Cordoba Minerals Reports Shallow High-Grade Copper-Gold Intercepts Within the Alacran Deposit at Its 100%-Owned San Matias Copper- Gold-Silver Project in Colombia Hole ACD126 Reports 175.40 Metres of 0.89% Copper Equivalent
Cordoba Minerals Reports Shallow High-Grade
Copper-Gold Intercepts Within the Alacran
Deposit at Its 100%-Owned San Matias Copper-
Gold-Silver Project in Colombia
Hole ACD126 Reports 175.40 Metres of 0.89% Copper Equivalent
1
(0.74% Copper, 0.28 g/t Gold
and 6.40 g/t Silver)
Hole ACD115 Reports 152.54 Metres of 0.80% Copper Equivalent
1
(0.69% Copper, 0.22 g/t Gold
and 5.51 g/t Silver)
Vancouver, British Columbia--(Newsfile Corp. - October 25, 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 additional assay results received from
the ongoing 25,000-metre initial in-fill drilling program at the 100%-owned San Matias Copper-Gold-
Silver Project.
Highlights:
Significant intercepts returned from the additional drill holes include (Table 1):
ACD126 - 175.40 metres ("m") from 31.60 m to 207.00 m with 0.74% copper ("Cu"),
0.28 g/t gold ("Au") and 6.40 g/t silver ("Ag"), or 0.89% copper equivalent
1
("CuEq
"
),
including:
74.40 m from 31.60 m to 106.00 m with 1.30% Cu, 0.57 g/t Au and 10.85 g/t Ag,
or 1.62% CuEq
1
,
22.90 m from 170.45 m to 193.35 m with 0.90% Cu, 0.17 g/t Au and 8.73 g/t Ag,
or 0.98% CuEq
1
.
ACD115 - 152.54 m from surface with 0.69% Cu, 0.22 g/t Au and 5.51 g/t Ag, or 0.80%
CuEq
1
, including:
51.50 m from surface with 1.62% Cu, 0.51 g/t Au, and 12.94 g/t Ag, or 1.89%
CuEq
1
.
These shallow high-grade intercepts lie within the core of the Alacran Deposit and will be
included in an updated mineral resource estimate to be prepared after completion of the
current 25,000-m in-fill drilling program.
"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," commented Ms. Sarah Armstrong-Montoya, President and CEO of
Cordoba. "We are very pleased with these results and are working hard to further enhance project value
through the ongoing Feasibility Study ("FS")."
Shallow high-grade intervals identified at the core of the Alacran Deposit to be included in an
updated mineral resource estimate.
Cordoba has completed a total of 20,457 m in 94 diamond drill holes of the 25,000-m initial infill drill
campaign (Figure 1). The assays continue to return high-grade copper-gold mineralization within the
carbonaceous mudstones and tuffs of "Unit 2" of the Alacran Deposit. Drill holes ACD115 and ACD126
(Figures 2 and 3) 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, but
the grade is higher than the local block model.
Multiple intervals of over 100 m with over 1% CuEq
1
have been returned from the core of the Alacran
Deposit. These high-grade zones are shallow and laterally continuous (see drill holes ACD115 and
ACD118 in Figures 4 and 5) and will be included in an updated mineral resource estimate after the
completion of the current in-fill drilling program.
Drill holes ACD114, ACD115 and ACD117 have intersected CBM veins associated with the north-south
trending structures that host Alacran's highest-grade mineralization. While the CBM veins themselves
are discontinuous, the host structures will be modelled to determine their potential to form a high-grade
sub-domain in an updated resource block 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.
Table 1: Drill results of the latest drill holes from the 2022 Alacran Deposit infill drill program.
Hole
From
(m)
To
(m)
Interval
2
(m)
Cu
(%)
Au
(g/t)
Ag
(g/t)
CuEq
1
(%)
ACD088
0.00
20.00
20.00
0.38
0.08
1.73
0.41
And
42.50
126.00
83.50
0.40
0.14
2.62
0.47
ACD090
0.00
26.00
26.00
0.20
0.08
0.50
0.24
ACD091
53.50
65
11.50
0.34
0.09
1.42
0.38
ACD092
47.00
106.00
59.00
0.39
1.35
1.25
1.19
ACD098
16.60
49.30
32.70
0.26
0.09
1.63
0.30
And
107.74
222.30
114.56
0.55
0.29
2.99
0.70
Including
141.15
191.00
49.85
0.72
0.29
2.70
0.86
ACD100
105.00
133.50
28.50
0.28
0.28
4.55
0.46
And
140.50
243.40
102.90
0.41
0.21
1.99
0.52
ACD102*
223.80
238.20
14.40
0.48
0.66
2.71
0.86
ACD107*
246.30
258.30
12.00
0.21
0.04
1.12
0.23
ACD110
145.58
194.90
49.32
0.27
0.19
1.82
0.37
Including
160.28
182.90
22.62
0.35
0.30
1.79
0.52
ACD111
22.00
67.5
45.50
0.53
0.08
2.02
0.55
Including
22.00
40.00
18.00
0.68
0.08
2.32
0.69
And
133.20
212.00
78.80
0.49
0.32
2.24
0.66
Including
173.00
204.00
31.00
0.77
0.37
3.49
0.96
ACD112
212.80
257.80
45.00
0.65
0.49
0.30
2.56
ACD113*
No significant values
ACD114
94.40
231.90
137.50
0.70
0.28
3.50
0.84
Including
102.00
160.50
58.50
1.02
0.40
4.33
1.21
Including
192.50
231.90
39.40
0.59
0.28
3.83
0.74
ACD115
0.00
152.54
152.54
0.69
0.22
5.51
0.80
Including
0.00
51.50
51.50
1.62
0.51
12.94
1.89
Including
114.96
144.08
29.12
0.33
0.13
2.78
0.41
ACD116
170.21
182.93
12.72
0.61
0.60
3.02
0.95
ACD117
67.45
221.10
145.35
0.53
0.21
3.31
0.64
Including
132.10
152.00
19.90
0.78
0.48
4.54
1.04
Including
183.30
206.65
21.95
0.76
0.24
5.10
0.88
ACD118
57.00
196.85
139.85
0.75
0.24
6.59
0.88
Including
57.00
95.00
38.00
2.11
0.59
18.82
2.43
Including
135.60
149.67
14.07
0.41
0.51
3.63
0.71
ACD119
84.13
177.53
93.40
0.55
0.25
3.33
0.68
Including
93.00
135.51
42.51
0.95
0.51
5.77
1.22
ACD120
**
2.00
124.50
115.20
0.48
0.28
4.12
0.63
Including
**
2.00
51.50
40.30
0.76
0.59
7.42
1.11
ACD121
151.40
178.50
27.10
0.73
0.55
3.68
1.02
ACD122
73.18
129.32
56.14
0.41
0.17
1.92
0.49
Including
100.27
115.12
14.85
1.00
0.44
4.45
1.22
ACD123
5.00
16.37
11.37
0.67
0.49
6.40
0.96
And
45.70
146.00
100.30
0.36
0.14
2.79
0.44
Including
45.70
71.50
25.80
0.58
0.15
3.60
0.65
Including
126.00
146.00
20.00
0.46
0.17
3.95
0.55
ACD124**
55.00
178.00
122.75
0.48
0.34
3.06
0.67
Including**
91.95
132.00
39.80
1.15
0.91
7.74
1.66
ACD125
90.50
156.50
66.00
0.52
0.21
3.69
0.63
ACD126
31.60
207.00
175.40
0.74
0.28
6.40
0.89
Including
31.60
106.00
74.40
1.30
0.57
10.85
1.62
including
170.45
193.35
22.90
0.90
0.17
8.73
0.98
Hole
From
(m)
To
(m)
Interval
2
(m)
Cu
(%)
Au
(g/t)
Ag
(g/t)
CuEq
1
(%)
Figure 1: Plan view of the significant intercepts from the additional drill holes.
To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/3116/141736_ad1cb525e40aca10_004full.jpg
Figure 2: Hole ACD115 at 49.10 m showing local semi-massive sulfide replacement of
carbonaceous mudstones that has resulted in high-grade mineralization. This sample was part
of a 1-m sample from 48.50 m to 49.50 m, which returned 6.37% Cu, 1.78 g/t Au, 47.4 g/t Ag, or
7.05% CuEq
1
.
To view an enhanced version of Figure 2, please visit:
https://images.newsfilecorp.com/files/3116/141736_ad1cb525e40aca10_005full.jpg
Figure 3: Hole ACD126 also locally intersected massive sulfide replacement of carbonaceous
mudstones at 71.30 m, which returned 7.41% Cu, 1.43 g/t Au and 52.4 g/t Ag, or 8.04% CuEq
1
over a 1.40-m interval.
To view an enhanced version of Figure 3, please visit:
https://images.newsfilecorp.com/files/3116/141736_ad1cb525e40aca10_006full.jpg
Figure 4: Cross section A - A' of ACD 115
To view an enhanced version of Figure 4, please visit:
https://images.newsfilecorp.com/files/3116/141736_ad1cb525e40aca10_007full.jpg
Figure 5: Cross section of B - B' of ACD 118
To view an enhanced version of Figure 5, please visit:
https://images.newsfilecorp.com/files/3116/141736_ad1cb525e40aca10_008full.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
Cordoba Minerals Corp. is a mineral exploration company focused on the exploration, development and
acquisition of copper and gold projects. Cordoba is developing its 100%-owned San Matias Copper-
Gold-Silver Project, which includes the Alacran deposit and satellite deposits at Montiel East, Montiel
West and Costa Azul, located 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. For further information, please visit
www.cordobaminerals.com
.
ON BEHALF OF THE COMPANY
Sarah Armstrong-Montoya, President and Chief Executive Officer
Information Contact
Ran Li +1-604-689-8765
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accept 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, but not
limited to, statements with respect to the results of the FS and the enhancement of value through the
FS; the preparation of an updated mineral resource statement; results of the current exploration;
mineralization potential of CBM veins identified; the Bridge Loan, including the drawdown, repayment
schedule and intended purposes of the Bridge Loan; additional advances by IE; and filing of a
material change report on the Bridge Loan. 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. Such assumptions and estimates include, but are not limited to,
assumptions with respect to the status of community relations and the security situation on site and in
Colombia; general business and economic conditions; continuity of drilling programs; the availability
of additional exploration and mineral project financing including availability of funds pursuant to the