News Releases

Cordoba Announces Positive Updated Mineral Resource Estimate for the San Matias Copper-Gold-Silver Project in Colombia

July 3, 2019

HPX majority-owned subsidiary Cordoba Minerals Corp. (TSX-V:CDB; OTCQB:CDBMF) has announced a positive updated Mineral Resource estimate for the San Matias Project, including the Alacran replacement copper-gold deposit, in Colombia. The updated Mineral Resource estimate, prepared in accordance with the National Instrument 43-101 Standards of Disclosure for Mineral Projects, has been completed by Nordmin Engineering Ltd. of Thunder Bay, Ontario. Nordmin is also completing the Preliminary Economic Assessment for the San Matias Project, which is expected later in July.

Highlights:

  • Nordmin’s work on the San Matias Mineral Resource estimate included a detailed geological re-examination of the structural controls to high-grade gold veins within the Alacran deposit. The updated Mineral Resource estimate also includes, for the first time, the three porphyry copper-gold-silver deposits at Montiel East, Montiel West and Costa Azul.
  • Metallurgical test work improved the expected copper and gold recoveries within the saprolite, transitional and fresh sulphide zones of each deposit and demonstrated that silver is recoverable. Additionally, the test work indicates that up to 50% of the gold and silver may be recoverable by a gravity circuit, which, if verified through further metallurgical testing, would allow production of doré bars on-site.
  • Total Mineral Resources for the San Matias Project include 94.9 million tonnes of Indicated Resources grading 0.51% copper, 0.29 g/t gold and 2.70 g/t silver (0.71% copper equivalent), and 3.4 million tonnes of Inferred Resources grading 0.30% copper, 0.20 g/t gold and 1.30 g/t silver (0.45% CuEq) at a 0.3% CuEq cut-off. 
  • Total Indicated Resources contain 488,100 tonnes of copper, 897,900 ounces of gold and 8,245,300 ounces of silver. Total Inferred Resources contain 10,400 tonnes of copper, 22,400 ounces of gold and 142,800 ounces of silver.
  • Drill core assays suggest that the Alacran system contains very low contents of deleterious elements such as arsenic and lead.
Figure 1: San Matias Project area showing the location of the Alacran deposit and the satellite deposits (Montiel East, Montiel West and Costa Azul).

For further details on the Resource Estimate please see Cordoba’s news release. The complete Resource Estimate will be posted on www.sedar.com within 45 days.


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