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Re: News - Wednesday, April 01, 2015
15-06 - Hole 11 to Begin at Cascabel
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Mount Pearl, NL, Canada: Cornerstone Capital Resources Inc.
("Cornerstone" or "the Company") (TSXV-CGP) (F-GWN) (B-GWN) (OTC-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:
- Hole CSD-15-010 ("Hole 10") terminated due to irreversible drilling
difficulties at 974.84m depth in mineralized and veined porphyritic
intrusive;
- Hole CSD-15-011 ("Hole 11") to be drilled towards the southwest at a
steep 85 degree angle from a position 180 metres northwest of the Hole
10 collar; and
- Extension of the mineralized zone to the northwest of the Hole 9
intersection of 1327.35m @ 0.57% copper and 0.74 g/t gold is indicated
by the intersection in Hole 10 of the same uppermost high grade (UHG)
zone that was encountered in Hole CSD-14-009 ("Hole 9").
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:
http://www.cornerstoneresources.com/i/pdf/NR15-06Figures.pdf.
FURTHER INFORMATION
Hole 10 was terminated at a depth of 974.84 metres due to drilling
difficulties. The hole was terminated in mineralized intrusive
porphyry, approximately 170 metres short of the interpreted lateral
extension of the lower high grade (LHG) zone that was previously
encountered in Hole 9 (420m @ 1.00% Cu, 1.35 g/t Au - approximate true
width of 160m at 1.81% Cu equivalent, as detailed in news release dated
January 12, 2015).
The Company is currently preparing to move the drill rig 180 metres
further to the northwest and drill Hole 11 towards the southwest at an
inclination of -85 degrees towards an azimuth of 225 degrees to
intersect the high grade zones previously encountered in Hole 9. Hole
11 will be drilled within the southern margin of the large T1 target
area that may represent a continuation of the extensive mineralization
encountered to date within the Central Alpala region.
Figures 2 and 3 show a plan and cross-section respectively for the
location of planned Hole 11.
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, 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 and administrative services.
Cornerstone's 15% interest is financed through 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 core logging facility of Exploraciones Novomining S.A.,
the Ecuadorean company owned 85% by SolGold Plc and 15% by Cornerstone
("ENSA"), and half of the core is delivered by ENSA 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 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. For investor, corporate or
media inquiries, please contact:
Investor Relations:
Email: ir@cornerstoneresources.ca
North America toll-free: 1 (877) 277-8377
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.
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Cornerstone Capital Resources Inc
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DEVELOPMENT STAGE |
CODE : CGP.V |
ISIN : CA21922J2083 |
CUSIP : 21922J208 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Cornerstone is a exploration company based in Canada. Cornerstone develops uranium in Canada, and holds various exploration projects in Canada, in Chile and in Ecuador. Its main asset in development is AILLIK in Canada and its main exploration properties are CHALEUR, ANAKTALIK, AUCOIN, LABRADOR TROUGH, VOISEY'S BAY PROPERTY, DEER LAKE PROJECT, DORCHESTER, GOSHEN, EL STRATO, LONG LAKE, NOTAKWANON LAKE, TRUE GRIT, CAPE RAY, COLCHESTER, CODROY PROJECT, LONG HARBOUR, OKAK, GARLAND, KAUK, KONRAD, NOEL PAUL'S BROOK, BOBBY'S POND, LITTLE DEER, CONEY ARM and INDIAN ARM in Canada, MACARA, BELLA MARIA, MONTERREY and SIERRAMIN in Ecuador and LA FORTUNA CHILE in Chile. Cornerstone is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 1.2 billions as of today (US$ 934.1 millions, € 880.3 millions). Its stock quote reached its lowest recent point on March 04, 2016 at CA$ 0.02, and its highest recent level on September 18, 2020 at CA$ 6.53. Cornerstone has 299 560 000 shares outstanding. |