Cordoba Minerals Corp (TSX-V:CDB, OTCQB:CDBMF) has reported more "great" drill results from its initial infill program at its San Matias copper-gold-silver project in Colombia, which will be included in an updated resource estimate.
Multiple intervals of over 100 metres (m) with over 1% copper-equivalent have been returned from the core of the Alacran deposit at the property.
Highlights included a length of 175.40m starting from just 31.60m depth, which intersected 0.74% copper, 0.28 grammes per tonne (g/t) gold, 6.40 g/t silver, or 0.89% copper-equivalent.
Another hole hit 152.54m starting from surface with 0.69% copper, 0.22 g/t gold and 5.51 g/t silver, or 0.80% copper-equivalent.
"Alacran continues to deliver great results, particularly around the core of the resource area where shallow high-grade zones were identified and multiple Carbonate Base Metal (CBM) veins were intersected in high-grade structures," said Sarah Armstrong-Montoya, the CEO of Cordoba, in a statement.
READ: Cordoba Minerals says drilling at San Matias project in Colombia yields additional high-grade copper-gold veins
"We are very pleased with these results and are working hard to further enhance project value through the ongoing Feasibility Study (FS)."
Cordoba began its 25,000m initial infill drill program in May this year, and so far, 20,457m have been sunk in 94 diamond drill holes.
The assays continue to return high-grade copper-gold mineralization within the carbonaceous mudstones and tuffs of "Unit 2" of the Alacran deposit, said the company.
Three holes have hit CBM veins associated with the north-south trending structures that host Alacran's highest-grade mineralization.
Two holes also intersected massive sulfide zones, a metre or more in thickness, resulting from chalcopyrite and pyrite replacement of the host rocks. The extent of this local enrichment is uncertain, the firm added.
Also in the statement, Cordoba said it has arranged a short-term bridge loan of US$1 million from majority shareholder Ivanhoe Electric Inc to continue exploration 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% a year in the event Cordoba does not repay the amount owing upon the maturity date, which is December 31, 2022.
Cordoba is focused on copper and gold projects. Its wholly-owned San Matias project includes the Alacran deposit and satellite deposits at Montiel East, Montiel West and Costa Azul and sits 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.
Contact the writer at giles@proactiveinvestors.com