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Cordoba Minerals Corp. 
TSX VENTURE : CDB

Cordoba Minerals Corp. 

January 05, 2017 08:00 ETdoba Minerals Reports High-Grade Mineral Resources for the Alacran Copper and Gold Deposit

TORONTO, ONTARIO--(Marketwired - Jan. 5, 2017) - Cordoba Minerals Corp. (TSX VENTURE:CDB)(OTCQX:CDBMF) ("Cordoba" or the "Company") and its joint-venture partner, High Power Exploration Inc. ("HPX"), a private mineral exploration company indirectly controlled by mining entrepreneur Robert Friedland's Ivanhoe Industries, LLC, are pleased to announce an initial Mineral Resource estimate for the Alacran Copper-Gold Deposit in Colombia.

Highlights (the figures referenced are at end of news release)

  • The initial, pit-constrained, Inferred Mineral Resource for the Alacran Deposit is 53.52 million tonnes at 0.70% copper and 0.37 g/t gold, or 0.95% copper equivalent (CuEq), including 7.37 million tonnes at 2.14% copper and 0.41 g/t gold above 1% copper (Cu) cut off. 
     
  • The Inferred Mineral Resource is contained within a shallow, north-south trending mineralized corridor that is approximately 1.3 kilometres long and up to 355 metres wide. 
     
  • Mineral resources are reported within a conceptual open-pit shell which extends for the full length of the 1.3 kilometre corridor and to a depth of 220 metres below surface (see figure 2 and 4). The broad horizontal widths of mineral resource zones from surface are considered favorable for potential open-pit development at relatively low potential strip ratios, subject to the demonstration of economic viability (see figures 2, 4, 5 & 6). 
     
  • Copper-gold mineralization has been intercepted in drill holes below the conceptual pit shell and also at depths greater than 220 metres below surface; however, this mineralization was not included in the initial Inferred Mineral Resource due to insufficient drilling at the Mineral Resource cut-off date (see figures 4, 5 & 6). This mineralization provides the joint venture with immediate drilling targets which could materially expand the Inferred Mineral Resource. 
     
  • The Alacran mineralized system remains open to depth. Surface copper-gold geochemical anomalies also indicate significant potential for additional mineralized zones to the east and west of the Mineral Resource. 
     
  • The potential for the discovery of the mineralizing source for the high-grade copper and gold at Alacran is considered strong. Drill targets have been identified and will be aggressively tested by the joint venture this year.
     

Table 1: El Alacran Mineral Resource as at October 27, 2016

                 
Inferred   Material   Grade   Metal   Copper Equivalent
    (Mt)   Copper (%)   Gold (g/t)   Copper (Mlb)   Gold (Koz)   CuEq (%)   CuEq (Mlb)
>0.3 CuEq   53.52   0.70   0.37   827   644   0.95   1,121
>1.0% Cu   7.37   2.14   0.41   348   98   2.42   393
                             

* Pit constrained mineral resources are reported in relation to a conceptual Whittle pit shell. Mineral resources are not mineral reserves and do not have demonstrated economic viability. All figures are rounded to reflect the relative accuracy of the estimate. Mt: millions of tonnes; Mlb: millions of pounds; Koz: thousands of ounces.

**Copper equivalent grades are based on estimated copper and gold values, metal prices $2.50/lb Cu and $1300/oz gold (Au). Metal prices are not constant and are subject to change.

*** Pit constrained mineral resources are reported at a copper equivalent cut-off of 0.3% and applying assumed metal recoveries of 90% for Cu and 80% for Au. Note no metallurgical test work has been undertaken by Cordoba and the recoveries are estimates only.

**** Capped copper and gold assay composites were interpolated by ordinary kriging constrained within geologically constrained copper-gold grade shell boundaries (Figure 3).

The Mineral Resource estimate was independently prepared by Mining Associates Limited ("MA"), a leading global geological, resource and mining consultancy, and is reported in accordance with National Instrument 43-101 ("NI 43-101") and the 2014 CIM Definition Standards. The Inferred Mineral Resource estimate is based on 20,200 metres of diamond drilling completed as at October 27, 2016.

Mario Stifano, President and CEO of Cordoba, commented, "We are pleased with the initial mineral resource which demonstrates the potential for the Alacran Project to host a significant tonnage of high-grade, potentially open-pittable copper-gold mineralization. This is just the beginning as our ongoing, aggressive drilling program is aimed at growing the mineral resources in size and confidence levels, extending high-grade copper- and gold-rich mineralized zones and drilling additional exploration targets with potential to add a new and significant exploration front to Alacran."

Alacran Location and Geography

The Alacran copper-gold deposit is located within the Company's San Matias Copper-Gold Project in the Department of Cordoba, Colombia, an area where access and infrastructure are considered favorable. The Alacran system is located on a topographic high in gently rolling topography, optimal for potential open-pit mining. Copper-gold mineralization at Alacran is largely hosted in a marine volcano-sedimentary package on the west-dipping limb of a faulted antiformal fold structure and partly in dioritic and felsic intrusions with sill-like geometries (Figure 1). The deposit comprises moderately- to steeply-dipping copper-gold mineralized zones, broadly concordant with host litho-stratigraphy and intrusion contacts. The copper-gold mineralization consists of chalcopyrite-pyrrhotite-pyrite veins, replacements (including massive sulfides) and disseminations that locally overprint hydrothermal magnetite-rich zones that are most strongly developed near intrusion contacts. Mineralization occurs over a strike length of more than 1,300 metres with horizontal widths up to 355 metres and has been drill-intersected to depths of 300 metres from surface.

Mineral Resource Parameters

The drilling database utilized in resource estimation was closed on October 27, 2016 and comprises 76 diamond drill-holes totaling 20,197 metres including 11,230 metres drilled by Ashmont Resources in 2011 and 2012 (see Table 3 for holes drilled by Cordoba). A total of 19,958 assay samples were used to constrain the resource estimation, of which 4,705 samples are copper-gold mineralized, providing 2,202 two-metre assay composites used to form the resource estimate.

Composite lengths and high-grade cuts based on spatial distribution and probability plots were applied as follows:

  • Copper and gold assay data was composited to two metres down hole within geological domains; a copper grade cap was applied at the 97.5th percentile in high-copper domains and 98th percentile in the lower grade domains.
  • Gold assays were composited to two metres down hole within copper domains and were capped near the 98th percentile.

Block model block-size selection (XYZ 20 x 20 x 10m) is based on approximately 1/2 the drill hole spacing in Mina Norte. Sub-blocking is permitted 5x5 x 2.5m for volumes. The block model is screened for LIDAR-based topography by sub-blocks.

The geological resource is constrained by sub-block within seven wireframes ("grade shells") in domains based on lithology, structure and a minimum sample grade of 0.3% CuEq and may include minor internal dilution (e.g. Figures 3, 4, 5 & 6). Gold, iron and sulfur are constrained by the low-grade CuEq shells, iron and sulfur are also estimated unconstrained to inform the waste blocks. Separate grade-shells were created for high-grade copper and gold based on grade >1% Cu and > 1g/t Au respectively.

The constraining grade shells are modelled within a corridor, elongate approximately 1.3 kilometres north-south, of up to 355 metres horizontal width and interpolated/extrapolated to depths locally reaching 300 metres from surface (Figures 2 and 3).

Copper and gold grades were interpolated into the constrained block model by domain using ordinary krige techniques. Kriging parameters are derived from a study of variography by domain. The block model was validated by statistical and visual comparison of data and estimated grades and by alternate estimation methods.

Routine bulk density measurements (747) show some variation with an average bulk density of 3.01 t/m3. Bulk density was calculated based on an iron regression, BD=0.0292 x Fe% + 2.5599, utilising block iron contents estimated as outlined above.

Mineral Resources have been classified as Inferred. Resource classification is based on confidence in grade continuity and geological models of the primary commodities (Cu, Au). The inferred resource lies above -30 mRL and within a conceptual Whittle pit shell (Figures 2, 5, & 6). Drill spacing in Mina Norte approximates a 40 x 40 m grid, drilling at Mina Seca has one to two holes per section.

Mineral Resources are reported at various copper grade ranges, within the 0.3% CuEq shell, clearly identifying the proportion of mineralization below 0.3% copper that is enriched in gold in the resource (Table 2) in both resource domains (Mina Norte & Mina Seca, Figure 3). Tonnages are rounded to the nearest million tonnes, copper grades are rounded to two decimal places and accessory minerals are rounded to one decimal place. Rounding as required by reporting guidelines reflect the accuracy of the estimates and may result in apparent summation differences between tonnes grade and contained metal.

Table 2: Inferred Mineral Resource at El Alacran resource at various Copper Cut-offs (total inferred resource above 0.3% CuEq and within conceptual pit)*

                   
Inferred Copper   Material   Grade   Metal   Copper Equivalent
Deposit Cut Off   (Mt)   Copper (%)   Gold (g/t)   Copper (Mlb)   Gold (Koz)   CuEq (%)   CuEq (Mlb)
Mina Norte 0.0 to 0.3   0.69   0.27   0.31   4   7   0.47   7
0.3 to 1.0   28.82   0.52   0.27   328   255   0.70   445
> 1.0   4.65   1.98   0.34   203   51   2.21   226
Sub Total   34.16   0.71   0.28   535   313   0.90   678
Mina Seca 0.0 to 0.3   4.35   0.24   0.65   23   91   0.68   65
0.3 to 1.0   12.29   0.46   0.49   125   193   0.79   214
> 1.0   2.72   2.41   0.54   145   47   2.78   167
Sub Total   19.36   0.69   0.53   293   331   1.04   444
Total > 0.3% CuEq   53.52   0.70   0.37   827   644   0.95   1,122
                               

*Mineral Resources are not Mineral Reserves do not have demonstrated economic viability. Mineral resources are reported above a conceptual pit shell, and using a copper equivalent cut-off of 0.3% and apply assumed metal recoveries of 90% for Cu and 80% for Au. No metallurgical test work has yet been undertaken by Cordoba.

Outside of the Inferred Mineral Resource, there is unclassified copper-gold mineralization identified in the grade shell models that either lacks confidence in grade and geological continuity (e.g. Mina Este, Figure 4, legend item 4) or is at depth below the -25m RL This mineralization provides immediate drilling targets for potential mineral resource additions.

Further drilling may be expected to increase the confidence levels in, and also potentially add, mineral resources. The Company expects to update the Mineral Resources during the second quarter of 2017 after the expected completion of its current drilling program. The Alacran system remains open to depth along much of its strike length and surface copper-gold geochemical anomalies indicate the potential for largely untested mineralized zones to the east and west of current mineral resources.

Alacran Option Agreement

The Joint Venture has an option (the "Option") to earn a 100% interest in the Alacran Project by completing the remaining commitments (see Cordoba news release dated October 21, 2015):

  • A US$250,000 payment to Sociedad Ordinaria de Minas Omni ("OMNI") on the 24-month anniversary of signing the Letter of Intent ("LOI").
  • A US$1,000,000 payment to OMNI on the 24-month anniversary of completion of the Definitive Agreement.
  • Cordoba will file with the Colombian government for the relevant approvals to conduct activities of construction and commercial production at Alacran before June 30, 2018.
  • A US$14,000,000 payment to OMNI when the environmental license and all other approvals, permits or licenses required to commence the construction and operation of a commercial mine at Alacran have been granted on a final basis by the Colombian government.

OMNI will retain a 2% net smelter royalty with advance royalty payments of US$500,000 commencing three years after receipt of approvals to commence construction at Alacran or six years after filing for approval to commence construction at Alacran. HPX has previously purchased a 50.1% interest in OMNI (see Cordoba news release dated April 6, 2016).

Technical Information

The current mineral resource estimate was completed by MA, under the direction of Ian Taylor MAusIMM (CP), an independent Qualified Person as defined by NI 43-101. The QP visited the El Alacran property and supervised the geological modelling input to the current study. CIMM definitions and guidelines were followed for Mineral Resource estimation based on the parameters outlined above. Readers are reminded that Inferred Mineral Resources do not have demonstrated economic viability. Mr. Taylor has reviewed this news release and consented to the inclusion of extracts from, or a summary of, the technical information prepared under his direction and supervision. A technical report providing details of the Inferred Mineral Resource estimate will be filed on SEDAR (www.sedar.com) within 45 days.

The technical content of this news release has been compiled, reviewed and verified by Vic Wall, PhD, a Qualified Person for the purpose of NI 43-101. Dr. Wall is a geologist with over 45 years in the minerals mining, consulting, exploration and research industries and is a Fellow of the Australian Institute of Geoscientists (AIG).

About San Matias Project

The San Matias Copper-Gold Project comprises a 20,000-hectare land package on the inferred northern extension of the richly endowed Mid-Cauca Belt in Colombia. The project contains several known areas of porphyry copper-gold mineralization, copper-gold skarn mineralization and vein-hosted, gold-copper mineralization. Porphyry mineralization at the San Matias Project incorporates high-grade zones of copper-gold mineralization hosted by diorite porphyries containing secondary biotite alteration and various orientations of sheeted and stock-work quartz-magnetite veins with chalcopyrite and bornite. The hydrothermal copper-gold mineralization at Alacran is associated with stratabound replacements and veining of a marine volcano-sedimentary sequence in the vicinity of dioritic intrusions. The nature of mineralization encountered at San Matias is similar to other large high-grade copper-gold deposits.

Joint Venture Agreement

The San Matias Project is a joint venture between Cordoba and HPX, a private mineral exploration company founded by mining entrepreneur Robert Friedland. HPX has earned a 51% interest in the San Matias Project and has entered Phase Three of the Joint Venture Agreement, whereby HPX can earn up to 65% by carrying the project to feasibility.

About High Power Exploration

HPX is a privately owned, metals-focused exploration company deploying proprietary in-house geophysical technologies to rapidly evaluate buried geophysical targets. The HPX technology cluster comprises geological and geophysical systems for targeting, modelling, survey optimization, acquisition, processing and interpretation. HPX has a highly experienced board and management team led by Chairman and Chief Executive Officer Robert Friedland, Co-Chairman Ian Cockerill, a former Chief Executive Officer of Gold Fields, and President Eric Finlayson, a former head of exploration at Rio Tinto. For further information, please visit www.hpxploration.com.

About Cordoba Minerals

Cordoba Minerals Corp. is a Toronto-based mineral exploration company focused on the exploration and acquisition of copper and gold projects in Colombia. Cordoba has a joint venture with High Power Exploration on the highly prospective, district-scale San Matias Copper-Gold Project located close to sea level with excellent infrastructure and near operating open-pit mines in the Department of Cordoba. For further information, please visit www.cordobaminerals.com.

ON BEHALF OF THE COMPANY,

Mario Stifano, President and CEO

Cordoba Minerals Corp.

Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

This news release includes certain "forward-looking informationwithin 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 "mightoccur 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 potential of the Company's 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: Plan view of Alacran geological model showing generally west-dipping lithostratigraphy, with mafic to intermediate volcanics & volcaniclastics in the east and footwall to the main copper-gold mineralised zones hosted mainly by avolcaniclastic -epiclastic sequence that is intruded by intermediate sills and also larger dioritic bodies in the west and north. Mineralization also locally overprints the intrusions, please visit: http://media3.marketwire.com/docs/Figure%201c.jpg

To view Figure 2: Plan view of copper-gold mineralization "grade" shells, drill-hole traces and conceptual Whittle pit shell, please visit: http://media3.marketwire.com/docs/Figure%202c.jpg

To view Figure 3: 3D view (towards north-east) of west-dipping "grade" shells under Lidar topography, draped by surface imagery, please visit: http://media3.marketwire.com/docs/Figure%203c.jpg

To view Figure 4: Copper-gold mineral resources in the Inferred category and unclassified mineralized material in relation to a conceptual Whittle pit shell and drill-hole traces, 3D view towards northeast, please visit: http://media3.marketwire.com/docs/Figure%204c.jpg

To view Figure 5: Section 855740mN showing drilling results and the broad width of Inferred mineral resource copper grades within a conceptual pit. Copper-gold mineralization may extend to depth below the resource blocks and also below the conceptual pit, please visit: http://media3.marketwire.com/docs/Figure%205c.jpg

To view Figure 6: Section 855720mN showing drilling results and the broad width of Inferred mineral resource copper grades within a conceptual pit. Copper-gold mineralization may extend to depth below the resource blocks and also below the conceptual pit. Figure 4 & Figure 5 may be compared to give an impression of the north-south continuity of mineralization, please visit: http://media3.marketwire.com/docs/Figure%206c.jpg

Table 3: Table of intercepts for Cordoba drill holes contained within this Mineral Resource estimate

                       
HoleID     From
(m)
  To
(m)
Interval
(m)
  % CuEq   Summary %CuEq Cutoff
ACD001     53   68 15   0.37   15m @ 0.25% Cu + 0.15g/t Au (from 53m) 0.30%
    76   91 15   0.59   15m @ 0.58% Cu + 0.02g/t Au (from 76m) 0.30%
    101   121 20   0.40   20m @ 0.33% Cu + 0.09g/t Au (from 101m) 0.30%
    128   248 120   1.14   120m @ 0.87% Cu + 0.35g/t Au (from 128m) 0.30%
including   143   156 13   1.97   13m @ 1.4% Cu + 0.74g/t Au (from 143m) 1.00%
and   153   156 3   4.21   3m @ 3.25% Cu + 1.26g/t Au (from 153m) 2.00%
and   163   212 49   1.54   49m @ 1.23% Cu + 0.41g/t Au (from 163m) 1.00%
and   170   175 5   3.88   5m @ 3.29% Cu + 0.78g/t Au (from 170m) 2.00%
and   179   184 5   2.43   5m @ 2.06% Cu + 0.48g/t Au (from 179m) 2.00%
and   225   234 9   1.00   9m @ 0.77% Cu + 0.3g/t Au (from 225m) 1.00%
    264   272 8   0.53   8m @ 0.48% Cu + 0.07g/t Au (from 264m) 0.30%
ACD002     107   227 120   0.76   120m @ 0.56% Cu + 0.26g/t Au (from 107m) 0.30%
including   158   177 19   2.39   19m @ 1.92% Cu + 0.62g/t Au (from 158m) 1.00%
and   166   176 10   3.36   10m @ 2.72% Cu + 0.85g/t Au (from 166m) 2.00%
    249   262 13   0.46   13m @ 0.42% Cu + 0.06g/t Au (from 249m) 0.30%
ACD003     98   113 15   0.87   15m @ 0.65% Cu + 0.29g/t Au (from 98m) 0.30%
    130   193 63   0.47   63m @ 0.37% Cu + 0.14g/t Au (from 130m) 0.30%
ACD004     42   92 50   0.62   50m @ 0.53% Cu + 0.12g/t Au (from 42m) 0.30%
including   69   74 5   2.08   5m @ 1.84% Cu + 0.32g/t Au (from 69m) 1.00%
and   85   89 4   1.20   4m @ 0.94% Cu + 0.35g/t Au (from 85m) 1.00%
    101   197 96   0.75   96m @ 0.61% Cu + 0.19g/t Au (from 101m) 0.30%
including   122   127 5   1.21   5m @ 1.06% Cu + 0.2g/t Au (from 122m) 1.00%
and   138   145 7   1.95   7m @ 1.54% Cu + 0.54g/t Au (from 138m) 1.00%
and   141   144 3   2.73   3m @ 2.19% Cu + 0.71g/t Au (from 141m) 2.00%
and   184   190 6   1.19   6m @ 0.93% Cu + 0.35g/t Au (from 184m) 1.00%
    204   215 11   0.71   11m @ 0.55% Cu + 0.21g/t Au (from 204m) 0.30%
ACD005     7   64 57   2.04   57m @ 1.52% Cu + 0.68g/t Au (from 7m) 0.30%
including   19   21 2   5.52   2m @ 1.96% Cu + 4.7g/t Au (from 19m) 2.00%
and   33   45 12   7.15   12m @ 5.81% Cu + 1.77g/t Au (from 33m) 1.00%
and   33   41 8   10.47   8m @ 8.57% Cu + 2.51g/t Au (from 33m) 2.00%
ACD006     0   80.5 80.5   0.74   80.5m @ 0.54% Cu + 0.26g/t Au (from 0m) 0.30%
including   20   27 7   1.09   7m @ 0.54% Cu + 0.73g/t Au (from 20m) 1.00%
and   31   35 4   1.12   4m @ 0.89% Cu + 0.3g/t Au (from 31m) 1.00%
and   55   80.5 25.5   1.17   25.5m @ 0.86% Cu + 0.4g/t Au (from 55m) 1.00%
and   74   76 2   2.72   2m @ 2.14% Cu + 0.76g/t Au (from 74m) 2.00%
ACD006A     2   109 107   1.21   107m @ 0.95% Cu + 0.34g/t Au (from 2m) 0.30%
including   19   38 19   1.96   19m @ 1.62% Cu + 0.45g/t Au (from 19m) 1.00%
and   26   34 8   2.89   8m @ 2.38% Cu + 0.67g/t Au (from 26m) 2.00%
and   45   73 28   1.24   28m @ 1% Cu + 0.32g/t Au (from 45m) 1.00%
and   56   59 3   2.12   3m @ 1.83% Cu + 0.38g/t Au (from 56m) 2.00%
and   79   86 7   2.46   7m @ 1.85% Cu + 0.8g/t Au (from 79m) 1.00%
and   79   86 7   2.46   7m @ 1.85% Cu + 0.8g/t Au (from 79m) 2.00%
and   94   108 14   1.36   14m @ 0.98% Cu + 0.5g/t Au (from 94m) 1.00%
ACD007     2   17 15   0.32   15m @ 0.1% Cu + 0.29g/t Au (from 2m) 0.30%
    24   104 80   0.90   80m @ 0.49% Cu + 0.53g/t Au (from 24m) 0.30%
including   38   42 4   1.35   4m @ 0.97% Cu + 0.49g/t Au (from 38m) 1.00%
and   81   91 10   3.34   10m @ 0.98% Cu + 3.11g/t Au (from 81m) 1.00%
and   81   84 3   7.48   3m @ 1.98% Cu + 7.26g/t Au (from 81m) 2.00%
    118   129 11   0.32   11m @ 0.31% Cu + 0.02g/t Au (from 118m) 0.30%
    141   193 52   0.88   52m @ 0.69% Cu + 0.25g/t Au (from 141m) 0.30%
including   153   167 14   1.04   14m @ 0.92% Cu + 0.15g/t Au (from 153m) 1.00%
and   179   187 8   2.08   8m @ 1.34% Cu + 0.97g/t Au (from 179m) 1.00%
and   182   185 3   2.75   3m @ 1.47% Cu + 1.69g/t Au (from 182m) 2.00%
    263   270 7   0.68   7m @ 0.34% Cu + 0.45g/t Au (from 263m) 0.30%
ACD008     31   105 74   0.75   74m @ 0.58% Cu + 0.23g/t Au (from 31m) 0.30%
including   31   39 8   1.01   8m @ 0.99% Cu + 0.02g/t Au (from 31m) 1.00%
and   87   101 14   2.12   14m @ 1.58% Cu + 0.7g/t Au (from 87m) 1.00%
and   95   99 4   4.70   4m @ 3.83% Cu + 1.15g/t Au (from 95m) 2.00%
    113   140 27   0.86   27m @ 0.6% Cu + 0.35g/t Au (from 113m) 0.30%
including   134   138 4   1.48   4m @ 1.17% Cu + 0.41g/t Au (from 134m) 1.00%
    187   202 15   0.94   15m @ 0.78% Cu + 0.21g/t Au (from 187m) 0.30%
including   189   198 9   1.13   9m @ 0.93% Cu + 0.26g/t Au (from 189m) 1.00%
ACD009     12   119 107   0.97   107m @ 0.57% Cu + 0.53g/t Au (from 12m) 0.30%
including   43   50 7   1.19   7m @ 1.06% Cu + 0.16g/t Au (from 43m) 1.00%
and   59   66 7   5.30   7m @ 0.69% Cu + 6.08g/t Au (from 59m) 1.00%
and   59   62 3   11.27   3m @ 0.64% Cu + 14.02g/t Au (from 59m) 2.00%
and   83   90 7   2.36   7m @ 1.84% Cu + 0.67g/t Au (from 83m) 1.00%
and   83   89 6   2.53   6m @ 1.98% Cu + 0.72g/t Au (from 83m) 2.00%
and   97   108 11   1.55   11m @ 1.26% Cu + 0.38g/t Au (from 97m) 1.00%
and   101   104 3   2.33   3m @ 1.8% Cu + 0.7g/t Au (from 101m) 2.00%
    146   181 35   1.74   35m @ 1.39% Cu + 0.45g/t Au (from 146m) 0.30%
including   148   165 17   2.83   17m @ 2.26% Cu + 0.74g/t Au (from 148m) 1.00%
and   158   164 6   4.90   6m @ 3.88% Cu + 1.35g/t Au (from 158m) 2.00%
ACD010     2   31 29   0.50   29m @ 0.22% Cu + 0.38g/t Au (from 2m) 0.30%
    38   64 26   0.88   26m @ 0.63% Cu + 0.33g/t Au (from 38m) 0.30%
including   38   48 10   1.07   10m @ 0.53% Cu + 0.71g/t Au (from 38m) 1.00%
    60   64 4   1.65   4m @ 1.59% Cu + 0.08g/t Au (from 60m) 1.00%
    77   96 19   1.35   19m @ 1.31% Cu + 0.05g/t Au (from 77m) 0.30%
including   77   91 14   1.72   14m @ 1.67% Cu + 0.06g/t Au (from 77m) 1.00%
including   78   83 5   2.06   5m @ 1.96% Cu + 0.13g/t Au (from 78m) 2.00%
    103   124 21   0.48   21m @ 0.4% Cu + 0.11g/t Au (from 103m) 0.30%
    142   178 36   0.95   36m @ 0.78% Cu + 0.22g/t Au (from 142m) 0.30%
including   151   160 9   2.06   9m @ 1.67% Cu + 0.52g/t Au (from 151m) 1.00%
and   152   159 7   2.25   7m @ 1.8% Cu + 0.59g/t Au (from 152m) 2.00%
    206   218 12   0.30   12m @ 0.28% Cu + 0.03g/t Au (from 206m) 0.30%
ACD012     3   98 95   0.58   95m @ 0.51% Cu + 0.09g/t Au (from 3m) 0.30%
including   13   28 15   1.15   15m @ 1.08% Cu + 0.08g/t Au (from 13m) 1.00%
    111   193 82   0.97   82m @ 0.71% Cu + 0.34g/t Au (from 111m) 0.30%
including   138   154 16   1.22   16m @ 0.76% Cu + 0.61g/t Au (from 138m) 1.00%
and   150   154 4   2.15   4m @ 1% Cu + 1.52g/t Au (from 150m) 2.00%
and   162   187 25   1.52   25m @ 1.21% Cu + 0.41g/t Au (from 162m) 1.00%
and   164   167 3   2.47   3m @ 1.91% Cu + 0.75g/t Au (from 164m) 2.00%
and   178   181 3   2.27   3m @ 1.77% Cu + 0.65g/t Au (from 178m) 2.00%
    217   235 18   0.32   18m @ 0.25% Cu + 0.1g/t Au (from 217m) 0.30%
ACD013     1   78 77   0.84   77m @ 0.72% Cu + 0.15g/t Au (from 1m) 0.30%
including   24   36 12   2.33   12m @ 1.97% Cu + 0.47g/t Au (from 24m) 1.00%
and   29   35 6   3.88   6m @ 3.21% Cu + 0.88g/t Au (from 29m) 2.00%
    123   133 10   0.52   10m @ 0.4% Cu + 0.15g/t Au (from 123m) 0.30%
    143   160 17   0.78   17m @ 0.68% Cu + 0.12g/t Au (from 143m) 0.30%
including   146   150 4   1.57   4m @ 1.32% Cu + 0.34g/t Au (from 146m) 1.00%
ACD014     1   7 6   0.41   6m @ 0.23% Cu + 0.25g/t Au (from 1m) 0.30%
    39   91 52   1.31   52m @ 0.93% Cu + 0.5g/t Au (from 39m) 0.30%
including   47   73 26   1.84   26m @ 1.38% Cu + 0.6g/t Au (from 47m) 1.00%
and   51   57 6   2.55   6m @ 1.9% Cu + 0.85g/t Au (from 51m) 2.00%
and   60   67 7   2.28   7m @ 1.65% Cu + 0.83g/t Au (from 60m) 2.00%
and   87   91 4   2.31   4m @ 0.92% Cu + 1.83g/t Au (from 87m) 1.00%
    99   110 11   0.35   11m @ 0.06% Cu + 0.38g/t Au (from 99m) 0.30%
ACD015     3   24 21   0.76   21m @ 0.69% Cu + 0.08g/t Au (from 3m) 0.30%
including   7   12 5   1.22   5m @ 1.01% Cu + 0.27g/t Au (from 7m) 1.00%
    38   44 6   0.31   6m @ 0.29% Cu + 0.02g/t Au (from 38m) 0.30%
    64   70 6   0.44   6m @ 0.22% Cu + 0.3g/t Au (from 64m) 0.30%
ACD016     0   24 24   0.48   24m @ 0.35% Cu + 0.16g/t Au (from 0m) 0.30%
    50   65 15   0.31   15m @ 0.21% Cu + 0.12g/t Au (from 50m) 0.30%
    87   101 14   0.30   14m @ 0.06% Cu + 0.33g/t Au (from 87m) 0.30%
    128   135 7   0.50   7m @ 0.24% Cu + 0.34g/t Au (from 128m) 0.30%
ACD017     1   26 25   0.40   25m @ 0.31% Cu + 0.12g/t Au (from 1m) 0.30%
    34   61 27   0.33   27m @ 0.28% Cu + 0.06g/t Au (from 34m) 0.30%
    84   121 37   0.43   37m @ 0.35% Cu + 0.11g/t Au (from 84m) 0.30%
ACD018     8   14 6   0.35   6m @ 0.28% Cu + 0.08g/t Au (from 8m) 0.30%
    24   73 49   0.79   49m @ 0.61% Cu + 0.23g/t Au (from 24m) 0.30%
including   39   60 21   1.31   21m @ 0.99% Cu + 0.42g/t Au (from 39m) 1.00%
and   45   49 4   2.55   4m @ 2.17% Cu + 0.5g/t Au (from 45m) 2.00%
    102   109 7   0.56   7m @ 0.33% Cu + 0.3g/t Au (from 102m) 0.30%
    128   182 54   0.85   54m @ 0.57% Cu + 0.37g/t Au (from 128m) 0.30%
including   153   157 4   1.40   4m @ 0.78% Cu + 0.82g/t Au (from 153m) 1.00%
and   165   172 7   1.56   7m @ 1.21% Cu + 0.46g/t Au (from 165m) 1.00%
and   167   169 2   2.90   2m @ 2.44% Cu + 0.61g/t Au (from 167m) 2.00%
    212   218 6   2.05   6m @ 1.78% Cu + 0.35g/t Au (from 212m) 0.30%
    212   215 3   3.35   3m @ 2.86% Cu + 0.64g/t Au (from 212m) 2.00%
ACD019     70   85 15   0.77   15m @ 0.72% Cu + 0.06g/t Au (from 70m) 0.30%
including   72   76 4   1.14   4m @ 1.06% Cu + 0.11g/t Au (from 72m) 1.00%
    101   109 8   0.92   8m @ 0.9% Cu + 0.03g/t Au (from 101m) 0.30%
including   102   106 4   1.07   4m @ 1.05% Cu + 0.03g/t Au (from 102m) 1.00%
    123   131 8   0.40   8m @ 0.36% Cu + 0.04g/t Au (from 123m) 0.30%
ACD020     1   7 6   0.40   6m @ 0.21% Cu + 0.25g/t Au (from 1m) 0.30%
ACD021     0   13 13   0.38   13m @ 0.29% Cu + 0.11g/t Au (from 0m) 0.30%
    24   46 22   1.86   22m @ 1.36% Cu + 0.67g/t Au (from 24m) 0.30%
including   26   35 9   3.77   9m @ 2.73% Cu + 1.38g/t Au (from 26m) 1.00%
and   26   32 6   5.18   6m @ 3.67% Cu + 1.99g/t Au (from 26m) 2.00%
ACD022     25   54 29   0.87   29m @ 0.73% Cu + 0.18g/t Au (from 25m) 0.30%
including   25   30 5   1.33   5m @ 1.13% Cu + 0.27g/t Au (from 25m) 1.00%
    70   133 63   0.77   63m @ 0.63% Cu + 0.19g/t Au (from 70m) 0.30%
including   84   90 6   1.28   6m @ 1.09% Cu + 0.25g/t Au (from 84m) 1.00%
and   97   124 27   1.09   27m @ 0.86% Cu + 0.3g/t Au (from 97m) 1.00%
    142   188 46   0.69   46m @ 0.55% Cu + 0.19g/t Au (from 142m) 0.30%
including   182   188 6   1.05   6m @ 0.86% Cu + 0.25g/t Au (from 182m) 1.00%
    199   215 16   0.66   16m @ 0.62% Cu + 0.05g/t Au (from 199m) 0.30%
                       

Table 4: Coordinates for Cordoba drill holes used in this Mineral Resource estimate

                             
HoleID   East **   North **   RL **   Final Depth   Azimuth   Dip   Type
ACD001   418914   855761   210   280   85   -52   DD
ACD002   418910   855812   218   306.2   90   -57   DD
ACD003   418951   855863   212   290.7   90   -68   DD
ACD004   418972   855759   228   323   85   -51   DD
ACD005   419063   855914   255   240   90   -50   DD
ACD006   419060   855870   248   80.5   90   -60   DD
ACD006A   419074   855867   250   301   90   -60   DD
ACD007   418975   855719   226   307.8   85   -46   DD
ACD008   418957   855669   224   300   90   -51   DD
ACD008A