31.60 to 207.00 metres with 0.74% copper, 0.28 g/t gold and 6.40 g/t silver, or 0.89% copper equivalent1 (CuEq), including 74.40 metres from 31.60 to 106.00 metres with 1.30% Cu, 0.57 g/t Au and 10.85 g/t Ag, or 1.62% CuEq; 22.90 metres from 170.45 to 193.35 metres with 0.90% Cu, 0.17 g/t Au and 8.73 g/t Ag, or 0.98% CuEq.
ACD115 returned 152.54 metres from surface with 0.69% Cu, 0.22 g/t Au and 5.51 g/t Ag, or 0.80% CuEq, including 51.50 metres from surface with 1.62% Cu, 0.51 g/t Au, and 12.94 g/t Ag, or 1.89% CuEq.
These shallow high-grade intercepts lie within the core of the Alacran deposit and will be included in an updated mineral resource estimate to be prepared after completion of the current 25,000-metre in-fill drilling program.
“Alacran continues to deliver great results, particularly around the core of the resource area where shallow high-grade zones were identified and multiple Carbonate Base Metal (CBM) veins were intersected in high-grade structures,” commented Sarah Armstrong-Montoya, President and CEO. “We are very pleased with these results and are working hard to further enhance project value through the ongoing Feasibility Study.”
Shallow high-grade intervals identified at the core of the Alacran Deposit to be included in an updated mineral resource estimate.
Cordoba has completed a total of 20,457 metres in 94 diamond drill holes of the 25,000-metre initial infill drill campaign. The assays continue to return high-grade copper-gold mineralization within the carbonaceous mudstones and tuffs of Unit 2 of the Alacran Deposit. Drill holes ACD115 and ACD126 intersected massive sulfide zones, a metre or more in thickness, resulting from chalcopyrite and pyrite replacement of the host rocks. The extent of this local enrichment is uncertain, but the grade is higher than the local block model.
Multiple intervals of over 100 metres with over 1% CuEq1 have been returned from the core of the Alacran Deposit. These high-grade zones are shallow and laterally continuous and will be included in an updated mineral resource estimate after the completion of the current in-fill drilling program.
Drill holes ACD114, ACD115 and ACD117 have intersected CBM veins associated with the north-south trending structures that host Alacran’s highest-grade mineralization. While the CBM veins themselves are discontinuous, the host structures will be modelled to determine their potential to form a high-grade sub-domain in an updated resource block model.
Cordoba has arranged a short-term bridge loan of US$1 million from its majority shareholder, Ivanhoe Electric Inc. [IE-TSX]. The bridge loan will be evidenced on the existing grid promissory note and bears interest at 12% per annum, compounding only at maturity. The interest rate will increase to 14% per annum in the event that Cordoba does not repay the amount owing upon the maturity date, which is December 31, 2022.
Cordoba Minerals is developing its San Matias Copper-Gold-Silver Project, which includes the Alacran deposit and satellite deposits at Montiel East, Montiel West and Costa Azul, located in the Department of Cordoba, Colombia. Cordoba also holds a 51% interest in the Perseverance Copper Project in Arizona, USA, which it is exploring through a joint venture and earn-in agreement.
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