trending Market Intelligence /marketintelligence/en/news-insights/trending/pXE_lPsBukuST_jimGottw2 content esgSubNav
In This List

Cordoba Minerals: High Power Exploration begins next phase of San Matias JV

Blog

Essential Metals & Mining Insights - October 2021

Blog

Post-webinar Q&A: Global Credit Risk Trends 2021 and Beyond

Video

Essential Metals & Mining Insights - September 2021

Blog

Lithium and Cobalt CBS September 2021 — Lithium price surges, cobalt range-bound


Cordoba Minerals: High Power Exploration begins next phase of San Matias JV

Cordoba MineralsCorp. said April 6 that its joint venture partner at the copper-gold projectin Colombia, High Power ExplorationInc., has begun the first phase of the agreement where HPX can earna 25% interest in the project by spending C$6 million on exploration.

HPX is a private firm indirectly controlled by Robert Friedland.

HPX has already completed an initial C$2.5 million explorationprogram, which has allowed the initial phase to start. HPX committed the funds viaprivate placement.

In the second phase, HPX can earn a 51% interest in the projectby spending an additional C$10.5 million. According to the option agreement, HPXcan earn up to 65% in the project by carrying it to feasibility.

HPX has also acquired a 50.1% direct interest in for approximatelyUS$3.3 million. The joint venture has an optionto acquire 100% of the Alacran copper-gold project, which is located within theSan Matias project. The JV is completing a 3,000-meter drill program as part ofthe agreement.

HPX will have a 50.1% share of option payments and royaltiesattributable to OMNI under the Alacran earn-in agreement.

Cordoba also said that a definitive agreement for the acquisitionof Alacran has been completed, with Cordoba issuing 100,000 warrants that will allowthe holder to acquire 1 common share for 21 cents until April 1, 2018.