Cordoba closes Alacran acquisition, stock explodes
Cordoba Minerals (TSX-V:CDB) announced that it has completed its acquisition of the Alacran copper-gold-silver deposit in Cordoba, Colombia.
With the Alacran mineral title, Cordoba now has 100% ownership of the entire San Matias District.
Alacran is the largest mineral deposit currently defined at San Matias.
Midday Friday, Cordoba’s stock was up nearly 29% on the TSXV. The company has a $84 million market capitalization.
The company restarted last month the work on the preliminary economic assessment for the deposit.
At present, indicated mineral resources at Alacran are 36.1 million tonnes grading 0.57% copper and 0.26 g/t gold, while inferred mineral resources are 31.8 million tonnes grading 0.52% copper and 0.24 g/t gold.
The San Matías project is located in the Municipality of Puerto Libertador and it comprises a 20,000-hectare land package in a newly identified high-grade copper-gold district.
According to Cordoba, the district is characterized by porphyry type and “carbonate replacement” type and/or “iron oxide copper-gold” type deposits formed in an accreted island arc setting.