Cordoba Minerals Corp (TSX-V:CDB, OTCQB:CDBMF) has reported "encouraging" assay results from the ongoing in-fill drilling program at its San Matias Copper-Gold-Silver Project in Colombia, which returned shallow high-grade copper-gold mineralization in the north of the Alacran Deposit with long intervals of over 1% copper equivalent (CuEq1) from drill holes ACD162 and ACD170.
"I'm delighted to see that the in-fill drilling program continues to deliver encouraging assay results, especially in the north of the Alacran Deposit," commented Sarah Armstrong-Montoya, president and CEO of Cordoba said in a statement.
"The initial in-fill drilling confirms the high-grade copper-gold mineralization within the core of the Alacran Deposit, and it is anticipated that the second phase in-fill drilling campaign will continue to confirm the Pre-Feasibility block model in the peripheral areas of the Deposit,” she added.
READ: Cordoba Minerals confirms high-grade copper-gold mineralization in Alacran deposit at San Matias project in Colombia
Significant intercepts returned from the latest in-fill drill holes included:
ACD162 - 150.7 metres (m) from 4.8m to 155.5m with 0.59% copper (Cu), 0.28 grams per ton (g/t) gold (Au) and 4.19 g/t silver (Ag), or 0.74% CuEq1, including:
- 52.36m from 4.8m to 57.16m with 1.09% Cu, 0.63 g/t Au and 7.44 g/t Ag, or 1.44% CuEq1,
- 48.3m from 85.7m to 134m with 0.58% Cu, 0.23 g/t Au and 4.11 g/t Ag, or 0.70 % CuEq1.
ACD170 - 77.48m from 6.6m to 84.08m with 1.24% Cu, 0.82 g/t Au and 6.78 g/t Ag, or 1.68% CuEq1, including:
- 19.31m from 6.6m to 25.91m with 1.20% Cu, 1.18 g/t Au and 6.45 g/t Ag, or 1.85% CuEq1,
- 25.38m from 58.7m to 84.08m with 2.72% Cu, 1.04 g/t Au and 14.84 g/t Ag, or 3.24% CuEq1.
The initial in-fill drilling campaign completed 27,726m in 142 diamond drill holes within the core of the Alacran Deposit and confirms the strong correlation with the Pre-Feasibility Study (PFS) block model. The ongoing second phase in-fill drilling program focuses on the peripheral in-fill areas to confirm the life of mine average grade estimate of the Alacran Deposit.
Holes ACD162 and ACD170 drill tested the north of the Alacran Deposit and returned with highly enriched grades of copper, gold and silver mineralization. ACD162 returned 150.7m from 4.8m to 155.5m of 0.74% CuEq1, with a particularly high-grade zone from 4.8m to 57.16m of 1.44 CuEq1.
This zone sampled a fossil-rich limestone at the top of 'Unit 2' - the stratigraphic horizon that hosts most of the mineralization at Alacran. Hole ACD170 intersected semi-massive sulfides within the lower part of the 'Unit 2' stratigraphy, which have been frequently seen in earlier drilling nearby.
Holes ACD160, 164 and 171 drill tested the peripheral in-fill areas in the south of the Alacran Deposit and returned with relatively lower grades as predicted by the PFS block model. The PFS planned this area to be mined later in the mine life.
Corporate Update
Cordoba also said it has arranged a short-term loan of US$4 million from its majority shareholder, Ivanhoe Electric Inc (IE). The Bridge Loan will be evidenced on a new grid promissory note and bears interest at 12% per annum, compounding only at maturity.
The interest rate will increase to 14% per annum if Cordoba does not repay the amount owing upon the maturity date, which is the earlier of May 15, 2023, and the closing of any equity or debt financing by Cordoba.
The purpose of the Bridge Loan is to ensure the company is able to continue exploration activities on its mineral projects and for general corporate purposes.
Cordoba Minerals is a mineral exploration company focused on the exploration, development and acquisition of copper and gold projects. Cordoba is developing the 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.
The company has entered into a strategic arrangement with JCHX Mining Management Co. Ltd under which JCHX will acquire 50% of the Alacran Project and the parties will jointly develop the project. Cordoba anticipates the strategic arrangement will close around the end of the second quarter of 2023, on satisfaction or waiver of all conditions to completion.
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.
Contact the author at jon.hopkins@proactiveinvestors.com