Cordoba Minerals Corp (TSX-V:CDB, OTCQB:CDBMF) announced an amendment to its joint venture agreement with Bell Copper Corporation, streamlining the earn-in process on the Perseverance copper project in Arizona.
Under the newly revised agreement, Cordoba has adjusted its earn-in phase, committing to spend C$14.2 million by April 24, 2026, to secure an 80% interest in Perseverance.
The modification consolidates the Phase 3 and Phase 4 earn-in spending requirements from the original agreement, along with additional expenditures of C$1.2 million for amending the terms.
The timeline for Cordoba to achieve the 80% project interest remains unchanged, with the company now poised to secure the interest directly by April 24, 2026, eliminating the two-tiered earn-in phases outlined in the initial joint venture agreement.
Sarah Armstrong-Montoya, CEO of Cordoba Minerals, expressed her satisfaction with the amended terms, emphasizing the company's belief in the substantial copper porphyry potential of the project.
"Cordoba continues to believe Perseverance has the potential for a massive copper porphyry system and is glad that Bell Copper is willing to work with us to adjust the Joint Venture Agreement so we could continue to explore the project together,” the CEO said in a statement.
Cordoba intends to utilize the amended agreement to facilitate an exploration program and deploy Typhoon IP-resistivity survey techniques at Perseverance, pending the acquisition of adequate exploration funding and availability of the Typhoon system.
In addition to its collaboration with Bell Copper on the Perseverance project, Cordoba is actively involved in the development of the Alacran project in Colombia, jointly managed with JCHX Mining Management Co Ltd.