Highlights: Significant intercepts returned from the remaining initial in-fill drill holes include drill hole ACD156 that returned 91.7 metres from 56.5 metre to 148.2 metres with 1.05% copper (Cu), 0.86 g/t gold (Au) and 9.50 g/t silver (Ag), or 1.55% copper equivalent (CuEq), including 46.90 metres from 65.5 metres to 112.4 metres with 1.72% Cu, 0.55 g/t Au and 16.23 g/t Ag, or 2.02% CuEq.
ACD157 returned 95.4 metres from 32.9 metres to 128.3 metres with 1.31% Cu, 0.38 g/t Au and 7.59 g/t Ag, or 1.49% CuEq, including 28.1 metres from 32.9 metres to 61 metres with 1.42% Cu, 0.23 g/t Au and 5.90 g/t Ag, or 1.49% CuEq, 1,44 metres from 84.3 metres to 128.3 metres with 1.79% Cu, 0.62 g/t Au and 11.96 g/t Ag, or 2.11% CuEq.
Initial in-fill drill results confirm the strong correlation with the Pre-Feasibility Study (PFS) block model and will be included in an updated mineral resource model.
“With the completion of the initial in-fill drilling program, I’m delighted that the assay results consistently demonstrated high-grade copper-gold mineralization within the core of the Alacran Project,” commented Ms. Sarah Armstrong-Montoya, President and CEO of Cordoba. “Together with the participation of JCHX in the project and the advancing of the Feasibility Study work program, we look forward to an encouraging year for the development of the Alacran Deposit.”
Initial in-fill drilling confirms the correlation with the PFS block model and Carbonate Base Metal veins offer significant upside for contained gold in the Alacran Deposit.
Cordoba has completed 27,726 metres in 142 diamond drill holes for the initial in-fill drilling campaign. Assay results from the remaining drill holes continue to demonstrate high-grade copper-gold mineralization within the core of the Alacran Deposit as predicted by the PFS block model.
Drill holes ACD156 and ACD157 tested the upper and base parts within ‘Unit 2’ of the Alacran Deposit, which has highly enriched grades of copper, gold and silver mineralization (Figures 2 and 3). ACD156 intersected high-grade semi-massive and massive sulfide replacing carbonaceous mudstones, and ACD157 intersected disseminated and semi-massive sulfide hosted by a tuff unit.
Additional shallow high-grade copper-gold intercepts that are similar to ACD 156 and ACD 157 were also returned from the initial in-fill drill results previously announced on October 25, 2022, and December 5, 2022. These assay results will be included in the next mineral resource model update. It is anticipated that the Feasibility Study will provide an analysis on the potential for early access to the shallow high-grade zones.
The initial in-fill drilling program also intersected multiple Carbonate Base Metal (“CBM”) veins, which could offer significant upside for contained gold in the Alacran Deposit (refer to Cordoba’s news releases dated August 8, 2022, and September 19, 2022). These CBM veins have shown close geological correlation with the vertical high-grade domains in the PFS block model and will be modelled further for potential inclusion in the resource model.
With the completion of the initial in-fill drilling program, future in-fill drilling will now be focused on the peripheral in-fill areas of the Alacran Deposit to estimate the life of mine average grade of the Deposit.
Cordoba Minerals is developing its 100%-owned 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.