VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov 20, 2013) - Cordoba Minerals (TSX VENTURE:CDB) ("Cordoba" or the "Company") is pleased to report that a significant copper and gold porphyry discovery has been drilled by Sabre Metals Inc. ("Sabre") 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."
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.
|*Intercepts calculated at 0.65 g/t gold-equivalent cut-off grade with maximum zones of internal dilution not exceeding 3m. True widths unknown at present due to the minimal amount of drilling. AuEq grades are calculated using only copper and gold values based on $1,275 gold and $3.20 copper excluding silver values.|
To view the figures associated with this Press Release and Diamond Drilling Core Pictures, please visit the following link:
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.
About Sabre Metals
Sabre Metals Inc. is a privately held company backed by Continental Gold Limited and Grupo de Bullet SA with exploration assets in the department of Cordoba, Colombia. The company's management team has extensive experience in exploring, financing and developing precious and base metal properties.
The Minatura Group of companies is comprised of privately and publicly held companies engaged in the exploration, development and extraction of precious and base metals in Colombia, Ghana, and Sierra Leone. Please visit www.minatura.com for additional information.
About Cordoba Minerals
Cordoba Minerals Corp. is a Vancouver-based mineral exploration company focused on the acquisition and exploration of copper and gold projects in Colombia. The Company currently owns 11% of the Cordoba project (renamed San Matias Project). The Company is also actively pursuing additional acquisitions in Colombia. Please visit www.cordobamineralscorp.com for further 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.
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.
ON BEHALF OF THE COMPANY
Simon Ridgway, Chairman and CEO
Cordoba Minerals Corp.
Symbol: TSX VENTURE:CDB
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
This news release includes certain "forward-looking information" within the meaning of Canadian securities legislation. Forward-looking statements include predictions, projections and forecasts and are often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "forecast", "expect", "potential", "project", "target", "schedule", "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. All statements other than statements of historical fact included in this release, including, without limitation, statements regarding the expected benefits of the Transaction, the completion of the Transaction, the receipt of any regulatory and shareholder approvals for the Transaction and the potential of the properties are forward-looking statements that involve various risks and uncertainties. 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. Forward-looking statements are based on a number of material factors and assumptions. Important factors that could cause actual results to differ materially from Company's expectations include actual exploration results, 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. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ from those described in forward-looking statements, there may be other factors that cause such actions, events or results to differ materially from those anticipated. There can be no assurance that forward-looking statements will prove to be accurate and accordingly readers are cautioned not to place undue reliance on forward-looking statements which speak only as of the date of this news release. The Company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
To view Figure 1 and Figure 2 accompanying this press release, please visit the following link: http://media3.marketwire.com/docs/912650.pdf