This morning, copper-gold explorer, Cordoba Minerals (CDB:TSXV) announced they have completed their amalgamation of the San Matias project and are now cashed up and ready to explore. The company closed its acquisition of Sabre Metals and Cordoba Holdings which held parts of the San Matias and Cordoba properties in Colombia’s Mid-Cauca gold belt. The project hosts high-grade copper and gold mineralization and is suspected to host a significant porphyry system.
Ownership of the consolidated company now sits at Minatura (Cordoba Holdings) with 36% of the company and Cordoba and Sabre each holding 32%. A $5 million cash payment was also made in conjunction with the consolidation.
Cordoba previously held an 11% interest in Cordoba Holdings (private) which held indirect title to the Cordoba copper-gold project and Sabre held title to the adjacent properties (San Matias). Cordoba Minerals is now the single owner of the project which enables them to fully test the ‘district’ potential they believe the project holds.
In November last year, Cordoba announced an early-stage but potentially large, high-grade copper-gold discovery when they intersected 101.1m of 1.0% copper and 0.65g/t gold. They identified a 13km corridor which they believe to be capable of hosting multiple copper-gold porphyries (still early). They are currently drilling 5,000m of RAB and will follow that up with diamond drilling in the second quarter.
The company raised $15 million at $0.50 earlier this year and is well financed to adequately test their theories.
Simon Ridgeway stepped down as Chairman, President and CEO to make room for Mario Stifano as President and CEO (former CFO of Lakeshore Gold) and Ari Sussman as Chairman (President and CEO of Continental Gold). Mr. Ridgeway remains on the board, along with Bob Allen, David Reading (former CEO of Aureus Mining), William Katzin, Bill Orchow (former CEO of Kennecott Minerals) and Tod Turley.
This is not investment or professional advice of any kind. We own shares in Cordoba and are biased. Exploration stocks are extremely risky. Always do your own due diligence. We seek safe harbour.