Cordoba Minerals (CDB-V) on the run north.
Nov 20, 2013 - News Release
Cordoba Minerals Corp. target Sabre Metals Inc. has drilled a significant copper and gold porphyry discovery at the San Matias project in Cordoba, Colombia. As announced on August 1, 2013, Cordoba Minerals signed a binding Agreement to consolidate the 26,000 hectares San Matias Project by acquiring Sabre, with closing anticipated early 2014.
Highlights (see Figures 1 and 2)
-- The initial four short drill holes at Montiel (Figure 1) tested mineralization below robust geochemical anomalies and artisanal workings and all intersected high-grade copper-gold porphyry mineralization including: -- 101.10 metres @ 1.0% Copper and 0.65 g/t Gold (2.37 g/t AuEq) in DDH-004 -- 46.60 metres @ 1.31% Copper and 0.86 g/t Gold (3.11 g/t AuEq) in DDH-003 -- 73.32 metres @ 0.84% Copper and 0.74 g/t Gold (2.19 g/t AuEq) in DDH-002 -- 48.61 metres @ 1.0% Copper and 1.21 g/t Gold (2.93 g/t AuEq) in DDH- 001 -- Trenching and channel sampling has identified substantial copper-gold mineralization over 1,000 metres of strike at Montiel on an east-west trend with the potential for the geochemical anomalies to connect with results including (see Figure 1): -- 154 meters @ 1.60% Copper and 2.6 g/t Gold (Channel) -- 30.0 meters @ 1.0% Copper and 0.20 g/t Gold (Trench) -- 48.61 metres @ 0.34% Copper and 0.69 g/t Gold (Trench) -- 100 metres @ 0.31% Copper and 0.21 g/t Gold (Trench) -- Montiel is the first of multiple porphyry prospects to be drill tested along the 13 kilometre San Matias Project which also includes the Costa Azul porphyry target located just two kilometres south of Montiel. Trenching at Costa Azul is ongoing with significant trenching results received including: -- 30.0 meters @ 0.47% Copper and 0.47 g/t Gold at Costa Azul (Trench) -- Extensive nearby infrastructure with the Caucasia airport located 15 kilometers away, paved roads traversing the property and grid power readily available. BHP's large open-pit Cerro Matoso nickel mine and Argos Carbon del Caribe coal mine are situated approximately 20 kilometers and 10 kilometers from the properties northern property boundary respectfully (see Figure 2). -- Topography at the Cordoba project is favourable with flat to rolling hills at elevations ranging from 150 metres to 300 metres above sea level.
Simon Ridgway, CEO of Cordoba Minerals, commented: "Such exceptional high grade copper-gold drill results in a newly discovered porphyry system bode well for our major drill program that will commence upon completion of the merger expected early 2014. This short drill program has confirmed that exceptional copper-gold grades continue to depth and are not just a product of surface enrichment in a tropical environment. Good potential also exists for mineralization to continue westwards where significant trenching results have been received over 1,000 metres of strike. Consolidation of this district has been the focus of management for the past two and a half years, and I am confident it will provide significant shareholder value as we advance this exciting project."
Details
The newly discovered San Matias Project comprises a 26,000 hectare land package on an inferred northern extension of the prolific and richly endowed Mid Cauca Gold Belt. The project area contains several known areas of porphyry copper-gold mineralization outlined by the Company's and Sabre's geological mapping, soil sampling, trenching, geophysics and also artisanal workings of which Montiel is the first target to be drilled.
Initial drilling at Montiel tested porphyry-related mineralization below copper-gold soil anomalies and artisanal workings in an area of deep tropical weathering. Drilling intersected high grade zones of copper-gold mineralization hosted by a diorite porphyry that contains strong potassic style alteration and various orientations of sheeted quartz-magnetite veins with chalcopyrite-bornite mineralization and minor zones of K feldspar within vein margins and secondary biotite. Lesser calc-sodic alteration is also noted as trace actinolite and albite alteration zones, largely in basaltic wallrocks and inclusions. At least one later phase of chalcopyrite veining overprints the sheeted quartz-magnetite veins.
A second, more felsic intrusive mineralized phase has also been identified which contains lesser quartz-magnetite veining associated with chalcopyrite and pyrite and a more well developed dissemination of chalcopyrite-pyrite. Potassic alteration, as secondary biotite, is well developed along with minor zones of chlorite-epidote alteration.
Within the diorite porphyry, zones of intense sheeted quartz veining often reaches over 90% replacement of the intrusive host rock associated with strong potassic alteration and copper-gold mineralization. The nature of mineralization and related alteration encountered at Montiel is similar to those of other large and elite high-grade copper-gold porphyry deposits.
The nature of the copper-gold mineralisation and its continuity at high grades through significant horizontal and vertical intervals in both oxide and sulphide zones is extremely encouraging. The high-grade mineralisation is more extensive than previously sampled in artisanal workings and remains open in all directions and to depth and towards the Montiel western outcropping (Figure 1).
Table 1 provides location information for the first four drill holes at Montiel including all the intervals of significant copper-gold mineralization. Figure 1 is the plan view of the Montiel drilling and significant trenching and geochemical results.
View table go to www.cordobamineralscorp.com
About the Agreement
Cordoba announced on August 1, 2013 that it had entered into a binding agreement to acquire a 100-per-cent interest in the Cordoba copper-gold property from the Minatura group of companies and the adjacent property from Sabre Metals Inc. Completion of the transaction is subject to a number of conditions, including approval by the shareholders of Cordoba and Sabre, completion of a financing by Cordoba, preparation of a 43-101 compliant technical report, and approval by the TSX Venture Exchange (see the August 1, 2013 news release for further details on the Agreement).
For the purposes of this news release, the Cordoba Project has now been renamed the San Matias Project and Montiel also includes the San Matias prospect.
Technical Information
The results of the Sabre's drill program have been reviewed, verified and compiled by Christian J. Grainger, PhD, a Qualified Person for the purpose of NI 43-101. Dr. Grainger is a geologist with +15 years in the minerals mining, consulting, exploration and research industries. Dr. Grainger is a Member of the Australian Institute of Geoscientists and Australian Institute of Mining and Metallurgy.
QA/QC
Sabre utilized industry-standard Quality Assurance and Quality Control techniques. HQ3 diamond drill-core is sawn in half with one half shipped to a sample preparation lab in Medellin run by ACME Colombia for initial crushing and splitting. Samples are then shipped for analysis to ACME certified assay laboratory in Vancouver, Canada where gold analyses were conducted by Fire Assay with an ICP-ES finish, and copper was analyzed by 4 Acid Digest with ICP-MS finish. The remainder of the core is stored in a secured storage facility for future assay verification. Blanks, duplicates and certified reference standards are inserted into the sample stream to monitor laboratory performance.
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