Drilling at Perseverance in Arizona, USA Suggests Proximity to Porphyry Copper System Cordoba and Bell Copper Will Bring HPX’s Typhoon™ Geophysical System to Site
Drilling at Perseverance in Arizona, USA
Suggests Proximity to Porphyry Copper System
Cordoba and Bell Copper Will Bring HPX’s Typhoon™
Geophysical System to Site
TORONTO, ONTARIO, January 21, 2018: Cordoba Minerals Corp. (TSX-V:CDB;
OTCQX:CDBMF) (“Cordoba” or the “Company”) is pleased to provide an update on diamond
drilling activity at the Perseverance porphyry copper project, located in northwestern Arizona,
USA. The Perseverance project is under a Joint Venture with Bell Copper Corporation (TSXV:
BCU) (“Bell Copper”).
Highlights
• While assay results are pending, there is more copper and more evidence of hypogene
enrichment in drill hole K-20, a 2.1 km step-out from prior drilling, than in any previous
Perseverance drill hole. Hypogene enrichment is a process in which late, oxidized, acid,
copper-bearing fluids convert early, low-grade, pyrite-chalcopyrite mineralization into higher-
grade hematite-bornite-chalcocite mineralization. This was a key hydrothermal process in the
formation of the giant, high-grade Resolution porphyry copper deposit in Arizona.
• Porphyry-type propylitic, potassic, sericitic and advanced argillic alteration are all present in
K-20 drill core. While epidote-rich propylitic alteration is pervasive, the other alteration types
follow high-angle fractures and commonly show overprinting relationships. These fractures
channelled copper-bearing fluids from a nearby porphyry.
• K-20 is located northeast of any previously-acquired induced polarization (“IP”) or
magneto-telluric (“MT”) geophysics. Cordoba is planning to deploy the High Power
Exploration Inc. (“HPX”) proprietary Typhoon™ deep-search IP technology to extend the
geophysical coverage and better define the location of the 2 km by 3 km Perseverance
porphyry target.
“We are very encouraged by the initial observations of the K-20 drill core, which was a significant
step-out hole from prior drilling into an area with no geophysical data. We fully believe we are on
the trail of a major copper deposit at Perseverance,” commented Mario Stifano, President and
CEO of Cordoba Minerals. “The chalcopyrite, bornite and chalcocite identified in the drill core,
along with other minerals, suggest the porphyry target has potential for a hypogene enrichment
zone with higher-than-average copper grades. Looking ahead, we plan to utilize the full resources
of our majority shareholder, HPX, and will bring their proprietary Typhoon technology to site.”
K-20 Diamond Drill Hole
K-20 is the first drill hole drilled under the Perseverance Joint Venture Agreement between
Cordoba and Bell Copper. The hole was pre-collared to a depth of approximately 300 metres
before core drilling commenced in September 2018. At approximately 1,030 metres, the drill core
became more potassically altered with disseminated pyrite and chalcopyrite on a 1:1 ratio, more
frequent veins and quartz-molybdenite stringers. This was observed with an occurrence of
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hydrothermal magnetite filling fractures and veins and secondary biotite alteration. T he
appearance of potassic alteration with more frequent veins and quartz stringers suggests that K-
20 has approached the higher temperature region of the porphyry system, suggesting proximity
to the porphyry copper target. K-20 is currently at a depth of approximately 1,045 metres, and
drilling has been paused for further geophysical studies and a review of the geological model. Full
assay results are pending.
Figure 1*: Significant chalcopyrite veins encountered at approximately 814 metres (left) and 822
metres (right).
*Mineralization shown is from selected intervals, and not necessarily representative or indicative of the
mineralization hosted on the Perseverance property.
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Figure 2: Hydrothermal magnetite with chalcopyrite-pyrite and pervasive potassic alteration at
approximately1,032 metres.
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Figure 3*: Bornite and chalcopyrite mineralization along fracture plane at approximately 1,020
metres.
*Mineralization shown is from a selected interval, and not necessarily representative or indicative of the
mineralization hosted on the Perseverance property.
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Figure 4*: Bornite cutting and rimming chalcopyrite and subsequently replaced by chalcocite at
approximately 1,029 metres.
The sulphide paragenesis of bornite replaced or rimmed by chalcocite is characteristic of high-
sulphidation, high-grade hypogene copper deposits like Resolution, Oyu Tolgoi, Butte and
Chuquicamata.
*Mineralization shown is from a selected interval, and not necessarily representative or indicative of the
mineralization hosted on the Perseverance property.
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Next Steps: Typhoon™ Survey to Direct Future Drilling
Cordoba will bring the HPX proprietary Typhoon™ technology to site, to help extend geophysical
coverage and image to greater depths than previous surveys.
Figure 5: Cross section looking northwest with previously-identified IP anomaly, K-20 and past
drilling shown. Note that past drill holes K-13, 14, 18 and 19 were all stopped before penetrating
the IP anomaly.
Recap of the Perseverance Joint Venture Agreement
Cordoba has the option to earn up to an 80% interest in the Perseverance porphyry copper project
by completing certain phased project expenditures over a 7.5-year period as follows:
• Phase 1 C$1M within 18 months to earn 25% interest (in progress)
• Phase 2 Additional C$3M within subsequent 2 years for 51% interest
• Phase 3 Additional C$3M within subsequent 2 years for 70% interest
• Phase 4 Additional C$10M within subsequent 2 years for 80% interest
Technical Information & Qualified Person
The technical information in this release has been reviewed and verified by Charles N. Forster,
P.Geo., a Qualified Person for the purpose of National Instrument 43-101. Mr. Forster is the Vice
President Exploration for High Power Exploration Inc., Cordoba Minerals’ majority shareholder,
and is not considered independent under National Instrument 43-101. Mr. Forster has more than
45 years of diversified mineral exploration experience in Canada, the United States, Sub-Saharan
Africa, Portugal, China and Mongolia. From 2001 to mid-2008, he was the Senior Vice President
of Exploration at Oyu Tolgoi in Mongolia for Ivanhoe Mines (now Turquoise Hill Resources).
During this time, he led a team of multi-national and Mongolian geologists in the discovery and
delineation of the world-class Oyu Tolgoi copper-gold porphyry deposit.
OPEN, no IP data to NE
Depth of IP limited by survey instrumentation
K-20: No IP data
K-12A: 173 m @ 0.053% copper
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Figure 6: Mario Stifano, CEO Cordoba Minerals (left), Charles Forster, Vice President Exploration
HPX (centre) and Timothy Marsh President and CEO Bell Copper (right) inspecting freshly drilled
core from K-20 at Perseverance on January 10, 2019.
About Cordoba Minerals
Cordoba Minerals Corp. is a Toronto-based mineral exploration company focused on the
exploration and acquisition of copper and gold projects. 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, Colombia. Cordoba has also entered into a Joint Venture
and Earn-In Agreement to explore the Perseverance copper porphyry project located in Arizona,
USA. For further information, please visit www.cordobaminerals.com.
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ON BEHALF OF THE COMPANY
Mario Stifano, President and CEO
Cordoba Minerals Corp.`
For further information, please contact:
Evan Young, Director, Investor Relations
Email: [email protected]
Phone: +1 (647) 808-2141
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of
the TSXV) accepts responsibility for the adequacy or accuracy of this press 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, that future
exploration could result in the discovery of a significant porphyry copper deposit; that Cordoba will fully
execute its option to earn into an 80% interest in the Perseverance porphyry copper project; that the use of
Typhoon™ and/or other geophysics will define the location of the porphyry at Perseverance which could
direct future drilling; that assay results received from K-20 will confirm evidence of copper and hypogene
enrichment . 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, 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. Readers are cautioned
not to put undue reliance on these forward-looking statements.