San Matias Porphyry Copper-Gold Project, Department of Córdoba, Republic of Colombia

NI 43-101 TECHNICAL REPORT

For the

For Cordoba Minerals Corp., 200 Burrard Street, Suite 650, Vancouver, British Columbia, Canada, V6C 3L6

STEWART D. REDWOOD, PhD, FIMMM

Effective date: 30 November 2013 Signature date: 11 December 2013

Cordoba Minerals Corp. S. D. Redwood San Matias Project Technical Report 30 November 2013

DATE AND SIGNATURE PAGE

The effective date of this technical report, entitled “Technical Report –San Matias Porphyry Copper-Gold Project, Department of Córdoba, Colombia” is 30 November 2013.

Dated: 30 November 2013

Stewart D. Redwood, FIMMM

Cordoba Minerals Corp. S. D. Redwood San Matias Project Technical Report 30 November 2013

AUTHOR’S CERTIFICATE

I, Stewart D. Redwood, FIMMM, hereby certify that: 1. I am a Consulting Geologist with address at P.O. Box 0832-1784, World Trade Center, Panama City, Republic of Panama. 2. I am the author of the technical report titled “Technical Report –San Matias Porphyry Copper-Gold Project, Department of Córdoba, Colombia” (the Technical Report) dated 30 November 2013. 3. I graduated from Glasgow University with a First Class Honours Bachelor of Science degree in Geology in 1982, and from Aberdeen University with a Doctorate in Geology in 1986. 4. I am a Fellow in good standing of The Institute of Materials, Minerals and Mining, Number 47017. 5. I have more than 30 years experience as a geologist working in mineral exploration, mine geology, mineral resource and reserve estimations and feasibility studies on projects in Latin America, North America, the Caribbean, Europe, Africa, Asia and Australia. 6. I have read the definition of “Qualified Person” set out in National Instrument 43-101 (NI 43-101) and certify that by reason of my education, affiliation with a professional organization (as defined in NI 43-101) and past relevant work experience, I fulfill the requirements to be a “Qualified Person” for the purposes of NI 43-101. 7. I made personal inspections of the San Matias Project on 15 November 2013 and 1 to 3 August 2013 for the preparation of this report, and a previous visit on 6 to 7 July 2011. 8. I am responsible for all sections of the Technical Report. 9. I am independent of the Cordoba Minerals Corp., Sabre Metals Inc., Minatura International LLC and Minatura Gold Ltd. applying all of the tests in Section 1.5 of NI 43-101. 10. My prior involvement with the property was to prepare a NI 43-101 Technical Report for the Córdoba Project (now called the San Matias Project) for Wesgold Minerals Inc. (now called Cordoba Minerals Corp.), with effective date 12 August 2011; and to review the technical data of the San Matias Project for Cordoba Minerals Corp. and Minatura International LLC in May and June 2013. 11. I have read NI 43-101 and the Technical Report has been prepared in compliance with that instrument. 12. As of the date of this certificate, to the best of my knowledge, information and belief, the Technical Report contains all scientific and technical information that is required to be disclosed to make the Technical Report not misleading. 13. I consent to the filing of the Technical Report with any stock exchange and other regulatory authority and any publication by them, including electronic publication in the company files on their websites accessible by the public, of the Technical Report.

Dated 30 November, 2013

______Stewart D. Redwood

Cordoba Minerals Corp. S. D. Redwood San Matias Project Technical Report 30 November 2013

TABLE OF CONTENTS

Contents

DATE AND SIGNATURE PAGE ...... 2 AUTHOR’S CERTIFICATE ...... 3 TABLE OF CONTENTS ...... 4 List of Tables ...... 6 List of Figures ...... 7 1 SUMMARY ...... 9 1.1 Introduction ...... 9 1.2 Geology and Mineralization ...... 9 1.3 Exploration ...... 10 1.4 Drilling ...... 10 1.5 Mineral Resource Estimates ...... 10 1.6 Interpretation and Conclusions ...... 11 1.7 Recommendations ...... 11 2 INTRODUCTION AND TERMS OF REFERENCE ...... 13 2.1 Purpose of Report ...... 13 2.2 Terms of Reference...... 13 2.3 Sources of Information ...... 13 2.4 Abbreviations ...... 14 2.5 Clarification of Project Names ...... 16 3 RELIANCE ON OTHER EXPERTS ...... 17 4 PROPERTY DESCRIPTION AND LOCATION ...... 18 4.1 Property Location ...... 18 4.2 Property Description ...... 19 4.2.1 Legal Framework ...... 19 4.2.2 The Cordoba-Minatura Agreement 2011 ...... 21 4.2.3 The Sabre and Bullet Agreement 2012 ...... 22 4.2.4 The Cordoba and San Matias Acquisition 2013 ...... 23 4.2.5 San Matias Project Mining Rights and Applications ...... 23 4.3 Environmental Regulations and Permits ...... 28 4.4 Legal Access and Surface Rights ...... 29 4.5 Water Rights ...... 29 4.6 Other Risks ...... 29 5 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRA-STRUCTURE AND PHYSIOGRAPHY ...... 30 5.1 Accessibility ...... 30 5.2 Climate ...... 32 5.3 Local Resources and Infrastructure ...... 32 5.4 Physiography ...... 33 6 HISTORY ...... 34 6.1 Colombian Gold Mining History...... 34

Cordoba Minerals Corp. S. D. Redwood San Matias Project Technical Report 30 November 2013

6.2 San Matias Project History...... 34 7 GEOLOGICAL SETTING AND MINERALIZATION ...... 35 7.1 Regional Geology and Mineralization ...... 35 7.2 District Geology ...... 40 7.3 Project Geology and Mineralization ...... 42 7.3.1 Montiel West and East Porphyries ...... 44 7.3.2 Costa Azul Porphyry ...... 49 7.3.3 Other Zones of Mineralization ...... 50 8 DEPOSIT TYPES ...... 51 9 EXPLORATION ...... 54 9.1 Geochemistry...... 54 9.1.1 Stream Sediment Geochemistry ...... 54 9.1.2 Soil Geochemistry ...... 56 9.1.3 Trenching and Channel Sampling ...... 58 9.2 Geophysics ...... 66 10 DRILLING ...... 69 11 SAMPLE PREPARATION, ANALYSIS AND SECURITY ...... 78 11.1 Sample Preparation, Analysis and Security ...... 78 11.1.1 Cordoba Minerals Geochemical Samples ...... 78 11.1.2 Sabre Geochemical Samples ...... 79 11.1.3 Sabre Core Samples ...... 80 11.2 Quality Assurance & Quality Control (QA-QC) ...... 82 11.2.1 Cordoba Minerals Geochemical Samples ...... 82 11.2.2 Sabre Geochemical Samples ...... 83 11.2.3 Sabre Core Samples ...... 86 11.3 Author’s Opinion ...... 88 12 DATA VERIFICATION ...... 90 13 MINERAL PROCESSING AND METALLURGICAL TESTING ...... 92 14 MINERAL RESOURCE ESTIMATES ...... 92 15 ADJACENT PROPERTIES ...... 93 15.1 El Alacrán Mine ...... 93 15.2 Cerro Matoso Nickel Mine...... 94 15.3 Carbones del Caribe Coal Mine ...... 95 16 OTHER RELEVANT DATA AND INFORMATION ...... 95 17 INTERPRETATION AND CONCLUSIONS ...... 96 18 RECOMMENDATIONS ...... 97 19 REFERENCES ...... 98 ANNEX 1: CERTIFICATE OF ANALYSIS OF CHECK SAMPLES ...... 100

Cordoba Minerals Corp. S. D. Redwood San Matias Project Technical Report 30 November 2013

List of Tables

Table 2.1 List of abbreviations ...... 15 Table 4.1 Description of the San Matias Project mining rights...... 26 Table 5.1 Road access to the San Matias Project...... 30 Table 9.1 Length weighted channel and trench sample results at Montiel West from the first program by Cordoba Minerals (2011)...... 59 Table 9.2 Length weighted trench sample results at Montiel West from the second program by Cordoba Minerals (2012)...... 60 Table 9.3 Length weighted channel sample results from Montiel East by Cordoba Minerals (2011)...... 61 Table 9.4 Length weighted trench sample results from Costa Azul by Cordoba Minerals (2013)...... 61 Table 9.5 Length-weighted trench sample results from Costa Rica by Cordoba Minerals (2013)...... 62 Table 9.6 Trench and channel results for Montiel East (Sabre)...... 63 Table 10.1 Collar table of diamond drill holes carried out at Montiel East by Sabre, August- September 2013...... 70 Table 10.2 Significant intersections of diamond drilling carried out at Montiel East by Sabre, August-September 2013...... 71 Table 12.1 Sample description and results of check sampling at San Matias Project...... 91 Table 15.1 Historical mineral resource estimate at El Alacrán (Vargas, 2002)...... 94

Cordoba Minerals Corp. S. D. Redwood San Matias Project Technical Report 30 November 2013

List of Figures

Figure 4.1 Location map of the San Matias Project, Department of Córdoba, Colombia ...... 18 Figure 4.2. Map of the San Matias Project mining propertie s ...... 27 Figure 5.1 Access to the San Matias Project...... 31 Figure 7.1 The tectonic setting of the San Matias Project...... 38 Figure 7.2 The Middle Cauca Gold belt showing the geology and principal deposits...... 39 Figure 7.3 District scale geological map of the San Matias Project...... 41 Figure 7.4 The geology of the central part of the San Matias Project...... 43 Figure 7.5 Preliminary geological map of the Montiel West and East porphyries...... 45 Figure 7.6 Artisanal mine workings at Montiel West showing goethite oxide cap. View looking east...... 46 Figure 7.7 High density of quartz veinlets in goethite oxidized porphyry exposed in artisanal mine workings at Montiel West...... 46 Figure 7.8 The artisanal open pit mine at Montiel East, with drill platforms above it, looking northwest...... 48 Figure 7.9 Low angle quartz veins in porphyry with goethite and malachite in the Montiel East p it ...... 49 Figure 8.1 Porphyry system deposit model of Sillitoe (2010) showing interpreted position of the ...... 52 Figure 9.1 Map of gold results for stream sediment sampling at the San Matias Project carried out by Cordoba Minerals and Sabre...... 55 Figure 9.2 Map of copper and gold soil geochemistry grid, combined Cordoba and Sabre data.. 57 Figure 9.3 Gold grades in trenches, channel samples and soils at the Montiel West and Montiel East porphyries...... 64 Figure 9.4 Copper grades in trenches, channel samples and soils at the Montiel West and Montiel East porphyries...... 64 Figure 9.5 Gold and copper grade in soils and trenches at the Costa Azul porphyry...... 65 Figure 9.6 Aeromagnetic map (reduced to pole) on radar satellite (Palsar) digital topographic model of San Matias Project (Sabre data)...... 67 Figure 9.7 Ground magnetic survey (total magnetic intensity) carried out over the Montiel porphyries and adjacent areas by Cordoba Minerals...... 68 Figure 10.1 Track-mounted, Duralite T600H diamond drill rig in operation at Montiel East Zone...... 69 Figure 10.2 Plan of diamond drill holes at Montiel East showing lithology...... 72 Figure 10.3 Plan of gold sample grades in diamond drill holes and adjacent trench and channel samples at Montiel East...... 73 Figure 10.4 Plan of copper sample grades in diamond drill holes and adjacent trench and channel samples at Montiel East...... 74 Figure 10.5 Early mineral hornblende-feldspar diorite porphyry cut by quartz veins and later chalcopyrite veinlets...... 76 Figure 10.6 Interval of 100% sheeted quartz veins with chalcopyrite cross-cutting the veins, and minor magnetite...... 76 Figure 10.7 Interval of wide chalcopyrite-p yr it e -magnetite veins cross-cutting hornblende- feldspar porphyry with quartz veins...... 76 Figure 10.8 Wide quartz veins with cross-cutting magnetite and chalcopyrite...... 77

Cordoba Minerals Corp. S. D. Redwood San Matias Project Technical Report 30 November 2013

Figure 10.9 Hornblende-feldspar diorite porphyry with disseminated chalcopyrite and quartz vein which is cross-cut by a chalcopyrite veinlet...... 77 Figure 11.1 The core logging shack at Montiel East...... 81 Figure 11.2 Scatter plot of Au analyses for OxF85 and OxG84 at AcmeLabs for Cordoba Minerals...... 82 Figure 11.3 Scatter plot of Au analyses for SF57 and SF86 at AcmeLabs for Cordoba Minerals...... 82 Figure 11.4 Scatter plot of coarse quartz blank analyses for Au at SGS (left) and AcmeLabs (right) for Cordoba Minerals...... 83 Figure 11.5 Scatter plot of Au FA analyses for Oreas 503 and Oreas 504 at AcmeLabs for Sabre...... 84 Figure 11.6 Scatter plot of Au FA analyses for Oreas 901 and Oreas 904 at AcmeLabs for Sabre...... 84 Figure 11.7 Scatter plots of Cu analyses for Oreas 503 and Oreas 504 at AcmeLabs for Sabre. . 85 Figure 11.8 Scatter plots of Cu analyses for Oreas 901 and Oreas 902 at AcmeLabs for Sabre. . 85 Figure 11.9 Scatter plot of fine blank analyses for Au (left) and Cu (right) at AcmeLabs for Sabre...... 85 Figure 11.10 Scatter plot of Au and Cu analyses made at AcmeLabs for the Sabre drill program for all CSRM...... 86 Figure 11.11 Scatter plot of Au and Cu values for fine blank OREAS 23-a...... 87 Figure 11.12 Scatter plots of core duplicates for Au and Cu...... 88

Cordoba Minerals Corp. S. D. Redwood San Matias Project Technical Report 30 November 2013

1 SUMMARY 1.1 Introduction

At the request of Cordoba Minerals Corp. (Cordoba Minerals), this report on the San Matias Project was prepared by Dr. Stewart D. Redwood, FIMMM, an independent Qualified Person. The terms of reference were to produce a Technical Report as defined in Canadian Securities Administrators’ National Instrument 43-101, and in compliance with Form 43-101F1 (Technical Report) and Companion Policy 43-101CP for the Córdoba Project in Colombia.

Cordoba Minerals has entered into a binding agreement dated 31 July 2013, as amended on 17 September 2013, to acquire a 100% interest in the Cordoba Project from the Minatura Group of companies, of which it already owned 11%, and the adjacent San Matias Property from Sabre Metals Inc. (Sabre). This agreement consolidates a package of mining rights covering multiple porphyry copper-gold targets. Collectively, this package of mining rights is now called the San Matias Project. This Technical Report has been prepared for the consolidated properties as a requirement of the agreement. The effective date of the report is 30 November 2013.

The San Matias Project is located in the Municipality of Puerto Libertador, Department of Córdoba, Republic of Colombia. The mining rights cover 27,147 hectares or about 271 km2 in 21 properties. These comprise 13 concession contracts, 1 signed concession agreement in the process of registration, and 7 applications with the free areas declared. The latitude and longitude are 7° 45’ north, 75° 43’ west, and the altitude is between 100 m and 170 m above mean sea level.

Cordoba Minerals and Sabre carried out separate exploration programs of the San Matias Project in 2011 to 2013. There has been no prior exploration of the project except for drilling of one of the other targets by another company in 1984-86. Artisanal gold mining is carried out at several places including open pit mines at Montiel West and Montiel East.

1.2 Geology and Mineralization

The San Matias Project is located in an accreted oceanic terrain of Upper Cretaceous age ocean floor basalts and sediments. These are overlain by Cenozoic sedimentary rocks in the northern part of the project, and by alluvial deposits. The Upper Cretaceous rocks are intruded by diorites, tonalites and porphyry stocks. The project is interpreted to be located at the northern end of the Middle Cauca Gold Belt, where gold and copper mineralization is related to the emplacement of porphyry stocks of Late Miocene age.

The central part of the project is underlain by basaltic volcanic and volcano-sedimentary rocks intruded by tonalite plutons and a number of porphyry stocks. Cordoba Minerals and Sabre have identified porphyry style gold and copper mineralization at Montiel West, Montiel East and

Cordoba Minerals Corp. S. D. Redwood San Matias Project Technical Report 30 November 2013

Costa Azul. Mineralization is hosted by porphyry stocks and wall rock. The mineralization is associated with a high density of quartz and magnetite veinlets in stockworks and sheeted zones and consists of chalcopyrite and p yr it e . Hydrothermal alteration is biotite, sodic-calcic and propylitic. The level of porphyry mineralization exposed is interpreted to be relatively deep. The targets at the San Matias Project are hypogene copper-gold mineralization with thin oxide copper-gold caps.

1.3 Exploration

Cordoba Minerals and Sabre have carried out separate exploration programs of stream sediment sampling, soil grid sampling, channel sampling, trenching, geological mapping, ground magnetics, and helicopter-borne magnetic and radiometric surveys. These have defined copper- gold targets at Montiel West, Montiel East and Costa Azul which are ready to drill, and a number of other anomalies.

1.4 Drilling

Sabre carried out a short, initial diamond drill program of 575 m in four holes at Montiel East in August-September 2013. The drilling tested porphyry-related mineralization below copper-gold soil anomalies and artisanal workings in an area of deep saprolitic weathering. Drilling intersected high grade zones of copper-gold mineralization hosted by an early mineral diorite porphyry with coarse phenocrysts of feldspar and hornblende that contains strong biotite alteration and various orientations of quartz veins with magnetite, chalcopyrite and lesser pyrite mineralization. Zones of wide sheeted quartz veins can often form over 90% of the rock by volume. A later phase of chalcopyrite veining cross-cuts the sheeted quartz-magnetite veins. Dissemination of sulfides also occurs. A second, more felsic intrusive mineralized phase has also been identified which contains lesser quartz veining with chalcopyrite and pyrite, and a more well developed dissemination of chalcopyrite-pyrite. There is a thin oxide zone beneath the saprolite with no depletion or enrichment of copper and gold grades.

Partial sample results have been received. Hole SM-DDH-001 returned 55.75 m at 1.06 g/t Au and 0.89% Cu. Hole SM-DDH-002 returned 81.95 m at 0.68 g/t Au and 0.77% Cu and is open at depth. Hole SM-DDH-003 returned 47.35 m at 0.85 g/t Au and 1.29% Cu and is open at depth. Finally, hole SM-DDH-004 returned 110.40 m at 0.61 g/t Au and 0.93% Cu. The true widths of the intercepts are not known at this stage due to the minimal amount of drilling.

1.5 Mineral Resource Estimates

There are no mineral resource estimates for the property that are compliant with the current CIM standards and definitions required by the Canadian NI 43-101 “Standards for Disclosure of Mining Projects”.

Cordoba Minerals Corp. S. D. Redwood San Matias Project Technical Report 30 November 2013

1.6 Interpretation and Conclusions

Exploration work carried out by Cordoba Minerals and Sabre on the San Matias Project has identified three zones with copper and gold mineralization at Montiel West, Montiel East and Costa Azul. These zones have the characteristics of porphyry copper-gold style mineralization. High grades of copper and gold have been encountered in preliminary drilling at Montiel East. The author concludes that these zones have the potential for the discovery of bulk mineable gold and copper deposits, and that further exploration by drilling is warranted to test their economic potential. In addition, further reconnaissance exploration is required to carry out reconnaissance exploration and follow up other copper, gold and geophysical anomalies on other parts o f t he large package of mineral rights. The porphyry copper-gold mineralization and related styles of mineralization encountered represent a new copper-gold mineral district which is interpreted to be the northern end of the Middle Cauca Gold Belt.

The author concludes that sample collection, security, preparation and analyses by Cordoba Minerals and Sabre have been carried out in accordance with best current industry standard practices and are suitable to plan further exploration. Sampling and analyses include quality assurance and quality control procedures. The exploration programs are well planned and executed and supply sufficient information to plan further exploration. There are no significant risks or uncertainties that could affect the reliability of confidence in the exploration information.

1.7 Recommendations

A two-stage exploration program is recommended.

In Stage 1 it is recommended that the Montiel West, Montiel East and Costa Azul copper-gold targets are tested by a first pass diamond drill program comprising 8 holes of 250 m depth on each target for a total of 2,000 m per target and 6,000 m in total. At an estimated total cost of US$250 per meter including access, logistics, geology and analyses, the total budget is US$1,500,000.

In Stage 1 it is also recommended that reconnaissance exploration be carried out of the large package of mineral rights to follow up on other geochemical and geophysical anomalies, and explore new areas, using surface exploration including stream sediment sampling, soil and rock chip sampling, geological mapping and trenching. The estimated budget is US$500,000.

An additional US$500,000 is budgeted for surface taxes, permitting and general and administration. The total budget for Stage 1 is US$2,500,000 and the estimated time for execution is 1 year, using 1 drill rig and assuming an average daily drilling rate of 30 m per rig.

Cordoba Minerals Corp. S. D. Redwood San Matias Project Technical Report 30 November 2013

The Stage 2 program, which is conditional on favorable results in Stage 1, comprises second phase diamond drilling totalling 20,000 m (80 holes of 250 m each) on Montiel West, Mo n t ie l East and Costa Azul, to be allocated according to the results of Stage 1. The outcome is to define inferred mineral resources on each of these targets. First pass diamond drilling is also budgeted assuming two new targets are identified during Stage 1 reconnaissance exploration in other areas, comprising 8 holes of 250 m depth on each target for a total of 2,000 m per target, and 4,000 m in total. The total Stage 2 program is thus 24,000 m of diamond drilling at an estimated total cost of US$250 per meter including access, logistics, geology and analyses, for a total budget of US$6,000,000. This program could be carried out in 1 year using 3 drill rigs, assuming an average daily drilling rate of 30 m per rig. An additional US$1,000,000 is budgeted for surface taxes, permitting, resource estimation, and general and administration, for a stage 2 total of US$7,000,000.

The total Stage 1 and Stage 2 budgets is US$9,500,000.

Cordoba Minerals Corp. S. D. Redwood San Matias Project Technical Report 30 November 2013

2 INTRODUCTION AND TERMS OF REFERENCE 2.1 Purpose of Report

Dr. Stewart D. Redwood, Consulting Geologist, prepared this independent Qualified Person’s Technical Report of the San Matias Project in the Municipality of Puerto Libertador, Department of Córdoba, Republic of Colombia for Co rdoba Minerals Corp. (Cordoba Minerals), a Canadian company based in Vancouver whose shares are listed for trading on the Toronto Stock Exchange’s (TSX) Venture Exchange. Cordoba Minerals has entered into a binding agreement dated 31 July 2013 to acquire a 100% interest in the Cordoba Project from the Minatura Group of companies (Minatura International LLC, Delaware, Minatura Gold Ltd, Nevada, and two minority shareholders, collectively the Minatura Group), of which it already owned 11%, and the adjacent San Matias Property from Sabre Metals Inc. (Sabre), a private company registered in O n t a r io . Collectively the Cordoba Project and San Matias Property are now called the San Matias Project.

This agreement consolidates a package of mining rights covering multiple porphyry copper-gold targets. This Technical Report has been prepared for the consolidated properties as a requirement of the agreement.

The report is based on information known to the author as of 30 November 2013, which is the effective date of the report. The author made a personal inspection of the San Matias Project on 1 to 3 August 2013, and a second personal inspection on 15 November 2013 in order to see the recently completed drill program, the drill core and other work carried out since the previous visit. The author also made a prior personal inspection of the projects on 6 and 7 July 2011 in order to prepare a previous technical report on the Cordoba Project (Redwood, 2011).

2.2 Terms of Reference

The terms of reference were to prepare a Technical Report as defined in Canadian Securities Administrators’ National Instrument 43-101, Standards of Disclosure for Mineral Projects, and in compliance with Form 43-101F1 (Technical Report) and Companion Policy 43-101CP.

2.3 Sources of Information

The report has been prepared using data and reports supplied by Cordoba Minerals and Sabre, and the author’s own observations on the personal inspections. The author considers that he has seen the most important reports and data and that there are no significant omissions of information. The reports that were consulted, as well as other published government reports and scientific papers, are listed in Section 19 “References” of this report.

Cordoba Minerals Corp. S. D. Redwood San Matias Project Technical Report 30 November 2013

2.4 Abbreviations

A list of the abbreviations used in the report is provided in Table 2.1. All currency units are stated in US dollars, unless otherwise specified. Quantities are generally expressed in the metric International System (SI) of units, including metric tonnes (t), kilograms (kg) and grams (g) for weight; kilometres (km) and meters (m) for distance; hectares (ha) for area; and grams per metric tonne (g/t) for gold and silver grades. Metal grades may also be reported in parts per million (ppm) or parts per billion (ppb). Precious metal quantities may also be reported in Troy ounces (ounces, oz).

Description Abbreviation Atomic absorption spectrophotometer AAS Canadian Institute of Mining, Metallurgy and Petroleum CIM Canadian National Instrument 43-101 NI 43-101 Canadian Dollar CDN$ Centimetre(s) cm Bullet Holding Corp. Bullet Proyecto Coco Hondo S.A.S. Coco Hondo Republic of Colombia Colombia Colombian Geological Survey (Servicio Geológico Colombiano) SGC Colombian Peso COP Cordoba Holdings Corp. Cordoba Holdings Cordoba Minerals Corp. Cordoba Minerals Certified Standard Reference Materials CSRM Degree(s) o Degrees Celsius oC Digital terrain model DTM Dual Resources Inc. Dual Resources United States’ Dollar(s) US$ Environmental Impact Study (Estudio de Impacto Ambiental) EIA Environmental Management Plan (Plan de Manejo Ambiental) PMA Gram(s) g Grams per metric tonne g/t Greater than > Hectare(s) ha Inductively coupled plasma spectrometer ICP Inductively coupled plasma atomic emission spectrometer ICP-AES or ICP-ES Inductively coupled plasma mass spectrometer ICP-MS Colombian Institute of Geology & Mining (Instituto Colombiano de INGEOMINAS

Cordoba Minerals Corp. S. D. Redwood San Matias Project Technical Report 30 November 2013

Geología y Minería), now SGC International Organization for Standardization ISO Australasian Code for Reporting of Mineral Resources and Ore Reserves JORC (The JORC Code) Kilogram(s) kg Kilometre(s) km Square kilometre (s) km2 Less than < Lower limit of detection LLD Meter(s) m Million tonnes Mt Million Troy ounces Moz Million years ago Ma Millimetre(s) mm Ministry of the Environment MinAmbiente Minatura International LLC Minatura Minatura International LLC, Minatura Gold Ltd, and two minority Minatura Group shareholders Minerales Córdoba S.A.S. Minerales Cordoba MPX Geophysics Ltd. MPX Ore Research & Exploration Pty. Ltd. OREAS Mine Plan PTO Minutes ‘ National Mining Agency (Agencia Nacional de Mineria) ANM National Mining Registry (Registro Minero Nacional) RMN Not available/applicable n.a. Ounces (Troy) oz Parts per billion ppb Parts per million ppm Percent(age) % Plus or minus ± Quality Assurance - Quality Control QA-QC Resource & Exploration Mapping Pty. Ltd. REM Sabre Metals Inc. Sabre Système International d'Unités (International System of Units) SI Tonne (metric) t Toronto Stock Exchange TSX Universal Transverse Mercator UTM Table 2.1 List of abbreviations

Cordoba Minerals Corp. S. D. Redwood San Matias Project Technical Report 30 November 2013

2.5 Clarification of Project Names

In a press release of drill results dated 20 November 2013, Cordoba Minerals changed a number of the project names. The combined mineral rights are now known as the San Matias Project. The area owned by Cordoba Minerals and Minatura Group was previously called the Cordoba Project, while the areas owned by Sabre were previously called the San Matias Property.

The name of the La Montiel and adjacent San Matias porphyries was changed to Montiel. The La M o n t ie l artisanal mine and porphyry, owned by Cordoba Minerals and Minatura Group, was renamed Montiel West. The San Matias artisanal mine, which is locally called Teheran, and porphyry, owned by Sabre, was renamed Montiel East.

Cordoba Minerals Corp. S. D. Redwood San Matias Project Technical Report 30 November 2013

3 RELIANCE ON OTHER EXPERTS

The author has relied on information supplied by the management of Cordoba Minerals and Sabre, and a report addressed to Cordoba Minerals entitled “Legal Opinion”, by Freddy A. Porras Leal, Lawyer, Medellin, dated 1 October 2013, fo r t he property description (sections 4.2.2, 4.2.3, 4.2.4, 4.2.5, 4.3), and has not carried out independent verification of these.

Cordoba Minerals Corp. S. D. Redwood San Matias Project Technical Report 30 November 2013

4 PROPERTY DESCRIPTION AND LOCATION 4.1 Property Location

The San Matias Project is located in the Municipality of Puerto Libertador, Department of Córdoba, Republic of Colombia as shown in Figure 4.1. The latitude and longitude is about 7° 45’ 05” N, 75° 43’ 13” W, and the UTM coordinates are 18N 0420577 - 0856864 (Mo n t ie l West ). Altitudes in the project are between about 100 m and 170 m above mean sea level.

Figure 4.1 Location map of the San Matias Project, Department of Córdoba, Colombia

Cordoba Minerals Corp. S. D. Redwood San Matias Project Technical Report 30 November 2013

4.2 Property Description 4.2.1 Legal Framework

Mining in Colombia is governed by the Mining Law 685 of 2001. It was modified by Mining Law 1382 of 9 February 2010 but this was annulled on 11 May 2011 and expired in 2013 after a two-year deadline to pass a new law lapsed, and Mining Law 685 of 2001 regained full force and effect. In addition, the new National Development Plan (Law 1450 of 2011) included some of the changes of the annulled Law 1382, specifically article 108 regarding the extension of exploration periods. In lieu of a new mining law, a series of decrees and resolutions were issued in 2013 to regulate mining as follows:

• Decree 935 (9 May 2013) which regulates the free areas, proposal evaluation, estimation of economical investment and rejection of proposals. • Decree 943 (14 May 2013) which regulates the extensions for stages and concession contracts. • Decree 1300 (21 June 2013) which defines how to support the execution of exploration works using an estimate for economical investment; • Resolution 428 (23 June 2013) which adopts the terms of reference, mining environmental guidelines and the minimum exploration program as elements to evaluate the technical and economic contents of the proposal. • Resolution 551 (9 August 2013) regulates the remaining financial capacity.

All mineral resources belong to the state and can be explored and exploited by means of concession contracts granted by the state. The mining authority is the Ministry of Mines and Energy, and mining is regulated by the new National Mining Agency (Agencia Nacional Minería or ANM). There is a single type of concession contract covering exploration, construction and mining which is valid for 30 years and can be extended for another 30 years. Concession applications resumed on 2 July 2013 after a suspension since 3 February 2011 to clear a backlog of applications.

Concession contract areas are defined on a map with reference to a starting point (punto arcifinio) with distances and bearings, or map coordinates.

The application process for a concession contract is as follows:

1. Purchase a PIN number (one per concession application). Each PIN costs one minimum salary plus VAT which is currently about Colombian pesos (COP) 650,000 (about US$336). 2. Submit the application on the internet at the ANM website at www.anm.gov.co.

Cordoba Minerals Corp. S. D. Redwood San Matias Project Technical Report 30 November 2013

3. File paper copies of the annexes to the application. These comprise legal, economic and technical documents including demonstration of the economic capacity of the applicant and the exploration proposal for the requested area. 4. A Technical Study is carried out by ANM to determine whether there is any overlap with other contracts or applications. The applicant is notified of t he “free areas”. The full area of the application may be not granted in its entirety if there is overlap with existing mining rights. 5. A legal and financial study is made by ANM. 6. The contract is prepared and signed. 7. The contract is inscribed in the National Mining Registry (Registro Minero Nacional, RMN). The contract comes into effect on the date of registration.

A surface tax (canon superficial) has to be paid for concession contracts annually in advance during the exploration and construction phases. The first payment is due when the concession contract is registered in the RMN. The surface tax varies with the size of the concession contract and is one minimum daily wage per hectare (ha) (about US$10.14) for areas up to 2,000 ha, two minimum daily wages per hectare (about US$20.28) for areas between 2,000 and 5,000 ha, and three minimum daily wages per hectare (about US$30.42) for areas above 5,000 ha. The minimum daily wage in 2013 is COP19,650 (about US$10.14) and it is adjusted annually.

The concession contract has three phases: 1. Exploration Phase: • Starts once the contract is registered in the National Mining Registry. • Valid for 3 years plus up to 4 extensions of 2 years each, for a maximum of 11 years. • Annual surface tax payments required. • Requires an annual Environmental Mining Insurance Policy for 5% of the value of the planned exploration expenditure for the year. • Present a mine plan (PTO) and an Environmental Impact Study (Estudio de Impacto Ambiental or EIA) for the next phase. 2. Construction Phase: • Valid for 3 years plus a 1 year extension. • Annual surface tax payments continue. • Requires an annual Environmental Mining Insurance Policy for 5% of the value of the planned investment as defined in the PTO for the year. • Environmental License issued on approval of Environmental Impact Study. 3. Exploitation Phase:

Cordoba Minerals Corp. S. D. Redwood San Matias Project Technical Report 30 November 2013

• Valid for 30 years minus the time taken in the exploration and construction phases, and is renewable for 30 years. • An annual Environmental Mining Insurance Policy required equivalent to 10% of the estimated production in the PTO. • No annual surface tax. • P a y a royalty based on regulations at time of granting of the Contract.

R o y a lt ies payable to the state are 4% of gross value at the mine mouth for gold and silver and 5% for copper (Law 141 of 1994, modified by Law 756 of 2002). For the purposes of royalties the gold and silver price is set by the government and is typically 80% of the average of the London afternoon fix price for the previous month.

4.2.2 The Cordoba-Minatura Agreement 2011

Pursuant to an agreement signed on 6 June 2011 and restated on 26 July 2011, Cordoba Minerals (then called Wesgold Minerals Inc.) acquired from Minatura International LLC (Minatura), a private Delaware limited liability corporation, an initial 11% interest in Cordoba Holdings Corp. (Cordoba Holdings), a private company registered in British Columbia, which holds indirect title to the Cordoba Project. The consideration was a payment to Minatura of CDN$2,030,000 in cash and forgiveness of a loan of CDN$2,000,000 for a total cash cost of CDN$4,030,000, plus issue of warrants to purchase up to 5,000,000 shares of Cordoba Minerals exercisable at CDN$0.40 per share with a fair value of CDN$400,000.

Cordoba Holdings is the owner of 100% of Cordoba Mineral Holdings Ltd., a private company registered in Barbados. This, in turn, is the owner of 100% of Minerales Córdoba S.A.S. (Minerales Cordoba), a private Colombian company that is the beneficial owner of 100% of the mining rights of the Cordoba Project.

The remaining 89% of Cordoba Holdings is owned by Minatura and Minatura Gold Ltd, a private Nevada corporation (which is owned about 98% by Minatura), and two minority shareholders (collectively the Minatura Group).

Pursuant to a further agreement with Minatura signed in March 2012, Cordoba Minerals has the option (the Option) to acquire an additional 40% interest (for a total of 51%) of Cordoba Holdings, the deadlines for which are based on the issuance of certain drilling permits for the Cordoba project. These drilling permits were issued on 11 January 2013. The terms of the Option are: • Expend CDN$15.0 million on exploration of the Cordoba Project by 30 September 2015, of which CDN$5.0 million is a firm commitment and must be made by 10 January 2014;

Cordoba Minerals Corp. S. D. Redwood San Matias Project Technical Report 30 November 2013

• Pa y CDN$2.0 million in cash following completion of the CDN$5.0 million of exploration expenditures and agreeing to continue with the Option. In addition, the 5,000,000 warrants held by Minatura become exercisable. • I f Cordoba Minerals acquires the 51% interest, Minatura will have a one-time right to sell its remaining 49% interest in Cordoba Holdings to Cordoba Minerals in consideration for shares of Cordoba Minerals such that it will hold 57.5% of the fully diluted capital of Cordoba Minerals at that time, subject to approval by the Cordoba Minerals shareholders. • I f the sale of the remaining 49% interest to Cordoba Minerals is not completed within 120 days after Minatura has agreed to sell such interest, Minatura will have a one-time right to buy back 2% of the outstanding shares of Cordoba Holdings fr o m Cordoba Minerals for CDN$1,000, resulting in Minatura owning 51%.

Following the acquisition of 11% of Cordoba Holdings and signing of the Option, Cordoba Minerals changed it s name from Wesgold Minerals Inc. to Cordoba Minerals Corp. in April 2012.

In accordance with the Agreement with Minatura and Sabre of 31 July 2013, described b e lo w , the deadlines of the Option have been extended by such number of days comprising the period of time from 31 July 2013 and ending, in the event that the Transaction does not close, on the date the Transaction is cancelled (the Extension Period). Upon completion of the Transaction, the Option will no longer be in effect.

4.2.3 The Sabre and Bullet Agreement 2012

Sabre signed an agreement on 30 March 2012 to acquire 100% of the mining rights of the San Matias Property from Bullet Holding Corp. (Bullet), a private corporation registered in Panama and related to Grupo de Bullet S.A. of Colombia. In consideration, Sabre issued 13.0 million shares to Bullet and a promissory note to pay CDN$2.0 million in cash to Bullet on the completion of a Canadian stock market listing of Sabre or a similar event. Sabre also agreed to reimburse the surface taxes paid for the mining rights after certain liquidity events.

A prior option to acquire the San Matias Property granted by Bullet to Continental Gold Limited, dated 18 January 2008, was terminated as part of this agreement in exchange for the issue of 2.0 million shares in Sabre to Continental Gold Limited.

In accordance with the Agreement between Cordoba Minerals, Minatura Group and Sabre of 31 July 2013, described below, the payment date of the promissory note is to be delayed until 12 months after the closing date of the Transaction.

Cordoba Minerals Corp. S. D. Redwood San Matias Project Technical Report 30 November 2013

4.2.4 The Cordoba and San Matias Acquisition 2013

Pursuant to a binding agreement (the Agreement) dated 31 July 2013, as amended on 17 September 2013, Cordoba Minerals will acquire a 100% interest in the Cordoba Project from the Minatura Group and the adjacent San Matias Property from Sabre. Both Minatura Group and Sabre are independent of Cordoba Minerals.

Cordoba Minerals currently owns an 11% interest in Cordoba Holdings, a private company which holds indirect title to the Cordoba Project. Pursuant to the Agreement, Cordoba Minerals will acquire (the Transaction) from the Minatura Group the remaining 89% in Cordoba Holdings, and will also acquire all of the outstanding shares of Sabre, a private company which has the right to acquire a 100% interest in the San Matias Property.

In consideration, Cordoba Minerals has agreed to:

1. issue common shares in its capital stock to the shareholders of Minatura Group and Sabre, so that Minatura Group will own 29,499,437 shares or 36% of Cordoba Minerals, the Sabre shareholders will own 26,221,722 shares or 32% of Cordoba Minerals, and the existing Cordoba Minerals shareholders will own 26,221,722 shares or 32% of Cordoba Minerals, such percentages based on the current issued share capital of Cordoba Minerals; 2. issue 2,117,647 warrants to Minatura Group and 1,882,353 warrants to the Sabre shareholders, each warrant exercisable at CDN$0.30 for two years from closing of the Transaction; and 3. make cash payments to Minatura Group totaling US$5.0 million including US$1.0 million paid on signing of the Agreement, and US$4.0 million on closing of the Transaction.

Upon completion of the Transaction, the March 2012 Option agreement will no longer be in effect.

4.2.5 San Matias Project Mining Rights and Applications

The mining rights and applications o f t he combined projects, now known collectively as the San Matias Project cover an area of 27,147.28 ha or about 271 km2 in 21 properties. These comprise 13 concession contracts with a total area of 12,491.65 ha, one signed concession agreement with an area of 47.21 ha which is in the process of being registered in the RMN, on which date the contract will start, and 7 applications with the free areas declared and a total area of 14,608.42 ha. The mining rights are listed in Table 4.1 and are shown in Figure 4.2. The mining rights are identified by their Claim Numbers (Código Expediente) in the ANM and the RMN.

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The contracts and applications o f t he fo r me r Cordoba Project are held in the names o f Minerales Cordoba S.A.S. (Minerales Cordoba), owned by Cordoba Minerals, and Proyecto Coco Hondo S.A.S. (Coco Hondo), owned by Minatura. Three of the concession contracts are registered in the RMN in the name of Minerales Cordoba. The transfer of three others has been approved by the ANM and t h e y are in the process of being registered in the RMN, and the others are in the process of being transferred to Minerales Cordoba.

The Cordoba Minerals signed concession agreement and applications are in the name of Coco Hondo. They have been assigned to Minerales Cordoba and will be transferred to Minerales Cordoba after the concession contracts have been signed and registered. Coco Hondo have signed assignment agreements and promises of assignment in favour of Minerales Cordoba.

The transfer of two of the fo r me r San Matias Property concession contracts to Sabre Metals Sur S.A.S., a wholly owned subsidiary of Sabre, from E l Molino S.O.M., a wholly owned subsidiary of Bullet, have been approved by the ANM and are in the process of being registered in the RMN. The third concession contract is currently in the process of being transferred to Sabre Metals Sur S.A.S. from E l Molino S.O.M.

The Stage 1 and Stage 2 drill programs recommended in this report at M o n t ie l West, Montiel East and Costa Azul are on concession contracts, upon which drilling can be carried out. The only additional permit required for drilling is a Surficial Water Concession which has been granted for Montiel West and Montiel East, and is under application for Costa Azul.

Cordoba Minerals’ Colombian lawyer considers that LG6-08065X will be registered in one month’s time, although this is not guaranteed.

The length of time remaining for the applications to be granted and registered is not known, however the applications were made during the same period of time as most of the other concession contracts awarded to Cordoba Minerals. Those concession contracts took between about 15 and 36 months to be awarded and registered. The National Mining Agency is still evaluating all of the applications in the whole country. Cordoba Minerals’ Colombian lawyer considers that the process could take at least six months. The granting of application LCP-08142 may be affected by overlap by some of the Temporary Natural Resource Reserves which were created in June 2013, after the application was made, and are described below in section 4.3.

Prospecting is free in Colombia and so surface exploration can be carried out on the areas under application, and this will not affect the Stage 1 reconnaissance exploration programs recommended in this report. The Stage 2 drilling program on new targets recommended in this

Cordoba Minerals Corp. S. D. Redwood San Matias Project Technical Report 30 November 2013 report might be delayed or need to be reprioritized if any such new targets defined by the Stage 1 reconnaissance programs occur in areas still under application.

It is not considered that these risks will affect the future project viability as the principal targets defined to date are on areas with concession contracts awarded.

Cordoba Minerals Corp. S. D. Redwood San Matias Project Technical Report 30 November 2013

Claim Date of Date of Granted / Free Number Application Registration Date of Expiry Status Concessionaire / Applicant Area (hectares) 1 HI6-15311 02 May 2008 01 May 2038 Concession contract Minerales Cordoba S.A.S. 8,205.8745 2 LEB-08491 25 January 2012 24 January 2042 Concession contract Proyecto Coco Hondo S.A.S. 1,184.1578 3 LJT-10551 25 January 2012 24 January 2042 Concession contract Proyecto Coco Hondo S.A.S. 483.8637 4 LED-10191 24 May 2012 23 May 2042 Concession contract Proyecto Coco Hondo S.A.S. 233.63853 5 LEQ-15161 17 October 2012 16 October 2042 Concession contract Proyecto Coco Hondo S.A.S. 290.7374 6 LEQ-15162X 10 May 2013 09 May 2042 Concession contract Proyecto Coco Hondo S.A.S. 368.1685 7 LEQ-15163X 10 May 2013 09 May 2042 Concession contract Proyecto Coco Hondo S.A.S. 4.81 8 LG6-08061 04 April 2012 03 April 2042 Concession contract Proyecto Coco Hondo S.A.S. 196.94851 9 LG6-08064X 14 May 2012 13 May 2042 Concession contract Minerales Cordoba S.A.S. 55.60822 10 LK8-09322X 16 April 2012 15 April 2042 Concession contract Minerales Cordoba S.A.S. 4.6116 11 LG6-08065X 12 March 2012 Application Proyecto Coco Hondo S.A.S. 47.21059 12 LCP-08142 25 March 2010 Application Proyecto Coco Hondo S.A.S. 4,225.01 13 LCQ-16171 29 March 2010 Application Proyecto Coco Hondo S.A.S. 583.42 14 LCQ-16172X 29 March 2010 Application Proyecto Coco Hondo S.A.S. 305.61 15 LCQ-16173X 29 March 2010 Application Proyecto Coco Hondo S.A.S. 329.33 16 LCP-08143X 25 March 2010 Application Proyecto Coco Hondo S.A.S. 0.07 17 LCP-08144X 25 March 2010 Application Proyecto Coco Hondo S.A.S. 192.92 18 LK8-09321 08 November 2010 Application Proyecto Coco Hondo S.A.S. 8,972.06 19 JJ9-08091 19 November 2012 18 November 2042 Concession contract El Molino S.O.M. 1,285.0500 20 JJ9-08092X 19 November 2012 18 November 2042 Concession contract El Molino S.O.M. 80.4440 21 JJ9-08093X 19 November 2012 18 November 2042 Concession contract El Molino S.O.M. 97.7376 Table 4.1 Description of the San Matias Project mining rights. Table compiled from the “Legal Opinion”, by Freddy A. Porras Leal, Lawyer, Medellin, for Cordoba Minerals, 1 October 2013, the Binding Agreement, Certificates from the Mining Registry and information supplied by Cordoba Minerals and Sabre. Note 1: HI6-15311 has 742.10 ha of overlap with the Paramillo National Park. A request has been made to cut this area. Note 2: LG6-08065X has a signed concession contract which awaits registration in the mining registry, on which date the contract starts.

Cordoba Minerals Corp. S. D. Redwood San Matias Project Technical Report 30 November 2013

Figure 4.2. Map of the San Matias Project mining properties.

Cordoba Minerals Corp. S. D. Redwood San Matias Project Technical Report 30 November 2013

4.3 Environmental Regulations and Permits

The Mining Law 685 of 2001 requires an annual Environmental-Mining Bond to be posted fo r each concession contract. Cordoba Minerals and Sabre have done this for each concession contract. Exploration activities require an Environmental Management Plan (Plan de Manejo Ambiental or PMA), which has been submitted for each concession contract and application.

At the end of the Exploration Phase an Environmental Impact Study (EIA) has to be presented if the concession is to proceed to the Construction Phase. This must be approved and an Environmental License issued before the Exploitation Phase can begin, subject to a PMA. In addition, exploitation requires a Permit for Springs, Forest Use Permit, Certificate of Vehicular Emissions, Emissions Permit, and River Course Occupation Permit.

Under Colombian mining and environmental laws, companies are responsible for any environmental remediation and any other environmental liabilities based on actions or omissions occurring from and after the entry into force and effect of the relevant concession contract, even if such actions or omissions occurred at a time when a third party was the owner of the relevant mining title. On the other hand, companies are not responsible for any such remediation or liabilities based on actions or omissions occurring before the entry into force and effect of the relevant concession contract, from historical mining by previous owners and operators, or based on the actions or omissions of third parties who carry out activities outside of the mining title (such as illegal miners).

The San Matias Project has potential environmental liabilities due to informal artisanal mining in the past and the present by alluvial, open pit, hydraulic and underground mining activities, including:

• Surface disturbance and degradation including deforestation. • Waste rock and tailings from mining operations. • Possible contamination of soil and water by mercury, cyanide, arsenic, acid drainage, heavy metals and solids from a r t is a n a l mining operations.

The Paramillo National Natural Park, created in 1977, is located in the forested mountains on the south side o f t he San Matias Project and is shown in Figure 4.2. There is a buffer zone to the park in which mining operations are permitted with environmental restrictions. P a rt o f concession contract HI6-15311 overlaps the park boundary and Cordoba Minerals has submitted a request to reduce the concession to 4,995 ha, including 742.10 ha of overlap with the Paramillo National Park. This request has not yet been granted.

Cordoba Minerals Corp. S. D. Redwood San Matias Project Technical Report 30 November 2013

Temporary Natural Resource Reserves were created in large areas of Colombia by the Ministry of the Environment (MinAmbiente) by Decree 1374 of 27 June 2013 and Resolutions 0705 (28 June 2013) and 0761 (12 July 2013). Some of these overlap w it h application LCP-08142. They do not affect the concession contracts but may affect the applications. They exclude new concessions being awarded or mining activity undertaken in those zones for one year, extendable to two years.

All of the mining properties that comprise the San Matias Project are located at low elevations and w e l l below the altitude of the “páramo” (moorland) ecosystem where exploration and mining are prohibited. The páramo is defined as an ecosystem above 3,200 m altitude consisting of glaciated uplands with lakes and peat bogs.

4.4 Legal Access and Surface Rights

The granting of a concession contract in Colombia does not include a legal right of surface access, for which permission has to be obtained from the land owners or community. Cordoba Minerals and Sabre have made lease agreements for land use for mineral exploration. Cordoba Minerals and Sabre do not own any surface rights in the project area.

The Mining Law provides the mining servitudes and the possibility of expropriation of the surface, in case it is required, since the mining activity is considered to be in the public interest.

4.5 Water Rights

Exploration activities require a Surficial Water Concession if a natural resource is required to be used, especially for drilling. Surficial Water Permits have been granted for drilling at Mo n t ie l West and M o n t ie l East, and are under applic a t io n for Costa Azul.

4.6 Other Risks

The author is not aware of any other significant factors and risks, other than those described above, that may affect access, title, or the right or the ability to perform work on the property.

Cordoba Minerals Corp. S. D. Redwood San Matias Project Technical Report 30 November 2013

5 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRA- STRUCTURE AND PHYSIOGRAPHY 5.1 Accessibility

The San Matias Project is located 395 km northwest of Bogotá, the capital of Colombia, 170 km north of Medellin, the capital of the Department of Antioquia and the second largest city in Colombia, and 112 km south of Montería, the capital of the Department of Córdoba. Access to the project is by road from Medellin, Caucasia or Montería. The distances are listed in Table 5.1 and the routes are shown in a plan in Figure 5.1.

There are daily scheduled flights from Medellin to the city of Caucasia (population about 90,000), where there is a surfaced airstrip, by ADA (Aerolineas de Antioquia). The flight time is 40 minutes. From Caucasia it is 71 km by road to Puerto Libertador (1 hour drive). There are also more frequent scheduled flights from Medellin and Bogota to the city of Montería (population about 410,000) by ADA and other airlines. From Monteria it is 170 k m by road (3.5 hour drive) to Puerto Libertador. The nearest town to the project, Puerto Libertador (population about 13,425), has basic services and is used as a field base. From here it is 21 km to the Montiel zone by an unsurfaced track (about 30 minutes drive).

From To Road Distance (km) Time (hours) Medellin Caucasia Surfaced 280 6 h 0 m Caucasia Montelíbano Surfaced 33 0 h 30 m Montelíbano Puerto Libertador Unsurfaced, graded 38 0 h 30 m Puerto Libertador La Montiel Mine Unsurfaced track 21 0 h 30 m Total 372 7 h 30 m

Table 5.1 Road access to the San Matias Project.

Cordoba Minerals Corp. S. D. Redwood San Matias Project Technical Report 30 November 2013

Figure 5.1 Access to the San Matias Project. On a digital terrain model base map.

Cordoba Minerals Corp. S. D. Redwood San Matias Project Technical Report 30 November 2013

5.2 Climate

The San Matias Project has a tropical wet climate with an average temperature of 27.5°C and annual rainfall of approximately 2,500 mm (data for Puerto Libertador). The highest rainfall is between May and September. Mineral exploration and drilling can be carried out all year round.

The San Matias Project is mostly within the tropical, premontane wet forest ecological zone (bh- T) of the Holdridge Life Zone climatic classification system. Most of the original forest cover has been cleared for agriculture and cattle ranching. Land use is mainly for cattle ranching and mining.

5.3 Local Resources and Infrastructure

The Municipality of Puerto Libertador has a population of about 34,000. The main population center is the town of Puerto Libertador. There are a number of small villages within the project area. There are indigenous Zenú and Embera settlements on concession contract LEB-08491.

Hotel accommodation and field supplies are available in the towns of Puerto Libertador and Montelíbano.

Field personnel for the exploration program are available locally from artisanal mines and from the nearby towns and villages. The district is expected to be able to supply the basic workforce for any future mining operation.

There is a n airstrip at Puerto Libertador which can be used by helicopters, and an airstrip at Montelíbano which can be used by both light aircraft and helicopters. There are airports w it h sealed runways and scheduled n a t io n a l flights at Caucasia and Monteria.

The San Matias Project is about 220 km west of the Pacific Ocean and 115 km west of the Gulf of Uraba of the Caribbean Sea or Atlantic Ocean. The nearest ports are at Tolú (220 km by road) and Cartagena (360 km by road) on the Atlantic Ocean. Caucasia is situated on the navigable Cauca River, part of the Magdalena River system which enters the Atlantic Ocean at Barranquilla.

The nearest railway is at Medellin, 170 km to the south.

The national electricity grid supplies the towns of Puerto Libertador and Montelíbano and the Cerro Matoso mine. The national gas grid supplies the Cerro Matoso nickel mine operation also.

The region has high rainfall and there are ample water resources available. Water rights belong to the state and are governed by Decree 1541 (1978).

Cordoba Minerals Corp. S. D. Redwood San Matias Project Technical Report 30 November 2013

Cordoba Minerals and Sabre do not own any surface rights in the project area. Since the project is at an early exploration stage, it is not relevant at this stage to consider the sufficiency of surface rights for mining operations.

5.4 Physiography

The San Mat ia s Project is located in the northern foothills of the Western Cordillera and the southern side of the Caribbean lowlands where the north-south trending mountains die out and pass under extensive plains with altitudes of less than 100 m.

Hydrographically the project is situated in the Upper San Jorge river basin. The north-flowing San Pedro River flows through the eastern part of the project, while the north-flowing San Jorge River lies west of the project. These are part of the Magdalena River system which drains into the Atlantic.

The Paramillo National Park is situated in the forested mountains to the southeast of the San Matias Project.

The physiography of the project area comprises low hills and flat plains and is favorable for open pit mining with plenty of room to select sites for processing plant, waste rock dumps, tailings storage areas and other mine infrastructure.

Cordoba Minerals Corp. S. D. Redwood San Matias Project Technical Report 30 November 2013

6 HISTORY 6.1 Colombian Gold Mining History

Colombia was historically the top gold producer in South America with total recorded gold production of about 98.8 million ounces (Moz) or 3,073 tonnes (1514 to 2013, 1st quarter). Colombian gold production between 1514 and 1934 was 49 Moz (1,524 tonnes) which made Colombia the number one producer in South America during this period with 38% of the total production (Emmons, 1937). Gold production from 1935 to the present (2013, 1st quarter) was 49.8 Moz (1,549 tonnes; ANM). Total gold production from 1514 to 2103 was thus 98.8 Moz (3,073 tonnes). Colombia ranked 15th worldwide in 2011 (56 tonnes) and fourth in South America, with 2.1% of world production (United States Geological Survey Minerals Yearbook 2011). Gold production in 2012 was a record 2.12 Moz (66 tonnes).

6.2 San Matias Project History

Informal artisanal gold mining is carried out at several places on and adjacent to the project in alluvial, saprolite and hard rock deposits in open pits and underground.

The only modern exploration to be carried out for gold and copper in and adjacent to the San Matias Project area was at El Alacrán, an adjacent property (described in Section 15), and at Mina Rá, w it h in the project, in 1984-87 by Dual Resources Inc. (Dual Resources), a Canadian junior company. The license was acquired in 1995 by Sociedad Ordinaria de Minas Santa Gertudis, a private Colombian company, which changed its name to Sociedad Minera El Alacrán S.O.M. in 1996. The property was optioned to Billiton Inc. in 1998. The exploration at El Alacrán is described in reports by Vargas (1998, 2001 and 2002) and Shaw (2002).

Dual Resources carried out drilling at El Alacrán (described in more detail in Section 15) and also drilled five holes of 70-120 m length each at the Rá Mine in 1984-86, but the results and core are lost (Vargas, 1998). The El Alacrán deposit is currently being explored by Ashmont Resources Corp., a private company based in Vancouver, which carried out a diamond drill program in 2011 to 2012 of 11,230.55 m in 45 holes (Ashmont Resources Corp. website).

Cordoba Minerals and Sabre started exploration of their fo r me r Cordoba and San Matias Projects respectively in 2011 and 2012. There was no known prior exploration of the copper and gold mineralization at Mo n t ie l West, Montiel East and Costa Azul.

Cordoba Minerals Corp. S. D. Redwood San Matias Project Technical Report 30 November 2013

7 GEOLOGICAL SETTING AND MINERALIZATION 7.1 Regional Geology and Mineralization

The San Matias Project is located in an accreted oceanic terrane of the Western Cordillera, described as the Western Andes Terrane by Restrepo & Toussaint (1988), and as Terrane 4b in the most recent tectonic synthesis by Kennan & Pindell (2009). The host rocks are the Upper Cretaceous Cañasgordas Group which is subdivided into the Barroso Formation of basalts, and the Penderisco Formation of turbidites, chert and limestone. The basalts and pelagic sediments formed on the ocean floor and are interpreted to be fragments of an oceanic plateau called the Caribbean Large Igneous Province which were transported a long distance from the west (Kennan & Pindell, 2009). The age of the plateau basalts is about 90 Ma (Turonian; Kennan & Pindell, 2009). On the eastern side, the oceanic terranes are separated from Paleozoic Cajamarca Group schists in the Central Cordillera, which represent the continental margin, by the Cauca- Almaguer Fault Zone, also called the Cauca-Patia Fault or the Romeral Fault, which has large scale right lateral movement. The suture is marked by isolated outcrops of peridotite interpreted as ophiolites, such as that which hosts the Cerro Matoso nickel laterite deposit, 25 km northeast o f t he San Matias Project (Gleeson et al., 2004). The age of accretion was between the latest Maastrichtian and Early Eocene. Small granitoid plutons of Upper Cretaceous to Early Eocene age pre- and post-date accretion (Kennan & Pindell, 2009). The San Matias Project is located close to the eastern edge of the oceanic terrane near to the Cauca-Almaguer Fault Zone

The Cajamarca and Cañasgordas Groups are overlain unconformably by Cenozoic age sediments the northern part of the San Matias Project. The sediments are accretionary prisms of Paleocene to Oligocene age forming the San Jacinto Fo ld Belt, and accretionary prisms of Oligocene to Pliocene age forming the Sinú Fo ld Belt to the west, as well as extensive Quaternary sediments (Cediel & Cáceres, 2000).

There are differences in the definition of some of the Western Cordillera terranes between different maps. The San Matias Project is located in Terrane 4b as defined by Kennan & Pindell (2009). On the widely used Geotec geological map of Colombia at 1:1 million scale shown in Figure 7.1 (Cediel & Cáceres, 2000; Cediel et al., 2003), the project is located in the San Jacinto Terrane, which includes Cretaceous oceanic rocks as well as the San Jacinto Fold Belt. It is grouped together with the Sinú Terrane as the Caribbean Terranes which form the northern part o f t he ir Western Tectonic Realm.

The San Matias Project is interpreted to be located at the northern end of the Middle Cauca Gold B e lt (Redwood, 2011), also called the Central Porphyry sub-belt (Sillitoe et al., 1982), which is shown in Figure 7.2. Gold and copper mineralization in the belt is related to the emplacement of porphyry stocks of Late Miocene age. The porphyry intrusions at the San Matias Project have not been dated ye t but they are considered to be of a similar age. An older age is also a mo r e unlikely

Cordoba Minerals Corp. S. D. Redwood San Matias Project Technical Report 30 November 2013 possibility as the deposits are close to the suture zone of an accreted oceanic terrane, although no older arc rocks are mapped. Radiometric dating of the porphyry intrusions is recommended to determine their age. Magmatism and mineralization in the Middle Cauca Gold Be lt are interpreted to be related to eastward-dipping subduction of the Nazca Plate beneath the Northern Andes. There is also shallow, amagmatic subduction of the Caribbean Plate to the southeast beneath northwestern Colombia (Kennan & Pindell, 2009).

Gold and copper mineralization in the Middle Cauca Gold Belt is younger than terrane accretion and so the mineral belt straddles the suture and occurs in both the accreted oceanic terranes of the Western Cordillera and the continental basement of the Central Cordillera.

The known extent of the Middle Cauca Gold Be lt is fo r about 365 km south fr o m the San Matias Project to La Colosa. Mineralization is of gold-rich porphyry style and intermediate sulfidation epithermal style with gold, silver and zinc. The San Matias Project appears to host the most copper-rich gold porphyries in the belt. San Matias lies 120 km north of the next known deposit in the belt, the Buriticá intermediate sulfidation epithermal vein gold deposit, owned by Continental Gold Limited. This has NI 43-101 measured and indicated resources of 3.74 Mt grading 13.6 g/t Au, 38 g/t Ag and 0.7% Zn containing 1.64 Moz Au, plus an inferred resource of 13.33 Mt grading 8.8 g/t Au, 33 g/t Ag and 0.5% Zn and containing 3.76 Moz gold (Vigar & Recklies, 2012). The qualifying person has not verified this information and the information is not necessarily indicative of the mineralization on the San Matias Project. The Buriticá andesite porphyry host rock has been dated at 7.41 ± 0.40 Ma and intrudes volcanic and sedimentary rocks of the Cretaceous Barroso Formation and the Buriticá stock (Lesage et al., 2013).

The largest porphyry deposit in the Middle Cauca Gold Belt is La Colosa, near Cajamarca, Department of Tolima, 360 km south of San Matias, which was discovered by AngloGold Ashanti in 2008, and has a JORC inferred mineral resource of 26.84 Moz gold grading 0.92 g/t in 904.86 Mt (AngloGold Ashanti Mineral Resource and Ore Reserve Report, 31 December 2012). The qualifying person has not verified this information and the information is not necessarily indicative of the mineralization on the San Matias Project. The other major gold deposit in the belt is Marmato, Department of Caldas, located 250 km south of San Matias. Marmato is an intermediate sulfidation epithermal deposit with a NI 43-101 compliant measured and indicated mineral resource of 409.7 Mt grading 0.90 g/t Au and 6.10 g/t Ag containing 11.8 Moz Au and 80.3 Moz Ag, plus an inferred resource of 79.1 Mt grading 1.02 g/t Au and 3.71 g/t Ag and containing 2.6 Moz Au and 9.4 Moz Ag (Parsons, 2012). The qualifying person has not verified this information and the information is not necessarily indicative of the mineralization on the San Matias Project.

While the porphyry deposits in the belt are generally gold rich, some also have copper resources, such as the La Mina (Antioquia) porphyry gold-copper deposit which has NI 43-101 inferred

Cordoba Minerals Corp. S. D. Redwood San Matias Project Technical Report 30 November 2013 resource of 79.9 Mt grading 0.62 g/t Au and 0.24% Cu (Wilson, 2012). The qualifying person has not verified this information and the information is not necessarily indicative of the mineralization on the San Matias Project. The nearby Cerro Vetas porphyry gold-copper deposit at Titiribi (Antioquia), has a NI 43-101 measured and indicated mineral resource of 184 Mt at 0.48 g/t gold and 0.16% copper, plus an inferred resource of 153 Mt at 0.57 g/t Au and 0.064% Cu (Kantor & Cameron, 2013; there are additional gold-only resources at the Titiribi deposit which are not quoted here). The qualifying person has not verified this information and the information is not necessarily indicative of the mineralization on the San Matias Project.

Cordoba Minerals Corp. S. D. Redwood San Matias Project Technical Report 30 November 2013

Figure 7.1 The tectonic setting of the San Matias Project. Base map f r o m Cediel et al., 2003.

Cordoba Minerals Corp. S. D. Redwood San Matias Project Technical Report 30 November 2013

Figure 7.2 The Middle Cauca Gold belt showing the geology and principal deposits. Base map: Geological Map of Colombia (2007) b y INGEOMINAS / SGC, 1:1,000,000 scale.

Cordoba Minerals Corp. S. D. Redwood San Matias Project Technical Report 30 November 2013

7.2 District Geology

The district geology of the San Matias Project is shown in Figure 7.3, which is based on the INGEOMINAS / SGC 1:500,000 scale map. The San Matias Project is underlain by Upper Cretaceous volcano-sedimentary rocks of the Cañasgordas Group. The Cañasgordas Group is subdivided into the Barroso Formation of tholeiitic basic volcanic rocks with pyroclastic rocks and siliceous sediments in the upper part, and the Penderisco Formation of chert, siliceous mudstones, and some dark gray to black lithic arenites.

To the east the Cauca-Almaguer Fault puts these in contact with the Palaeozoic Cajamarca Complex composed of graphitic schist, quartz sericite schist, chlorite schist, amphibolite, phyllite, quartzite, marble and serpentinite.

These are overlain unconformably to the north by sedimentary rocks of Upper Paleocene San Cayetano Formation (lithic arenites, conglomerates, mudstones and limestone), the Oligocene- Miocene Upper San Cayetano Formation (ferruginous sandstones and conglomerates interbedded with calcareous shales and coals), and the Miocene Cerrito Formation (calcareous mudstones and shales with sandstone beds). These form N-S to NNE-trending ridges. The Cenozoic sediments also overlie the Cañasgordas Group in parts of the project area. There is extensive cover by Quaternary alluvial deposits and terraces.

Cordoba Minerals Corp. S. D. Redwood San Matias Project Technical Report 30 November 2013

Figure 7.3 District scale geological map of the San Matias Project. Based on INGEOMINAS / SGC Atlas Geológico de Colombia, Sheet 5-05, 1:500,000 scale, 2007.

Cordoba Minerals Corp. S. D. Redwood San Matias Project Technical Report 30 November 2013

7.3 Project Geology and Mineralization

The geology of the central part of the San Matias Project area based on field mapping by Cordoba Minerals and Sabre is shown in Figure 7.4 and is described in a report by Manco & Dávila (2012). The central part of the map is underlain by basaltic volcanic rocks which are intruded by two large tonalite plutons and a number of porphyry stocks. West of the San Juan river there is a north-south trending volcano-sedimentary sequence with a diorite intrusion. The ridge to the south is formed of Cenozoic mudstones.

The principal structural trends are N-S with left lateral offsets by WNW to NW trending f a u lt s . Porphyry emplacement and veining was controlled by the WNW to NW fault set. Structural geology reviews were made by Starling (2012) and Oliver (2012).

Cordoba Minerals Corp. S. D. Redwood San Matias Project Technical Report 30 November 2013

Figure 7.4 The geology of the central part of the San Matias Project. Based on geological mapping by Cordoba Minerals and Sabre compiled by REM.

Cordoba Minerals Corp. S. D. Redwood San Matias Project Technical Report 30 November 2013

7.3.1 Montiel West and East Porphyries

Porphyry copper-gold mineralization at Montiel West and Montiel East occurs on concession contracts LEQ-15161 and JJ9-08091, beneficially owned by Cordoba Minerals and Sabre respectively. The two companies have carried out separate exploration programs.

Porphyry copper-gold mineralization occurs in two separate porphyry intrusions in an E-W zone with dimensions of about 1,000 m by 500 m. A preliminary geological map is shown in Figure 7.5. Surface sampling shows anomalous copper and gold at each center, with lower values in between, rather than a zone of continuous mineralization. Porphyry copper-gold mineralization is exposed in porphyry d io r it e stocks in artisanal mines at Montiel West and Montiel East . In between, trenching has encountered additional porphyries in trenches SM-2, SM-3, and SW-5. It is not yet known if these are separate porphyry bodies or parts of Montiel West and Montiel East. The country rocks are basalt and tonalite which are also mineralized in places. The mapped alteration is of a large biotite zone with an epidote plus magnetite halo, and minor sodic-calcic alteration. The extent of the alteration zones have not been defined yet. The Montiel West porphyry is bounded on the east side by a river valley with alluvial gold workings which is interpreted to be underlain by a s m a l l N -S trending graben with volcano-sedimentary rocks. Geophysical modelling of the magnetic data show a potential link between the two magnetic bodies on either side of the valley at 100 m to 200 m depth. Drilling is required to test the grade and dimensions of each porphyry center, and whether or not there is continuity of mineralization between them.

The depth of porphyry mineralization exposed is interpreted to be relatively deep based on the biotite and sodic-calcic alteration, magnetite, and lack of sericite and intermediate argillic a lt e r a t io n and other shallow features.

Cordoba Minerals Corp. S. D. Redwood San Matias Project Technical Report 30 November 2013

Figure 7.5 Preliminary geological map of the Montiel West and East porphyries. Based on mapping by Cordoba Minerals and Sa br e..

7.3.1.1 Montiel West Porphyry

Mineralization at Montiel West is exposed in extensive artisanal mine workings on the east side of a low hill, shown in a photo in Figure 7.6. These comprise a large shallow open pit created by hydraulic mining of the saprolite to recover free gold in saprolite in the past decade or so. There are also some short adits and shafts.

The pit exposes a goethitic oxide zone in saprock. There are no green or blue copper oxide minerals, and copper probably occurs in goethite and other iron and manganese oxides. The host rock is a matrix-rich plagioclase porphyry with supergene clay alteration, a high percentage of disseminated magnetite, and relics of biotite alteration. There is a dense stockwork o f wide quartz veinlets, both steep and flat-lying, and in parts sheeted, and there are also narrow magnetite and quartz-hornblende veinlets. These are shown in a photo in Figure 7.7. The veinlet density decreases away from the pit.

Cordoba Minerals Corp. S. D. Redwood San Matias Project Technical Report 30 November 2013

Figure 7.6 Artisanal mine workings at Montiel West showing goethite oxide cap. View looking east. Photo S. Redwood

Figure 7.7 High density of quartz veinlets in goethite oxidized porphyry exposed in artisanal mine workings at Montiel West. Photo S. Redwood

Cordoba Minerals Corp. S. D. Redwood San Matias Project Technical Report 30 November 2013

7.3.1.2 Montiel East Porphyry

The Montiel East porphyry is exposed in a small open pit which is locally called the Teheran Mine, and was formerly called the San Matias porphyry by Sabre. This is shown in a photo in Figure 7.8. The pit is mined artisanally by hand and all of the rock is processed in nearby stamp mills and ball mills to recover free gold in sluices, without any selection of veins. Copper is not recovered. The pit is about 25 m deep and there are also three adits and a short shaft. I t is reported to have been mined for more than 30 years. Mining started on an irregular massive gold-bearing quartz vein and then encountered the porphyry and quartz veinlet stockwork. The saprolite has much lower gold and copper grades than underlying rock.

Mineralization is hosted by a crowded, plagioclase-hornblende-minor quartz porphyry. This has kaolinite alteration, interpreted to be supergene alteration of biotite, with abundant disseminated magnetite. There is a dense stockwork of quartz veinlets with chalcopyrit e and lesser bornite, shown in a photo in Figure 7.9. The veins are both steeply-dipping and flat-lying, and some are sheeted. A NW-trending fault runs through the pit. Oxidation is to goethite, malachite, azurite and other unidentified green and blue secondary copper minerals, shown in a photo in Figure 7.9. Copper also impregnates supergene kaolinite in the porphyry to give it a turquoise blue color. Relic sulfides occur with oxides in the base of pit and comprise chalcopyrite and lesser bornite.

The area between the Montiel West and Montiel East mines has l it t le exposure and has been explored by soil sampling, trenches and geological mapping. Preliminary mapping indicates dio r it e , felsic porphyry, tonalite and wall rock of basaltic volcanic rocks. Mineralized porphyry has been identified in trenches SM-2 and SM-3 we st o f Montiel East, named the Western Porphyry, and in trench SM-5 to the southwest of Montiel East, called the Boundary Porphyry. It is not known yet if these are separate intrusions or parts of a larger mineralizing s y s t e m.

Cordoba Minerals Corp. S. D. Redwood San Matias Project Technical Report 30 November 2013

SM-DDH-004

SM-DDH-001 to 003

Figure 7.8 The artisanal open pi t mine at Montiel East, with drill platforms above it, looking northwest. Photo S. Redwood, 15 November 2013.

Cordoba Minerals Corp. S. D. Redwood San Matias Project Technical Report 30 November 2013

Figure 7.9 Low angle quartz veins in porphyry with goethite and malachite in the Montiel East pi t . Photo S. Redwood

7.3.2 Costa Azul Porphyry

The Costa Azul porphyry system is located on concession contract LEB-08491 and the edge of LEQ-15161, owned by Cordoba Minerals. It is 2 km south of the M o n t ie l West porphyry. There are no artisanal mines at Costa Azul, in contrast to Montiel. Costa Azul was discovered by Cordoba Minerals geologists in 2012 by soil sampling and the presence of quartz vein float. Mineralizat io n has been defined by geological mapping, soil and rock sampling and short trenches which give coincident copper and gold anomalies. A series of long trenches are recommended to define the anomaly better prior to drilling.

Costa Azul occurs on a low hill between the broad La Clarita river valley to the west, which has been extensively mined for alluvial gold, and the San Juan valley to the east.

Mineralization is hosted by andesite wall rock and two types of porphyry. The wall rock is a gray, fine grained andesite and lapilli volcaniclastic andesite lapilli tuff. The porphyries are a crowded pla g io c l a s e -quartz-hornblende porphyry, with euhedral hornblende phenocrysts 5 mm long, and a gray plagioclase-hornblende porphyry, with more matrix and pronounced phenocrysts. There is also a post-mineral, unaltered, dark gray, ma t r i x -r ic h pyroxene-plagioclase diorite porphyry w it h coarse phenocrysts on the south side.

Cordoba Minerals Corp. S. D. Redwood San Matias Project Technical Report 30 November 2013

Coarse grained, equigranular white feldspar-hornblende-quartz tonalite has no veining and mineralization, and is shown in trench sections to cross-cut the crowded porphyry. It is mapped as a pluton underlying low-lying ground under the La Clarita valley.

Alteration of the porphyries and andesite is to biotite with minor chlorite and zones of patchy sodic-calcic alteration (albite-hornblende). Mineralization is disseminated magnetite, quartz- magnetite veinlets, quartz-ma g n e t it e -pyrite veinlets, and quartz B-type veins which are o ft e n wide and form dense stockworks or sheeted vein sets. The veins are steeply dipping. Matrix- supported breccias occur in porphyry wit h a rock flour or clay matrix. Oxidation of the porphyry mineralization is to goethite and cuprite. Sulfides occur in outcrop so no significant oxide zone expected, nor an enrichment zone.

7.3.3 Other Zones of Mineralization

Several other areas of mineralization have been identified from artisanal mine workings, geological reconnaissance, stream sediment and soil sampling, and are summarized here. Further surface exploration is required on all of these.

7.3.3.1 Costa Rica

Costa Rica occurs on a low hill on the east side of the La Clarita valley, about 3 km east of Costa Azul. The area is flat lying with no outcrop, and it was discovered by boulders quartz veins. There are no soil anomalies but one trench gave anomalous Au and Cu.

7.3.3.2 Buenos Aires

Buenos Aires is located about 1 km south of Costa Azul. It is a skarn comprising massive magnetite with Au and Cu mineralization hosted by andesite. Sampling in five trenches has defined an anomaly is 150 m long with >1% Cu. Mineralization is similar in style to El Alacrán.

7.3.3.3 Mina Rá

The Rá mine is located 4 km south of Costa Azul. Artisanal mine working are on two quartz veins w it h p yr it e , pyrrhotite and chalcopyrite which strike NE and d ip 35° NW w it h an average thickness of 0.40 m. The host rock is basalt and agglomerate. One of the veins has a potential strike length of up to 500 m based on the distribution of artisanal mines. The preliminary interpretation is a deep intermediate sulfidation epithermal vein.

Cordoba Minerals Corp. S. D. Redwood San Matias Project Technical Report 30 November 2013

8 DEPOSIT TYPES

Mineralization at Montiel West, Montiel East and Costa Azul is o f t he porphyry copper-g o ld type. Proximal copper-gold skarn occurs at El Alacrán (on a third party property) and Buenos Aires, and gold bearing quartz-sulfide epithermal veins occur at Mina Rá and in other areas.

Porphyry copper systems were reviewed by Sillitoe (2010) and his model is shown in Figure 8.1, with the interpreted style of the San Matias Project mineralization. Porphyry copper systems may contain porphyry Cu ± Mo ± Au ± Ag deposits of various sizes ranging from a few million tonnes to several billion tonnes. Typical primary porphyry Cu deposits have average grades of 0.5 to 1.5% Cu, <0.01 to 0.04% Mo, and 0.01 to 1.5 g/t Au, and a few gold-only deposits have grades of 0.9 to 1.5 g/t gold but little Cu (<0.1 %) (Sillitoe, 2010).

The alteration and mineralization in porphyry copper systems can have a volume of many cubic kilometres of rock and are zoned outward from stocks or dike swarms, which typically comprise several generations of intermediate to felsic porphyry intrusions. Porphyry Cu ± Au ± Mo deposits are centered on the intrusions. Carbonate wall rocks can host proximal Cu-Au skarns, d is t a l Z n -Pb and/or Au skarns, and, beyond the skarn front, carbonate-replacement Cu and/or Zn- Pb-Ag ± Au deposits, and/or sediment-hosted, distal disseminated Au deposits. High-sulfidation epithermal deposits may occur in lithocaps above porphyry Cu deposits, where massive sulphide lodes tend to develop in deeper feeder structures and Au ± Ag-rich, disseminated deposits within the uppermost 500 m or so. Less commonly, intermediate sulfidation epithermal mineralization, chiefly veins, may develop on the peripheries of the lithocaps. The alteration-mineralization in the porphyry Cu deposits is zoned upward from barren, early sodic-calcic through potentially ore-grade potassic, chlorite-sericite, and sericitic, to advanced argillic, the last of these constituting the lithocaps, which may attain >1 km in thickness if not eroded. Low sulfidation- state chalcopyrite ± bornite assemblages are characteristic of potassic zones, whereas higher sulfidation-state sulphides are generated progressively upward together with temperature decline and the resultant greater degrees of hydrolytic alteration, culminating in pyrite ± enargite ± covellite in the shallow parts of the lithocaps. The porphyry Cu mineralization occurs in a distinctive sequence of quartz-bearing veinlets as well as in disseminated form in the altered rock between them. Magmatic-hydrothermal breccias may form during porphyry intrusion, with some of them containing high-grade mineralization because of their intrinsic permeability. In contrast, most phreatomagmatic breccias, constituting maar-diatreme systems, are poorly mineralized at both the porphyry Cu and lithocap levels, mainly because many of them formed late in the evolution of systems.

Cordoba Minerals Corp. S. D. Redwood San Matias Project Technical Report 30 November 2013

Figure 8.1 Porphyry system deposit model of Sillitoe (2010) showing interpreted position of the mineralization at the San Matias Project and adjacent properties.

Epithermal gold-silver deposits form in the near-surface environment from hydrothermal systems typically within 1.5 km of the Earth’s surface (Taylor, 2007). They are commonly found associated with centers of magmatism and volcanism. Hot-spring deposits and both liquid- and vapour-dominated geothermal systems are commonly associated with epithermal deposits. Epithermal gold deposits are commonly consider to comprise one of three subtypes: high sulphidation, intermediate sulphidation, and low sulphidation, each denoted by characteristic 52

Cordoba Minerals Corp. S. D. Redwood San Matias Project Technical Report 30 November 2013 alteration mineral assemblages, occurrences, textures, and, in some cases, characteristic suites of associated geochemical elements (e.g. Hg, Sb, As, and Tl). Base metal (Cu, Pb, and Zn) and sulphide minerals may also occur in addition to pyrite and native Au or electrum. In some epithermal deposits, notably those of the intermediate-sulphidation subtype, base metal sulphides may be present in significant amounts.

The porphyry mineralization at Montie l West, Montiel East and Costa Azul consists of chalcopyrite and pyrite associated with quartz and magnetite veins, and disseminated magnetite and chalcopyrite in porphyry and wall rock. Alteration is biotite with lesser sodic-calcic surrounded by propylitic a lt e r a t io n . The depth of porphyry mineralization exposed is interpreted to be relatively deep. They are overprinted near surface by supergene argillic alteration, and are overlain by saprolite formed by tropical weathering.

The Montiel West, Montiel East and Costa Azul porphyries have a goethite oxide cap formed by in situ oxidation of chalcopyrite. At M o nt i e l East the oxide zone is about 20 m deep in the open pit, and up to 12 m vertical thickness in drill holes. Goethite caps form where there is insufficient pyrite to generate free acid to leach copper and form a supergene enrichment zone. The copper grades in the oxide cap are usually similar to the primary grades as there is no leaching or enrichment. Gold is immobile in the oxide zone and the primary grade is expected to be similar to the oxide grade.

The principal targets at the San Matias Project are thus hypogene copper-gold mineralization with thin oxide copper-gold caps.

Cordoba Minerals Corp. S. D. Redwood San Matias Project Technical Report 30 November 2013

9 EXPLORATION

Cordoba Minerals and Sabre have each carried out similar programs of exploration comprising stream sediment sampling, soil grids, channel sampling, trenching, and geophysics. The programs have been carried out separately until now. The geochemical samples were taken by standard methods and are considered to be representative samples with no sample biases.

Sabre carried out a high resolution topographic survey of the Montiel and Costa Azul areas in September 2013 by walking the areas with a differential GPS. The survey was carried out by REM, Brisbane.

9.1 Geochemistry

9.1.1 Stream Sediment Geochemistry

Cordoba Minerals carried out stream sediment sampling at a district scale. An orientation survey was carried out w it h sieving in the field to -10 me s h (-2 mm) and -60 me s h (-0.25 mm). The survey was carried out with sieving in the field to -60 mesh. A total of 78 stream sediment samples were taken.

Sabre also carried out stream sediment sampling for district scale exploration. They used a contract company to carry out the field work and collected a total of 51 samples. The samples were coarse sieved to -2 mm (-10 mesh Tyler) in the field. The samples were dried in the laboratory at 60°C and sieved to -180 microns (-0.18 mm, -80 mesh Tyler), and the entire minus fraction, or a split of 110 g, was sent to the laboratory for analysis. For some later samples, the - 80 mesh fraction was sieved a second again to -200 mesh (-75 microns), and both the -80 mesh and -200 mesh fractions were analyzed. A pan concentrate was also collected at each sample site and the gold grains counted by size.

The total number of stream sediment samples taken by both Cordoba Minerals and Sabre is 129. A map of the gold results is shown in Figure 9.1 and shows a number of drainages with anomalous gold that have been, or are in the process of being, followed up.

Cordoba Minerals Corp. S. D. Redwood San Matias Project Technical Report 30 November 2013

Figure 9.1 Map of gold results for stream sediment sampling at the San Matias Project carried out by Cordoba Minerals and Sabre.

Cordoba Minerals Corp. S. D. Redwood San Matias Project Technical Report 30 November 2013

9.1.2 Soil Geochemistry

Cordoba Minerals carried out soil sampling on a grid over most of the central part of San Matias Project. The initial grid lines were spaced 50 m N-S by 200 m E-W. Anomalous areas were infilled to 50 m N-S by 100 m E-W, except for one area of 100 m N-S by 100 m E-W. A total of 2,175 soil samples were taken. S a mp l e s were taken with a post-hole digger, and s o me by hand auger, to an average depth of 0.5 to 1.0 m. The B horizon was sampled.

Sabre carried out soil sampling on grids over all of their concessions. The samples were spaced 50 m apart on E-W lines, with 200 m N-S line separation. Anomalous areas were infilled to 100 m by 50 m, and 50 m by 50 m grids. The initial soil survey was carried out by a contract sampling company and the infill by Sabre. Soil samples were taken by hand auger to an average depth of 2.0 m in lower B to upper C soil horizon. The last 1.0 m of the auger sample was split lengthwise with a machete on a plastic sheet and put in a sample bag. A total of 2,170 soil samples were taken. Sabre are currently carrying out additional auger soil sampling east of the Montiel East mine but have not submitted any of the samples for analysis yet.

The total number of soil samples taken by both Cordoba Minerals and Sabre was 4,345. A ma p of the copper and gold in soil anomalies in the combined data is shown in Figure 9.2.

Cordoba Minerals Corp. S. D. Redwood San Matias Project Technical Report 30 November 2013

Figure 9.2 Map of copper and gold soil geochemistry grid, combined Cordoba and Sabre data.

Cordoba Minerals Corp. S. D. Redwood San Matias Project Technical Report 30 November 2013

9.1.3 Trenching and Channel Sampling

Cordoba Minerals used trenching to follow up soil anomalies. Trenches were dug by hand to bedrock, s a mp l e d along the bottom in continuous channels, and a detailed geological log made. The sample length was 1.0 m in mineralization and 2.0 m in weakly mineralized rock. The trenches were filled in and revegetated after sampling. Trenching was carried out at M o n t ie l West, Montiel East , Costa Azul and other areas. Maps of copper and gold in trenches and channels at Montiel West and Montiel East are shown in Figure 9.3 and Figure 9.4.

Cordoba Minerals carried out rock channel sampling in the artisanal mines at Mo n t ie l West and Montiel East. Samples were taken by hammer and chisel in continuous channels with each sample being 1.0 m long by 0.3 m wide.

Cordoba Minerals have taken a total of 2,069 rock samples including channels and trenches.

At M o n t ie l West, Cordoba Minerals cut 29 channels and trenches w it h a total length of 1,023.7 m. The first program was 25 short channel and trench samples (Jm series of trench numbers). The second program comprised fo ur long, N-S oriented trenches (Mn series) which were sampled in segments, and some parts with deeper soil by hand auger. The length-weighted average values for gold and copper o f the two programs are listed in Table 9.1 and Table 9.2. T h e y show grades of >500 ppb (0.5 g/t) Au and >1000 ppm (0.1%) Cu over significant lengths, w it h highest intersections of 54 m at 0.55 g/t Au and 0.97% Cu, 32 m at 0.25 g/t Au and 1.02% Cu, 12 m at 1.33 g/t Au and 0.43% Cu, and 27 m at 1.05 g/t Au and 0.23% Cu. Trenches in saprolite have >0.5 g/t Au but low Cu, which is probably due to leaching by weathering.

Cordoba Minerals Corp. S. D. Redwood San Matias Project Technical Report 30 November 2013

Trench Length (m) Au FA (ppb) Cu ICP (ppm) Jm3-Jm2 10.0 190 5597 Jm4-Jm5 11.0 689 9421 Jm6-Jm7 9.0 852 8108 Jm8-Jm9 3.0 731 1931 Jm8-Jm10 6.0 1563 2971 Jm12-Jm13 19.0 1497 6396 Jm13-Jm14 18.0 990 5054 Jm14-Jm15 7.0 701 4594 Jm16-Jm17 12.0 1088 4879 Jm17-Jm18 13.0 503 7286 Jm18-Jm19 18.0 886 10417 Jm19-Jm20 9.0 909 2856 Jm22-Jm21 16.0 824 5231 Jm23-Jm24 12.0 778 8947 Jm27-Jm28 10.0 360 1199 Jm29-Jm30 12.0 270 1238 Jm31-Jm32 7.0 276 10914 Jm32-Jm33 5.0 446 13149 Jm34-Jm33 4.0 180 2724 Jm35-Jm36 7.0 766 7452 Jm36- Jm37 8.0 772 8926 Jm38-Jm39 11.0 364 1468 Jm40-Jm41 20.0 248 10447 Jm42-Jm43 9.0 438 1132 Jm44-Jm45 9.0 592 973 Table 9.1 Length weighted channel and trench sample results at Montiel West from the first program by Cordoba Minerals (2011).

Cordoba Minerals Corp. S. D. Redwood San Matias Project Technical Report 30 November 2013

Trench No Length (m) Au FA (ppb) Au ICP (ppb) Cu (ppm) Mn-1a 34 41 27 1121 Mn-1b 65 250 1687 Mn-1c 131 135 822 Mn-2a 52 86 73 2038 Mn-2b 12 760 559 4317 Mn-2c 24 495 156 4901 Mn-2d 7 308 510 2710 Mn-2e 14 778 533 2962 Mn-2f 17 699 4310 4289 Mn-2g 54 550 404 9733 Mn-2h 10 107 182 1820 Mn-2i 141.5 501 831 Mn-3a 32 248 228 10244 Mn-3b 15 1331 609 4304 Mn-3c 7 1202 647 647 Mn-3d 14 333 366 3935 Mn-3e 11 269 260 2259 Mn-3f 27 1045 2264 Mn-4a 6 563 1685 Mn-4b 33 190 191 1383 Mn-4c 21 89 79 1241 Mn-4d 10.2 300 752 1097 Mn-4e 12 1082 1028 995 Mn-4f 9 257 375 Table 9.2 Length weighted trench sample results at Montiel West from the second program by Cordoba Minerals (2012). The trenches were sampled in segments labelled a, b, c, etc. Most samples were analyzed for Au by both FA and ICP. In some trenches not all samples were analyzed by FA and so an average grade for Au by FA cannot be calculated. Parts of trenches Mn 3 and 4 were sampled using a hand auger and are not listed here.

At the Montiel East pit, 255 m of rock channel sampling was made in 38 channels, which were averaged into 14 channels, and the length-weighted average grades for gold and copper are listed in Table 9.3. The results include 47 m at 2.97 g/t Au and 1.55% Cu, and 13 m at 2.05 g/t Au and 2.23% Cu.

Cordoba Minerals Corp. S. D. Redwood San Matias Project Technical Report 30 November 2013

Channel Length (m) Au FA (ppb) Cu (ppm) C112-C120 29 1651 2438 J2-J5 37 182 2787 J5-J15 47 2965 15462 J15-J18 20 2490 4536 J20-J21 15 90 2239 J21-J23 11 826 3321 J24-J26 13 2053 22314 J30-J33 8 2534 2534 J35-J39 5 2079 4541 J36-J38 22 366 1906 J40-J45 16 3234 28884 J46-J48 7 4881 47001 R1-J22 18 184 1935 R1-R2 7 290 1254 Table 9.3 Length weighted channel sample results from Montiel East by Cordoba Minerals (2011).

At Costa Azul, 9 trenches were dug with a total length of 357.3 m. The length-weighted averages are listed in Table 9.4. Soil and rock (trench) sample maps for gold and copper are shown in Figure 9.5. Sabre started a program of 4 long trenches with a total planned length of 1,200 m in August-September 2013. However, the saprolite was found to be too deep and the hand trenching to be slow, so the program was cut short. The samples have been stored fo r future analysis. It is planned to replace the trenching program at Costa Azul with a program of short rotary air blast (RAB) drill holes through the saprolite starting in January or February 2014.

Trench Length (m) Au FA (ppb) Au ICP (ppb) Cu (ppm) TR-CA01 22 193 190 1055 TR-CA02 22 750 1011 1210 TR-CA03 13.5 32 45 338 TR-CA04 54.7 215 208 646 TR-CA05 80.1 335 361 3763 TR-CA06 52 105 105 1546 TR-CA07 41 156 183 1474 TR-CA08 33 115 162 602 TR-CA09 39 153 131 917 Table 9.4 Length weighted trench sample results from Costa Azul by Cordoba Minerals (2013).

At Costa Rica, one trench was dug with a length of 22.5 m. The length-weighted averages are listed in Table 9.5.

Cordoba Minerals Corp. S. D. Redwood San Matias Project Technical Report 30 November 2013

Trench Length (m) Au FA (ppb) Cu (ppm) TR-CR01 22.5 223 1549 Table 9.5 Length-weighted trench sample results from Costa Rica by Cordoba Minerals (2013).

Sabre cut a rock channel sample around the faces of the artisanal open pit at Montiel East in 2 m long channel samples. The samples are not all continuous due to mine workings. It returned an average of all samples of 156 m at 2.6 g/t Au and 1.62% Cu, around a small area of about 30 m by 30 m. Channel samples were also taken in artisanal mine adits.

Sabre dug trenches in saprolite to reach saprock or bedrock to follow up soil anomalies and explore the extent of mineralization west of the Montiel East pit. Trenches were dug by hand and sampled along the bottom in continuous channels of 1 m horizontal length on flat steps, or projected 1 m horizontal length on inclined surfaces (the true length should have been recorded), and a geological log made. Sample lengths were measured by tape. Most of the trench samples were in the soil C horizon or saprolite. The trenches were later filled in and revegetated. The total number of 1 m trench samples taken is 1,369. For future trench and channel sampling it is recommended that the starting distance, finish distance and length of each sample is recorded like a drill core sample, as well as the azimuth, inclination and coordinates (currently only start coordinates are recorded), in order to avoid confusion in sample order, facilitate the data use in spreadsheets and databases, enable them to be plotted like drill-holes on sections, and to be composited for possible future use in mineral resource estimation. The average grades for gold and copper in channels and trenches are listed in Table 9.6 and the results are shown on maps in Figure 9.2 and Figure 9.3. The highest trench sample grades are 174 m at 0.33 g/t Au and 0.22% Cu, and 98 m at 0.21 g/t Au and 0.31% Cu. Copper and gold appear to be leached from saprolite, as shown by grades an order of magnitude lower in saprolite in trenches above the high grade open pit channel samples.

Cordoba Minerals Corp. S. D. Redwood San Matias Project Technical Report 30 November 2013

Trench / Channel Intersection length (m) Au ppb Cu ppm

Channel Open Pit 156 2595 16205 Adit NE of Trench 4 10 105 9938 Trench 1 150 73 1575 including 45 130 2191 Trench 2 244 99 1543 including 24 162 1094 and 39 119 1550 and 24 129 2759 Trench 3 260 84 1843 including 88 149 2562 Trench 4 293 214 1593 including 174 334 2155 Trench 5 148 154 2360 including 98 209 3099 Trench 6 302 82 894 including 116 142 1042 Table 9.6 Trench and channel results for Montiel East (Sabre). Sample lengths are 2.0 m (open pit channels) or 1.0 m horizontal projection (trenches, adit). For trenches the average grades are length weighted to account for sampling gaps which were assigned zero grade. The first intersection given for each trench is for the whole trench with no cut-off grade. The sub-intervals were calculated with a cut-off grade of 100 ppb Au. The channel samples in the open pit are not continuous due to mine workings, and the arithmetic average is given.

Cordoba Minerals Corp. S. D. Redwood San Matias Project Technical Report 30 November 2013

Figure 9.3 Gold grades in trenches, channel samples and soils at the Montiel West and Montiel East porphyries.

Figure 9.4 Copper grades in trenches, channel samples and soils at the Montiel West and Montiel East porphyries.

Cordoba Minerals Corp. S. D. Redwood San Matias Project Technical Report 30 November 2013

Figure 9.5 Gold and copper grade in soils and trenches at the Costa Azul porphyry.

Cordoba Minerals Corp. S. D. Redwood San Matias Project Technical Report 30 November 2013

9.2 Geophysics

A helicopter borne magnetic and radiometric survey was carried out for Cordoba Minerals in 2011 by MPX Geophysics Ltd., Canada (MPX). The survey was 1,310 line km over an area of 216 km2 with a terrain clearance of 70 m. The flight lines were oriented E-W and spaced 200 m apart, with N-S tie lines every 2,000 m. The survey is described in a report by MPX (2011).

A separate helicopter borne magnetic and radiometric survey was carried out for Sabre in 2012 also by MPX Geophysics, Canada. The survey was 4,408.6 line km over an area of 785 km2 with a terrain clearance of 30 m. The flight lines were oriented E-W and spaced 200 m apart, w it h N -S tie lines every 2,000 m. The part over their San Matias concession was flown in more detail along flight lines at 100 m spacing, and tie lines 1,000 m apart. The survey is described in a report by MPX (2012). An image of the aeromagnetic survey over the central part of the project is shown in Figure 9.6. The Cordoba Minerals and Sabre surveys partially overlap and require to be merged.

A ground magnetic survey was made by Mibex, Colombia for Cordoba Minerals in 2013 and is described in a report by Mibex (2013). It consisted of 155.74 line km over an area of 1,213.9 ha. The lines were oriented E-W, w it h a spacing o f 200 m, and 100 m at La Montiel mine workings. The work included collection of magnetic susceptibility readings of outcrop and trench samples with a hand-held meter. An image of the ground magnetic survey is shown in Figure 9.7.

Cordoba Minerals also acquired high resolution ALOS Palsar satellite radar imagery for the project area and structural interpretation was carried out by Mibex and integrated with the ground magnetic interpretation (Mibex, 2013).

Sabre started an induced polarization (IP) survey at Montiel and Costa Azul in late November 2013 and it is currently underway with no results available yet. The surveys are being carried out on north-south oriented grid lines.

Cordoba Minerals Corp. S. D. Redwood San Matias Project Technical Report 30 November 2013

Figure 9.6 Aeromagnetic map (reduced to pole) on radar satellite (Palsar) digital topographic model of San Matias Project (Sabre data).

Cordoba Minerals Corp. S. D. Redwood San Matias Project Technical Report 30 November 2013

Figure 9.7 Ground magnetic survey (total magnetic intensity) carried out over the Montiel porphyries and adjacent areas by Cordoba Minerals.

Cordoba Minerals Corp. S. D. Redwood San Matias Project Technical Report 30 November 2013

10 DRILLING

Sabre carried out a short, initial diamond drill program o f 575.4 m in four holes at Montiel East in August-September 2013. Cordoba Minerals has not carried out any drilling at the San Matias Project. However, it has built 8 drill pads and access roads at the Montiel West, and 8 drill pads with access paths at Costa Azul.

The drill contractor for the Sabre program was Logan Drilling Colombia S.A.S., part of the Logan Drilling Group of Canada, using a track mounted Duralite T600H drill r ig which is shown in Figure 10.1. The core size was HQ3 (core diameter 61.1 mm). The collar table is shown in Table 10.1. Holes SM-DDH-001 to SM-DDH-003 were drilled from the same platform at different azimuths and inclinations, and hole SM-DDH-004 was drilled from a second, nearby platform. The two platforms were on the north side of the artisanal open pit mine at Montiel East and are shown in a photo in Figure 7.8. The drill core was oriented to enable structural measurements to be carried out.

Figure 10.1 Track-mounted, Duralite T600H diamond drill rig in operation at Montiel East Zone. Photo J. Forero, Sabre

The collars of holes SM-DDH-001 to SM-DDH-003 were measured by differential GPS during a topographic survey of the property, and hole SM-DDH-004 was surveyed by compass, tape and hand-held GPS with reference to the other holes, and will be surveyed with differential GPS at a 69

Cordoba Minerals Corp. S. D. Redwood San Matias Project Technical Report 30 November 2013 later date when an instrument is on site again. The collars are marked by cemented plastic pipe. A cement base will be added with a plaque with drill hole number and other information. Downhole directional surveys were carried out in the open holes following drilling by Core Tech Colombia S.A.S., Medellin, using a wireline Reflex Gyro instrument with readings at 5 m intervals.

Average core recoveries per hole were 95% to 98% (average of individual sample recoverie s ) . Recoveries were lower in the saprolite and oxide zones and varied from 100% to 0%, with an average o f 74% to 89% per hole, including intervals of 0.24 m and 0.90 m of no recovery in hole SM-DDH-001, and an interval of 0.60 m of no recovery in hole SM-DDH-002. The lower sample recoveries in parts of the saprolite and oxide zones mean that the samples obtained for these intervals are not necessarily representative, and in three cases no sample was recovered. However, the saprolite and oxide zones are thin and the majority of the mineralization intersected is in the primary zone. Recoveries were mo s t l y 100% in the zone of primary sulfides (average 97% to 99% per hole) and the samples are thus representative.

There are no other drilling, recovery or sampling factors that could materially impact the accuracy and reliability of the results.

UTM UTM Elevation Azimuth Inclination Length Hole Number Easting Northing (m) (degrees) (degrees) (m) SM-DDH-001 421272.28 856875.23 150.27 158.9 -77.5 137.2 SM-DDH-002 421266.38 856884.32 150.82 160.0 -50 148.2 SM-DDH-003 421262.20 856887.34 150.76 200.0 -65 152.6 SM-DDH-004 421240.46 856874.39 152.44 125.0 -43 137.4 Table 10.1 Collar table of diamond drill holes carried out at Montiel East by Sabre, August-September 2013. Grid is WGS84, 18 N

P a r t ia l s ample results have been received and the significant intersections are summarized in Table 10.2. The rest of the sample results are pending. SM-DDH-001 returned 55.75 m at 1.06 g/t Au and 0.89% Cu. SM-DDH-002 returned 81.95 m at 0.68 g/t Au and 0.77% Cu and is open at depth. SM-DDH-003 returned 47.35 m at 0.85 g/t Au and 1.29% Cu and is open at depth. SM- DDH-004 returned 110.40 m at 0.61 g/t Au and 0.93% Cu. The true widths of the intercepts are not known at this stage due to the minimal amount of drilling. Plans of the drill holes showing lithology, gold and copper grades are shown in Figure 10.2 to Figure 10.4.

Cordoba Minerals Corp. S. D. Redwood San Matias Project Technical Report 30 November 2013

Hole ID From (m) To (m) Interval (m) Au (g/t) Cu (%) Ag (g/t) AuEq (g/t) SM-DDH-001 0.00 55.75 55.75 1.06 0.89 5.96 2.60 SM-DDH-002 0.00 81.95 81.95 0.68 0.77 2.56 2.00 SM-DDH-003 0.00 47.35 47.35 0.85 1.29 2.27 3.07 SM-DDH-004 0.00 110.40 110.40 0.61 0.93 2.45 2.21 Table 10.2 Significant intersections of diamond drilling carried out at Montiel East by Sabre, August- September 2013. Partial results received to date and shown in table. The intervals in SM-DDH-002 and SM-DDH-003 are open at depth. Results are pending for SM-DDH-001 from 65.50 to 137.20 m, SM-DDH-002 from 81.95 to 148.20 m, SM- DDH-003 from 48.10 to 152.60 m, and SM-DDH-004 from 124.80 to 137.40 m). Average grades are length-weighted averages calculated using a cut-off grade of 0.30 g/t gold-equivalent (AuEq) with maximum internal dilution of 3.00 m. The AuEq grades were calculated using a gold price of $1,275 per ounce and a copper price of $3.20 per pound, with no metallurgical recovery factor, and exclude silver. Intervals with no recovery were assigned zero grade. The true widths of the intercepts are not known at present due to the minimal amount of drilling.

Cordoba Minerals Corp. S. D. Redwood San Matias Project Technical Report 30 November 2013

Figure 10.2 Plan of diamond drill holes at Montiel East showing lithology.

Cordoba Minerals Corp. S. D. Redwood San Matias Project Technical Report 30 November 2013

Figure 10.3 Plan of gold sample grades in diamond drill holes and adjacent trench and channel samples at Montiel East.

Cordoba Minerals Corp. S. D. Redwood San Matias Project Technical Report 30 November 2013

Figure 10.4 Plan of copper sample grades in diamond drill holes and adjacent trench and channel samples at Montiel East.

Cordoba Minerals Corp. S. D. Redwood San Matias Project Technical Report 30 November 2013

The drilling tested porphyry-related mineralization below copper-gold soil anomalies and artisanal workings in an area of deep saprolitic weathering. Drilling intersected high grade zones of copper-gold mineralization hosted by an early mineral diorite porphyry with coarse phenocrysts of feldspar and hornblende that contains strong biotite alteration and various orientations of quartz veins with magnetite, chalcopyrite and lesser pyrite mineralization. Zones of wide sheeted quartz veins can often form over 90% of the rock by volume. A later phase of chalcopyrite veining cross-cuts the sheeted quartz-magnetite veins. Dissemination of sulfides also occurs. Lesser calc-sodic alteration is also noted as minor actinolite and albite alteration zones, largely in basaltic wall rocks and inclusions. Photographs of typical mineralization are shown in Figure 10.5 to Figure 10.9.

A second, more felsic intrusive mineralized phase has also been identified which contains lesser quartz veining with chalcopyrite and pyrite, and a more well developed dissemination of chalcopyrite-pyrite. Potassic alteration, as secondary biotite, is well developed along with minor zones of chlorite-epidote alteration. The intrusion is inter-mineral in age and is a quartz-feldspar porphyry with finer grained, crowded phenocrysts.

The porphyries intrude basalt country rock which is well mineralized at the contacts and inclusions.

The depth of saprolite is from 6.0 m to 17.5 m downhole (5.4 m to 13.4 m vertical), in which copper and gold grades are generally lower than in the underlying rock which is probably due to partial depletion by weathering. The total saprolite thickness from the original surface is greater taking into account that saprolite was excavated to make the drill platforms.

The underlying oxide zone extends to depths of 15.05 m to 25.8 m downhole, with a thickness of between 5.7 m and 12.2 m downhole (4.4 m to 11.9 m vertical). The oxidation zone has goethite, malachite and azurite, with supergene argillic alteration. Copper and gold grades are continuous with and similar to the underlying primary zone of hypogene mineralization and do not show any depletion or enrichment.

Cordoba Minerals Corp. S. D. Redwood San Matias Project Technical Report 30 November 2013

Figure 10.5 Early mineral hornblende-feldspar diorite porphyry cut by quartz veins and later chalcopyrite veinlets. SM-DDH-004, from sample 100332, 59.4-60.2 m, 0.69 g/t Au, 1.02% Cu (photo S. Redwood).

Figure 10.6 Interval of 100% sheeted quartz veins with chalcopyrite cross-cutting the veins, and minor magnetite. SM-DDH-004, from sample 100304, 39.0-40.0 m, 2.40 g/t Au, 3.75% Cu (photo S. Redwood).

Figure 10.7 Interval of wide chalcopyrite-pyrite-magnetite veins cross-cutting hornblende-feldspar porphyry with quartz veins. SM-DDH-004, from sample 100342, 66.2-66.9 m, 2.77 g/t Au, 5.02% Cu (photo S. Redwood).

Cordoba Minerals Corp. S. D. Redwood San Matias Project Technical Report 30 November 2013

Figure 10.8 Wide quartz veins with cross-cutting magnetite and chalcopyrite. SM-DDH-003, from sample 100228, 27.1-27.85 m, 1.38 g/t Au, 3.29% Cu (photo S. Redwood).

Figure 10.9 Hornblende-feldspar diorite porphyry with disseminated chalcopyrite and quartz vein which is cross-cut by a chalcopyrite veinlet. SM-DDH-002, from sample 100125, 30.3-31.0 m, 1.06 g/t Au, 1.55% Cu (photo S. Redwood).

Cordoba Minerals Corp. S. D. Redwood San Matias Project Technical Report 30 November 2013

11 SAMPLE PREPARATION, ANALYSIS AND SECURITY 11.1 Sample Preparation, Analysis and Security 11.1.1 Cordoba Minerals Geochemical Samples

The Cordoba Minerals geochemical samples were collected in plastic bags and each given a unique numbered ticket to identify and number the sample using simple, consecutive numbers. Each sample was then bagged in a second plastic bag to protect the first bag and the sample ticket, and sealed using a plastic cable tie. Each sample weighed around 3 kg. Fabric bags, also sealed by cable tie, were used to hold about 4 samples each for transportation. Samples were securely stored in the company house / office in Puerto Libertador, and were then transported by company vehicle and employee directly to the laboratory in Medellin. Cordoba Minerals follows standard industry practise for sampling, QAQC, sample storage, preparation and analysis, although it does not have a written protocol yet. Sample rejects are stored in a rented warehouse in Medellin.

The sample and analytical data is maintained in an Excel database by Cordoba Minerals.

Cordoba Minerals used two laboratories for sample preparation and analysis, SGS until May 2012, and AcmeLabs™ since early 2012. SGS is ISO 9001:2008 registered and ISO 17025 accredited in Peru and North America. AcmeLabs is ISO 9001:2008 certified. Both laboratories are independent of Cordoba Minerals and Sabre.

At SGS the samples were prepared in their laborat o r y i n Medellin and analyzed at the SGS del Perú S.A.C. laboratory in El Callao, Peru. The sample preparation procedure was to dry the sample and crush the entire sample to >95% passing -2 mm, then make a 250 g to 500 g split using a riffle splitter, and pulverize the split to >95% passing minus 140 mesh in 800 cc chrome steel bowls in a Labtech LM2 vibrating ring mill.

SGS del Perú S.A.C. analyzed samples for gold by fire assay with an atomic adsorption spectrophotometer (AAS) finish on a 50 g sample (code FAA515), with over limit samples repeated by fire assay with a gravimetric finish on a 50 g sample (method FAG505). Multielement geochemical analyses were done by a two acid (2:1 nitric and hydrochloric) digestion and inductively coupled plasma atomic emission spectrometer (ICP-AES) for 39 elements (method ICP12B). Over limit samples for copper and lead were repeated by multi-acid digestion and AAS (method AAS41B). Whole rock silicate analyses were done by lithium metaborate fusion and ICP-AES (method ICP95A).

At AcmeLabs, the samples were prepared at their laboratory in Medellin, assayed for gold in Medellin and a sample split analyzed by ICP in Vancouver. Rock samples were dried at 60°C,

Cordoba Minerals Corp. S. D. Redwood San Matias Project Technical Report 30 November 2013 crushed to 70% passing 2 mm, riffle split and a split pulverized to 85% passing 80 microns (method G601). Soil samples were dried at 60°C and sieved to -80 mesh (180 microns).

Gold was analyzed by fire assay on a 30 g sample with AAS finish (code G601) or ICP-AES finish (code 3B) on rock s a mp l e s . Multielements were analyzed by aqua regia digestion (1:1:1) and ICP mass spectrometer (ICP-MS) analysis on a 0.5 g sample (code 1DX1) for soil rock and trench. Later analyses were done on a 15 g split (code 1DX2). Both ICP packages include gold which was used for soil samples.

11.1.2 Sabre Geochemical Samples

Sabre gave the geochemical samples a consecutive sample number, placed them in a plastic or cloth sample bag, and sealed it. For security and chain of custody, samples were stored in a secure place at the company house in Puerto Libertador, and were transported to the laboratory in Medellin by a company vehicle with a company employee. Sabre have written protocols for sampling, QAQC, sample storage, preparation and analysis.

The sample numbers comprise letters and numbers to indicate the project, sample type and number, e.g. SM-CH-082 (San Matias, channel sample, no. 82). There is inconsistency in the use of one or two hyphens, or underscores rather than hyphens, and these are eliminated in the database and the numerical part changed to 5 digits so the example given becomes SMCH00082; the sample numbers thus do not correspond to those on the assay certificates, although it is clear what they are meant to be. For all future sampling it is recommended that simple consecutive sample numbers be used with tear-off tickets on sample books or cards (this was done for core samples, see below).

The sample database is maintained in DataShed™ by Resource & Exploration Mapping Pty Ltd., Brisbane, Queensland, Australia (REM), a service company that is independent of both Sabre and Cordoba Minerals.

All Sabre samples were prepared and analyzed by AcmeLabs. Sample preparation and gold assays were carried out at AcmeLabs in Medellin, and a sample split was sent for multielement ICP analysis at AcmeLabs in Vancouver. Stream sediments were sieved as described above. S o i l samples were dried at 60°C and sieved to -80 mesh (180 microns). Rock samples were dried at 60°C, crushed to 70% passing 2 mm, riffle split and a split pulverized to 85% passing 80 microns (method G601). Stream sediment (fine and coarse fractions) were analyzed for gold by fire assay on a 50 g aliquot with an AAS finish (method G6-50) or an ICP-AES finish (method G601+G610). Rock samples were assayed for gold by fire assay on a 50 g aliquot with ICP-AES finish (method G601+G610).

Cordoba Minerals Corp. S. D. Redwood San Matias Project Technical Report 30 November 2013

Multielements for stream sediments, rock samples and trench samples were analyzed by ultra- trace 4 acid digestion of a 0.25 g sample w it h I C P -MS finish for 48 elements plus rare earth elements (total 60 elements, method 1T-MS). According to the AcmeLabs price schedule, the digestion is partial for some Cr and Ba minerals and some oxides of Al, Fe, Hf, Mn, Sn, Ta and Zr. Volatilization during fuming may result in some loss of Au, As, S and Sb.

The reconnaissance soil auger samples and initial stream sediment samples were analyzed for gold and multielements by aqua regia digestion (1:1:1) and ICP-MS analysis on a 15 g sample (method 1F02). The digestion may be partial for some elements depending on their mineralogy (Ag, Al, Au, B, Ba, Ca, Cr, Fe, Ga, K, La, Mg, Mn, Na, P, S, Sb, Sr, Th, Ti, V, W). The infill soil samples over anomalies, and soil samples taken over areas of known mineralization, were assayed for gold by fire assay on a 50 g aliquot and AAS finish (method G6-50) or ICP-AES finish (method G601+G610), and for multielements by ultra-trace 4 acid digestion with ICP-MS finish (method 1T-MS).

11.1.3 Sabre Core Samples

Core drilling was carried out by the wireline method. The core size was HG3 with a core diameter of 61.1 mm. Drill core from each run was placed in metal core boxes by the drillers with wooden markers to indicate the depth. Core boxes were taken from the rig to the core shack by company vehicle. A core logging facility with a secure core and sample storage area was built at Montiel East for the drill program and is shown in Figure 11.1. The site has a perimeter fence and security guard at the entrance. Within this there is a hut with wire mesh walls and a padlocked door where core and samples are stored. The sample coarse rejects and pulps are stored at the laboratory.

At the core shack the core boxes were cleaned, fully labelled, photographed, and geotechnical and geological logs made. Sample intervals were marked with a nominal length of 1.0 m, with priority given to lithological or mineralization contacts. In areas of low recovery samples were taken between drill run markers. The average sample length was 0.86 m, with a median of 0.75 m, a minimum of 0.23 m, and a maximum of 1.75 m. A total of 657 core samples were taken, plus QAQC samples. Results have been received for 397 samples (60%).

The core was cut lengthwise by a diamond saw at the core shack along a cut line marked by a geologist. One half of the sample was put in a sample bag, labelled and sealed, and the other half returned to the core box for reference. The core boxes and samples were stored in the secure storage area. Samples were shipped to the laboratory in Medellin by a commercial courier company by road, and in one instance taken by company vehicle and driver.

Cordoba Minerals Corp. S. D. Redwood San Matias Project Technical Report 30 November 2013

Core samples were numbered using consecutive sample numbers starting at 100001, with a sample label stuck to the core box with hole number and the sample interval, and a sample label attached to the sample bag.

The core samples were prepared by AcmeLabs in Medellin. The samples were dried at 60°C, crushed to 80% passing 10 mesh, riffle split and a 1 kg split pulverized to 85% passing 200 mesh (method R200-1000). A sample split was shipped to AcmeLabs in Vancouver for analysis for gold and multielements. Gold was analyzed by fire assay on a 50 g aliquot with an AAS finish (method G601-G610). Multielements were analyzed by ultra-trace 4 acid digestion of a 0.25 g sample with ICP-MS finish for 48 elements (method Group 1T). The digestion is partial for some Cr and Ba minerals and some oxides of Al, Fe, Hf, Mn, Sn, Ta and Zr. Volatilization during fuming may result in some loss of Au, As, S and Sb. Samples with grades above the upper limit of detection for copper (10,000 ppm) were reanalyzed by 4 acid digestion with ICP emission spectrometry (ICP-ES) finish (method 7TD). One sample with the silver grade above the upper limit of detection (100 ppm) was reanalyzed by fire assay of a 30 g sample with gravimetric finish (method G6).

Figure 11.1 The core logging shack at Montiel East. The secure storage area is in the hut behind the logging area. Photo S. Redwood, 15 November 2013.

Cordoba Minerals Corp. S. D. Redwood San Matias Project Technical Report 30 November 2013

11.2 Quality Assurance & Quality Control (QA-QC) 11.2.1 Cordoba Minerals Geochemical Samples

Cordoba Minerals inserted one certified standard reference material (CSRM), one coarse blank and one field duplicate in every batch of 25 samples (12% of samples).

11.2.1.1 CSRM

CSRM certified for gold used were OxF85,OxG84, SF57 and SG56 supplied by Rocklabs Reference Materials, Auckland, New Zealand. Scatter plots of the 73 CSRM submitted to AcmeLabs are shown in Figure 11.2 to Figure 11.3 with reference to the recommended values and performance gates of ± 2 standard deviations (SD) and ± 3 SD. Samples within 2 SD are acceptable, a single sample between 2 and 3 SD is a warning, two consecutive samples between 2 and 3 SD are not acceptable, and any sample beyond 3 SD is not acceptable. Overall the results are acceptable with a small number of samples outw it h the limits. Only 3 CSRM were submitted to SGS and are not plotted.

Figure 11.2 Scatter plot of Au analyses for OxF85 and OxG84 at Ac me Labs for Cordoba Minerals.

Figure 11.3 Scatter plot of Au analyses for SF57 and SF86 at AcmeLabs for Cordoba Minerals.

Cordoba Minerals Corp. S. D. Redwood San Matias Project Technical Report 30 November 2013

11.2.1.2 Blanks

The blank used was uncertified coarse quartz. In addition 12 samples of volcanic rock taken from close to the project area were submitted to A c me Labs but were found to contain anomalous values of copper, and in some cases gold, so its use was discontinued. A scatter plot for blank analyses for Au at SGS is shown in Figure 11.4 and shows that all samples were acceptable. A scatter plot for quartz blank analyses for Au at AcmeLabs is shown in Figure 11.4; three of the fire assays returned values greater than 3 times the lower limit of detection, whereas many of the ICP analyses are above 3 times the lower limit of detection.

Figure 11.4 Scatter plot of coarse quartz blank analyses for Au at SGS (left) and AcmeLabs (right) for Cordoba Minerals. Note different y-axes scales. Values below the lower limit of detection (LLD) were replaced by 0.5*LLD for plotting. Volcanic rock blanks not plotted. Different LLDs are due to from different analytical methods. At Acme, many samples were analyzed by both ICP and FA and both are plotted (n = 79 samples submitted, n = 124 analyses plotted).

11.2.1.3 Duplicates

Field duplicates were collected by taking a second sample from the same site in the field. Scatter plots of original versus duplicate show a fairly high amount of scatter for gold which is interpreted to be due to geological inhomogeneity and variability between samples. A scatter plot of Au analyzed by ICP shows higher variability than Au by fire assay. Scatter plots for copper show a very good correlation and low variability.

11.2.2 Sabre Geochemical Samples

Sabre have written protocols for QAQC. One CSRM and one blank are inserted after every 20 samples, and one field duplicate after every 60 samples. The CSRM and blank were supplied by Ore Research & Exploration Pty Ltd., Melbourne, Australia (OREAS).

Cordoba Minerals Corp. S. D. Redwood San Matias Project Technical Report 30 November 2013

11.2.2.1 CSRM

The CSRM certified for Au and other elements were OREAS 503, 504, 901 and 904. Scatter plots of Au analyses for each of these are shown in Figure 11.5 to Figure 11.6. Only fire assay results are plotted (ICP samples are not plotted since most samples were also analysed by FA). Scatter plots of Cu analyses for the CSRM are shown in Figure 11.7 and Figure 11.8. The results for Au and Cu are acceptable apart from four out of range samples in each which should be investigated with the laboratory. These are probably sample switches.

Figure 11.5 Scatter plot of Au FA analyses for Oreas 503 and Oreas 504 at AcmeLabs for Sabre.

Figure 11.6 Scatter plot of Au FA analyses for Oreas 901 and Oreas 904 at AcmeLabs for Sabre.

Cordoba Minerals Corp. S. D. Redwood San Matias Project Technical Report 30 November 2013

Figure 11.7 Scatter plots of Cu analyses for Oreas 503 and Oreas 504 at AcmeLabs for Sabre.

Figure 11.8 Scatter plots of Cu analyses for Oreas 901 and Oreas 902 at AcmeLabs for Sabre.

11.2.2.2 Blanks

One fine certified blank was used, sample Oreas 22c. Scatter plots of the blank analyses for Au and Cu are shown in Figure 11.9 and show that all results are acceptable.

Figure 11.9 Scatter plot of fine blank analyses f or Au (left) and Cu (right) at AcmeLabs for Sabre. Most Au samples were analyzed both by ICP and FA with different lower limits of detection (LLD), and both are plotted. Au values below LLD were replaced by 0.5 LLD for plotting.

Cordoba Minerals Corp. S. D. Redwood San Matias Project Technical Report 30 November 2013

11.2.2.3 Field Duplicates

Sabre did not take field duplicates during the geochemical sampling program.

11.2.3 Sabre Core Samples

Sabre inserted one CSRM or blank or core duplicate after every 20 core samples for a total of 20 QAQC samples with 397 unknown samples, or 5.0%. A total of 7 each (1.8% or 1 in 57) CSRM and blanks were inserted, and 6 core duplicates (1.5% or 1 in 66). The number of QAQC samples is b e lo w the industry standard (10 to 12%) and it is recommended that the number of QAQC samples be increased in subsequent drilling programs.

11.2.3.1 CSRM

Five CSRM were used in the seven CSRM inserted, OREAS 503, OREAS 504, OREAS 901, OREAS 904, and CDN-CM-27, the latter supplied by CDN Resource Laboratories Ltd., Langley, British Columbia. A plot of the CSRM for gold and copper is shown in Figure 11.10 (there are too few samples to make meaningful individual plots): the gold values are within acceptable range of recommended values, although two samples are between -2SD and -3SD, and the copper values are all within the acceptable range.

Figure 11.10 Scatter plot of Au and Cu analyses made at AcmeLabs for the Sabre drill program for all CSRM.

11.2.3.2 Blanks

The blank used was a fine granite blank OREAS 23a supplied by OREAS. Scatter plots of the sample values for Au and Cu are shown in Figure 11.11. With one exception, the gold values are below the lower limit of detection. The copper values are close to the certified value of the blank,

Cordoba Minerals Corp. S. D. Redwood San Matias Project Technical Report 30 November 2013 which is much higher than that of OREAS 22c, which it is recommended to use for future drilling.

Figure 11.11 Scatter plot of Au and Cu values for fine blank OREAS 23-a. Reference lines are certified value and lower limit of detection (LLD) of the analytical method. Most values of gold are below the LLD and are assigned a value of half the LLD for plotting.

11.2.3.3 Core Duplicates

One core (field) duplicate was taken after every 60 samples of drill core for a total of 6 duplicate pairs (1.5%). The duplicates were taken by cutting the half core sample lengthwise to give two, one-quarter core samples which were given separate sample numbers. The duplicate was placed after the original sample resulting in consecutive sample numbers. The weight of both the original and duplicate samples are half the weight of normal samples so the original sample may be less representative than normal samples for possible use in future mineral resource estimates, and the smaller sample weights of both may introduce greater geological and sampling heterogeneity. For future drilling it is recommended that the original sample is a normal half- core sample, and the duplicate a quarter core sample, leaving a quarter core sample for reference: the duplicate still has a lower sample weight and potential for greater heterogeneity, but it is normal practise to leave a quarter core for reference. The ideal would be to take a full half core as a duplicate.

Scatter plots of the core duplicates for Au and Cu are shown in Figure 11.12. Gold shows variability around the unity line. Copper shows a tendency for the original samples to be lower grade. The sample set is too small to determine any meaningful trends. The variability is interpreted to be geological due irregular distribution of mineralization in the samples, and to be higher than normal samples due to the smaller sample size.

Cordoba Minerals Corp. S. D. Redwood San Matias Project Technical Report 30 November 2013

Figure 11.12 Scatter plots of core duplicates for Au and Cu. Reference line equals unity

11.3 Author’s Opinion

The author concludes that sample collection, security, preparation and analyses by both Cordoba Minerals and Sabre have been carried out in accordance with best current industry standard practices and are suitable to plan further exploration. Sampling and analyses include quality assurance and quality control procedures. The exploration programs are well planned and executed and supply sufficient information to plan further exploration.

For future sampling and drilling it is recommended that the number of QAQC samples be increased to meet with industry standard practices of 10 to 12% QAQC samples. It is also recommended that the QAQC samples be monitored and plotted on receipt of every batch of results in order to approve each batch or take corrective action, and that this be summarized in monthly QAQC reports. Both coarse and fine blanks should be used. In addition, replicate and check analyses should be carried out routinely at a second, certified laboratory.

The author notes that both Cordoba Minerals and Sabre analysed gold by ICP for reconnaissance soil samples as a low cost method. This has a lower precision and accuracy than fire assay due to the smaller sample size, possibility of incomplete acid dissolution, and the possibility of volatilization during fuming. The objective of soil sampling is to detect anomalies, and any anomalies were followed up by infill s o i l sampling, rock sampling and trenching using fire assay gold. These are considered to be acceptable practises. However, only fire assay gold analyses should be used for rock samples, trench samples and drill samples.

The author also notes that copper is sensitive to the type and strength of the acid dissolution method used fo r ICP, and that both companies each used two different methods of ICP analyses. The author recommends that only multi-acid (four acid), near-total digestion and one laboratory

Cordoba Minerals Corp. S. D. Redwood San Matias Project Technical Report 30 November 2013 be used in future in order to maintain consistency of results, without changes of method or laboratory.

Cordoba Minerals Corp. S. D. Redwood San Matias Project Technical Report 30 November 2013

12 DATA VERIFICATION

The author has verified the data used upon in this report by visiting the property and confirming the geology and mineralization, reviewing the database, assay certificates and QAQC, and by carrying out independent check sampling.

E ig h t c hip and grab samples were taken by the author of mineralization exposed on surface at several locations in the San Matias Project. The samples were collected in plastic bags, a sample number was written on the bag, and the bag was sealed with tape. The samples were kept in the author’s custody in the field and during transport to Medellin, and were collected from the author’s hotel in Medellin by a laboratory e mp lo y e e .

The samples were prepared and analyzed by SGS Colombia at their laboratory in Medellin. The preparation was to crush to 90% passing 2 mm, split 250 g, and pulverize the split to 85% passing 75 microns (method PRP90). The samples were analyzed for Au by fire assay on a 30 g subsample with AAS finish (method FAA313) and for 33 mu lt i e l ements by multiacid (4 acid) digestion w it h ICP-AES (method ICP40B). The sample descriptions and summary of results is shown in Table 12.1 and the assay certificate number GQ1300505 is given in Annex 1.

The results show gold grades between 102 and 4,288 ppb, with five samples greater than 1,000 ppb (1.0 g/t Au). Copper values are between 603 and 41,300 ppm (0.06 to 4.13%), with five samples greater than 5,000 ppm (0.5%) and two above 10,000 ppm (1.0%). Silver values are between 0.4 and 7.0 ppm. Molybdenum values are very low and are between 1 and 9 ppm. There are no other significant values of metals or pathfinder elements.

The results of the independent check sampling adequately confirm the presence of anomalous amounts of gold, silver and copper at the San Matias Project in quantities similar to those reported by Cordoba Minerals and Sabre.

Cordoba Minerals Corp. S. D. Redwood San Matias Project Technical Report 30 November 2013

Sample Sample UTM UTM UTM Sample Location Description Width Au ppb Ag ppm Cu ppm Mo ppm Number Easting Northing Altitude Type (m) Costa Azul Plagioclase-quartz-hornblende platform porphyry with quartz-magnetite SR-001 420648 854419 255 CA04 veinlets. Chip 2 205 0.5 5702.8 3 Costa Azul Dark gray, plagioclase porphyry, trench TR matrix rich, biotite alteration, quartz- SR-002 420567 854182 278 CA-6 chalcopyrite-magnetite veinlets. Grab 102 0.5 1413.6 1 Costa Azul Dark gray, plagioclase porphyry, strong Trench TR magnetite alteration, high density SR-003 420613 854150 254 CA9 sheeted quartz veinlets. Grab 160 0.4 602.9 3 Montiel Saprock in plagioclase porphyry, West strong stockwork quartz B veinlets. SR-004 420496 856832 157 trench Chip 1 1225 0.4 5353.8 3 Plagioclase porphyry, intense quartz B Montiel veinlets, kaolinite-magnetite SR-005 420525 856838 154 West alteration. Grab 1946 0.8 3496.5 5 Montiel Plagioclase-hornblende-(quartz) East pit NE porphyry, quartz B veinlets, goethite, SR-006 421284 856886 174 corner malachite Grab 1681 1.5 9596.7 4 Montiel Plagioclase-hornblende-(quartz) East pit porphyry, quartz B veinlets, NW chalcopyrite, goethite, malachite SR-007 421284 856886 174 corner Chip 1 3604 6.8 33700.0 9 Oxidized plagioclase-hornblende- Montiel (quartz) porphyry, veinlets goethite- SR-008 421284 856886 174 East pit malachite. Grab 4288 7.0 41300.0 3

Table 12.1 Sample description and results of check sampling at San Matias Project.

Cordoba Minerals Corp. S. D. Redwood San Matias Project Technical Report 30 November 2013

13 MINERAL PROCESSING AND METALLURGICAL TESTING

No metallurgical testing has been carried out on the San Matias Project.

14 MINERAL RESOURCE ESTIMATES

There are no mineral resource estimates for the San Matias Project that are compliant with the current CIM standards and definitions required by the Canadian NI 43-101 “Standards fo r Disclosure of Mining Projects”.

Cordoba Minerals Corp. S. D. Redwood San Matias Project Technical Report 30 November 2013

15 ADJACENT PROPERTIES

There are several artisanal gold mines adjacent to the San Matias Project. There are also large open pit nickel and coal mines nearby which are important to show that ma jo r open pit mine operations can be developed in the district. The author has been unable to verify all of the information in this section and the reader is cautioned that the information in this section is not necessarily indicative of the mineralization occurring on the San Matias Project itself.

15.1 El Alacrán Mine

Gold in gossan is mined at El Alacrán by the Asociacion de Mineros de El Alacrán (El Alacrán Miners Association) by about 80 miners in 30 adits. The property is surrounded by the San Matias Project mining rights. It is currently being explored by Ashmont Resources Corp., a private company based in Vancouver. Observations by the author show that mineralization is parallel to bedding in basalts and siliceous siltstones or tuffs, which strike about north-south and dip 60-70° west. There are numerous artisanal mines and pits over a zone 30 m wide and 800 m long. Mineralization is associated with silicification and comprises coarse magnetite, specularite, chalcopyrite, bornite and pyrite, with secondary chalcocite and covellite.

The author considers that the style is a calcic copper-gold skarn formed by replacement of favourable beds and it is probably related to the nearby Costa Azul or Montiel West porphyry copper-gold deposits. Several other different deposit models have been assigned by different geologists including banded iron formation, volcanogenic massive sulphide (Vargas, 1998, 2002), skarn (Vargas, 2002), and iron oxide copper-gold (Ashmont Resources Corp.).

Dual Resources carried out a program of exploration at El Alacrán in 1987 to 1989 including pits, trenches, rock sampling, underground sampling, geological mapping and a ground magnetic survey, followed by 15 diamond drill holes for 2,407 m. A historical mineral resource estimate was made by Vargas (2002) of “mineable underground sulphide reserves” of 7.5 Mt grading 1.3 g/t Au and 1.9 % Cu in “proven”, “probable” and “possible” categories, plus “open pittable laterite reserves” of 484,575 t grading 3.3 g/t Au (Table 15.1; Vargas, 2002). The resource was estimated by a polygonal method. “Proven reserves” were projected to 40 m down dip of the drill holes, “probable reserves” to 40 m down dip of the “proven reserves”, and “possible reserves” to 150 to 250 m down dip of the “probable reserves.” These estimates are historical in nature and were not carried out to CIM and NI 43-101 standards, and are quoted for information purposes only. These are mineral resource estimates rather than mineral reserve estimates. A qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves, and the historical resource estimate is not being treated as current mineral resources or mineral reserves.

Cordoba Minerals Corp. S. D. Redwood San Matias Project Technical Report 30 November 2013

“Mineable underground sulphide reserves” Category Tonnes Au (g/t) Cu (%) Au (ounces) Cu (tonnes) “Proven” 2,113,883 1.42 1.87 96,507 39,530 “Probable” 921,752 1.10 1.66 32,599 15,301 “Possible” 4,488,227 1.28 2.00 184,704 89,765 Total 7,523,862 1.30 1.92 313,810 144,595

“Open pittable laterite reserves” 484,575 3.32 51,655 Table 15.1 Historical mineral resource estimate at El Alacrán (Vargas, 2002). This is a historical mineral resource estimate that does not conform to NI 43-101 standards. The original categories are given in quotation marks.

Mineralization at El Alacrán is described by Vargas (2002) as occurring in all six units of the bedded volcano-sedimentary sequence, and best developed in Units 2 and 4. The strata dip at 70° to the west, becoming shallower at depth, and were drilled along 600 m of strike. Unit 2 comprises greywacke, sandstone, quartzite, siliceous siltstone, volcanic breccia, agglomerate, tuff and andesite, overlain by an andesite porphyry. Alteration is phyllic and calcic hornfels w it h vesuvianite. Mineralization is abundant in greywacke and siltstones, and less abundant in breccias and flows. The Dual Resources drill intersections of this unit were 1 to 38 m long with an average grade of 1.92 g/t Au and 1.10% Cu.

Unit 4 is a sedimentary sequence with little volcanic component and has the best mineralization. It comprises siliceous siltstone, radiolarian chert, sandstone, quartzite and tuffs. Alteration is silicification, phyllic, skarn and hornfels, with opal and chalcedony in the north near a porphyry intrusion. It is 10 to 25 m thick and 2.4 km long with a north-south strike. The majority of the artisanal mines are in this unit.

Ashmont Resources Corp. carried out a diamond drill program between September 2011 and April 2012 which comprised 11,230.55 m in 45 holes with an average depth o f 261 m, and a maximum depth o f 367.30 m (Ashmont Resources Corp. website).

15.2 Cerro Matoso Nickel Mine

The Cerro Matoso nickel laterite mine and ferronickel smelter are located 25 km northeast of the San Matias Project near Montelíbano. The geology of the deposit was described by Gleeson et al. (2004). The mine and smelter are operated by Cerro Matoso S.A., a subsidiary of BHP-Billiton. Cerro Matoso is the world’s second largest producer of ferronickel. Mining started in 1980. The process capacity is 50,000 tonnes per year of nickel in ferronickel form. As of 30 June 2012 the total JORC proven and probable ore reserves in laterite were 57 Mt at 1.2% N i with a reserve life of 32 years. The resources in laterite, inclusive of reserves, were 51 Mt at 1.3% Ni measured

Cordoba Minerals Corp. S. D. Redwood San Matias Project Technical Report 30 November 2013 resource, 150 Mt at 0.9% Ni indicated resource, and 119 Mt at 0.8% Ni inferred resource (BHP- Billiton Annual Report 2012). The qualified person has not verified the information. This type of mineralization is not known to be present or expected on the San Matias Project.

15.3 Carbones del Caribe Coal Mine

The San Jorge open pit coal mine owned by Carbones del Caribe (Argos S. A.) is located 15 km north of the San Matias Project near Puerto Libertador. Thermal coal is hosted in Neogene sedimentary rocks.

16 OTHER RELEVANT DATA AND INFORMATION

There are no other relevant data and information to be reported.

Cordoba Minerals Corp. S. D. Redwood San Matias Project Technical Report 30 November 2013

17 INTERPRETATION AND CONCLUSIONS

Exploration work carried out by Cordoba Minerals and Sabre on the San Matias Project has identified three zones with copper and gold mineralization at Montiel West, Montiel East and Costa Azul. These zones have the characteristics of porphyry copper-gold style mineralization. High grades of copper and gold have been encountered in preliminary drilling at Montiel East. The author concludes that these zones have the potential for the discovery of bulk mineable gold and copper deposits, and that further exploration by drilling is warranted to test their economic potential. In addition, further reconnaissance exploration is required to carry out reconnaissance exploration and follow up other copper, gold and geophysical anomalies on other parts of the large package of mineral rights. The porphyry copper-gold mineralization and related styles of mineralization encountered represent a new copper-gold mineral district which is interpreted to be the northern end of the Middle Cauca Gold Belt.

Cordoba Minerals Corp. S. D. Redwood San Matias Project Technical Report 30 November 2013

18 RECOMMENDATIONS

A two-stage exploration program is recommended.

In Stage 1 it is also recommended that reconnaissance exploration be carried out of the large package of mineral rights to follow up on geochemical and geophysical anomalies, and explore new areas, by surface exploration including stream sediment sampling, soil and rock chip sampling, geological mapping and trenching. The estimated budget is US$500,000.

An additional US$500,000 is budgeted for surface taxes, permitting and general and administration. The total budget fo r Stage 1 is US$2,500,000 and the estimated time for execution is 1 year, using 1 drill rig and assuming an average daily drilling rate of 30 m per rig.

The Stage 2 program, which is conditional on favorable results in Stage 1, comprises second phase diamond drilling totalling 20,000 m (80 holes of 250 m each) on Montiel West, Montiel East and Costa Azul, to be allocated according to the results of Stage 1. The outcome is to define inferred mineral resources on each of these targets. First pass diamond drilling is also budgeted assuming two new targets are identified during Stage 1 reconnaissance exploration in other areas, comprising 8 holes of 250 m depth on each target for a total of 2,000 m per target, and 4,000 m in total. The total Stage 2 program is thus 24,000 m of diamond drilling at an estimated total cost of US$250 per meter including access, logistics, geology and analyses, for a total budget of US$6,000,000. This program could be carried out in 1 year using 3 drill rigs, assuming an average daily drilling rate of 30 m per rig. An additional US$1,000,000 is budgeted for surface taxes, permitting, resource estimation, and general and administration, for a stage 2 total of US$7,000,000.

The total Stage 1 and Stage 2 budgets is US$9,500,000.

Cordoba Minerals Corp. S. D. Redwood San Matias Project Technical Report 30 November 2013

19 REFERENCES

Cediel, F., Shaw, R. P. & Cáceres, C., 2003. Tectonic Assembly of the Northern Andean Block. In: Bartolini, C., Buffler, R. T. & Blickwede, J., eds, The Circum-Gulf of Mexico and the Caribbean: Hydrocarbon habitats, basin formation, and plate tectonics. American Association of Petroleum Geologists Memoir 79, p. 815-848. Cediel, F. & Cáceres, C., 2000. Geological Map of Colombia. Bogotá, Colombia, Geotec Ltda, 3rd edition. 7 thematic maps at 1:1,000,000 scale. Emmons, W. H., 1937. Gold Deposits of the World. New York & London, McGraw-Hill Book Company, Inc., 562 p. Gleeson, S. A., Herrington, R. J., Durango, J., Velásquez, C. A. & Koll, G., 2004. The Mineralogy and Geochemistry of the Cerro Matoso S.A. Ni Laterite Deposit, Montelíbano, Colombia. Economic Geology, vol. 99, p. 1197-1213. Kantor, J. A. & Cameron, R. E., 2013. Technical Report on the Titiribi Project, Department of Antioquia, Colombia. NI 43-101 technical report by Behre Dolbear & Company (USA), Inc. for Sunward Resources Limited, 9 September 2013, 187 p. Kennan, L. & Pindell, J., 2009. Dextral shear, terrane accretion and basin formation in the Northern Andes: best explained by interaction with a Pacific-derived Caribbean Plate? In: James, K., Lorente, M.A. & Pindell, J. (eds), The Origin and Evolution of the Caribbean Plate. Geological Society of London, Special Publication, Vol. 328, p. 487 - 531. Lesage, G., Richards, J. P., Muehlenbachs, K. & Spell, T. L., 2013. Geochronology, Geochemistry, and Fluid Characterization of the Late Miocene Buriticá Gold Deposit, Antioquia Department, Colombia. Economic Geology, vol. 108, p. 1067-1097. Manco, J. D. & Dávila Bolívar, C., 2012. Geology Report, Minerales Córdoba S.A.S. Internal company report, May 2012, 57 p.

Mibex, 2013. Estudio de Magnetometría Terrestre Proyecto “Minerales Córdoba”, Municipio de Puerto Libertador Bijao, Departamento de Córdoba. Report for Minerales Córdoba S.A.S. by Mibex, Colombia, March 2013, 42 p.

MPX, 2011. Helicopter-borne geophysical survey, Cordoba Project, Cordoba, Colombia. Report for Cordoba Minerals Corp. by MPX Geophysics Ltd., Canada, October 2011, 47 p.

MPX, 2012. Helicopter-borne geophysical survey, Cordoba Project, Cordoba, Colombia. Report for Sabre Minerals Sur SAS by MPX Geophysics Ltd., Canada, August 2012, 51 p.

Oliver, N., 2012. Preliminary structural appraisal of the San Matias Cu-Au porphyries. Report for Sabre Metals by HCO Associates PL, 28 p.

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Parsons, B., 2012. A NI 43-101 Mineral Resource Estimate on the Marmato Project, Colombia, 21 June 2012. Report for Gran Colombia Gold Corp. by SRK Consulting (UK) Limited, 187 p.

Redwood, S. D., 2011. Technical Report for the Córdoba Project, Department of Córdoba, Republic of Colombia. NI 43-101 technical report for Wesgold Minerals Inc. (now Cordoba Minerals Corp.), Vancouver, 65 p. Restrepo, J. J. & Toussaint, J. F., 1988. Terranes and Continental Accretion in the Colombian Andes. Episodes, vol. 11, p. 189-193. Shaw, R. P., 2002. A Technical Overview of the El Alacran Gold (Copper, Silver) Project, Municipality of Puerto Libertador, Department of Cordoba, Colombia. Report for Sociedad Minera El Alacran S.O.M., 14 p. Sillitoe, R. H., 2010. Porphyry Copper Systems. Economic Geology, vol. 105, p. 3-41. Sillitoe, R. H., Jaramillo, L., Damon, P. E., Shafiqullah, M. & Escovar, R., 1982. Setting, Characteristics, and Age of the Andean Porphyry Copper Belt in Colombia. Economic Geology, vol. 77, p. 1837-1850. Starling, T., 2012. Structural review of the Cordoba Project, Colombia. Report by Telluris Consulting Ltd. for Cordoba Minerals Corp., 20 p. Taylor, B. E., 2007, Epithermal gold deposits, in Goodfellow, W. D., ed., Mineral Deposits of Canada: A Synthesis of Major Depo s it -Types, District Metallogeny, the Evolution of Geological Provinces, and Exploration Methods: Geological Association of Canada, Mineral Deposits Division, Special Publication No. 5, p. 113-139. Vargas, H., 1998. Reservas y potencial en el proyecto El Alacrán, San Juan de Asis, Cordoba, Colombia. Report by Guacomo Ltda for Sociedad Minera El Alacran S.O.M., 24 p. Vargas, H., 2001. Reservas Explotables en el Proyecto El Alacrán, San Juan de Asis, Cordoba, Colombia. Report for Sociedad Minera El Alacran S.O.M. Vargas, H., 2002. El Alacrán Skarn Deposito de Cobre Oro Plata, Puerto Libertador, San Juan de Asis, Cordoba, Licencia No. 022-23, Colombia. Independent Reserves Report by Guamoco & Cia Ltda Minerals Exploration for Sociedad Minera El Alacran S.O.M., October 2002, 50 p. Vigar, A. J. & Recklies, M., 2012. Mineral Resource Estimate of the Buriticá Gold Project, Colombia. NI 43-101 technical report by Mining Associates Pty Limited for Continental Gold Limited, 211 p. Wilson, S. E., 2012. Technical Report, Bellhaven Copper & Gold Inc., La Mina Project, Antioquia, Republic of Colombia. Report by Scott E. Wilson Consulting Inc. for Bellhaven Copper & Gold Inc., 15 August 2012, 144 p.

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ANNEX 1: CERTIFICATE OF ANALYSIS OF CHECK SAMPLES

100

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101

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103