CDB.V · 2021-03-31 12:00:00

Cordoba Minerals Provides an Update on Pre-Feasibility Study Fieldwork at the 100%-Owned Alacran Copper-Gold- Silver Project in Colombia Metallurgical, Geotechnical and Hydrological Drilling is Well-Advanced Exploration Planned at Alacran and Montiel West to Locate

Drill Results Metallurgy & Processing

March 31, 2021

Cordoba Minerals Provides an Update on Pre-Feasibility

Study Fieldwork at the 100%-Owned Alacran Copper-Gold-

Silver Project in Colombia

Metallurgical, Geotechnical and Hydrological Drilling

is Well-Advanced

Exploration Planned at Alacran and Montiel West to Locate

Porphyry Copper Mineralization

VANCOUVER, CANADA – Eric Finlayson, President and Chief Executive Officer of

Cordoba Minerals Corp. (TSXV:CDB; OTCQB: CDBMF; otherwise “C ordoba” or “the

Company”) is pleased to provide an update on the ongoing Pre-Feasibility Study (“PFS”)

at its 100%-owned Alacran Copper-Gold-Silver Project. The Alacran project is located in

the Department of Córdoba of northern Colombia in a newly-recognized Laramide-age

porphyry copper-gold district.

“We are making excellent progress on our PFS fieldwork and we remain on track

for finalizing the study before the en d of 2021. We are pleased to see a good

correlation between the resource block model and the metallurgical holes we have

drilled. This confirms that we have a r obust mineral resource at Alacran. We are

also about to reactivate our search f or the hidden porphyry sources of

mineralization at Alacran and M ontiel West. A porphyry copper discovery would

be the platform for the next stage of growth f or the Company,” commented

Mr. Finlayson (see Figure 1 below).

Highlights:

 The Mining Technical Work Plan (PTO) and Environmental Impact

Assessment (EIA), required for a Colo mbian mining licence application,

remain on schedule. The PTO is expected to be submitted in Q4 2021 and the

EIA in Q1 2022.

 52 of 94 planned drill holes have been completed (see Table 1 below). These

holes are being drilled for geotechnica l, hydrological and metallurgical

testing, with some resource in-fil l holes planned to convert Inferred

Resources to the Measured & Indicated categories. Assay results from the

in-fill drilling will be announced when available.

 All 63 excavator pits required for ge otechnical investigations have been

completed.

 Drill core from four of the seven planne d metallurgical holes is now at Blue

Coast Research on Vancouver Island undergoing metallurgical test work.

Each hole sampled a different part of the orebody.

 Assay data have been received for six of the metallurgical drill holes.

o Holes ACD085 and ACD086 were drilled immediately south and north

of the Alacran village (see Figure 2 below), and both showed an

excellent correlation with the anti cipated higher grade zones in the

resource block model, shown in Figures 3 and 4.

o Holes ACD088 and ACD092 both returned good correlations with

predicted high grade structures, shown in Figures 5 and 8.

o Hole ACD090 did not intersect the higher-grade interval anticipated at

the bottom of the hole, which tested the low-grade eastern edge of the

deposit (see Figure 5). The block model will be re-cast to reflect this

new information but will have no significant impact on the Alacran

resource estimate.

o Hole ACD091 tested the sparsely drilled southern part of the deposit,

encountering magnetite-rich inter vals with modest mineralization

towards the bottom of the hole (see Figure 7).

 Cordoba’s exploration team is currently designing a geophysical and drilling

program to search for the porphyry sources of the Alacran and Montiel West

deposits.

Hole objective Number of

holes

completed

Meterage (m) Further

planned holes

Geotechnical 23 1,909 12

Hydrological 15 759 3

Metallurgical 6 820 4

Condemnation 8 397 1

Resource In-fill 0 0 22

Total 52 3,885 42

Table 1: Drill holes completed to date as part of the Alacran PFS work program.

The metallurgical holes were originally designed to intersect shallow material to be mined

in the first five years of production. However, with drill casing still in the holes, the decision

has been taken to deepen the holes towards t he bottom of the planned pit where the

current drill spacing and grade estimate is lower. This should help push higher-grade

areas lower within the pit and hopefully extend the pit to greater depth.

Hole ID From To Interval

(m)

CuEq

(%)

(g/t)

Cut-off

(%CuEq)

True

Thickness

(approx % of

intercept

width)

ACD085 16.4 51.7 35.3 1.04 0.78 0.37 2.05 0.3 90-100%

80.4 88.0 7.6 0.48 0.21 0.4 0.67 0.3

ACD086 0 63.4 63.4 0.62 0.37 0.33 3.94 0.3 90-100%

71.3 75.43 4.13 0.68 0.61 0.02 6.24 0.3

81.83 92.36 10.53 0.82 0.34 0.03 55.59 0.3

ACD088 0.0 16.0 16 0.51 0.44 0.09 1.68 0.3 90-100%

49.8 73.1 23.3 0.7 0.58 0.12 4.26 0.3

90.0 94.0 4 0.76 0.65 0.14 2.33 0.3

103.7 114.4 10.7 1.14 0.8 0.46 4.71 0.3

119.6 126 6.4 0.69 0.5 0.25 3.18 0.3

176.0 180.4 4.4 0.36 0.29 0.05 3.65 0.3

ACD090 16.0 18.0 2 0.49 0.27 0.33 0.75 0.3 90-100%

22.0 26.0 4 0.62 0.46 0.23 1.24 0.3

48.0 50.0 2 0.3 0.28 0.02 0.78 0.3

68.0 70.0 2 0.36 0.003 0.54 0.08 0.3

ACD091 55.5 65 9.5 0.45 0.37 0.1 1.53 0.3 90-100%

93 97.1 4.1 0.77 0.09 1.03 0.56 0.3

ACD092 47.0 55.0 8 0.69 0.50 0.26 1.37 0.3 90-100%

61.0 69.0 8 0.77 0.54 0.33 1.5 0.3

75.0 106.0 31 2.1 0.49 2.42 1.6 0.3

Table 2: Significant intercepts from recent Alacran metallurgical drilling.

* Copper-equivalent values have been calculated using a US$1,400 per ounce gold price and US$3.10 per

pound copper price and US$17.75 per ounce silver price.

Ongoing PFS engineering design work includes: mining throughput studies; investigating

pit design options; evaluating infrastructure alternatives; assessing plant options and

examining the use of thickened tailings. A comparison between mining throughput of

16,000 tonnes per day as envisaged in the 2019 Preliminary Economic Assessment and

a higher throughput of 20,000 tonnes per day has indicated that the 20,000 tonne per day

case is likely value-accretive through pulling metal production forward.

Environmental baseline studies continue including air, water, vibration, noise, fauna and

flora surveys (see Figures 9 and 10 below). Cordoba continues working with the local

communities within the area of impact, and is currently focused on developing a social

program with short-, medium- and long-term benefits to all members of the communities,

as part of fostering the Company’s social licence to operate.

Figure 1: Location of the Alacran and Montiel West deposits.

Figure 2: Location of the metallurgical holes.

Figure 3: Cross section through ACD085 showing excellent correlation with

predicted near surface high grade material.

50m

ACD085

ACD063

SJ07

ACA 003

ACA 005

Figure 4: Cross section through ACD086, which gave a good correlation with predicted

high grades in the north of the pit.

ACD086

50m

ACD010

ACD051

ACD071

ACD077

ACD060

Figure 5: Cross section through ACD088 showing good correlations with predicted

high grades at 50m and 100m depth.

50m

ACD088

ACD005

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