VANCOUVER,
May 8, 2012 /PRNewswire/ - Cordoba
Minerals Corp. ("Cordoba" or the "Company" - formerly Wesgold
Minerals Inc.) (TSX-V:CDB) and Minatura International LLC
("Minatura") are pleased to provide an update on the 25,790 hectare
Cordoba copper-gold project, located roughly 200km north of
Medellin, Colombia. Cordoba has an
option to acquire a 51% interest in the property from Minatura, by
spending $15 million on exploration
and making certain cash payments, over a 30 month period (please
refer to the Company's SEDAR filings for full details). Initial
work on the property has confirmed the presence of a highly
prospective copper/gold porphyry system exposed in artisanal
workings.
The project is at an early stage, however the
discovery of a robust quartz/magnetite stockwork system hosted by
porphyry intrusive and volcanic rocks, returning significant
copper-gold grades and situated along an inferred extension of the
Middle Cauca Gold Belt of Colombia, indicates this large property has
excellent potential. This belt is known to be highly prospective
for copper-gold mineralization, with over 50 million ounces of gold
being discovered in just the last five years. The Cordoba property
has never been drilled tested or seen any methodical exploration
until now.
Work completed to date includes a 1310 line
kilometre regional airborne Magnetometer and Radiometric survey
covering 216 square kilometres of the northern half of the
property, and preliminary hand trenching and rock sampling in the
central target area, in and around an artisanal open pit mine.
Initial trench results in this area returned significant values
such as: 18 metres of 1.35 g/t gold with 0.54% copper; 21 metres of
1.76 g/t gold with 0.32% copper; and 17 metres of 0.94 g/t gold
with 0.69% copper (see news release of March
1st, 2012). Soil sampling over a larger area
surrounding the pit has returned encouraging copper-gold anomalies
over a 500 x 700 meter area, which remains open to the south,
northwest and east.
Outcrop exposure over this large property is
limited, so soil sampling and geophysical surveying will be key to
further discoveries in the district, as will mapping and
interpretation of other artisanal workings within the land
position. The airborne geophysical survey outlined several magnetic
and radiometric features coincident with existing geochemical
anomalies, plus several distinct linear features which may
represent regional structural controls on mineralization. All of
these target areas will be followed up in due course.
The Company's new President, Peter Thiersch, stated: "Having just returned
from my first visit to the property, I am highly encouraged by the
tenor and scale of mineralization already identified on the
property, and we are still at a very early stage of exploration.
The number of alluvial operations in the area suggests significant
potential for the district and I believe we may be situated along a
previously unrecognized extension to the highly endowed Mid Cauca
Gold Belt."
The Cordoba property consists of three granted
mining concessions, five pending concession agreements, and five
concession applications for a total of 25,790 hectares. Exploration
work is currently proceeding on a restricted basis, consisting of
low impact prospecting, soil and rock sampling and hand trenching,
until such time as concessions applications are formally approved.
The Company is not aware of any issues which would prevent final
government approval of the concessions and shortly expects such
approval. Once formal approval is received, exploration work will
ramp up to include machine trenching, additional geophysical
surveying and drilling. Environmental and water permits for
drilling are being prepared for submission now, for a phase one
program of 5,000 metres of drilling in an artisanal mining
area.
Qualified Person
Cordoba's President, Peter Thiersch, M.Sc. P.Geo. (APEGBC), is the
Company's Qualified Person in accordance with NI 43-101, and is
responsible for the Company's work programs and the accuracy of
this news release.
About Cordoba Minerals
Cordoba Minerals Corp. is a Vancouver-based mineral exploration company
focused on the acquisition and exploration of copper and gold
projects in Colombia. The
Company currently owns 11% of the 25,790 hectare Cordoba project,
and has an option to earn 51% from Minatura. Please visit our
website www.cordobamineralscorp.com for additional project
information.
About Minatura
Minatura International is a privately held
company engaged in the exploration, development and extraction of
precious and base metals in Colombia, Ghana, Sierra
Leone and Senegal, and
holds over 450,000 hectares of various hard rock and alluvial
mining titles and claims in these countries. Please visit
www.minatura.com for additional information about Minatura.
ON BEHALF OF THE BOARD,
"Peter
Thiersch"
Peter Thiersch, President
Symbol: TSX-V:CDB
Shares Issued: 17.7-million
Neither the TSX Venture Exchange nor the
Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy
or accuracy of this news release.
SOURCE Cordoba Minerals Corp.
