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Re: News - Thursday, January 31, 2013
13-03 - Cornerstone Provides Exploration Update
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Mount Pearl, NL, Canada: Cornerstone Capital Resources Inc.
("Cornerstone" or "the Company") (TSXV-CGP) (F-GWN) (B-GWN) (OTC-CTNXF)
today provided an update on the status of key exploration projects in
Ecuador, Chile and Canada.
ECUADOR
Cascabel
On January 24th, the Company and partner SolGold Plc announced that
recent channel sampling at the Alpala Prospect within the Cascabel
Project in northern Ecuador has returned highly encouraging gold and
copper assays and confirmed the presence of a significant outcropping
gold-copper porphyry system. Channel TR46 returned 45.63 m at 0.81 g/t
gold and 0.59% copper. Grades across the entire channel are very
consistent, indicating the potential for a bulk mineralized porphyry
system. Furthermore, the TR46 mineralized section is covered by scree
and vegetation at both ends and is therefore completely open.
The Alpala Prospect is located within the T1 target which has been
identified on the basis of geological and alteration mapping, a
compelling magnetic signature and coincidence with strong surface
geochemistry (copper, gold and molybdenum). The T1 target is roughly
circular with a diameter of 2 km. Results of a follow-up soil
geochemistry survey are expected in February and final data for the
helicopter-borne magnetic and radiometric survey has been received and
processed. Further modelling and targeting is underway, and areas for
3-D modelling have been identified. The permitting process in the lead
up to drilling is progressing well, with initial drilling expected to
begin in early Q2.
Shyri
The Company has completed a thorough review of exploration results at
the Gama prospect and is considering future plans for this northern
portion of the Shyri property following Intrepid Mines Limited's
decision to terminate the Shyri option agreement, which was announced
on December 14th, 2012. Meanwhile, approvals which are required to
commence Phase 1 drilling at both the Vetas Grandes and Ca�aribamba
epithermal prospects located in the southern part of the property are
expected to be received in Q2 following the Ecuadorian Presidential
elections scheduled for mid-February. The Company will continue to seek
a new partner to fund exploration on these targets, which are
drill-ready and provide excellent opportunities for a significant
discovery.
Ca�a Brava
On December 20th, 2012, the Company announced results from prospecting
and geological mapping surveys carried out on its wholly owned Ca�a
Brava property located in south-central Ecuador. The surveys have
identified two large high-sulphidation (HS) epithermal gold-silver
zones defined by extensive hydrothermal breccia and silicic ribs
developed within an advanced argillic alteration lithocap. The West
Zone (Ca�a Brava Breccia) is developed over a 2.5 km by up to 2.0 km
area and is coincident with a 3 km by 1 km multi-element soil
geochemistry anomaly. The East Zone shows a similar HS system measuring
1.75 km by 1.0 km which is open in most directions. A porphyry
gold-copper target has also been identified beneath the Ca�a Brava
Breccia. The Company is continuing to seek a partner to fund more
advanced exploration programs on the property.
Macara
The Macara project located in southernmost Ecuador is subject to a
strategic alliance between the Company and Newmont Ventures Limited, a
subsidiary of Newmont Mining Corporation. Force majeure has been in
effect since April 2008, and will remain so until an Environmental
License is issued by the Ministry of Environment for the 1,452 hectare
Bellavista concession. Exploration on the large (2,500 km2) surrounding
Area of Interest (AOI) covered by the alliance is suspended until such
time as the Ministry of Non-Renewable Natural Resources opens the area
for new mineral concession applications.
Bella Maria
On May 11th, 2012, the Company announced that it has received
authorization to resume activities on the Bella Maria project and
provided a summary of results for exploration work carried out prior to
the April 2008 Mining Moratorium. Initial results indicate that the
property has excellent potential for hosting significant gold and
copper mineralization. Stream sediment samples collected across the
property are exceptionally anomalous in gold, and a large coincident
gold- and copper-in-soil anomaly accompanied by porphyry style
mineralization has been identified in the central part of the property.
Four mineralized prospects have been identified. The Company is
actively seeking a partner to fund an aggressive exploration program on
the property.
La Encrucijada
Prospecting work carried out by the Company during 2012 confirmed
results from previous property owners which indicates good potential
for significant shallow epithermal gold-silver mineralization and
porphyry gold-copper style mineralization at depth. Recent work has
provided a much better understanding of the alteration and
mineralization processes and their controls. The work also increased
the size of the Alumbre prospect and discovered the new Potrerillos HS
alteration zone. Three altered and mineralized zones are present on the
property. Many anomalous float samples, stream sediment anomalies and
soil anomalies (precious and base metals, epithermal pathfinders) still
require follow up and offer potential for new discoveries. The Company
is seeking a partner to jointly explore this property.
CHILE
La Fortuna
As announced on January 11th, 2013, the Company has returned the La
Fortuna copper-silver property to its Chilean owner due to an inability
to secure a partner to fund the second year option commitment.
Miocene
A regional exploration program was completed on the Miocene project
during the first half of 2012. Alteration mapping using Aster (Advanced
Spaceborne Thermal Emission and Reflection Radiometer) satellite
imagery, combined with historical airborne magnetic survey data and
regional geological and structural data, was used to define prospective
areas for ground follow up. Reconnaissance geological mapping at a
scale of 1:25,000, rock sampling and widely spaced soil sampling (2,000
m by 500 m and 1,000 m by 250 m) were carried out over a large area of
70,000 hectares (70 km�) covering exposed and altered bedrock and
adjacent soil and gravel-covered pampas. Soil samples were analyzed
utilizing a combination of analytical techniques designed to detect
deep and/or buried mineralization. Geological mapping and spectrometry
work better defined the alteration zones (type, size and distribution)
that were identified by the Aster satellite imagery. Geochemical
anomalies were defined for base metals, precious metals and pathfinder
elements associated with porphyry gold-copper and epithermal
gold-silver styles of mineralization. The Company is continuing to seek
a partner to help advance exploration on this exciting early-stage
project.
CANADA
Little Deer
Planned infill
Diamond drilling at the Little Deer copper deposit by
the Company and 50% partner Thundermin Resources Inc. remains
contingent on project financing. The drilling is designed to upgrade
the Inferred Resources to the Indicated Resource category in order that
a pre-feasibility study can be undertaken on the deposit.
Cape Ray
The Company and Benton Resources Inc. signed a definitive option
agreement respecting the Cape Ray project on December 19th, 2012. Under
the terms of the agreement, Benton has the ability to earn an initial
70% interest in the property by spending CAN$2 million on exploration,
and making payments of CAN$125,000 and 155,000 shares over 4 years.
Benton can earn an additional 5% (taking their interest to 75%) by
incurring an additional CAN$1 million in exploration expenditures at
its sole election but such election must be made within a period not
exceeding 18 months from the date that Benton's interest vests at 70%.
Since September 2012, Benton has carried out re-logging and re-sampling
of historical drill core which has led to the identification of a new
gold zone termed the "PW Zone", which they interpret to be a possible
strike extension of the Windowglass Hill deposit (National Instrument
43-101 inferred resources of 1,810,000 tonnes grading 1.77 g/t gold and
11.28 g/t silver, containing 103,001 ounces of gold and 656,415 ounces
of silver[1]) located 1.2 km to the southwest. Re-sampling of
historical drill core is continuing, and in December upgrades were
carried out on the approximately 20 km gravel access road to the
project site. Planned work by Benton during 2013 includes establishing
a picketed control grid, ground geophysical surveys and
Diamonddrilling of high priority targets.
[1] NI 43-101 Technical Report entitled "Mineral Resource Estimate
Technical Report for the Cape Ray Au-Ag Property, Isle Aux Morts Area,
Newfoundland and Labrador, Canada, July 16th, 2012" was prepared by Mr.
Paul T�ni�re, P.Geo., and Mr. Andrew Hilchey, P.Geo., of Mercator
Geological Services Limited, both whom are independent Qualified
Persons in accordance with NI 43-101. The technical report can be
viewed on the Company's website at
http://www.cornerstoneresources.com/i/pdf/Properties_CR_43-101.pdf and
on SEDAR.
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.
Qualified Person(s)
The technical information contained in this news release has been
reviewed and approved by Terry Brace, P.Geo., Cornerstone's VP
Exploration (Canadian projects) and Yvan Crepeau, P.Geo., President of
Cornerstone Ecuador S.A. and Minera Cornerstone Chile Limitada
(Ecuadorian and Chilean projects), both of whom are qualified persons
in accordance with National Instrument 43-101.
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_0912_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.
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Copyright (c) 2013 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 Jan 31, 2013 at 5:15:00 AM Pacific Time
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