Limon target enhanced trench results extended to 97.6m at 0.71 g/t gold and 0.23 % copper, at Bramaderos project in Ecuador
OTTAWA, May 29, 2018 (GLOBE NEWSWIRE) -- Cornerstone Capital Resources Inc. (“Cornerstone” or “the Company”) (TSXV:CGP) (Frankfurt:GWN) (Berlin:GWN) (OTC:CTNXF) announces the following enhanced trenching results from the Limon prospect at its Bramaderos Gold-Copper Project in southern Ecuador.
Figures related to this news release can be seen in PDF format by accessing the version of this release on the Company’s website (www.cornerstoneresources.com) or by clicking on the link below:
http://www.cornerstoneresources.com/i/pdf/NR18-18Figures.pdf.
Highlights:
- Extensional surface trenching at the Limon prospect, part of the Bramaderos Gold-Copper Project in Ecuador, has delivered 97.6m at 0.71 g/t gold and 0.23 % copper (including 65.0m @ 0.93 g/t gold and 0.31% copper)
- The mineralized interval is interpreted to represent a window into an extensive gold-copper porphyry system.
- Other datasets strongly endorse the quality of the Limon target
- Limon will be drill tested during the Phase 1 drilling program
Further Information:
Cornerstone Capital Resources Inc. (TSXV:CGP) is pleased to report additional gold and copper assays from extensions to the trenching program at the Limon gold-copper porphyry target, within its Bramaderos Gold-Copper Project in Ecuador (Figures 1 and 2). For the initial results see news release dated April 30, 2018.
Trench LM-01 was extended and has intersected 97.6m grading 0.71 g/t gold and 0.23% copper. Laterally the trench sampled altered rocks interpreted to overprint the porphyry gold-copper signature.
The intensely altered ‘lithocap’ at Limon is typical of the higher-level rock alteration associated with porphyry gold-copper systems, and the mineralized diorite, over which the trench wa cut, is interpreted to be an outcropping window of a more extensive mineralized diorite body at depth.
Datasets have been integrated to determine the dimensions of the main target zone and an initial 3 drill holes have been planned that will test various components of the target.
Correlation of independent datasets is strong, and includes assessment of surface soil geochemistry, surface mapping of geology and alteration assemblages, and processed heli-magnetics (Figure 1).
The 3 initial planned drill holes at Limon are designed to test for underlying porphyry gold-copper mineralization below areas of the lithocap, as well as simultaneously testing for shallow overprinting epithermal-style mineralization in the eastern part of the target.
Key targeting criteria are the 1.5-km-long magnetic anomaly below the lithocap (Figure 1) as an interpreted magnetic core to the porphyry system within the copper anomalous outline, and proximity to areas of advanced argillic’ alteration caused by fluids ascending off a porphyry intrusion at depth. The 3 drill holes are also sited in proximity to areas of quartz stockwork veining mapped at surface at points spread over 900m in extent, either in situ (Trench LM-01 or adjacent outcrops) or in hydrothermal breccia.
Figure 1 is a summary diagram that shows a selection of the integrated datasets and the location of the cross-section and trench LM-01. Figure 2 shows an interpreted cross-section at Limon. Figure 3 shows the location of the Limon target relative to the other Bramaderos Project targets.
About Bramaderos
The Bramaderos concession is owned by Cornerstone subsidiary La Plata Minerales S.A. (“PLAMIN”), which has signed a binding letter of intent with Sunstone Metals Ltd. (formerly Avalon Minerals Ltd.) (ASX:STM), whereby Sunstone has the right to earn a 51% interest in the project by spending US$3.4 million over 3 years to complete a phase 1 drill program. If this first option is earned, Sunstone can go to 70% by funding a bankable feasibility study, and can go to 80% by financing 100% of the cost of construction of a mine and mill (see news release 17-08 dated April 10, 2017).
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 Bramaderos project for Cornerstone and has reviewed and approved the information contained in this news release.
Sampling and assaying
Rock samples are collected by PLAMIN’s personnel, placed in plastic bags, labeled and sealed, and stored in a secure place until delivery by PLAMIN employees to the LAC y Asociados ISO 9001-2008 certified sample preparation facility in Cuenca, Ecuador.
Rock samples are prepared crushing to 70% passing 2 mm (10 mesh), splitting 250 g and pulverizing to 85% passing 75 microns (200 mesh) (MSA code PRP-910). Prepared samples are then shipped to MS Analytical Services (MSA), an ISO 9001-2008 laboratory in Langley, BC, Canada, where samples are assayed for a multi-element suite (MSA code IMS-136, 15.0 g split, Aqua Regia digestion, ICP-AES/MS finish) and gold by Fire Assay (MSA code FAS-111, 30 g fusion, AAS finish). Over limit results for Cu (>1%) are systematically re-assayed (MSA code ICF-6Cu, 0.2 g, 4-acid digestion, ICP-AES finish). Gold is assayed using a 30 g split, Fire Assay (FA) and AAS finish (MSA code FAS 111). Over limit results for Au (>10 g/t) are systematically re-assayed (MSA code FAS-415, FA, 30g., gravimetric finish).
Soil samples are dried at low temperature, screened to 80 mesh (MSA code PRP-757), a 15 grams portion is then assayed for a multi-elements suite (MSA code IMS-136, Aqua Regia digestion, ICP-AES/MS finish).
Quality assurance / Quality control (QA/QC)
The MSA Analytical Laboratory is a qualified assayer that performs and makes available internal assaying controls. Duplicates, certified blanks and standards are systematically used (1 control sample every 20-25 samples) as part of PLAMIN’s QA/QC program. Rejects, a 100 g pulp for each rock sample, are stored for future use and controls.
About Cornerstone:
Cornerstone Capital Resources Inc. is a mineral exploration company with a diversified portfolio of projects in Ecuador and Chile, including in the Cascabel gold-enriched copper porphyry joint venture in north west Ecuador. Exploraciones Novomining S.A. (“ENSA”), an Ecuadorean company owned by SolGold plc and Cornerstone, holds 100% of the Cascabel concession. Subject to the satisfaction of certain conditions, including SolGold’s fully funding the project through to feasibility, SolGold plc will own 85% of the equity of ENSA and Cornerstone will own the remaining 15% of ENSA. SolGold plc is funding 100% of the exploration at Cascabel and is the operator of the project.
Pursuant to the previously announced plan of arrangement, Cornerstone will spin off all of its assets except for its interests in the Cascabel concession in Ecuador, shares of SolGold plc and the joint venture with Ecuadorian state mining company ENAMI EP into a new company called Cornerstone Exploration Inc. Cornerstone Exploration will own the drill ready Bella Maria, Shyri NW (Vetas Grandes) and Bramaderos properties in Ecuador, an option to own 100% of the drill ready Caña Brava property in Ecuador, the Tioloma property surrounding Caña Brava, the applications for new properties in Ecuador made by Cornerstone subsidiary La Plata Minerales S.A., and the Miocene property in Chile, in addition to Cornerstone's generative exploration databases for Ecuador and Chile. Cornerstone will be re-named Cascabel Gold & Copper Inc. ("Cascabel Gold & Copper").
The plan of arrangement to spinoff Cornerstone Exploration Inc. is proceeding in the ordinary course and, pending TSXV approval, is expected to be completed in June 2018.
Further information is available on Cornerstone’s website: www.cornerstoneresources.com and on Twitter. For investor, corporate or media inquiries, please contact:
Investor Relations:
Mario Drolet; Email: Mario@mi3.ca; Tel. (514) 904-1333
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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 after 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,
Hugh 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.