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Re: News - Wednesday, November 13, 2013
13-28 - Cascabel Project Update -- Alpala Prospect - Drill Hole
CSD-13-002 Porphyry Copper-Gold Mineralization Extends at Depth
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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 that assay results have been received for the lower portion
of drill hole CSD-13-002 at the Alpala prospect within the Cascabel
Project, the Company's copper-gold porphyry exploration project in
northern Ecuador (refer Figure 1).
Highlights:
- Assay results for the entire drill hole CSD-13-002 yield the
following copper-gold intersections:
- 18m @ 0.33% copper, 0.41 g/t gold (from 6m);
- 292m @ 0.37% copper, 0.30 g/t gold (from 126m); including 42m @
0.50% copper, 0.68 g/t gold (from 184m).
- Copper-gold mineralization encountered to date is interpreted to lie
within a high-level structural zone that taps a larger porphyry
copper-gold system at depth.
- Higher grade intervals included:
- 10m @ 0.91% Cu, 0.41 g/t Au (from 130m)
- 2m @ 2.58% Cu, 0.81 g/t Au (from 132m)
- Hole CSD-13-004 terminated at a depth of 318.51m due to poor ground
conditions.
- Hole CSD-13-005 will test the porphyry target below Holes 1 and 2 and
is due to commence within the next few days.
- Assays for Hole CSD-13-003 are anticipated in 2 weeks.
References to figures and table 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/NR13-28Figures.pdf.
Drill Hole CSD-13-002 Assay Results
A second batch of assay results has been received for drill hole
CSD-13-002. The hole was terminated at 547.42m depth in mineralization
due to hole deviation caused by faulting in the deeper part of the hole
and associated drilling difficulties.
The copper and gold intersections for the entire drill hole are
outlined in Table 1 below. The new extended intersection further
confirms and expands the known distribution of copper-gold
mineralization below the zone of outcropping stock-work vein
mineralization in Alpala Creek. Figure 3 shows a cross-section of gold
and copper intersections in holes CSD-13-001 and CSD-13-002. Two main
intersections were encountered in drill hole CSD-13-002:
- A shallow intersection of 18m length grading 0.33% Cu, 0.41 g/t Au
(from 6m depth).
- A deeper intersection of 292m length grading 0.37% Cu, 0.30 g/t Au
(from 126m depth).
The extensive mineralization within the hole (292m @ 0.37% copper and
0.30 g/t gold) is particularly encouraging, and it laterally expands
the extent of mineralization on cross-section at Alpala Creek (refer
Figure 3).
Hole ID Depth From Depth To Interval Cu (%) Au (g/t) Mo (ppm)
CSD-13-002 6 24 18 metres 0.33 0.41 3.6
CSD-13-002 126 418 292 metres 0.37 0.30 10.1
Includes 130 140 10 metres 0.91 0.44 6
includes 184 226 42 metres 0.50 0.68 6.7
Table 1: Copper and gold intersections encountered in hole CSD-13-002.
Drill Holes CSD-13-003, CSD-13-004 and CSD-13-005
Drill Hole CSD-13-003 terminated at 751.33m (see separate NR dated 4
November 2013). Assay results are expected in 2 weeks.
Drill Hole CSD-13-004 was terminated at a depth of 318.51m due to poor
ground conditions. CSD-13-004 was sited to test an area 300 metres
vertically below the lower mineralized interval in Hole CSD-13-001
(Figure 3) but the hole was terminated at 318.51m due to poor ground
conditions. A re-designed hole, CSD-13-005, will be collared at the
same location as CSD-13-001 and drilled at a steeper angle of -85
degrees to test for the continuation of the high grade copper-gold
mineralization intersected in the lower section of CSD-13-001 (Figure
2).
About Cascabel
SolGold Plc holds a 50% interest, and can earn up to an 85% interest,
in Exploraciones Novomining S.A. ("ENSA"), the Ecuadorian subsidiary of
Cornerstone that holds 100% the Cascabel concession.
The Cascabel project 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 NI 43-101 compliant inferred
resource of 982 million tons at 0.89% Cu Junin copper project.
The Alpala Prospect exhibits surface mineralization and alteration
patterns indicative of porphyry copper-gold systems and has a similar
footprint to large porphyry systems around the world.
Brooke Macdonald, President of Cornerstone, commented, "This year we
have re-focused Cornerstone exclusively on our Ecuadorean and Chilean
projects, which we believe have the potential to deliver superior
returns to our shareholders. Changes earlier this year to the Mining
Law in Ecuador, to cap government royalties and to clarify that the
windfall profits tax applies only after mine payback, have removed a
large obstacle to investment in the mining sector. The potential
geological endowment of Ecuador remains unknown due to under
exploration but may be unparalleled."
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 and has reviewed and approved the information contained in this
news release.
Logging, sampling and assaying
Hole CSD 13-002 was drilled using HTW and NTW core sizes (respectively
7.1 and 5.6 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 Cornerstone's core logging facility and
half of the core is delivered by Cornerstone 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 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 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 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 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 Wed Nov 13, 2013 at 6:30:00 AM Pacific Time
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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. |