=======================================================================
Re: News - Thursday, December 20, 2012
12-27 - Cornerstone and SolGold Define Additional Gold-Copper
Soil Anomalies and Geological Targets at the Cascabel Project,
Ecuador
=======================================================================
Mount Pearl, NL, Canada: Cornerstone Capital Resources Inc.
("Cornerstone") (TSXV-CGP) (F-GWN) (B-GWN) (OTC-CTNXF) is pleased to
provide an update on exploration activities at 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.
SolGold is directing the exploration program and Cornerstone is
implementing the program.
Exploration has progressed in 4 key areas -
1. Further soil sampling continues to deliver very encouraging results
2. Rock alteration mapping delivers very encouraging results
3. Trench sampling confirms outcropping gold-copper mineralization
4. Progress with components of the drill permitting process
Soil Sampling Survey
The regional-scale soil sampling program has progressed to cover the
southern portions of the concession and to partially complete infill
sampling of the northern area. The results have defined additional
gold, copper and molybdenum anomalies, along with other supporting
elements. The anomalies are clustered and cover a broad aerial extent
as shown in Figures 2a, 2b and 2c of the following map link:
http://cornerstoneresources.com/i/pdf/NR12-26Cascabel.pdf. The broad
and coherent area of molybdenum anomalism in the south is considered
most significant because of the association with strong and extensive
alteration and supporting anomalism of other elements.
This is very encouraging and further supports and enhances the
definition of the T1 target area, with coincident gold, copper and
molybdenum. This target has been further strengthened by recent
geological work (rock alteration mapping) outlined below.
Additional soil anomalies have been defined in other areas and these
will be further investigated.
It is considered significant that extensive areas of gold, copper and
molybdenum anomalism have been defined, and that these anomalous areas
are open in most directions. The soil sampling program will need to be
extended to define the limits of these anomalous areas.
Rock Alteration Mapping
A comprehensive 'rock alteration mapping' survey is being undertaken in
conjunction with the soil sampling program. This survey identifies
alteration minerals that may form in association with gold-copper
porphyry systems. This exploration technique has been successfully
applied elsewhere in the search for gold-copper porphyries, and in
particular during the exploration phase of the Candrian prospect
adjacent to the giant Tujuh Bukit porphyry deposit in Indonesia
(Norris, 2009). Used in conjunction with other datasets it assists in
locating the central parts of a mineralized system, and therefore
provides vectors for drill planning.
Figure 3 (see map link) shows the 'spectral alteration map' and
highlights areas of high temperature clay alteration coincident with
the T1 geophysical target and areas of coincident
gold-copper-molybdenum from soil sampling.
Trench Sampling
Rock saw trench channel sampling at Quebrada Moran has been expanded,
and has been undertaken at Quebrada America and Tandayama. The results
support the geological mapping and have defined some areas of anomalous
copper and gold.
At Quebrada Tandayama 6 channels were sampled and delivered anomalous
results of gold and copper (see Table 1: www.cornerstoneresources.com).
At Quebrada America 10 channels were sampled and delivered anomalous,
but lower level assay results.
The results show that the area of Q. Tandayama and Q. America is a
copper system with some supporting molybdenum, and weak gold, while
results of sampling at the area of Q. Moran show that it is a
gold-copper system. These differing geochemical signatures may also be
related to erosional level. Drilling will ultimately test these
concepts. The areas that have been channel sampled to date all lie
outside of the main target (T1) at Cascabel. Future channel sampling
will be conducted in the Quebrada Alpala area which lies within the
principal target.
Drill Permitting Progress
The drill permitting process requires the concession holder to prepare
water management plans, an environmental impact assessment (EIA) of the
proposed drilling program, and to undertake a structured community
consultation and endorsement program.
These activities are currently underway. The baseline studies for the
EIA have commenced and a team from consulting firm Cardno-Entrix is on
site and working with our community officer and the local communities.
A draft EIA is expected by mid-January. Applications for water permits
have been submitted to the Water Agency regional office (SENAGUA) for
the sourcing of water from 5 potential sites to support the drilling
program.
The anticipated first pass drilling program will be based on a 2,500 m
program comprising man portable drilling rigs with very low
environmental impact. Members of the local community have been taken to
tour an active drilling program in southern Ecuador so that they may
see first-hand the responsible way in which Cornerstone undertakes the
exploration program.
See Table 1: www.cornerstoneresources.com
Reference: Norris, M., 2009, The Discovery History of the Tujuh Bukit
Copper-Gold Project East Java, Indonesia; NewGenGold Conference, Perth,
November 2009.
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.
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
Further information is available on the Cornerstone Web site at
www.cornerstoneresources.com; via e-mail at communications@crigold.com;
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.
=======================================================================
Copyright (c) 2012 CORNERSTONE CAPITAL RESOURCES INC. (CGP) All rights
reserved. For more information visit our website at
http://www.cornerstoneresources.com/ or send
mailto:info@cornerstoneresources.com
Message sent on Thu Dec 20, 2012 at 9:15:00 AM Pacific Time
=======================================================================
.
|
Cornerstone Capital Resources Inc
|
|
DEVELOPMENT STAGE |
CODE : CGP.V |
ISIN : CA21922J2083 |
CUSIP : 21922J208 |
| |
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. |