HPX and partner Cordoba Minerals (TSX-V: CDB) have completed Phase One of the Joint Venture Agreement and HPX has now earned an initial, 25% interest in the San Matias Copper-Gold Project in Colombia. Phase Two of the Joint Venture Agreement has now commenced, whereby HPX can earn a 51% interest in San Matias by spending an additional C$10.5 million, for total exploration expenditures of C$19 million. HPX can increase its ownership in the San Matias Project to 65% by carrying it to feasibility.
Cordoba and HPX have started a follow-on, 2,100-metre drilling program at the Alacran Copper-Gold Project where recent drilling intersected 150 metres of 0.73% copper and 0.49 g/t gold in the main zone with mineralization open in all directions and to depth. In addition, a 10,000-metre drilling program designed to test targets identified from the initial Typhoon IP survey has been initiated and expected to commence in the coming weeks. This drilling program will also include follow-on drilling at the Montiel porphyry target, where previous drilling intersected 100 metres of 1.0% copper and 0.65 g/t gold. An expansion of the Typhoon IP survey is underway and will cover an additional 14 km2 including southern Alacran and the Costa Azul porphyry target, where previous drilling intersected 87 metres of 0.62% copper and 0.51 g/t gold.
For more information please see Cordoba’s press release here.