Cordoba Minerals and High Power Exploration (HPX) have completed phase two of the joint venture agreement in the San Matias copper-gold project in Colombia.
With this completion, High Power Exploration has earned a 51% interest in the project. The company deals with private mineral exploration and is indirectly controlled by Ivanhoe Industries.
HPX has obtained a 51% interest in the San Matias copper-gold project by spending C$19m ($14.11m) as exploration expenditures.
Phase three of this joint venture agreement has now been initiated.
HPX has the option to increase its ownership in the San Matias Project to 65% by completing its feasibility study.
Cordoba Minerals president and CEO Mario Stifano said: “We are pleased that our partner HPX has committed to moving the highly prospective San Matias Copper-Gold project to the feasibility stage as we continue with our aggressive exploration programme."
The San Matias copper-gold project comprises 20,000ha of land located on the rich Mid-Cauca Belt in Colombia.
The project contains porphyry copper-gold mineralisation, copper-gold skarn mineralisation and gold-copper mineralisation.
At the San Matias project, porphyry mineralisation comprises high-grade zones of copper-gold mineralisation characterised by secondary biotite alteration, as well as numeorus orientations of sheeted and stockwork quartz-magnetite veins with chalcopyrite and bornite.
The inherent features of mineralisation procured from San Matias are similar to other large high-grade copper-gold deposits.