Colombia

San Matias (Alacran) Project

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Overview

Mine TypeOpen Pit
StagePermitting
Commodities
  • Copper
  • Gold
  • Silver
Mining Method
  • Truck & Shovel / Loader
Mine Life... Lock
SnapshotThe San Matias Copper-Gold-Silver Project includes of the Alacran Copper-Gold-Silver Deposit and satellite deposits at Montiel East, Montiel West and Costa Azul.

All ore will be processed in both process plant for fresh/transition ores and gravity wash plant for saprolite ore and historical tailings plant.

The Company filed the EIA application with the relevant Colombian Government authority on December 11, 2023 and was issued the official filing number on December 12, 2023.

Owners

SourceSource
CompanyInterestOwnership
Cordoba Minerals Corp. (operator) 50 % Indirect
JCHX Mining Management Co., Ltd. 50 % Indirect
The Alakran Project is jointly owned by Cordoba Minerals Corp. and JCHX Mining Management Co. on a 50/50 basis through CMH Colombia S.A.S.

Cordoba Minerals Corp. is pleased to announce that the Company has received the second installment of US$40 million from a subsidiary of JCHX Mining Management Co., Ltd. pursuant to the Strategic Framework Agreement between JCHX and Cordoba for the jointdevelopment of the Company's flagship Alacran Project in Colombia.

Cordoba Minerals - operator and manager of the Alacran Project.

Contractors

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Deposit type

  • Porphyry
  • Volcanic hosted

Summary:

The San Matias Property consists of El Alacrán Deposit and Satellite Deposits (The Montiel East, Montiel West, and Costa Azul deposits).

The Project area comprises three primary lithological domains: intrusive rocks (including porphyries) in the El Alacrán, Montiel East, and Costa Azul deposits, volcanic rocks in the Montiel West deposit, and volcaniclastic rocks in the El Alacrán deposit. Volcaniclastic rocks are also present in the El Alacrán Norte and William Prospect areas. The volcanic rocks correspond to aphyric andesite and basalt with variations to andesite porphyry, composed mostly of phenocrysts of plagioclase and augite.

The Montiel East, Montiel West, and Costa Azul deposits can all be broadly classified as Cu-Au porphyry systems. Cu-Au porphyries are typically associated with I-type magnetite-series intrusive rocks and typically contain significant hydrothermal magnetite, indicating the host intrusions are highly oxidized and sulphur-poor members of this series of magmas. The porphyry stocks in these types of rocks span a range of compositions from diorites, quartz diorite, and tonalite through to quartz monzonite, monzonite, and syenite. The porphyry deposits of the Project area are of low-potassium, calc-alkaline dioritic, and tonalitic composition.

El Alacrán deposit
The El Alacrán deposit comprises a replacement style of mineralization that trends northerly for about 1 km and has a vertical extent of >200 m.

The hydrothermal alteration assemblages of the El Alacrán deposit are zoned from early high temperature calc-silicate alteration to a subsequent calc-potassic, sericitic, and CBM alteration. The mineral paragenesis indicates at least three different Au precipitation events:

1) associated with pyrite – mushketovite in the calc-silicate alteration;
2) precipitation of Au electrum with chalcopyrite, traces of the pyrrhotite and molybdenite in the calc-potassic and sericitic alteration;
3) as visible grains in the carbonate base metal-related alteration.

Montiel East Deposit
The shallow parts of the Montiel East deposit display surface dimensions of approximately 100 m x 70 m and a vertical extent of 100 m. Montiel East deposit is porphyry Cu-Au-Ag mineralization associated with a series of tonalite porphyry stocks and sills that intrude basaltic andesitic volcanic rocks and host a strong stockwork of quartz-magnetite-chalcopyrite-bornite veins. Based on cross-cutting relationships, alteration assemblages, and compositions, four different phases have been identified within the Montiel East porphyry suite, three of which are hornblende porphyries and one of which is a quartz feldspar porphyry.

Montiel West Deposit
Diamond drill holes intersected high-density zones of both sheeted and multi-directional quartz-magnetite- chalcopyrite-bornite veining that are hosted in mafic and intermediate volcanic rocks, but no intrusive rocks. This style of wall rock Cu-Au-Ag mineralization is interpreted to be porphyry-related, as seen at both the Montiel East and Costa Azul prospects. The veinlets are generally narrower than those observed at Montiel East, possibly suggesting that there is no direct relationship between the two prospects. Alteration appears to be sodic-calcic, defined by albite, actinolite, and possible diopside.

The Costa Azul Deposit
The Costa Azul porphyry is a shallow dipping, holocrystalline, Cretaceous porphyry diorite intrusion dominated by phenocrysts (approximately 70%) comprising medium-grained (< 2.0 mm), euhedral plagioclase (21%) and anhedral to subhedral hornblende (6%), intergrown with primary magnetite, and biotite. Quartz (27%) occurs either as fine-grained (<.5 mm), anhedral phenocrysts or as very fine-grained (< 0.05 mm) groundmass. Mineralization here is porphyry-style Cu-Au associated with sheeted quartzmagnetite-chalcopyrite-pyrite-bornite veinlets within altered diorite porphyry and unmineralized, mafic volcanic footwall rocks.

Mineralization
Mineralization in the San Matías porphyry deposits is associated with a quartz-sulphide (chalcopyrite+pyrite±bornite) stockwork typically within hydrothermal biotite (potassic) altered rocks.

The El Alacrán deposit Cu-Au-Ag mineralization is hosted by a west-dipping Cretaceous succession comprising mafic volcanic rocks overlain by a calcareous volcaniclastic sequence and capped by pre- to syn-mineral, sill-like diorite, and felsic sub-volcanic bodies. The sequence is approximately 550 m thick, and the diorites are about 200 m thick. Cu-Au-Ag mineralization occurs throughout the volcaniclastic package at El Alacrán, except within the lower mafic units. It is most strongly developed in the calcareous volcaniclastic sequence. Several different deposit models have been proposed for the El Alacrán deposit, including Volcanogenic Massive Sulphide (VMS), Skarn, Carbonate Replacement Deposit (CRD), and Iron Oxide Copper-Gold (IOCG).

El Alacrán Cu-Au mineralization comprises veins and dissemination of chalcopyrite-pyrite ± pyrrhotite with quartz and carbonate and locally forms massive sulphides, and apatite is common. Au correlates with Cu and Mo, Ni, Co, Cr, P and the light rare earth elements are typically enriched in the sulphide-mineralized zones.

Reserves

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Mining Methods

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Comminution

Crushers and Mills

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Processing

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Production

CommodityProductUnitsAvg. AnnualLOM
Copper Concentrate kt 1,808
Gold Metal in concentrate koz 39550
Silver Metal in concentrate koz 3825,350

Operational metrics

Metrics
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* According to 2023 study.

Production Costs

CommodityUnitsAverage
Credits (by-product) Copper USD  ....  Subscribe
Total cash costs Copper USD  ....  Subscribe
Total cash costs Copper USD  ....  Subscribe
All-in sustaining costs (AISC) Copper USD  ....  Subscribe
All-in sustaining costs (AISC) Copper USD  ....  Subscribe
Assumed price Copper USD  ....  Subscribe
Assumed price Silver USD  ....  Subscribe
Assumed price Gold USD  ....  Subscribe
* According to 2023 study / presentation.
** Net of By-Product.

Operating Costs

Currency2023
OP mining costs ($/t mined) USD 2.14 *  
OP mining costs ($/t milled) USD  ....  Subscribe
Processing costs ($/t milled) USD  ....  Subscribe
G&A ($/t milled) USD  ....  Subscribe
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* According to 2023 study.

Project Costs

MetricsUnitsLOM Total
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Sustaining CapEx $M USD  ......  Subscribe
Closure costs $M USD  ......  Subscribe
Total CapEx $M USD  ......  Subscribe
OP OpEx $M USD  ......  Subscribe
Processing OpEx $M USD 708.8
Refining costs $M USD  ......  Subscribe
Freight costs $M USD 230
G&A costs $M USD 119.4
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Pre-tax NPV @ 8% $M USD  ......  Subscribe
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After-tax NPV @ 8% $M USD  ......  Subscribe
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Heavy Mobile Equipment

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Personnel

Mine Management

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EmployeesYear
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Aerial view:

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