Cordoba Minerals Intersects Additional High- Grade Copper-Gold Veins Within the Alacran Deposit at its 100%-owned San Matias Copper- Gold-Silver Project in Colombia Hole ACD109 Reports 30.48 Metres of 2.43% Copper Equivalent
Cordoba Minerals Intersects Additional High-
Grade Copper-Gold Veins Within the Alacran
Deposit at its 100%-owned San Matias Copper-
Gold-Silver Project in Colombia
Hole ACD109 Reports 30.48 Metres of 2.43% Copper Equivalent
1
(1.87% Copper, 1.00 g/t Gold
and 16.69 g/t Silver)
Infill Drill Results Confirm the Broad Higher Grade Domains Within the Mineral Resource
Estimate for the Deposit
Vancouver, British Columbia--(Newsfile Corp. - September 19, 2022) - Sarah Armstrong-Montoya,
President and Chief Executive Officer of Cordoba Minerals Corp.
(TSXV: CDB) (OTCQB: CDBMF)
(otherwise "
Cordoba
" or the "
Company
"), is pleased to report assay results from the eight additional
diamond drill holes completed at the 100%-owned San Matias Copper-Gold-Silver Project.
Highlights:
Significant assays returned from the eight additional drill holes include (Table 1):
ACD109
- 106.2 metres ("m") with 0.85% copper ("Cu"), 0.55 g/t gold ("Au") and 6.14
g/t silver ("Ag") or 1.16% copper equivalent
1
("CuEq"), including:
30.48 m with 1.87% Cu, 1.00 g/t Au and 16.69 g/t Ag or 2.43% CuEq
1
,
5.90 m with 6.11% Cu, 2.59 g/t Au and 68.40 g/t Ag or 7.64% CuEq
1
.
ACD103 - 137.7 m with 0.72% Cu, 0.24 g/t Au and 5.21 g/t Ag or 0.85% CuEq
1
, including:
33.8 m with 1.31% Cu, 0.41 g/t Au and 6.77 g/t Ag or 1.50% CuEq
1
,
25.4 m with 0.92% Cu, 0.31 g/t Au and 6.06 g/t Ag or 1.08% CuEq
1
.
Additional late-mineral gold-copper veins, known as Carbonate Base Metal (CBM) veins, have
shown correlations in their continuity and grade, and are being investigated further.
Mineralized intersections confirm the broad higher grade domains within the mineral resource
estimate.
"We are incredibly encouraged by these positive results from the infill drill holes which support the higher
grade domains in our 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," commented Ms. Armstrong-Montoya, President and CEO of
Cordoba. "These drilling areas are located in close proximity with numerous local communities. We
appreciate their trust and support on our campaign and we are dedicated to maintain the collaborative
relationship we shared."
Additional drill results confirm the broad higher grade domains within the resource model and
CBM veins have shown correlations in continuity and grade.
Cordoba commenced a 25,000-metre initial infill drill program in May 2022 and a total of 15,580 metres
(71 drill holes) of the initial drill program have been completed to date.
Cordoba has received encouraging assay results for additional eight diamond drill holes (Figure 1). The
results continue to confirm the broad higher grade domains within the mineral resource estimate for the
Alacran Deposit (Figures 4, 5, 6, 7 and 8).
The bulk of the mineralization continues to be within 'Unit 2' of the Alacran Deposit - a carbonate rich
volcaniclastic unit which is preferentially mineralized by disseminated, semi-massive and massive
chalcopyrite, pyrite and pyrrhotite, with occasional mushketovite-magnetite (Figures 10 and 11). Unit 2
also contains beds of fossiliferous limestones, where centimeter-sized elongated fossil bivalves are
seen which are preferentially replaced by pyrite and chalcopyrite, resulting in highly enriched grades of
copper, gold and silver.
In-fill drill holes ACD101, ACD103 and ACD109 (Figures 2, 3 and 9) have intersected CBM veins that
show a close geographical correlation with the vertical high-grade domains in the Pre-Feasibility Study
block model. With better correlations in their continuity and grade are being seen, these CBM veins will
be modelled further for potential inclusion in the resource model.
Corporate Update
Cordoba has arranged a short-term loan of US$1 million (the "Bridge Loan") from its majority
shareholder, Ivanhoe Electric Inc. ("IE"). The Bridge Loan will be evidenced on the existing grid
promissory note (refer to Cordoba's
press release dated August 11, 2022
) and bears interest at 12%
per annum, compounding only at maturity. The interest rate will increase to 14% per annum in the event
that Cordoba does not repay the amount owing upon the maturity date, which is December 31, 2022.
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.
Hole
From
(m)
To
(m)
Interval
2
(m)
Cu
(%)
Au
(g/t)
Ag
(g/t)
CuEq
1
(%)
ACD099
63.40
66.25
2.85
1.15
0.93
6.88
1.67
And
137.00
178.90
41.90
0.42
0.37
4.09
0.64
Including
155.60
164.00
8.40
1.04
0.74
9.06
1.47
And
190.10
199.80
9.70
0.69
0.31
3.40
0.85
Including
193.10
199.80
6.70
0.91
0.36
4.41
1.08
ACD101
10.00
55.26
45.26
0.95
0.12
3.82
0.98
Including
10.00
38.51
28.51
1.09
0.12
4.03
1.10
And
116.71
134.38
17.67
0.50
0.43
3.52
0.75
Including
127.00
131.00
4.00
0.72
0.86
3.33
1.21
And
151.75
180.57
28.82
0.73
0.35
3.50
0.91
Including
161.22
167.00
5.78
0.85
3.69
0.34
1.01
And
194.05
200.44
6.39
1.22
0.55
7.87
1.51
ACD103
95.70
233.40
137.70
0.72
0.24
5.21
0.85
Including
114.12
147.90
33.78
1.31
0.41
6.77
1.50
Including
201.64
227.02
25.38
0.92
0.31
6.06
1.08
ACD104
140.70
166.70
26.00
0.19
0.54
2.53
0.52
And
172.70
182.70
10.00
0.41
0.24
2.63
0.54
And
204.70
216.70
12.00
0.46
0.30
2.10
0.62
ACD105
23.00
106.40
83.40
0.48
0.11
1.58
0.52
Including
23.00
78.00
55.00
0.59
0.13
1.81
0.64
Including
23.00
39.90
16.90
1.35
0.30
3.59
1.45
And
143.82
172.00
28.18
0.46
0.51
2.93
0.75
Including
145.20
154.50
9.30
0.66
0.75
5.19
1.10
ACD106
145.40
248.00
102.60
0.58
0.23
2.85
0.69
Including
174.80
203.35
28.55
0.92
0.30
4.55
1.06
And
194.50
203.35
8.85
1.64
0.54
7.85
1.89
ACD108
100.53
115.80
15.27
0.18
0.32
0.57
0.36
Including
109.90
115.80
5.90
0.32
0.74
0.60
0.75
ACD109
16.00
35.80
19.80
0.37
0.16
1.23
0.45
And
115.90
222.10
106.20
0.85
0.55
6.14
1.16
Including
115.90
146.38
30.48
1.87
1.00
16.69
2.43
Including
132.60
138.50
5.90
6.11
2.59
68.40
7.64
Table 1: Drill results for additional eight holes from the 2022 Alacran Deposit infill drill program.
Figure 1: Plan view of the significant intercepts from the additional eight diamond drill holes.
To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/3116/137620_e7bfd50eb456d850_002full.jpg
Figure 2: Cross section D - D' of ACD099
To view an enhanced version of Figure 2, please visit:
https://images.newsfilecorp.com/files/3116/137620_e7bfd50eb456d850_003full.jpg
Figure 3: Cross section B - B' of ACD101
To view an enhanced version of Figure 3, please visit:
https://images.newsfilecorp.com/files/3116/137620_e7bfd50eb456d850_004full.jpg
Figure 4: Cross section A - A' of ACD103
To view an enhanced version of Figure 4, please visit:
https://images.newsfilecorp.com/files/3116/137620_e7bfd50eb456d850_005full.jpg
Figure 5: Cross section D - D' of ACD104
To view an enhanced version of Figure 5, please visit:
https://images.newsfilecorp.com/files/3116/137620_e7bfd50eb456d850_006full.jpg
Figure 6: Cross section C - C' of ACD105
To view an enhanced version of Figure 6, please visit:
https://images.newsfilecorp.com/files/3116/137620_e7bfd50eb456d850_007full.jpg
Figure 7: Cross section A - A' of ACD106
To view an enhanced version of Figure 7, please visit:
https://images.newsfilecorp.com/files/3116/137620_e7bfd50eb456d850_008full.jpg
Figure 8: Cross section D - D' of ACD108
To view an enhanced version of Figure 8, please visit:
https://images.newsfilecorp.com/files/3116/137620_e7bfd50eb456d850_009full.jpg
Figure 9: Cross section C - C' of ACD109
To view an enhanced version of Figure 9, please visit:
https://images.newsfilecorp.com/files/3116/137620_e7bfd50eb456d850_010full.jpg
Figure 10: Semi-massive chalcopyrite and pyrite within 'Unit 2' carbonaceous mudstones at 147 m
below collar in hole ACD103. This sample returned 7.98% Cu, 1.995 g/t Au and 42.6 g/t Ag for 8.85%
CuEq
1
and is at the base of a 33.78 m higher grade zone between 114.12 m and 147.90 m below collar
which returned 1.31% Cu, 0.41 g/t Au and 6.77g/t Ag or 1.50% CuEq
1
.
To view an enhanced version of Figure 10, please visit:
https://images.newsfilecorp.com/files/3116/137620_e7bfd50eb456d850_011full.jpg
Figure 11: An example of high grade CBM vein mineralization with massive chalcopyrite, pyrite,
pyrrhotite with minor magnetite at 136 m below collar in ACD109. This sample returned 11.85% Cu,
5.47 g/t Au and 144 g/t Ag for 15.16% CuEq
1
within a 30.48 m higher grade zone between 115.90 m
and 146.38 m below the collar; assaying 1.87% Cu, 1.00 g/t Au, 16.69 g/t Ag or 2.43% CuEq
1
.
To view an enhanced version of Figure 11, please visit:
https://images.newsfilecorp.com/files/3116/137620_e7bfd50eb456d850_012full.jpg
Technical Information & Qualified Person
The technical information in this release has been reviewed, verified and approved by Mark Gibson,
P.Geo., a Qualified Person for the purpose of National Instrument 43-101 -
Standards of Disclosure for
Mineral Project
("NI 43-101"). Mr. Gibson is the Chief Operating Officer of Cordoba and of Ivanhoe
Electric Inc., Cordoba's majority shareholder, and is not considered independent under NI 43-101. Mr.
Gibson verified the data disclosed which includes a review of the sampling, analytical and test data
underlying the information and opinions contained therein.
Quality Assurance/Quality Control
Cordoba uses ALS Minerals Laboratory in Medellin, Colombia, ALS Minerals Laboratory in Lima, Peru,
and SGS Colombia S.A.S in Medellin, Colombia. These labs operate in accordance with ISO/IEC
17025.
Cordoba employs a comprehensive industry standard Quality Assurance/Quality Control (QA/QC)
program. PQ and HQ diamond drill core is cut lengthwise into 3 fractions, 1/4 is sent to geochemistry,
half is sent to metallurgy, and 1/4 is left behind in a secure facility for future assay verification.
Some sample shipments are delivered to ALS Minerals Laboratory in Medellin, Colombia where the
samples are prepared. Analysis occurs at the ALS Minerals Laboratory in Lima, Peru.
Alternate sample shipments are delivered to SGS Colombia S.A.S in Medellin, Colombia where the
samples are prepared and analyzed.
Both analytical labs determine the gold by a 50 g fire assay with an AAS finish. An initial multi-element
suite comprising copper, molybdenum, silver, and additional elements are analyzed by four-acid
digestion with an ICP-MS finish. All samples with copper values over 10,000 ppm and gold greater than
10 ppm are subjected to an overlimit method for higher grades, which also uses a four-acid digest with
an ICP-ES finish, and fire test with gravimetric finish. Certified reference materials, blanks, and
duplicates are randomly inserted at the geologist's discretion and QA/QC geologist's approval into the
sample stream to control laboratory performance (15%).
The Bridge Loan
The Bridge Loan constitutes a "related party transaction" under Multilateral Instrument 61-101 -
Protection of Minority Security Holders in Special Transactions ("MI 61-101") as IE is a related party of
Cordoba given its greater than 10% beneficial shareholding. Pursuant to Section 5.7(1)(f) of MI 61-101,
the Company is exempt from obtaining minority approval of the Company's shareholders in respect of
the Bridge Loan because it was determined that the Bridge Loan is on reasonable commercial terms
that are not less advantageous to the Company than if the Bridge Loan was obtained from a person
dealing at arm's length with the Company and because the Bridge Loan is not convertible into, or
repayable in, equity or voting securities of the Company or a subsidiary of the Company or otherwise
participating in nature. The Company will file a material change report in respect of the Bridge Loan.
However, the material change report will be filed less than 21 days prior to the closing of the Bridge
Loan, which is consistent with market practice and which the Company deems is reasonable in the
circumstances.
About Cordoba