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:
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New copper and gold assays for Hole 5 were received with the following high grade results between 869.68m and 1194m: |
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324.32m grading 1.07% Cu and 1.16 g/t Au (from 869.68m). |
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Includes 50m grading 1.80% Cu and 2.26 g/t Au (from 1096m). |
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Incorporating previous assay results, more extensive intersections at Alpala now include: |
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536m grading 0.92% Cu and 0.90 g/t Au (from 658m). |
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416m grading 1.03% Cu and 1.08 g/t Au (from 778m). |
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142m grading 1.45% Cu and 1.66 g/t Au (from 1052m) |
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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. |
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Strong visual copper mineralization extends below 1194m depth. |
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Assays for the 136m interval 1194 to 1330 metres expected in the next 7 days. |
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Gold-rich nature of the Alpala copper porphyry system confirmed. |
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Complex multidirectional veining and mineralization with up to 12 different vein types identified in Hole 5 drill core. |
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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. |
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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.