Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Cordoba Minerals (TSXV: CDB) published an updated mineral resource estimate this week for the San Matías project, including the Alacrán replacement copper-gold deposit, in Colombia.
With this update, total mineral resources for San Matías are estimated in 94.9 million tonnes of indicated resources grading 0.51% copper, 0.29 g/t gold and 2.70 g/t silver, and 3.4 million tonnes of inferred resources grading 0.30% copper, 0.20 g/t gold and 1.30 g/t silver at a 0.3% CuEq cut-off.
Total mineral resources for San Matías are estimated in 94.9 million tonnes of indicated resources
Total indicated resources, on the other hand, are believed to contain 488,100 tonnes of copper, 897,900 ounces of gold and 8,245,300 ounces of silver. Finally, total inferred resources are said to contain 10,400 tonnes of copper, 22,400 ounces of gold and 142,800 ounces of silver.
In a press release, Cordoba said that resources are constrained by conceptual open pits for each deposit.
“When compared to the February 2018 mineral resource estimate, and at the reporting cut-off grade of 0.30% CuEq, the June 2019 indicated resource tonnage increased by 139% at the Alacrán deposit, the contained copper increased by 115%, the contained gold increased by 148% and silver was added into the estimate (not previously included),” the miner stated.
“Largely reflecting the conversion of inferred resources into the indicated category, the June 2019 inferred mineral resource tonnage decreased by 95%, the contained copper decreased by 96%, contained gold decreased by 97% and silver was added into the estimate (not previously included).”
The Vancouver-based company said that the updated Mineral Resource estimate, prepared in accordance with the National Instrument 43-101 Standards of Disclosure for Mineral Projects, was completed by Thunder Bay-based Nordmin Engineering.
“By understanding key structural controls to mineralization, such as the high-grade vertical structures, Nordmin has been able to unlock additional value in Alacrán and in the satellite deposits. We look forward to the results of the San Matías PEA, which we anticipate will demonstrate a very robust copper, gold and silver mining project,” Cordoba’s president and CEO, Eric Finlayson, said in the media brief.
