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Re: News - Tuesday, November 04, 2014
14-25 - Cornerstone Initiates Exploration on its Miocene Project,
Northern Chile
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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 it is initiating an exploration program on its Miocene
project located in Northern Chile through its Chilean subsidiary Minera
Cornerstone Chile Limitada (MCCL).
HIGHLIGHTS:
- Regional compilation work completed.
- Review and integration of data from previous surveys and from
surrounding properties.
- Definition of large, highly prospective areas for porphyry and
epithermal style of mineralization to be systematically explored in the
next several months.
References to figures 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/NR14-25Figures.pdf.
"We are very pleased to restart exploration on the Miocene project",
stated Cornerstone's President & CEO, Brooke Macdonald. "Generative
work done by our geologists is very encouraging and discoveries made
next door and on strike with our exploration targets by our neighbor
Mirasol Resources demonstrate that this underexplored and exciting part
of northern Chile has high potential to host a new mineralized district
and large deposits".
Miocene Property
The Miocene project granted concessions cover an area of 152.1 km2
(15,210 hectares) across two contiguous concession blocks in northern
Chile. The project spans the boundary between the Antofagasta region
(Region II) and the Atacama region (Region III), although it lies
mostly within the Atacama region, approximately 250 km southeast of the
port city of Antofagasta.
The project area lies at elevations ranging from 3720m on the eastern
margin of the concessions to 4845m near the western margin of the
concessions on the flank of the Chaco volcano. The terrain is largely
denuded of vegetation, typical of high elevation in the Atacama desert.
Regional Geology
The Miocene volcanic belt in Chile and
Argentina extends from around
24oS to 47oS. In northern Chile the Miocene belt lies along the eastern
(inland) side of the Eocene-Oligocene belt. However, the
metallogenically productive section of this belt extends from around
25oS to 35oS (Figure 1).
The Miocene volcanic rocks near the northern end of the Miocene belt,
between latitudes 26oS and 28oS, comprise the Maricunga belt, a linear
belt of volcanic rocks, and a metallogenic unit, that is defined by at
least 14 zones of gold and silver mineralization in this latitude
interval. This belt is well studied and provides good background to the
more extensively covered Miocene sequences further north in the area of
Cornerstone's Miocene project.
The area to the north of the Maricunga Belt is increasingly covered by
Late Miocene to Pliocene volcanic sequences and surficial gravel
deposits derived from these younger volcanic sequences. Exploration
north of the Maricunga belt, between latitudes 25oS to 26oS, has been
less intense and less effective due to this Late Miocene and younger
cover.
Furthermore, the structural framework in the region supports the
prospectivity of this northern extension to the Miocene Belt, as it is
transected by NW-SE trending crustal lineaments (Figure 2 and 3).
Particularly prospective regions are where these NW-SE trending
lineaments intersect the Domeyko Fault Zone, e.g. Oligocene -
Chuquicamata, Escondida, El Salvador, Potrerillos; Miocene -- Cerro
Casale, Pascua Lama, Veladero. The Miocene Project lies at a similar
structural setting, where the NW-SE trending Culampaja Fault intersects
the Domeyko Fault Zone.
Project Geology
The area is underlain by a series of andesitic lava flows and
tuffaceous units at the base of the local stratigraphic column
(24-20My) and aligned in a NNW direction possibly indicating the
general direction of structures controlling the position of volcanic
vents (Figure 4).
Around 18-16 My, flows and tuffs of dacitic composition were deposited
to the southeast at about the same time than the ignimbrites of the Rio
Frio Formation. Towards the end of the period, andesitic to rhyolitic
volcanic and pyroclatics units were deposited at Cerro Chaco and Cerro
Blanco.
The volcanic activity followed during the period 13 My to 11 My with
the deposition of ash and lapilli tuffs part of the Plato Superior
Formation in the Llano Blanco valley and Salar Agua Amarga areas and
andesitic lava flows at Cerro de Azufre.
Quaternary age gravels derived from these volcanic units occupy lower
ground as a thin veneer over large areas and some depressions. These
non-consolidated units have been divided into 3 units to better
characterize the soil geochemical anomalies: containing hydrothermally
altered clasts, containing colloform silica clasts and, containing
unaltered clasts.
The older sequences (24-16Ma) are broadly confined to a subtle
structural depression (~6 km wide) that trends northwest-southeast,
while the younger sequences (16-11 Ma) tend to occur on the northeast
and southwest side of this depression. Most of the mapped alteration is
confined to this structural depression where it appears to primarily
affect the oldest andesite sequence.
Previous Exploration Conducted by MCCL
Initial exploration activity conducted by MCCL involved acquisition and
processing of Landsat and ASTER (Advanced Spaceborne Thermal Emission
and Reflectance Radiometer) satellite imagery data defining a series of
anomalies across a broad region of the Miocene Project, some of which
lie beyond the current outline of the Miocene property.
MCCL undertook reconnaissance geological mapping across the entire
Project area. The mapping revealed a detailed volcanic stratigraphy
within the region and also identified the distribution of
hydrothermally altered bedrock in areas where it was exposed, or not
covered by surficial gravel (Figures 4 and 5).
MCCL covered the entire concession area with a relatively open soil
sampling grid of 1 km spaced lines, with sample spacing along the lines
alternating between 250m and 500m spacing and collected scattered
rock-chip sampling over and beyond the concession area. Soil samples
were analyzed utilizing a combination of analytical techniques (partial
and total digestion) designed to detect deep and/or buried
mineralization.
Exploration data generated by MCCL and other exploration companies
working in the same district was compiled and integrated within a
regional database including airborne magnetic data. Metallotects and
several large (several km) and highly prospective areas were defined on
strike with mineralized prospects recently discovered on neighboring
ground. A follow up exploration program has been designed to evaluate
anomalous zones defined by previous surveys and new targets defined by
compilation work.
Follow up exploration program
A systematic prospecting program has been designed to cover anomalous
precious, base metals and pathfinder elements associated to porphyry
and epithermal style of mineralization from previous surveys. Field
crews will be initiating exploration work the first week of November. A
ground magnetic survey and an Induced Polarization (IP) survey will be
carried out as a second phase over the most prospective parts of the
property, followed by trenching and, if time permits, drilling of
targets developed during this proposed exploration program.
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 Miocene
project for Cornerstone and has reviewed and approved the information
contained in this news release.
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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