MOUNT PEARL, NEWFOUNDLAND--(Marketwired - Feb. 20, 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 exploration project in northern Ecuador.
Highlights:
- Strongly visible porphyry copper sulphide mineralization continues to current hole depth of 1303.5m in hole 5. Copper-rich sulphides include chalcopyrite, bornite and chalcocite as fine to coarse grained disseminations and in veins with magnetite.
- Strong correlation evident between magnetite content, magnetic characteristics and copper sulphide contents enabling correlation between the three dimensional Alpala magnetic model and copper-gold porphyry targets.
- Drilling to continue to sooner of 1500m depth or end of copper mineralization (1500m depth expected to be reached in 10 days).
- 324m of core dispatched for urgent assay. Results expected within 14 days.
- Large size and strong copper-gold porphyry system indicated with over 1300m of near-continuous visible copper sulphide mineralization and classic porphyry system geological features.
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/NR14-04Figures.pdf
Brooke Macdonald, Cornerstone's President & CEO, commented that "the deepening of Hole CSD 13-005 continues to show strong alteration and mineralization. The size and intensity of the alteration and mineralization processes are very impressive. To our knowledge, this hole is the deepest mineral exploration hole ever drilled in Ecuador. Other very significant indicators of the huge potential of the Alpala target are the distribution of copper over the entire present length of the hole (to date at 1303.5m), the close association of gold to copper of the gold-enriched porphyry mineralization, and the strong correlation of magnetic minerals with gold and copper mineralization opens large and new areas to explore as outlined by the 3D magnetic model.
From an economic viewpoint, the Cascabel project is very well located in northern Ecuador, accessible by a paved road from the capital city, linked to the Esmeraldas large port facility by a 222 km paved road, available electrical power (8 hydroelectric plants under construction) and Ecuador will be exporting electricity surplus by 2017. It is assumed that the old Ibarra-San Lorenzo (small port city 96 km west of Cascabel) railroad crossing the northern part of the concession could eventually be rehabilitated to service the project if needed in the future."
Drill Hole CSD-13-005
CSD-13-005 was sited to test the depth and lateral extent of bulk-style copper and gold mineralization encountered in holes 1 and 2 at the Alpala prospect. Copper and gold assay results have been received to a depth of 869.68 metres as reported on January 14th. A strong relationship between copper and gold mineralization and magnetic character is indicated to date.
Hole CSD-13-005 resumed drilling from 869.68m depth on January 28th. On February 10th, the Company announced the observation of coarse-grained chalcopyrite mineralization from 869.68m to 1106.80m depth. From 869.68m to 1106.80m the hole intersected potassically altered porphyry style rocks with intense potassic alteration and veining ranging between 10-30 veins per metre, with variable fine to coarse grained copper sulphide fill and disseminated copper sulphides (chalcopyrite, bornite, chalcocite).
As of February 19th the hole has reached a current depth of 1303.50m and strong copper mineralization has continued to be encountered to the current hole depth of 1303.5m. This latest extension to Hole CSD-13-005 continues to encounter coarse grained chalcopyrite mineralization in sulphide-rich veins ('C'-veins) as well as widespread disseminations of chalcopyrite, bornite and chalcocite (see Figures 1-7). Magnetite and anhydrite, which also characterize the potassic zone of porphyry systems, continue to be observed in this interval.
Figures 1 to 7 are photographs of mineralized core at select intervals between 1108m and 1279.60m depth.
A total of 324m of samples (from 869.68m to 1194m depth) have been forwarded to the assay laboratory for priority assay.
Hole 5 will continue to be drilled until the sooner of either when 1500m depth is reached, or when copper mineralization is observed to significantly diminish.
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, 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 (greater than 100 g/t), Cu, Pb and Zn (each one greater than 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.