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Re: News - Monday, July 27, 2015
15-16 - Hole 12 at Cascabel Intersects Mineralized Diorite
Porphyry, 2nd Rig Mobilized to Site
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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:
- Hole 12 intersects shallow visible copper sulphide
(chalcopyrite-bornite) mineralization from 88.4m to current depth of
246.9m *
- Mineralized diorite porphyry intersected at 233.8m, several hundred
metres shallower than previously expected. Diorite occurs at a similar
depth in Hole 1 (CSD-13-001).
- Extensions to surface mineralization and shallow resource potential
realized through recent mapping, trenching and rock-saw channel
sampling programs.
- Mobilization of 2nd Rig to site, with exploration drilling planned to
test other porphyry centres within the greater Cascabel porphyry
cluster.
* Core length; true width of the mineralized zone cannot be determined
from the information currently available.
References to figures, photographs and tables 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/NR15-16Figures.pdf.
FURTHER INFORMATION:
Hole CSD-15-012 ("Hole 12") continues, and on July 23rd the hole was at
a depth of 246.9 metres.
Hole 12 is being drilled at an azimuth of 210 degrees and an
inclination of ‐87 degrees from a position 95m to the southeast
of the CSD-13-005 ("Hole 5") drill site, targeting extensions of high
grade porphyry copper and gold mineralization encountered in Holes 1
and 5.
Visible chalcopyrite, bornite and magnetite veining encountered in Hole
12 from 88.4m highlight the potential for significant southeasterly
extension of the mineralized system at Alpala Central. The true width
of this zone is not clear at this stage.
The presence of "B" type quartz veining with Bornite "C" type sulphide
veining, in conjunction with magnetite veining and within the
characteristically poorly mineralized San Juan de Lacas Volcanics bodes
extremely well for the continued intersection of significant copper and
gold mineralization at shallow depths in the southeastern quarter of
the Alpala Central zone.
Sheeted and stockwork surface mineralization trending NW-SE in outcrop
at surface has been traced over a 140m strike length to date, and the
increasing potential for a shallow copper and gold resource in
conjunction with deeper high grade targets at Alpala Central further
enhance the scale and potential economic value of the Cascabel project.
Rock saw channel sampling perpendicular to the northwest trend of
mineralization along Alpala Creek returned true widths of 33.3m @ 0.65%
Cu, and 1.02 g/t Au, including 18.3m @ 0.78%Cu and 1.61g/t Au in Trench
5.
Trenching at the northwestern limit of exposed surface mineralization
returned 53.9m (true width 26m) @ 0.32% Cu, and 1.38 g/t Au, including
15.6m (true width 7.5m) @ 0.77 % Cu, and 0.56 g/t Au from Trench 56A,
which crosses the northwest mineralization trend at an oblique angle.
Drill hole CSD-13-001 ("Hole 1") has tested the central portion of this
zone of shallow prospectivity with results in the top 300m from surface
which include 100m @ 0.65% Cu, and 1.00g/t Au from 222m, including 58m
@ 0.96% Cu and 1.67g/t Au from 226m, as previously disclosed in
Cornerstone news release 13-25 dated October 16, 2013:
http://www.cornerstoneresources.com/s/NewsReleases.asp?ReportID=607907.
Recent discovery of extensions of surface mineralization, around 80m
southeast of Alpala Creek, reveals outcropping porphyry stockwork
veining in the most southeasterly trench. All new trench sites are
currently being cleared for rock saw channel sampling.
Mobilisation of a second drill rig (Rig 2) continues, with
transportation of over 2000m of drill rods to site. This rig is
planned to commence setup on site at Alpala North West around August
7th 2015.
The Alpala North West drill target lies around 400m northwest of Alpala
Central along the Alpala Structural Corridor, where an interpreted
porphyry centre lays co-incident with the "T1" geophysical target. The
"T1" target is characterised by coincident MVI magnetic and MT
conductivity models, surrounded by an annular IP chargeability halo.
This target area is also characterised by the limit of manganese < 100
ppm in soil, inferred to be related to strong phyllic / argillic
alteration, as well as a north west trending zone of pyrophyllite from
soil spectral work. This type of spatial relationship between
geophysical, geochemical and spectral data is shown by many other
globally significant porphyry systems.
Location plans showing near surface drill hole results and surface rock
saw channel results for copper and gold respectively are shown in
Figures 1 and 2. An example of recently discovered porphyry stockwork
veining in the most southeasterly trench is shown in Figure 3.
Examples of mineralization encountered in Hole 12 to date are shown in
Figure 4. Rig 2 planned location and target are shown in Figure 5.
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, which also holds the rights to the La Encrucijada
gold-silver project. SolGold is funding 100% of the exploration at
Cascabel and is the operator of the project with Cornerstone Ecuador
S.A. providing some exploration and administrative services.
Cornerstone's 15% interest is financed through 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 cut-off 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
delivered by ENSA 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 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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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. |