Corboda ends week up 36% on bonanza minerals find
VANCOUVER (miningweekly.com) – The TSX-V-listed stock of Colombia-focused junior explorer Corboda Minerals ended the week on a high note, up 36.19% after it announced Monday that drilling at the San Matias copper/gold project has intersected bonanza gold veins at Alacran.
The exploration work, being undertaken by Corboda and its joint venture partner, High Power Exploration (HPX) – a private mineral exploration company indirectly controlled by mining entrepreneur Robert Friedland's Ivanhoe Industries – intersected 0.9 m grading 4 440 g/t gold (Au), plus 10.25% copper (Cu), 24.7% zinc (Zn) and 347 g/t silver (Ag) in drill hole ACD036.
The intersections included 5 m grading 800.9 g/t Au, 3.7% copper, 8.6% Zn and 88.63 g/t Ag and 136 m grading 1% Cu and 0.56 g/t Au.
The discovery of these structurally controlled high-grade gold-rich veins represents an important new target to add extremely high value material within the existing inferred copper/gold mineral resource shell and resource expansion.
The district-scale San Matias project is located at sea level with excellent infrastructure and near operating openpit mines in the Department of Cordoba, Corboda said.
The San Matias project comprises a 20 000 ha land package on the inferred northern extension of the richly endowed Mid-Cauca Belt. The project contains several known areas of porphyry copper-gold mineralisation, copper/gold skarn mineralisation and vein-hosted, gold-copper mineralisation.
The stock closed Friday at C$1.45, a near-20% bump for the day, adding to earlier gains this week.
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