Cordoba hits mineralization at San Matias

VANCOUVER — The first four holes into the San Matias project in Colombia all returned significant copper and gold grades over good lengths for owner Cordoba Minerals (TSXV: CDB).

Cordoba is acquiring full ownership of San Matias by buying stakes from several companies and taking over privately held Sabre Metals. The process is not yet complete and it was in fact Sabre that drilled the successful holes.

The holes tested for mineralization below artisanal workings associated with strong geochemical anomalies at a target called Montiel. The best result came from hole 4, which returned 101.1 metres grading 1% copper and 0.65 gram gold per tonne. Other results include 46.6 metres of 1.31% copper and 0.86 gram gold, 48.6 metres grading 1% copper and 1.21 grams gold, and 73.3 metres averaging 0.84% copper and 0.74 gram gold. All intercepts started within 5 metres of surface.

“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 in early 2014,” said Simon Ridgway, Cordoba’s CEO. “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.”

Montiel was chosen as the first drill target at San Matias because trenching and channel sampling outlined a mineralization zone along 1 km of east–west strike. The best trenching results include 30 metres of 1% copper and 0.2 gram gold. The best channel sample returned 154 metres averaging 1.6% copper and 2.6 grams gold.

The copper and gold mineralization at Montiel is hosted in a diorite porphyry with strong potassic alteration. Within the porphyry Cordoba noted that zones of intense sheeted quartz veining often replace more than 90% of the intrusive host rock. That is “very encouraging,” as is the fact that copper–gold mineralization was encountered in both oxide and sulphide zones.

The San Matias project is in northwest Colombia’s Cordoba department, on the inferred northern extension of the prolific Middle Cauca gold belt. Based on mapping, soil sampling, trenching, geophysics and artisanal workings, Cordoba has identified several porphyry copper–gold targets along a 13 km trend.

Cordoba has spent more than two years consolidating the 258 sq. km property under a single owner. The effort, which involved property deals with several companies, a takeover and a 1-for-2 share consolidation, is almost complete. Now Cordoba needs shareholder approvals for the moves, while raising at least $3 million.

The project is road accessible and there are two operating mines within 20 km of the project’s northern border.

On news of the drill results from San Matias, Cordoba’s share price rose 10¢ to close at 63¢. The company has a 52-week share price range of 15¢ to 80¢, and 32 million shares outstanding.