Cordoba Minerals has announced a positive updated mineral resource estimate for the San Matias project, including the Alacran replacement copper/gold deposit, in Colombia, with significant tonnage and copper and gold grade increases at the Alacran deposit.
Nordmin Engineering’s work on the San Matias mineral resource estimate included a detailed geological re-examination of the structural controls to high-grade gold veins within the Alacran deposit.
The updated mineral resource estimate also includes, for the first time, the three porphyry copper/gold/silver deposits at Montiel East, Montiel West and Costa Azul – the satellite deposits.
Metallurgical testwork improved the expected copper and gold recoveries within the saprolite, transitional and fresh sulphide zones of each deposit and demonstrated that silver is recoverable.
Additionally, the testwork indicates that up to 50% of the gold and silver may be recoverable by a gravity circuit, which, if verified through further metallurgical testing, will allow for production of doré bars on-site.
Total mineral resources for the San Matias project include 94.9-million tonnes of indicated resources grading 0.51% copper, 0.29 g/t gold and 2.7 g/t silver and 3.4-million tonnes of inferred resources grading 0.30% copper, 0.20 g/t gold and 1.30 g/t silver.
Total indicated resources contain 488 100 t of copper, 897 900 oz of gold and 8.25-million ounces of silver.
Total inferred resources contain 10 400 t of copper, 22 400 oz of gold and 142 800 oz of silver.
Drill core assays suggest that the Alacran system contains very low contents of deleterious elements such as arsenic and lead.
Nordmin is also completing a preliminary economic assessment for the San Matias project, which is expected later in the month.