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ALACRAN-SAN MATIAS: A HIGHLY PROSPECTIVE, DISTRICT-SCALE COPPER-GOLD PROJECT IN A PREVIOUSLY UNEXPLORED REGION OF COLOMBIA
Mark Gibson, Chief Operating Officer, Cordoba Minerals; Mario Stifano, President and CEO, Cordoba Minerals; Eugenio Espada, VP Exploration for Cordoba Minerals; Chris Grainger, Primary Technical Consultant, Cordoba Minerals; Graham Boyd, Senior Geologist, HPX
Cordoba Minerals (Cordoba) has secured an extensive land package covering approximately 20,000 hectares (260 km2) with an additional 250,000 hectares under application, in the Department of Crdoba, Republic of Colombia, 200 kilometres north of Medellin. The sea-level region is richly endowed with resources and infrastructure - within 30 kilometres there are two large operating open-pit mines including Cerro Matoso (a large nickel-laterite mine operated by South32) and Carbon del Caribe (coal mines operated by Argos). Cordoba's San Matias Project is an early-stage exploration project. The Company is exploring a newly identified high-grade copper-gold district that is characterized by porphyry type and “carbonate replacement” (CRD) type and/or “iron oxide copper-gold” (IOCG) type deposits formed in an accreted island arc setting. Late Cretaceous ages for the magmatism and mineralization are based on preliminary radiometric age dates. The Alacrn copper-gold deposit is located within a 390-hectare mining title (2.3 km x 1.7 km) in the northern central parts of the San Matias district. The copper-gold mineralization is associated with stratabound replacement of a faulted marine volcano-sedimentary sequence, which includes some fossiliferous limestones and other calcareous lithologies intercalated within andesitic volcaniclastics. The deposit comprises moderately dipping stratigraphy that is mineralized as two main stratabound mantos and associated disseminations at the footwall of large diorite sills. The copper-gold mineralization is comprised of chalcopyrite ± pyrrhotite cutting earlier metasomatic semi-massive magnetite and distal disseminated pyrite. Lack of prograde calc-silicate assemblages coupled with the strong iron metasomatism as early magnetite+silica replacement, albite+chlorite(+/-actinolite) and carbonate alteration in the host geological sequence indicate that the copper-gold mineralization can be classed as IOCG or CRD type. Mineralization at the Alacrn deposit occurs within all volcanic and sedimentary members of the volcanosedimentary sequence commencing at the surface. Drilling has outlined copper-gold mantos grading more than 0.8% CuEq over composite true widths of up to 200 metres at shallow open-pittable depths. The deposit remains open to the north, south and west (down dip) along some sections that will be tested in the next round of drilling to start in early September 2017, highlighting the potential for further resource expansion over the 1.3 kilometres of strike drilled to date. Selected highlights of the 2017 drilling program are as follows: • ACD036: o 5.00 m @ 800.90 g/t Au + 3.70% Cu + 8.60% Zn + 88.63 g/t Ag, including: 0.90 m @ 4,440 g/t Au + 10.25% copper (Cu) + 24.70% zinc (Zn) + 347 g/t silver (Ag) CORE SHACK ABSTRACT GUIDE 27 • ACD033: o 108 m @ 1.26% Cu + 0.87 g/t Au (from 0 m), including: 26 m @ 1.48% Cu + 1.37 g/t Au (from 20 m) 26 m @ 3.18% Cu + 1.62 g/t Au (from 62 m)