Recent drilling on the San Matias copper-gold joint venture property in Colombia intersected bonanza gold veins at the Alacran deposit, representing a new style of gold mineralization.
San Matias is a joint venture between Cordoba Minerals Corp. and privately held High Power Exploration Inc.
Cordoba said Jan. 23 that drilling had returned a highlight of 136 meters grading 1.0% copper, 0.56 g/t of gold, 0.50% zinc and 10.93 g/t of silver from a depth of 46 meters, which included a 0.90-meter subinterval grading 4,440 g/t of gold, 10.25% copper, 24.70% zinc and 347 g/t of silver.
The company noted that the high-grade gold vein has characteristics similar to carbonate-hosted base metal, or CBM, deposits.
"We are excited by the discovery of bonanza grade gold in CBM veins as this new style of mineralization adds another significant exploration front to potentially increase the size and scope of mineralization at Alacran," Cordoba President and CEO Mario Stifano stated.
Ongoing drilling will include testing updip eastern extensions of the Alacran deposit and delineating the new CBM veins.
Cordoba recently posted an initial resource estimate for the Alacran deposit, with inferred resources containing 827 million pounds of copper and 644,000 ounces of gold.