Cornerstone Intersects 324.32m at 1.07% Cu and 1.16 g/t Au
(Preliminary) From 869.68m to 1194m at Cascabel (Alpala)
Length of Hole 1170m Grades 0.58% Cu and 0.49 g/t Au (From
24m)
MOUNT PEARL, NEWFOUNDLAND--(Marketwired - Feb 27, 2014) -
Cornerstone Capital Resources Inc. ("Cornerstone" or "the Company")
(TSX-VENTURE:CGP)(OTCBB:CTNXF)(FRANKFURT:GWN)(BERLIN:GWN) announces
the following project update for the Stage 1 drill program at the
Alpala prospect within the Cascabel Project at the Company's
copper-gold porphyry joint venture exploration project in northern
Ecuador.
Highlights:
• |
New copper and gold assays for Hole 5 were
received with the following high grade results between 869.68m and
1194m: |
|
|
|
324.32m grading 1.07% Cu and 1.16 g/t Au
(from 869.68m). |
|
Includes 50m grading 1.80% Cu and 2.26 g/t
Au (from 1096m). |
|
|
• |
Incorporating previous assay results, more
extensive intersections at Alpala now include: |
|
|
|
536m grading 0.92% Cu and 0.90 g/t Au (from
658m). |
|
416m grading 1.03% Cu and 1.08 g/t Au (from
778m). |
|
142m grading 1.45% Cu and 1.66 g/t Au (from
1052m) |
|
|
• |
The length of hole interval assayed so far
from 24m to 1194m depth yielded 1170m grading 0.58% Cu and 0.49 g/t
Au. |
|
|
• |
Strong visual copper mineralization extends
below 1194m depth. |
|
|
• |
Assays for the 136m interval 1194 to 1330
metres expected in the next 7 days. |
|
|
• |
Gold-rich nature of the Alpala copper
porphyry system confirmed. |
|
|
• |
Complex multidirectional veining and
mineralization with up to 12 different vein types identified in
Hole 5 drill core. |
|
|
• |
Drill rig being mobilized to drill site 6.
Hole 6 targeting extension to the copper-gold mineralization in
Hole 5, 300 metres to the northwest. |
|
|
• |
Gridding continues for planned 12km2 3D
Induced Polarization survey in April to assist prediction of the
distribution of copper sulphide zones. |
"This new batch of assay results from hole CSD 13-005 is
outstanding," stated Brooke Macdonald, Cornerstone's President
& CEO. "Significant copper and gold are present over the entire
length of the hole, increasing at depth within the potassic altered
zone of the porphyry and probably extending further down as
indicated by the core logging. It is important to note that these
results have been obtained in Ecuador, in less than 22 months of
exploration from a regional stream sediment anomaly, including all
permitting, licensing and social consultation processes.
Cornerstone has been in Ecuador since 2005, believing that the
chances of finding world class mineral deposits there are greater
than in many other countries, due to under-exploration and a
potentially unparalleled geological endowment, and our Cascabel
joint venture with SolGold is proof of that. In addition to
Cascabel, Cornerstone has three 100% owned properties available for
joint venture in Ecuador. We believe we are a partner of choice for
companies looking to hit the ground running there."
References to figures related to the version of this release on
the Company's website (www.cornerstoneresources.com) or visible in
PDF format by clicking the link below:
http://www.cornerstoneresources.com/i/pdf/NR14-06Figures.pdf.
Drill Hole CSD-13-005
CSD-13-005 was sited to test the western flank of the 4km2
Alpala Magnetic Complex at depth beneath drill holes 1 and 2, which
intersected long runs of copper and gold mineralization associated
with porphyry copper-gold quartz stockwork and sheeted veins at the
Alpala prospect. Copper and gold assay results to a depth of
869.68m in Hole 5 were reported on the January 14th.
Hole CSD-13-005 was terminated on February 21st (as announced on
February 25th) due to drilling difficulties. The hole ended in
mineralization at a depth of 1370m.
Assay results from the interval 869.68m to 1194m have been
received. The interval is characterized by strong porphyry
copper-gold stockwork vein mineralization with sulphides dominated
by chalcopyrite as widespread veins and disseminations in intense
magnetite-chlorite alteration.
The newly assayed interval from 869.68m to 1194m yielded an
intersection of 324.32m grading 1.07 % Cu and 1.16 g/t Au (Figure
1). A higher-grade interval within this section yielded 50m grading
1.80% Cu and 2.26 g/t Au.
Bulking previously reported assays with these new results, the
following highly significant intersections are generated:
1170m grading 0.58% Cu and 0.49 g/t Au
(from 24m). |
536m grading 0.92% Cu and 0.90 g/t Au (from
658m). |
416m grading 1.03% Cu and 1.08 g/t Au (from
778m). |
142m grading 1.45% Cu and 1.66 g/t Au (from
1052m) |
Strong visible copper sulphide mineralization is observed in
drill core to extend beyond 1194m down-hole depth. Assays for the
interval 1194m to 1330m are expected within 7 days, and were also
requested for urgent analysis.
The 416m long and 536m long intersections from Hole 5 plot in
the field of porphyry Au-Cu (i.e. gold-rich) porphyry systems (see
Figure 2).
The table below lists the key intersections to date from Hole
5.
Hole ID |
Depth From |
Depth To |
Interval (m) |
Cu (%) |
Au (g/t) |
Comments |
CSD-13-005 |
24 |
1194 |
1170 m |
0.58 |
0.49 |
Open at Depth |
Incls |
658 |
1194 |
536 m |
0.92 |
0.9 |
Open at Depth |
Incls |
778 |
1194 |
416 m |
1.03 |
1.08 |
Open at Depth |
Incls |
869.68 |
1194 |
324.32 m |
1.07 |
1.16 |
Open at Depth |
Incls |
1052 |
1194 |
142 m |
1.45 |
1.66 |
Open at Depth |
Incls |
1096 |
1146 |
50 m |
1.8 |
2.26 |
High Grade |
Figures 1 and 2 show the intersections on cross-section graph
while Figure 3 illustrates the gold-rich nature of the
intersections in Hole 5 at Alpala relative to other large South
American porphyry copper-gold deposits.
Mobilization of Drill Rig to Drill Site for Hole CSD-14-006
Mobilization of the drill rig from Hole 5 to Hole 6 has
commenced. Drilling of Hole 6 is estimated to commence on Saturday
March 1st 2014. Hole 6 is sited to test the northward extension of
porphyry mineralization that has been discovered in Holes 1, 2 and
5 at Alpala, in an area of strong and coincident molybdenum (Mo)
and gold (Au) soil anomalism that lies along structural strike from
Hole 5 (Figure 4). Hole 6 will also test the Alpala Magnetic
Complex at depth by drilling northeastward into the flank of the
Alpala regional magnetic high.
About Cascabel
As recently announced, SolGold has exercised its right to
increase its ownership of Exploraciones Novomining S.A. ("ENSA")
from 50% to 85%. ENSA is an Ecuadorean registered company which
holds 100% of the Cascabel concession in northern Ecuador.
Cornerstone will hold the remaining 15% of ENSA, which also holds
the rights to the La Encrucijada gold-silver project.
The Cascabel project is located in north-western Ecuador in an
under-explored northern section of the richly endowed Andean Copper
Belt, 60 km northeast of the undeveloped NI 43-101 compliant
inferred resource of 982 million tons at 0.89% Cu Junin copper
project.
Qualified Person:
Yvan Crepeau, MBA, P.Geo., Cornerstone's Vice President,
Exploration and a qualified person in accordance with National
Instrument 43-101, is responsible for supervising the exploration
program at the Cascabel project and has reviewed and approved the
information contained in this news release.
Logging, sampling and assaying
Holes referred to in this release were or are being drilled
using HTW, NTW and NQ core sizes (respectively 7.1, 5.6 and 4.8 cm
diameter). Geotechnical measurements such as core recovery,
fracturing, rock quality designations (RQD's), specific density and
photographic logging are performed systematically prior to
assaying. The core is logged, magnetic susceptibility measured and
key alteration minerals identified using an on-site portable
spectrometer. Core is then sawed in half at Cornerstone's core
logging facility and half of the core is delivered by Cornerstone
employees for preparation at Acme Analytical Laboratories (ACME)
affiliate laboratory in Cuenca. Core samples are prepared crushing
1 kg to 80% passing 2 mm (10 mesh), splitting 250 g and pulverizing
to 85% passing 0.075 mm (200 mesh) (ACME code R200-250). Prepared
samples are then shipped to ACME in Vancouver, Canada where samples
are assayed for a multi-element suite (ACME code 1E, 0.25g split,
4-acid digestion, ICP-ES finish). Over limit results for Ag (>
100 g/t), Cu, Pb and Zn (each one > 1%) are systematically
re-assayed (ACME code 7 TD1 or 7 TD2, 4-acid digestion, ICP-ES
finish). Gold is assayed using a 30 g split, Fire Assay (FA) and AA
or ICP-ES finish (ACME code G601).
Quality assurance / Quality control (QA/QC)
The ACME affiliate preparation facility in Cuenca was audited by
Cornerstone prior to the start of the drilling program and ACME is
an ISO 9001:2008 qualified assayer that performs and makes
available internal assaying controls. Duplicates, certified blanks
and standards are systematically used (1 control sample every 15
samples) as part of Cornerstone's QA/QC program. Rejects, a 100 g
pulp for each core sample and the remaining half-core are stored
for future use and controls.
About Cornerstone:
Cornerstone Capital Resources Inc. is a mineral exploration
company based in Mount Pearl, Newfoundland and Labrador, Canada,
with a diversified portfolio of projects in Ecuador and Chile, and
a strong technical team that has proven its ability to identify,
acquire and advance properties of merit. The company's business
model is based on generating exploration projects whose subsequent
development is funded primarily through joint venture partnerships.
Commitments from JV partners constitute significant validation of
the strength of Cornerstone's projects.
Further information is available on Cornerstone's website:
www.cornerstoneresources.com and on Twitter.
Cautionary Notice:
This news release may contain 'Forward-Looking Statements'
that involve risks and uncertainties, such as statements of
Cornerstone's plans, objectives, strategies, intentions and
expectations. The words "potential," "anticipate," "forecast,"
"believe," "estimate," "expect," "may," "project," "plan," and
similar expressions are intended to be among the statements that
identify 'Forward-Looking Statements.' Although Cornerstone
believes that its expectations reflected in these 'Forward-Looking
Statements' are reasonable, such statements may involve unknown
risks, uncertainties and other factors disclosed in our regulatory
filings, viewed on the SEDAR website at www.sedar.com. For us,
uncertainties arise from the behaviour of financial and metals
markets, predicting natural geological phenomena and from numerous
other matters of national, regional, and global scale, including
those of an environmental, climatic, natural, political, economic,
business, competitive, or regulatory nature. These uncertainties
may cause our actual future results to be materially different than
those expressed in our Forward-Looking Statements. Although
Cornerstone believes the facts and information contained in this
news release to be as correct and current as possible, Cornerstone
does not warrant or make any representation as to the accuracy,
validity or completeness of any facts or information contained
herein and these statements should not be relied upon as
representing its views subsequent to the date of this news release.
While Cornerstone anticipates that subsequent events may cause its
views to change, it expressly disclaims any obligation to update
the Forward-Looking Statements contained herein except where
outcomes have varied materially from the original
statements.
On Behalf of the Board,
Brooke Macdonald, President and CEO
Further information is available on the Cornerstone Web site at
www.cornerstoneresources.com; via e-mail at
communications@crigold.com; or toll free at 1-877-277-8377.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
For investor, corporate or media inquiries, please
contact:Investor Relations:Email: ir@cornerstoneresources.caNorth
America toll-free: 1 (877) 277-8377
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