MOUNT PEARL, NEWFOUNDLAND--(Marketwired - Jan. 14, 2014) - Cornerstone Capital Resources Inc. ("Cornerstone" or "the Company") (TSX VENTURE:CGP)(FRANKFURT:GWN)(BERLIN:GWN)(OTCBB:CTNXF) announces that drill hole CSD-13-005 at the Alpala prospect within the Cascabel Project at the Company's copper-gold porphyry exploration project in northern Ecuador (refer Figure 1), has returned strong porphyry copper gold results over 845 metres of the hole to date. The results indicate discovery of a large high-grade copper gold porphyry system.
Highlights:
- Large scale, high-grade porphyry system discovered.
- Drill hole CSD-13-005 was temporarily suspended on December 20, 2013 at 869.68m in strong copper and gold mineralization open at depth pending delivery of additional drilling equipment.
- Final assay results from sample batches 1 and 2 of drill hole CSD-13-005 have returned the following copper-gold intersections:
- 845.68m @ 0.39% Cu & 0.24 g/t Au (from 24m to end of hole).
- Higher grade intervals including:
- 154m @ 0.43% Cu, 0.25 g/t Au (from 244m to 398m);
- 211.68m @ 0.69% Cu, 0.51 g/t Au (from 658m to end of hole)
- Last 91.68m returned 0.90% Cu, 0.79 g/t Au (from 778m to end of hole)
- Copper and gold grades increasing with depth.
- Strong correlation between magnetite, magnetic response and copper mineralisation in CSD-13-005 confirms significance of 4km2 Alpala magnetic complex.
- Drill hole CSD-13-005 expected to resume drilling during week of January 20th with targeted depth of 1500 metres.
References to figures and table 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/NR14-01Figures.pdf.
Cornerstone's President & CEO, Brooke Macdonald, said: "Assay results from hole CSD 13-005 not only confirm visual examination of significant copper mineralization usually tightly associated with gold reported in December, but also that the proposed exploration and mineralization models work very well, indicating the potential to host large size, gold enriched porphyry copper deposits at Alpala and other target areas on the property. Indications are that we are just entering the higher-grade core of the porphyry system. Exploration results have been excellent from day 1 when we started prospecting work at Cascabel. This is a very good sign. We believe that there are very few countries around the world where geologists can still find significant outcropping porphyry copper-gold mineralization. Ecuador is one of them. This reinforces our commitment to the country, and demonstrates Cornerstone's ability to "deliver the goods" for our partners from early grass-root programs. We have several other 100% owned properties available for joint venture which can be viewed on our website."
Drill Hole CSD-13-005 Preliminary Assay Results
The location of drill hole CSD-13-005 is illustrated in Figure 2. CSD-13-005 was sited to test beneath holes 1 and 2, which intersected long runs of copper and gold mineralization associated with porphyry copper gold quartz stock-work and sheeted veins. Copper and gold intersections for drill hole CSD-13-005 to a depth of 869.68 metres are listed in Table 1 below. Figure 3 shows a cross-section of copper and gold intersections in holes CSD-13-001 and CSD-13-005.
Two main intersections have been encountered in drill hole CSD-13-005 to date:
- A shallow intersection of 396 metres grading 0.32% Cu and 0.17 g/t Au (from 24 m depth).
- A deeper intersection of 433 metres grading 0.47% Cu and 0.31g/t Au (from 436 m depth).
A bulked intersection in drill hole CSD-13-005 comprises an 845.68m interval grading 0.39% Cu and 0.24 g/t Au (from 24m depth). Other higher-grade intervals are listed in Table 1.
The extensive mineralization within the hole (845.68m grading 0.39% copper and 0.24 g/t gold) is particularly encouraging especially given the strong correlation with magnetite from 680 metres downhole.
| Hole ID |
Depth From |
Depth To |
Interval (m) |
Cu (%) |
Au (g/t) |
Comment |
| CSD-13-005 |
24 |
869.68 |
845.68 |
0.39 |
0.24 |
Open at depth |
| Incls. |
244 |
398 |
154 |
0.43 |
0.25 |
|
| Incls. |
658 |
869.68 |
211.68 |
0.69 |
0.51 |
Open at depth |
| Incls. |
778 |
869.68 |
91.68 |
0.9 |
0.79 |
Open at depth |
Table 1: Copper and gold intersections encountered in hole CSD-13-005.
About Cascabel
SolGold Plc currently holds a 50% interest, and can earn up to an 85% interest, in Exploraciones Novomining S.A. ("ENSA"), the Ecuadorian subsidiary of Cornerstone that holds 100% the Cascabel concession.
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 and NTW core sizes (respectively 7.1 and 5.6 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.
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
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.