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Re: News - Tuesday, May 19, 2015
15-11 - Hole 11 Extends High Grade Copper Mineralization at
Cascabel
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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 the following project update for the Cascabel copper-gold
porphyry joint venture exploration project in northern Ecuador, in
which the Company has a 15% interest financed through to completion of
a feasibility study.
HIGHLIGHTS:
- Strong visual copper sulphide mineralization encountered at 996m and
variably continues to current hole depth at 1,128m.
- Strongly mineralized zone now extends a NW‐SE strike of over
375m (open), up to 300m true thickness (open), and 1,300m vertical
column (open).
Figures referred to in this release can be seen on the Company's
website (www.cornerstoneresources.com) or in PDF format by clicking the
link below:
http://www.cornerstoneresources.com/i/pdf/NR15-11Figures.pdf.
CSD-15-011 ("Hole 11") has intersected strong visual copper sulphide
mineralization from 996.6m to 1051.9m, extending the high-grade
copper-gold zones intersected in CSD-14-009 ("Hole 9") and CSD-15-010
("Hole 10"). This zone shows multiple intrusive phases, a complex
alteration pattern and a higher sulphide and vein content.
The porphyry stockwork copper mineralization encountered in Hole 11
extends the known high-grade zone at Alpala Central a further 100m
northwest (Figures 1 and 2). Drilling of Hole 11 continues, and on May
18, 2015 the hole was at a depth of 1,128m.
Hole 11 is testing the Alpala Prospect 200m south of the centre of the
large T1 geophysical target. The continuing intersection of gold-rich
porphyry copper mineralization as the drilling program advances along
strike to the northwest suggests to Cornerstone that the rich Alpala
Central mineralization extends to the T1 target at Northwest Alpala.
Final assay results from Hole 10 have been received and updated
intersections from the Company's March 27, 2015 news release are shown
in table 1 below. These results support the extension of further
copper-gold mineralization to the northwest, with an intersection of
220m@0.58% Cu and 0.59g/t Au (for 0.94% Cu equivalent) from 684m,
including 92m@0.84% Cu and 1.08g/t Au (for 1.49% Cu equivalent) from
760m. Hole 10 was terminated at 974.84m due to drilling difficulties
approximately 150m short of the interpreted high-grade zone previously
encountered in Holes 5 and 9 located to the southeast. The zone of
strongly mineralized porphyry at Alpala is now interpreted, on the
basis of compelling drilling data, to extend over a strike length of
375 metres and is expected to continue to the northwest and southeast.
The occurrence of strong bornite (rich copper sulphide) mineralization
and zones of intense silica impregnation is believed to be an
encouraging gold indicator and could demonstrate closer proximity to
the core of the porphyry system (Figures 3 and 4).
Cascabel Project - drill Hole Intersections
Hole ID Depth From Depth To Interval (m) Cu (%) Au (g/t)
Cu (Eq %) Comment Estimated True Width (Interpreted)
CSD-14-009 430 1700.8 1270.8 0.59 0.77
1.06 762
Incls 650 1700.8 1050.8 0.68 0.92
1.21 630
Incls 710 1482 772 0.80 1.19
1.51 463
Incls 650 912 262 0.69 1.31
1.48 100
Incls 710 820 110 1.13 2.32
2.53 42
Incls 730 820 90 1.28 2.70
2.90 34
Incls 760 820 60 1.55 3.68
3.75 23
Incls 1062 1482 420 1.00 1.35
1.81 247
Incls 1184 1482 298 1.24 1.72
2.28 176
Incls 1198 1410 212 1.46 2.18
2.76 125
Incls 1208 1386 178 1.60 2.47
3.08 105
CSD-15-010 394 840 446 0.38 0.36
0.60 150
Incls 604 906 302 0.50 0.48
0.78 Updated intersection 102
Incls 684 904 220 0.58 0.59
0.94 Updated intersection 74
Incls 760 852 92 0.84 1.08
1.49 Updated intersection 31
Table 1: Assay intersections from Hole CSD 14-009 and CSD 15-010. Note:
Cu-equivalent (CuEq) values are calculated using copper price US$
6614/tonne and gold price of US$ 40/gram (US$ 1,244/ounce). Cu
equivalent ("Cu Eq") grade is calculated by following equation: Cu Eq.
= Cu% + (Au g/t x 0.6). Cu-Equivalent values do not take into account
the recoverability of gold.
About Cascabel
SolGold Plc owns 85% of the equity of Exploraciones Novomining S.A.
("ENSA"), an Ecuadorean registered company that holds 100% of the
Cascabel concession in northern Ecuador. Cornerstone owns the remaining
15% of ENSA. SolGold is funding 100% of the exploration at Cascabel and
is the operator of the project. Cornerstone's 15% interest is financed
through to completion of a feasibility study.
Cascabel 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 inferred resource of 982 million tons at
0.89% Cu Junin copper project (0.4% Cu cutoff grade; Micon
International Co. Ltd. Technical Report for Ascendant Exploration SA,
August 20, 2004, pages 28 & 29). Mineralization identified at the Junin
copper project is not necessarily indicative of the mineralization on
the Cascabel Property.
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 for Cornerstone and has reviewed and approved the information
contained in this news release.
Logging, sampling and assaying
Holes referred to in this release were or are being drilled using HTW,
NTW, NQ and BQ core sizes (respectively 7.1, 5.6, 4.8 and 3.7 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 the ENSA core logging facility, and half of the core is then
delivered 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 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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CODE : CGP.V |
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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 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. |