Cordoba Minerals Corp (TSX-V:CDB, OTCQB:CDBMF) said it has reached its minimum project expenditure requirement for Phase 2 of its earn-in agreement on the Perseverance project, giving it 51% interest in the Arizona property.
The junior exploration company is in a joint venture agreement with Bell Copper Corporation, giving Cordoba the option to earn up to an 80% interest in Perseverance by spending a total of C$17 million in project expenditures over a 7.5 year period.
With the completion of Phase 2 of the agreement, Cordoba is now in Phase 3, giving it the option to increase its interest to 70% by April 2024.
READ: Cordoba Minerals Corp boosted by stronger copper price, as work continues at San Matias and Perseverance projects
The agreement wraps up by April 2026 with Cordoba owning an 80% interest at the culmination of Phase 4.
"We are glad to achieve the Phase 2 earn-in requirement for the Perseverance joint venture agreement," Sarah Armstrong-Montoya, CEO of Cordoba said in a statement. "We look forward to continue exploring the great geological potential at Perseverance."
Cordoba also said that an initial drill hole on the Northern anomaly showed evidence of a nearby porphyry system. Assay results are pending on the hole.
The firm plans to carry out a down hole, radial Typhoon IP-resistivity survey using one of Ivanhoe Electric's proprietary deep-penetration Typhoon high-power transmitter systems shortly.
Cordoba is also 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.
Contact Angela at angela@proactiveinvestors.com
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