Cornerstone and SolGold Identify Large Gold-Copper Porphyry System at Cascabel Project, Ecuador
Published : September 17, 2012
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MOUNT PEARL, NEWFOUNDLAND--(Marketwire - Sept. 17, 2012) - Cornerstone Capital Resources Inc. ("Cornerstone") (News - Market indicators) (FRANKFURT:GWN) (BERLIN:GWN) (OTCBB:CTNXF) is pleased to provide an update on exploration activities from the Cascabel gold-copper porphyry project in Ecuador. The 5,000 hectare Cascabel Project is optioned to SolGold Plc (AIM code: SOLG), which is earning a 65% initial interest in the Project by spending $7.8 million over 4 years (see news releases dated April 10 and July 24, 2012). SolGold is directing the exploration program and Cornerstone is implementing the program.

Recent stream sediment, representative rock chip, and channel sampling, together with geological mapping, have identified three areas of outcropping porphyry gold-copper mineralization. Two main areas have been identified at Quebrada Moran ("Moran") and Quebrada Alpala ("Alpala"). These areas are 1.5 km apart and are interpreted to represent portions of a single large porphyry gold-copper system.

Key points:

  • Interpreted 2 km x 1 km porphyry gold-copper target zone based on interpretation of outcropping mineralization and alteration
  • Significant areas of >1 g/t gold and >1.0% copper in representative rock chip samples
  • Outcropping porphyry mineralization containing mineralized B veins with chalcopyrite and magnetite
  • Areas of sheeted B veins with up to 4. 9 g/t gold and 1.3% copper
  • Limited channel sampling shows uniform gold and copper mineralization over intervals up to 16 m
  • Cascabel is located in the regional belt of porphyry gold-copper deposits that includes the Junin deposit (8.7 million tonnes of contained copper metal) and the La Colosa gold porphyry (24 million ounces of contained gold). 

Current activities:

  • Ongoing channel sampling in areas of outcropping porphyry mineralization
  • Systematic soil sampling on a 200 m x 100 m grid over the main target area covering approximately 5 km x 4 km
  • A detailed heli-magnetic and radiometric survey over the entire concession will commence this month
  • Detailed geological mapping compilation

Brooke Macdonald, CEO of Cornerstone said: "We believe we have identified a large porphyry gold-copper system at Cascabel and we are now working to define drill targets. Drilling is subject to permitting and we are advancing the work required for the issuance of those permits."

At Moran, representative rock chip sampling has returned anomalous gold and copper values (16 samples (49%) > 100 ppb gold and 22 samples (69%) > 500 ppm copper), including values up to 1.84 g/t gold and 1.62% copper in an altered and veined porphyry gold-copper, highly prospective potassic zone, environment. Channel sampling has been completed within a 200 m length of creek bank outcrop. The sampling comprises seven channels which range in length from 6.8 m to 18 m for an aggregate sample length of 80.23 m. Individual channel samples vary in length from 1.1 m to 3.2 m. Anomalous gold and copper assays were received from those channels with mapped vein networks containing chalcopyrite, magnetite and some malachite. The best interval was 16.2 m at 0.21 g/t gold and 0.18% copper, with grade open at both ends of the channel. Peak individual values over a 2 m sample were 0.37 g/t gold and 0.33% copper. 

At Alpala, representative chip sampling has returned values ranging from 1.14 to 4.86 g/t gold and 0.51 to 1.30% Cu also in a potassic altered and sheeted veined porphyry gold-copper environment. Limited continuous chip sampling has been completed, and additional channel sampling is in progress. The chip sampling that has been completed includes 4m at 3.30 g/t gold and 0.99% copper.

In addition to the two main areas of porphyry gold-copper mineralization, alteration and anomalous gold and copper samples have been returned from several other areas, within an area of 5 km x 4 km. This broader area includes additional zones of potassic alteration at Quebrada Tandayama and America, zones of adularia-quartz-carbonate-chalcopyrite veins and breccias at Quebrada Adularia, and zones of significant panned gold in areas of epithermal veining. Several altered and/or geochemically anomalous areas have not yet been followed up.

Reconnaissance geological mapping accompanied by stream sediment and rock sampling has been completed on approximately 85% of the property. A total of 133 stream sediment samples have been collected, with 35 (27%) returning anomalous gold (> 50 ppb Au) and 95 (72%) returning anomalous copper (> 100 ppm Cu). The stream sediment survey has defined an extensive gold and copper anomalous area measuring more than 15 km² in the central portion of the property.

A total of 338 representative chip samples have been collected from outcrops during the reconnaissance program, with 149 samples (44%) returning anomalous gold (>100 ppb Au), including 26 samples grading > 1,000 ppb (1 g/t) Au. A large proportion of samples (262 or 78%) returned anomalous copper (> 100 ppm Cu), including 71 samples grading > 1,000 ppm Cu.

An orientation soil geochemistry survey was carried out to define the soil horizon and size fraction offering the best geochemical response. A total of 72 sites were sampled over 3 northeast oriented lines which cover volcanic host rocks and the altered and mineralized porphyry system.

Current exploration includes systematic soil sampling over a large portion of the exploration concession, a detailed heli-magnetic and radiometric survey, and ongoing channel sampling and detailed geological mapping.

All exploration activities are focused on delivering drill targets as soon as possible.

The exploration to date has identified gold and copper mineralization associated with potassic alteration typical of porphyry gold-copper systems. There is a direct relationship between chalcopyrite mineralization and magnetite. This is significant and will provide a strong basis for 3-D interpretation of the target zone from the detailed heli-magnetic survey. These results are expected to be available next month.

In addition to the technical exploration program, Cornerstone has completed a stakeholder baseline survey through international consultants Cardno Entrix, and continues to implement community relations programs. The project and exploration programs are strongly supported by the local community. 

To view the maps and figures associated with this release, please see the following link: http://media3.marketwire.com/docs/917_cgp_figures_maps.pdf

Assaying, Quality Assurance/Quality Control (QAQC)

Samples were delivered in sealed bags by Cornerstone employees to the ACME preparation laboratory in Cuenca. Rock samples are prepared (ACME code R200-250), and assayed by the ACME-Vancouver laboratory (www.acmelab.com) for gold (ACME code G601, F.A., 30 g) and multi-elements (ACME code 1E, 4 Acid digestion ICP-ES finish). All over limits results for precious and base metals were systematically re-assayed (ACME codes G6Gr and 7TD). Stream sediment samples are prepared (ACME code SS80), and assayed for gold (ACME code G601, F.A., 30 g) and multi-elements (ACME code 1EX, 4 acid digestion, ICP-MS finish).

ACME is an ISO 9001:2008 qualified assayer that performs and makes available internal assaying controls. Certified blanks and standards are systematically inserted every 25 samples as part of Cornerstone's QA/QC program.

Qualified Person

Yvan Crepeau, M.Ba., P.Geo., General Manager of Cornerstone Ecuador S.A. 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.

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 Canada, 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.

Cautionary Notice:

Certain statements contained in this press release may be considered as forward-looking. Such forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from estimated or implied results. 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.

Further information is available on Cornerstone's website: www.cornerstoneresources.com or for investor, corporate or media inquiries, please contact:

Investor Relations:

Email: ir@cornerstoneresources.ca   

North America toll-free: 1 (877) 277-8377

The link to a recent Corporate presentation is:

http://www.cornerstoneresources.com/i/pdf/Presentations_0412_CRICorporate.pdf

Investors can also access Cornerstone 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

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.

Cornerstone Capital Resources Inc.
1 (877) 277-8377
communications@crigold.com
www.cornerstoneresources.com
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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 185.0 millions as of today (US$ 147.9 millions, € 139.4 millions).

Its stock quote reached its lowest recent point on March 04, 2016 at 0.02, and its highest recent level on September 18, 2020 at 6.53.

Cornerstone has 47 442 200 shares outstanding.

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1/15/2009Cornerstone Update
1/13/2009 New Mining Law Approved in Ecuador
11/21/2008Cornerstone Update
9/30/2008approves new constitution, clears way for new mining law
9/25/2008Cornerstone Update
8/11/2008Monthly Update - Monday, August 11, 2008
7/14/2008personnel change
6/19/2008Update on Little Deer
6/11/2008and Altius form alliance to explore for copper in the Labrad...
5/22/2008adds claims in the Bay St. George evaporite basin
5/20/2008Report on the drilling on the Little Deer Copper project
5/7/2008acquires new uranium property
4/29/2008acquires property with potash potential
4/25/2008Participates in Industry- Canadian Government Meeting With E...
4/23/2008 Evaluates Impact of Mining Mandate in Ecuador
4/23/2008 Update
2/12/2008 and Newmont Sign Definitive Agreement on Ecuador Strategic ...
2/4/2008John C. Crosbie resigns from Cornerstone's Board. Mr. Crosb...
1/10/2008Monthly review
12/6/2007 Monthly Review
11/8/2007 Monthly Review
10/22/2007and Newmont to Explore Southern Ecuador
10/17/2007La Plata Update
10/16/2007provides update on the La Plata VMS project, Ecuador
10/11/2007September Update
9/10/2007August Update
8/29/2007partners with Phelps Dodge Corporation of Canada, Limited to...
8/3/2007July Update
7/26/2007announces 4.7% Zinc intercept in drilling by Mountain Lake R...
7/10/2007 and Thundermin Commence Drill Program on the Little Deer Co...
6/11/2007 May update - the Drills start turning
6/7/2007(Shyri)Provides update on geophysics at GAMA, Shyri project, southe...
5/15/2007Signs JV Agreement and Commences Drill Program on Cornerston...
5/7/2007plans to drill 26,000 metres on five projects in Canada and ...
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TSX-V (CGP.V)Other OTC (CTNXF)
3.90+8.64%2.86+10.00%
TSX-V
CA$ 3.90
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