Cornerstone Capital Resources Inc.: Hole 11 Extends High Grade Copper Mineralization at Cascabel
MOUNT PEARL, NEWFOUNDLAND--(Marketwired - May 19, 2015) - Cornerstone Capital Resources Inc. ("Cornerstone" or "the Company") (TSX VENTURE:CGP) (FRANKFURT:GWN) (BERLIN:GWN) (OTCBB:CTNXF) announces the following project update for the Cascabel copper-gold porphyry joint venture exploration project in northern Ecuador, in which the Company has a 15% interest financed through to completion of a feasibility study.
HIGHLIGHTS:
- Strong visual copper sulphide mineralization encountered at 996m and variably continues to current hole depth at 1,128m.
- Strongly mineralized zone now extends a NW‐SE strike of over 375m (open), up to 300m true thickness (open), and 1,300m vertical column (open).
Figures referred to in this release can be seen on the Company's website (www.cornerstoneresources.com) or in PDF format by clicking the link below:
http://www.cornerstoneresources.com/i/pdf/NR15-11Figures.pdf.
CSD-15-011 ("Hole 11") has intersected strong visual copper sulphide mineralization from 996.6m to 1051.9m, extending the high-grade copper-gold zones intersected in CSD-14-009 ("Hole 9") and CSD-15-010 ("Hole 10"). This zone shows multiple intrusive phases, a complex alteration pattern and a higher sulphide and vein content.
The porphyry stockwork copper mineralization encountered in Hole 11 extends the known high-grade zone at Alpala Central a further 100m northwest (Figures 1 and 2). Drilling of Hole 11 continues, and on May 18, 2015 the hole was at a depth of 1,128m.
Hole 11 is testing the Alpala Prospect 200m south of the centre of the large T1 geophysical target. The continuing intersection of gold-rich porphyry copper mineralization as the drilling program advances along strike to the northwest suggests to Cornerstone that the rich Alpala Central mineralization extends to the T1 target at Northwest Alpala.
Final assay results from Hole 10 have been received and updated intersections from the Company's March 27, 2015 news release are shown in table 1 below. These results support the extension of further copper-gold mineralization to the northwest, with an intersection of 220m @ 0.58% Cu and 0.59g/t Au (for 0.94% Cu equivalent) from 684m, including 92m @ 0.84% Cu and 1.08g/t Au (for 1.49% Cu equivalent) from 760m. Hole 10 was terminated at 974.84m due to drilling difficulties approximately 150m short of the interpreted high-grade zone previously encountered in Holes 5 and 9 located to the southeast. The zone of strongly mineralized porphyry at Alpala is now interpreted, on the basis of compelling drilling data, to extend over a strike length of 375 metres and is expected to continue to the northwest and southeast.
The occurrence of strong bornite (rich copper sulphide) mineralization and zones of intense silica impregnation is believed to be an encouraging gold indicator and could demonstrate closer proximity to the core of the porphyry system (Figures 3 and 4).
| Cascabel Project - drill Hole Intersections | Comment | Estimated True Width | ||||||||||||||
| Hole ID | Depth From | Depth To | Interval (m) | Cu (%) | Au (g/t) | Cu (Eq %) | (Interpreted) | |||||||||
| CSD-14-009 | 430 | 1700.8 | 1270.8 | 0.59 | 0.77 | 1.06 | 762 | |||||||||
| Incls | 650 | 1700.8 | 1050.8 | 0.68 | 0.92 | 1.21 | 630 | |||||||||
| Incls | 710 | 1482 | 772 | 0.80 | 1.19 | 1.51 | 463 | |||||||||
| Incls | 650 | 912 | 262 | 0.69 | 1.31 | 1.48 | 100 | |||||||||
| Incls | 710 | 820 | 110 | 1.13 | 2.32 | 2.53 | 42 | |||||||||
| Incls | 730 | 820 | 90 | 1.28 | 2.70 | 2.90 | 34 | |||||||||
| Incls | 760 | 820 | 60 | 1.55 | 3.68 | 3.75 | 23 | |||||||||
| Incls | 1062 | 1482 | 420 | 1.00 | 1.35 | 1.81 | 247 | |||||||||
| Incls | 1184 | 1482 | 298 | 1.24 | 1.72 | 2.28 | 176 | |||||||||
| Incls | 1198 | 1410 | 212 | 1.46 | 2.18 | 2.76 | 125 | |||||||||
| Incls | 1208 | 1386 | 178 | 1.60 | 2.47 | 3.08 | 105 | |||||||||
| CSD-15-010 | 394 | 840 | 446 | 0.38 | 0.36 | 0.60 | 150 | |||||||||
| Incls | 604 | 906 | 302 | 0.50 | 0.48 | 0.78 | Updated intersection | 102 | ||||||||
| Incls | 684 | 904 | 220 | 0.58 | 0.59 | 0.94 | Updated intersection | 74 | ||||||||
| Incls | 760 | 852 | 92 | 0.84 | 1.08 | 1.49 | Updated intersection | 31 | ||||||||
| Table 1: Assay intersections from Hole CSD 14-009 and CSD 15-010. Note: Cu-equivalent (CuEq) values are calculated using copper price US$6614/tonne and gold price of US$40/gram (US$1,244/ounce). Cu equivalent ("Cu Eq") grade is calculated by following equation: Cu Eq. = Cu% + (Au g/t x 0.6). Cu-Equivalent values do not take into account the recoverability of gold. |
About Cascabel
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. SolGold is funding 100% of the exploration at Cascabel and is the operator of the project. Cornerstone's 15% interest is financed through to completion of a 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 Junin copper project is not necessarily indicative of the mineralization on the Cascabel Property.
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 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 the ENSA core logging facility, and half of the core is then delivered 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 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.
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 ir@cornerstoneresources.ca; 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.
Contact
For investor, corporate or media inquiries, please contact:
Investor Relations:
ir@cornerstoneresources.ca
North America toll-free: 1 (877) 277-8377