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Cornerstone Reports 53.3 G/T Au and 641 G/T Ag Over 3.4 m at Shyri Project, Ecuador
14:20 EST Friday, Nov 24, 2006
MOUNT PEARL, NEWFOUNDLAND--(CCNMatthews - Nov. 24, 2006) - Cornerstone Capital Resources Inc. (TSX VENTURE:CGP) (FWB:GWN) (BERLIN:GWN) (OTC:CTNFN) provides an update on exploration activities at the Shyri Project in Ecuador, including new bonanza grade gold and silver assays from the Vetas Grandes prospect.
The ongoing 2006 exploration program consists of ground geophysical and soil geochemical surveys over four main prospects: the Canaribamba (Guabisay), Vetas Grandes, Gama and Yanasacha prospects. Additionally, extensive hand trenching, prospecting and mapping on all prospects are ongoing and an airborne magnetic and EM survey is planned over the northern half of the Shyri properties. Highlights of recent work at Vetas Grandes and Gama are presented below.
Vetas Grandes
The Vetas Grandes prospect comprises several 1.0 m to 7.0 m wide quartz veins and quartz vein breccias forming a 500 m by 1.4 km east-northeast trending swarm. Previously reported channel sampling results (Press Release dated July 30, 2006 https://www.cornerstoneresources.com/s/NewsReleases.asp ) included 13.4 g/t Au and 258 g/t Ag over 1.4 m and 25.2 g/t Au and 40 g/t Ag over 1.0 m. Highlights of the new results follow.
Vetas Grandes channel sampling highlights:
Target Width (m) Au (g/t) Ag (g/t)
Masucay Vein 3.4 m 53.4 641.0
1.3 m 27.0 965.0
0.6 m 194.6 2294.0
3.6 m 0.9 64.8
Wilson Vein 4.3 m 5.6 241.6
0.9 m 29.2 384.0
Medina Vein 1.1 m 1.3 1994.0
1.1 m 2.7 413.0
Further hand trenching and channel sampling are ongoing. A 2.0 km by 2.0 km grid soil survey and an IP/magnetic geophysical survey have also been completed over this area to assist in drill targeting.
GAMA
The GAMA prospect comprises an extensive sub-horizontal zone of argillic/advanced argillic alteration occurring over a minimum area of 8.5 km by 3 km located approximately 12 km northwest of Iamgold's 3.4 million ounce Quimsacocha gold deposit. Several sub-vertical mineralized hydrothermal breccia zones, interpreted as feeder type structures, have also been identified in association with this sub-horizontal alteration zone. The breccias contain abundant silica-pyrite-enargite fragments and have returned values up to 3.8 g/t Au, 67 g/t Ag and 0.1% Cu over 1.4 m in samples from limited outcroppings at the La Ermita zone ( Press Release dated July 30, 2006 https://www.cornerstoneresources.com/s/NewsReleases.asp ). These breccias indicate the presence of auriferous vuggy silica alteration at depth associated with the broader advanced argillic alteration.
A soil geochemical survey is currently underway over GAMA. An area of approximately 3.0 km by 2.5 km has now been surveyed on 50 to 100 m spaced lines with samples collected at 50 m intervals. Preliminary soil geochemical results to date indicate a broad 2.0 km by 1.0 km northwest trending gold anomaly (10 ppb threshold) associated with the GAMA alteration zone. A parallel soil anomaly occurs over an area 0.7 km by 0.5 km associated with the La Ermita breccia approximately 500 m east-northeast of the larger anomaly. Individual soil samples have values up to 227 ppb Au.
NEW CONCESSION ACQUISITIONS
Cornerstone also reports that it has recently applied for new concessions covering approximately 275 km2 in southern Ecuador over 5 target areas considered highly prospective for epithermal gold-silver and/or porphyry copper-gold mineralization. All are owned 100% by Cornerstone. Cornerstone's current total land holdings in Ecuador are approximately 725 km2 in 12 individual projects, two of which are currently joint ventured to Coastport Capital.
SAMPLE PROCESSING / QUALITY CONTROL
All samples reported in this release were collected by Cornerstone personnel, sealed on the property and shipped to Acme Laboratories in Cuenca, Ecuador, where they were prepared for analysis. Pulps were shipped to Vancouver for analysis of gold and other elements on one half assay ton samples by multi-element ICP analysis. Samples containing gold and/or silver greater than the upper limit of the ICP technique were re-analyzed by one assay ton fire assay with an ICP finish. Quality control was maintained throughout the program by implementation of procedures involving check assaying and insertion of previously prepared standards by Cornerstone for each batch of 20 rock samples analyzed.
The Shyri exploration work is being conducted under a joint venture agreement with Coastport Capital Inc. (TSX VENTURE:CPP). The agreement gives Coastport the right to acquire 100% of the Shyri property by;
1) expending US$8 million to fund all exploration programs and making option payments to Cornerstone of US$490,000 in cash and US$490,000 cash equivalent in shares, all over a period of 4 years or less; and after these requirements are met,
2) issuing shares to Cornerstone equal to 40% of Coastport's fully diluted share capital and granting Cornerstone a 1% net smelter royalty. Cornerstone is the operator until earn-in.
This press release was prepared by Mike Basha, PEng. PGeo., Vice President of Exploration for Cornerstone and a Qualified Person as defined by National Instrument 43-101.
On Behalf of the Board,
Glen H. McKay, President & CEO
FOR FURTHER INFORMATION PLEASE CONTACT:
Cornerstone Capital Resources Inc.
Glen H. McKay
President & CEO
Toll Free: 1-877-277-8377
Email: communications@crigold.com
Website: www.cornerstoneresources.com