The Company is in the process of mobilizing one drill rig to the project with a second contemplated in the coming weeks. The first 3,000 metres of drilling are planned to test three high-priority targets, which include the new southern strike extension; east of the northern intrusive mineralization; and the down-dip extension on the western side of the deposit.

New southern strike extension target

As reported in Cordoba's July 25, 2017 news release, drilling encountered high-grade copper-gold mineralization outside of the current mineral resource shell, demonstrating potential to significantly expand the current resource estimate. Drill hole ACD066 indicated that previous drilling in the southern-most part of the property was collared too far west and that the copper-gold deposit is offset to the east by post-mineralization faulting, indicating potential for undrilled strike extensions of almost 500 metres.

Highlights from drill hole ACD066 include:

  • 48 metres @ 0.70% copper and 0.19 g/t gold (0.84% CuEq) from 0 metres, including:

          – 12 metres @ 1.13% copper and 0.26 g/t gold (1.32% CuEq) from 20 metres.

  • 34 metres @ 0.37% copper and 0.14 g/t gold (0.48% CuEq) from 60 metres, including:

          – 8 metres @ 0.73% copper and 0.37 g/t gold (1.01% CuEq) from 57 metres.

  • 22 metres @ 0.24% copper and 0.08 g/t gold (0.30% CuEq) from 110 metres

Alacran copper-gold system

The Alacran copper-gold system is located within the San Matias Copper-Gold Project in the Department of Cordoba, Colombia, 200 km North of Medellin. San Matias comprises a 20,000-hectare land package. The project contains several known areas of porphyry copper-gold mineralization, copper-gold mineralization and vein-hosted, gold-copper mineralization.

The Alacran copper-gold system is located on a topographic high in gently rolling topography, optimal for potential open-pit mining. Access and infrastructure are considered favourable.

The Inferred Mineral resources at Alacran are 53.5 million tonnes of 0.70% copper and 0.37 g/t gold. Alacran is approximately two kilometres southwest of the Company's Montiel porphyry copper-gold discovery, where drilling intersected 101 metres of 1.0% copper and 0.65 g/t gold, and two kilometres northwest of the Costa Azul porphyry copper-gold discovery, where drilling intersected 87 metres of 0.62% copper and 0.51 g/t gold.

The copper-gold mineralization at Alacran is associated with stratabound replacement of a marine volcano-sedimentary sequence in a faulted antiformal fold structure. The deposit comprises moderately to steeply-dipping stratigraphy that is mineralized as a series of sub-parallel replacement-style zones and associated disseminations. The mineralization is composed of multiple overprinting hydrothermal events with the main ore phase comprised of chalcopyrite-pyrrhotite-pyrite that appears to overprint an early magnetite metasomatic event.

Consolidation Agreement with High Power Exploration

The San Matias project was previously a joint venture between Cordoba and High Power Exploration (HPX) with a respective ownership of 49% and 51%. Following the completion of the consolidation transaction between Cordoba and HPX announced on July 31, 2017, Cordoba now owns 100% of the San Matias Project while HPX owns 67% of Cordoba's common shares. Click here for more information on the consolidation transaction.