MOUNT PEARL, NEWFOUNDLAND--(Marketwired - Nov. 25, 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 Company's Cascabel copper-gold porphyry joint venture exploration project in northern Ecuador.
Commenting on today's update, Cornerstone's CEO, Brooke Macdonald, said: "We are pleased with the copper sulphide mineralization intersected in the upper part of Hole 9 and the planned deepening of this hole to test the possible lateral and depth extension of the high grade copper-gold zone intersected in Hole 5 at Alpala, the main target at Cascabel."
All reported intervals referred to in this news release are core lengths. At present the true thicknesses are uncertain due to the early stage of drilling.
References to figures, photographs and tables 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:
Hole 9 is located 120m north of the Hole 5 drill pad and is being drilled with an 85-degree inclination towards 210 degrees UTM (Universal Transverse Mercator) (Figure 1). Hole 9 was sited to test for the northwest extension of the high-grade mineralization in Hole 5 and to test for vertical extension of the high grade copper and gold mineralization up to 500m below the high-grade Hole 5 intersection.
Drilling of Hole 9 commenced on October 28th. On November 23rd the hole was at 943.55 metres depth and located just above the principal magnetic target defined by Magnetic Vector Inversion (MVI) modelling.
Coarse-grained copper sulphide mineralization in Hole 9 occurs primarily within a diorite intrusion that has intense B-vein quartz stockworks and disseminations of primary and secondary magnetite. Locally the magnetite occurs in association with secondary biotite, a potassium-bearing mineral that confirms the presence of potassic alteration, a typically strongly mineralized zone in a porphyry system. Copper sulphide mineralization is dominated by chalcopyrite, along with some bornite and molybdenite. Figure 3 shows a cross-section through Holes 1, 2, 5, 8 and 9 at Alpala.
Hole 9 continues to intersect copper sulphide mineralization at the current depth of 943.55m.
Plates 1-11 show examples of the coarse grained chalcopyrite intersected in 'B-veins' and 'C-veins' from Hole 9.
SolGold Plc owns 85% of the equity of Exploraciones Novomining S.A. ("ENSA"), an Ecuadorean registered company that holds 100% of the Cascabel concession in northern Ecuador. Cornerstone owns the remaining 15% of ENSA, which also holds the rights to the La Encrucijada gold-silver project. SolGold is funding 100% of the exploration at Cascabel and is the operator of the project with Cornerstone Ecuador S.A. providing some exploration services and personnel. Cornerstone's 15% interest is financed through to completion of a National Instrument 43-101 feasibility study.
Cascabel 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 inferred resource of 982 million tons at 0.89% Cu Junin copper project (0.4% Cu cutoff grade; Micon International Co. Ltd. Technical Report for Ascendant Exploration SA, August 20, 2004, pages 28 & 29). Mineralization identified at the Cu Junin copper project is not necessarily indicative of the mineralization on the Cascabel Property.
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 for Cornerstone 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, NQ and BQ core sizes (respectively 7.1, 5.6, 4.8 and 3.7 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.
Cornerstone Capital Resources Inc. is a well-funded 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 partnerships. Commitments from 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.
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.