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.

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HPX has obtained a 51% interest in the San Matias copper-gold project by spending C$19m ($14.11m) as exploration expenditures.

"The San Matias copper-gold project comprises 20,000ha of land located on the rich Mid-Cauca Belt in Colombia."

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."

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The San Matias copper-gold project comprises 20,000ha land package 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.