Cordoba Minerals Outlines San Matias Regional Exploration Program Focused on Building District-Scale Mineral Resources Alacran Deposit Preliminary Economic Assessment Underway
Cordoba Minerals Outlines San Matias Regional
Exploration Program
Focused on Building District-Scale Mineral Resources
Alacran Deposit Preliminary Economic Assessment Underway
TORONTO, ONTARIO, May 2, 2018: Cordoba Minerals Corp. (TSX-V:CDB;
OTCQX:CDBMF) (“Cordoba” or the “Company”) today announces the progress of regional
exploration at its 100%-owned San Matias Copper-Gold Project in Colombia. Recent
exploration has produced a number of new copper and gold targets that could significantly
enhance the value of the San Matias District. In addition, a Preliminary Economic Assessment
(“PEA”) has been initiated on the Company’s Alacran Deposit.
Highlights
• Cordoba has identified new copper and gold targets within the San Matias Copper-
Gold District that could potentially supplement a central milling facility located at the
Alacran Deposit.
• Priority drill holes have been planned in areas of known mineralization, including the
nearby Costa Azul porphyry copper-gold discovery, the Montiel East porphyry and the
Montiel West porphyry. Drilling will focus on potential resource definition at these
targets.
• High-grade copper and gold assays have been received from surface grab samples
including 70.5 g/t gold and 0.51% copper collected at Mina Ra and 8.95% copper at
Willian. Trenching activity has also produced high-grade grab samples including 3.9
g/t gold and 0.50% copper at Caño Pepo and 1.79% copper at Buenos Aires. These
prospects are located two to six kilometres south of Alacran and indicate the significant
potential for new discoveries within the San Matias District.
• Cordoba has initiated an independent PEA for the Alacran Deposit using AMC Mining
Consultants (UK) Ltd. Cordoba expects to publish the results of the PEA in the second
half of 2018.
“We continue to be impressed by the geological potential of the San Matias District,”
commented Mario Stifano, President and CEO of Cordoba Minerals. “We see multiple styles
of mineralization, indicative of a long and complex geological history, and it is within this
geological complexity that we see the potential for a large-scale discovery. With the
identification of new high-grade copper and gold targets in areas such as Buenos Aires and
Willian, our geologists have opened the door to additional discoveries at San Matias.”
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Regional Exploration Focused on Building District-Scale Resources
The Costa Azul copper-gold discovery is Cordoba’s top priority target for potential near-term
resource addition outside of the Alacran Deposit. Costa Azul is located approximately two
kilometres east of Alacran. Five previous drill holes delineated a shallow, gently south-dipping
body of quartz stockwork with significant copper and gold grades hosted within a dioritic
porphyry sill. Highlighted intercepts included 0.62% copper and 0.51 g/t gold over 86.6
metres in CADDH003 (refer to Cordoba’s December 1, 2014 news release).
Cordoba is planning a 14-hole diamond drill program at Costa Azul, totalling approximately
1,660 metres, to expand the known mineralization.
Table 1: Intercepts at Costa Azul from previous diamond drilling.
Hole ID From To Interval
(m)
Copper
(%)
Gold
(g/t)
CuEq
(%)
AuEq
(g/t)
CADDH001 0.0 112.2 112.2 0.36 0.32 0.60 0.79
including 7.2 53.0 45.8 0.61 0.60 1.06 1.40
CADDH002 0.0 64.5 64.5 0.28 0.25 0.47 0.62
and 78.5 129.0 50.5 0.26 0.15 0.37 0.49
CADDH003 0.0 86.6 86.6 0.62 0.51 1.01 1.33
including 13.5 71.6 58.1 0.83 0.71 1.37 1.80
and 171.4 206.8 35.4 0.22 0.10 0.30 0.39
CADDH004 0.0 53.4 53.4 0.31 0.31 0.55 0.72
and 82.6 165.8 83.2 0.17 0.10 0.25 0.32
CADDH005 8.0 50.0 42.0 0.28 0.31 0.52 0.68
Note: Diamond drill holes CADDH001-004 were previously reported in Codoba’s December 1, 2014 news release.
CADDH005 was completed in March 2017 and has not been previously released. Copper-equivalent and gold-
equivalent values have been calculated using a US$1,300 per ounce gold price and US$2.50 per pound copper
price.
Cordoba’s geologists have also reviewed the Montiel East and Montiel West porphyry
discoveries, both located approximately two kilometres from the Alacran Deposit, and have
now identified new drill targets based on updated geological models. At both targets, drilling
will focus on testing for new mineralized zones as well as extending areas of known
mineralization.
Drill targets have now been identified at the La Capitana area, which is approximately one
kilometre south of Alacran. La Capitana was identified through a large zinc, molybdenum and
lead soil anomaly and is hosted within the same stratigraphy as the Alacran Deposit.
Due to their proximity, any additional resources defined at Costa Azul, Montiel East, Montiel
West or La Capitana could potentially feed a central milling facility located at the Alacran
Deposit.
High Quality Regional Prospects
Cordoba’s geologists have identified a number of prospective targets within the San Matias
District, including the Buenos Aires, Betesta, Caño Pepo, Mina Ra, Willian, El Guineo and Las
Nieves areas. High-grade surface samples have been returned, with fieldwork and target
identification currently ongoing.
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Figure 1: Identified prospects and targets within the San Matias District.
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Figure 2: Ground Magnetic Amplitude and Chargeability from Costa Azul to Buenos Aires.
Buenos Aires is a priority target, outlined by a soil anomaly with significant copper values.
Recent chip samples taken from a diorite outcrop returned results above 1% copper, and
trenching that was completed in 2012 also exposed diorite and reported grades of up to 7.5%
copper.
To the north of Buenos Aires, a structure has been identified containing semi-massive pyrite
and chalcopyrite. Similar high-grade copper mineralization has also been discovered in a
second parallel structure to the south of Buenos Aires. Recent results from channel chip
samples taken across an outcrop of the southern structure include assays ranging from 0.88%
to 1.79% copper in four samples. A channel chip sample from an outcrop along the northern
structure returned a copper grade of 0.21%.
Detailed mapping, trenching and other fieldwork continues in these areas. Cordoba’s
geologists believe that mineralization along these structures may be fed from a larger intrusive
body at depth to the east, which has been identified from a copper soil geochemical anomaly
and a subtle IP anomaly.
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Figure 3: Trenching activity in the Buenos Aires area (left) and massive sulphides discovered
at the Buenos Aires South structure (right).
Surface trenching activities are currently underway at the Caño Pepo porphyry target, which
is defined by an area with high copper values in soil samples. Cordoba’s geologists have
identified float of sheeted quartz-chalcopyrite-bornite veins cutting andesitic volcanic rocks.
Chip samples of exposed saprolite and bedrock have been taken from trenches, with two
samples returning copper and gold grades above 0.5% copper and 3.4 g/t gold.
Cordoba geologists recently visited Mina Ra, located approximately two kilometres south of
Caño Pepo. High-grade, east-west trending, mineralized vein structures containing pyrite,
pyrrhotite and chalcopyrite have been identified. A high-grade grab sample from a vein
reported grades of 70.5 g/t gold and 0.51% copper over 0.35 metres. Artisanal miners currently
mine and recover gold at Mina Ra.
The Betesta prospect, located southeast of Caño Pepo and northeast of Mina Ra, contains
breccia with quartz, magnetite and chalcopyrite within a fault zone cutting a diorite stock.
Stream sediment sampling shows anomalous gold values in the catchment draining the diorite
and the surface showing. Betesta remains an early-stage prospect, but with additional
mapping, sampling and ground magnetics there is the potential to delineate a large zone of
mineralization.
At the Willian target, float and outcrop grab samples of sericite-altered crystal tuff have
returned copper assays of up to 8.95% copper. A second grab sample taken from a 2 metre
by 3 metre outcrop, located just to the east, returned a grade of 2.07%. Similar to La Capitana,
the Willian target is in the same host stratigraphy as Alacran, which indicates significant
potential for new discoveries along the Alacran trend.
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Figure 4: Surface grab samples from Willian (left) and Caño Pepo (right).
Alacran Preliminary Economic Assessment Underway
Cordoba has engaged AMC Mining Consultants (UK) Ltd. to complete a PEA for the
Company’s Alacran Deposit. The PEA will be based on the updated, conceptual pit-
constrained, Mineral Resource for the Alacran Deposit (refer to Cordoba’s February 26, 2018
news release), which is 36.1 million tonnes of Indicated Mineral Resources grading 0.57%
copper and 0.26 g/t gold (0.72% copper equivalent; “CuEq”), and 31.8 million tonnes of
Inferred Mineral Resources grading 0.52% copper and 0.24 g/t gold (0.65% CuEq) at a 0.28%
CuEq cut-off. The estimated metal content is 454 million pounds of copper and 300,000
ounces of gold in Indicated Mineral Resources, and 365 million pounds of copper and 250,000
ounces of gold in Inferred Mineral Resources.
The PEA will provide preliminary capital and operating cost estimates for a conceptual
standalone open-pit mining operation. The results of the PEA are expected in the second half
of 2018.
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Figure 5: Alacran CuEq Block Grade Map at 855 750 N.
Technical Information & Qualified Person
The technical information in this release has been reviewed and verified by Dale A. Sketchley,
M.Sc., P.Geo., a Qualified Person for the purpose of N ational Instrument 43-101. Mr.
Sketchley is a consultant to Cordoba Minerals and is considered independent under National
Instrument 43-101. Mr. Sketchley is a geologist with over 40 years in the mineral exploration,
mining and consulting industry. He is a Member of the Association of Professional Engineers
and Geoscientists of British Columbia (APEGBC) and the Canadian Institute of Mining and
Metallurgy (CIMM).
Copper-equivalent and gold-equivalent values have been calculated using a US$1,300 per
ounce gold price and US$2.50 per pound copper price.
About Cordoba Minerals
Cordoba Minerals Corp. is a Toronto-based mineral exploration company focused on the
exploration and acquisition of copper and gold projects in Colombia. Cordoba is currently
focused on its 100%-owned San Matias Copper-Gold Project, which includes the advanced-
stage Alacran Deposit, located in the Department of Cordoba. For further information, please
visit www.cordobaminerals.com.
ON BEHALF OF THE COMPANY
Mario Stifano, President and CEO
Cordoba Minerals Corp.
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For further information, please contact:
Evan Young, Director, Investor Relations
Email: [email protected]
Phone: +1 (647) 808-2141
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of
Canada accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This news release includes “forward-looking statements” and “forward-looking information”
within the meaning of Canadian securities legislation. All statements included in this news
release, other than statements of historical fact, are forward-looking statements including,
without limitation, (i) that recent exploration could enhance the value of the San Dimas District
and/or the Alacran Deposit; (ii) that new areas of mineralization may be identified which could
supplement a planned central mining facility and may add to Mineral Resources; (iii) that
geological fieldwork may lead to new or large-scale discovery within the San Matias District
and further within Colombia; and (iv) that a Preliminary Economic Assessment at Alacran will
be completed in the second half of 2018. Forward-looking statements include predictions,
projections and forecasts and are often, but not always, identified by the use of words such as
"anticipate", "believe", "plan", "estimate", "expect", "potential", "target", "budget" and "intend"
and statements that an event or result "may", "will", "should", "could" or "might" occur or be
achieved and other similar expressions and includes the negatives thereof.
Forward-looking statements are based on a number of assumptions and estimates that, while
considered reasonable by management based on the business and markets in which Cordoba
operates, are inherently subject to significant operational, economic, and competitive
uncertainties, risks and contingencies. There can be no assurance that such statements will
prove to be accurate and actual results, and future events could differ materially from those
anticipated in such statements. Important factors that could cause actual results to differ
materially from the Company's expectations include actual exploration results, plans relating
to a central milling facility at Alacran, interpretation of metallurgical characteristics of the
mineralization, changes in project parameters as plans continue to be refined, future metal
prices, availability of capital and financing on acceptable terms, general economic, market or
business conditions, uninsured risks, regulatory changes, delays or inability to receive
required approvals, and other exploration or other risks detailed herein and from time to time
in the filings made by the Company with securities regulators, including those described under
the heading “Risks and Uncertainties” in the Company’s most recently filed MD&A. The
Company does not undertake to update or revise any forward-looking statements, except in
accordance with applicable law.