Cordoba Minerals Corp (TSX-V:CDB, OTCQB:CDBMF) said it has intersected additional high-grade copper-gold veins within the Alacran Deposit at its San Matias project in Colombia based on assay results from eight additional diamond drill holes completed at the project.
Significant assays included hole ACD109 of 106.2 meters (m) with 0.85% copper, 0.55 grams per ton (g/t) gold and 6.14 g/t silver, or 1.16% copper equivalent including 30.48m with 1.87% copper, 1 g/t gold and 16.69 g/t silver or 2.43% copper equivalent, and 5.90m with 6.11% copper, 2.59 g/t gold and 68.40 g/t silver or 7.64% copper equivalent.
The company said additional late-mineral gold-copper veins, known as carbonate base metal veins, have shown correlations in their continuity and grade, and are being investigated further.
READ: Cordoba Minerals intersects multiple high-grade gold-copper veins in Alacran Deposit at its San Matias project in Colombia
Cordoba CEO Sarah Armstrong-Montoya said the company is incredibly encouraged by the positive results from the infill drill holes which support the higher-grade domains in its resource model for the Alacran Deposit.
“The northern and central areas that we are drilling for the current campaign host multiple high-grade mineralized zones and we look forward to the results of the remaining campaign," Armstrong-Montoya said.
The company commenced its 25,000-meter initial infill drill program in May 2022, and a total of 15,580m, or 71 drill holes, have been completed to date, according to Cordoba.
The company also announced that it has arranged a short-term bridge loan of US$1 million from its majority shareholder Ivanhoe Electric Inc to ensure it is able to continue exploration activities on its mineral projects and for general corporate purposes.
The loan will be evidenced on the existing grid promissory note and bear interest at 12% per annum.
The interest rate will increase to 14% per annum in the event Cordoba does not repay the amount owing upon the maturity date, which is December 31, 2022.
Cordoba is a mineral exploration company focused on the exploration, development and acquisition of copper and gold projects
Contact the author at emily.jarvie@proactiveinvestors.com
Follow her on Twitter @emilyjjarvie