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San Matias

Highlights

  • Located within the Department of Córdoba, Republic of Colombia, 200 km north of Medellin. Easily accessible by flight with paved and gravel road access to the project site.
  • Topography consists of rolling hills with a maximum altitude of approximately 200 metres above sea level.
  • Extensive land package covering most of the district -- current mining rights cover approximately 20,000 hectares (260 km2) with an additional 250,000 hectares under application.
  • Cordoba owns 100% of the San Matias project and is the sole operator.
  • Region is complex and richly endowed in mineralization -- within 30 kilometres there are two large operating open pit mines including Cerro Matoso (large Ni-laterite mine operated by South32) and Carbon del Caribe (coal mines operated by Argos).
  • Exploration project that hosts the Alacran near surface copper-gold Deposit as well as several known areas of porphyry copper-gold mineralization including the discovery of two outcropping copper-gold porphyries (Montiel and Costa Azul).
  • Open-pittable high-grade and potentially large scale Alacran deposit with an initial Inferred Resource totalling:
  • 53.5M tonnes at 0.70% Cu and 0.37 g/t Au (0.95% CuEq or 1.41 g/t AuEq)
  • 1.1 billion pounds of copper equivalent or 2.4 million ounces of gold equivalent
  • Potential new, high-grade epithermal vein discovery at Alacran:
    4,440 g/t gold + 10.25% copper + 24.70% zinc + 347 g/t silver over 0.90 metres

Ownership

In July 2017, Cordoba Minerals acquired 100% ownership interest in San Matias from HPX, a private mineral exploration company indirectly controlled by mining entrepreneur Robert Friedland's Ivanhoe Industries, LLC., in exchange for a 67% ownership of Cordoba Minerals. Click here to read the transaction details.

Location

The San Matias Project is located in the Municipality of Puerto Libertador, Department of Córdoba, Republic of Colombia, about 200 km north of the city of Medellin. San Matias is easily accessible with a 40 minute flight to the Caucasia airport from Medellin, followed by a one hour drive to Puerto Libertador on paved roads and gravel road access to the project site. The mining rights cover approximately 20,000 hectares or about 200 square kilometres. The latitude and longitude are 7° 45' north, 75° 43' west, and the altitude is between 100 m and 170 m above mean sea level.

Project Overview

Cordoba's San Matias Project is an early stage exploration project. The Company is exploring a newly identified high grade copper-gold district that is characterized by porphyry type and “carbonate replacement” (CRD) type and/or “iron oxide copper-gold” (IOCG) type deposits formed in an accreted island arc setting. Late Cretaceous ages for the magmatism and mineralization are based on preliminary radiometric age dates.

The Alacrán copper-gold deposit is located within a 390-hectare mining title (2.3 km x 1.7 km) in the northern central parts of the San Matias district. The copper-gold mineralization is associated with stratabound ore replacement of a faulted marine volcano-sedimentary sequence which includes some fossiliferous limestones and other calcareous lithologies intercalated within andesitic volcaniclastics. The deposit comprises moderately dipping stratigraphy that is mineralized as two main stratabound mantos and associated disseminations at the footwall of large diorite sills. The copper-gold mineralization is comprised of chalcopyrite ± pyrrhotite cutting earlier metasomatic semi-massive magnetite and distal disseminated pyrite. Lack of prograde calc-silicate assemblages coupled with the strong iron metasomatism as early magnetite+silica replacement, albite+chlorite(+/-actinolite) and carbonate alteration in the host geological sequence indicate that the copper-gold mineralization can be classed as IOCG or CRD type.

Mineralization at the Alacrán deposit occurs within all volcanic and sedimentary members of the volcano-sedimentary sequence commencing at the surface. Drilling has outlined copper-gold mantos grading more than 0.8% CuEq over composite true widths of up to 200 metres at shallow open-pittable depths. The deposit remains open to the north, south and west (down dip) along some sections that will be tested in the next round of drilling to start in early September 2017, highlighting the potential for further resource expansion over the 1.3 kilometres of strike drilled to date.

Drilling highlights at Alacrán announced in May 2017:

Drill Hole

Mineralization

Intercept

(in metres)

%

Cu

g/t

Au

%

CuEq

From

(m)

ACD037

34

0.94

0.28

1.15

68

ACD040

122

0.55

0.22

0.72

40

ACD041

184

0.46

0.28

0.67

6

ACD047

128

0.80

0.24

0.98

0

ACD050

42

0.55

1.25

1.51

76

ACD057

114

0.59

0.16

0.71

0

ACD058

28

1.55

0.58

1.89

214

ACD064

82

1.33

0.54

1.74

51

ACD065

62

0.72

0.23

0.89

107

ACD066

48

0.69

0.19

0.84

0

Exploration programs have been carried out on the area of granted mining titles (~20,000 hectare) and surrounding applications including stream sediment sampling, soil grid sampling, chip/channel rock sampling, trenching, geological mapping, ground magnetics, induced polarization, and helicopter-borne magnetic and radiometric surveys. These programs resulted in defined copper-gold porphyry targets at Montiel West, Montiel East and Costa Azul.

Diamond drilling at the Montiel East porphyry prospect has focused on better defining the sub-surface geometry of the outcropping high-grade copper-gold mineralization and testing of the newly discovered extensions from recent RAB drilling. Significant extensions to the outcropping copper-gold mineralization were located to the south of the area previously drilled around the artisanal open pit as well as large volumes of various porphyry phases that are not evident in outcrop, greatly increasing the size of the target. Classical porphyry copper-gold mineralization is associated with a series of diorite porphyry stocks and sills that are pervaded by a strong stockwork of quartz-magnetite-chalcopyrite-bornite veins (A, B and C types) associated with strong potassic and calc-sodic alterations. The main mineralized stock is open-ended along its plunge direction to the south and this potential extension will be drill-tested in the next round of drilling.

Drilling highlights at Montiel East include:

Drill Hole

Mineralization intercept

(in metres)

%

Copper

g/t

Gold

SMDDH009

123

0.74

0.60

SMDDH012

119

0.71

0.53

SMDDH002

116

0.61

0.52

SMDDH004

110

0.93

0.60

SMDDH005

99

0.84

0.49

SMDDH003

59

1.06

0.70

At the Costa Azul porphyry center preliminary diamond drilling has successfully intersected large widths of copper-gold mineralization associated with sill-like diorite porphyry intrusions within mafic volcanic country rocks (Figure 3). Copper-gold mineralization at Costa Azul is associated with quartz-magnetite-chalcopyrite-pyrite-bornite sheeted and stockwork veining (A and B types), both within altered diorite porphyry and mafic volcanic wall rocks. The mineralization remains open to the west, east and north, where an E-W fault appears to truncate the mineralization but potentially remains open at depth.

Drilling highlights at Costa Azul include:

Drill Hole

Mineralization intercept

(in metres)

%

Cu

g/t

Au

CADDH001

111

0.36

0.32

CADDH003

73.1

0.70

0.60

At Montiel West preliminary diamond drilling has intersected zones of both sheeted and multi-directional strong quartz-magnetite-chalcopyrite-bornite veining that are hosted in mafic and intermediate volcanic rocks (Figure 4). This style of wall rock copper-gold mineralization is interpreted to be porphyry-related, as seen at both the Montiel East and Costa Azul prospects, where it occurs within the porphyry intrusives themselves. Drilling however has yet to locate the underlying causative porphyry intrusive where the best mineralization is expected to occur.

Drilling highlight at Montiel West includes:

Drill Hole

Mineralization intercept

(in metres)

%

Cu

g/t

Au

MWDDH003

72

0.32

0.37

Furthermore, structurally-controlled high-grade massive chalcopyrite+pyrrhotite+magnetite mineralization and alteration of possible IOCG affinity hosted by andesites has also been located at the Buenos Aires artisanal workings.

Surface sampling, incorporating stream sediment and soil sampling programs, along with detailed geological mapping and rock sampling, is well advanced along the unexplored 8 kilometres of strike of the main porphyry corridor in the southern parts of the San Matias project tenure. The main porphyry trend is defined by a 13 kilometre long north-south trending structural corridor that hosts multiple intrusive centers, and displays extensive zones of surface gold-copper-molybdenum-silver soil anomalism. A number of new prospects and targets that currently undergoing detailed geological mapping and follow up by rock sampling may also be related to undiscovered porphyry centers (Betesta, Costa Rica, Caño Pepo). Both high-grade gold targets associated with quartz-pyrrhotite-chalcopyrite veining over significant strike lengths of +500m are associated with zones of artisanal open-pit and underground mining at the Mina Ra and Escondida targets that also host porphyry style alteration halos in adjacent host rocks.

San Matias Project History

Informal artisanal gold mining is carried out at several places on and adjacent to the project in alluvial, saprolite and hard rock deposits in open pits and underground workings. The only previous modern exploration to be carried out for gold and copper in the San Matias Project area was the adjacent El Alacrán property (described in Section 15 of Cordoba's NI 43-101 Technical Report: Córdoba Project dated December 11, 2013), and at Mina Rá in 1984-87 by Dual Resources Inc. (Dual Resources). The license was acquired in 1995 by Sociedad Ordinaria de Minas Santa Gertudis, a private Colombian company, which changed its name to Sociedad Minera El Alacrán S.O.M. in 1996. The property was optioned to Billiton Inc. in 1998. The exploration at El Alacrán is described in reports by Vargas (1998, 2001 and 2002) and Shaw (2002).

Dual Resources carried out drilling at Alacrán (described in more detail in Section 15) and also drilled five holes of 70-120 m length each at the Mina Rá mine in 1984-86, but the results and core are lost (Vargas, 1998). The El Alacrán deposit was recently explored by Ashmont Resources Corp., a private company based in Vancouver, which carried out a diamond drill program in 2011 to 2012 of 11,230.55 m in 45 holes.

There was no known prior exploration of the copper and gold mineralization at Montiel West, Montiel East and Costa Azul.

Property Geology

The San Matias Project is located in an accreted oceanic terrain of Upper Cretaceous age ocean floor basalts and sediments with lesser volcaniclastic units. These are overlain by Tertiary sedimentary rocks in the northern part of the project, and by recent alluvial deposits. The Upper Cretaceous rocks are intruded by diorites, tonalites and intermediate porphyry stocks. The project is interpreted to be located at the recently interpreted northern end of the Middle Cauca Belt, where gold and copper mineralization is related to the emplacement of porphyry stocks of a suggested Miocene age.

The central part of the project is underlain by basaltic volcanic and volcano-sedimentary rocks intruded by tonalite plutons and a number of intermediate porphyry stocks. Cordoba has identified porphyry style copper and gold mineralization at Montiel West, Montiel East and Costa Azul. Mineralization is hosted by porphyry stocks and also in wall rock lithologies. The mineralization is associated with a high density of quartz-magnetite veining, as sheeted veins and stockworks, associated with chalcopyrite-bornite and pyrite mineralisation. Hydrothermal alteration, related to porphyry-style mineralization, is largely potassic (magnetite, K-Feldspar, Biotite/phlogopite), with lesser distal propylitic (epidote, chlorite, sericite pyrite) and minor sodic-calcic alteration (albite-actinolite).


NI 43-101 Technical Report: Córdoba Project
December 11, 2013 [13.5 mb]

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