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Re: News - Tuesday, November 03, 2015
15-24 - Strong Copper-Gold Mineralization Discovered at Surface
at Agui�aga Prospect, Cascabel Project, Ecuador.
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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. SolGold Plc is funding 100% of the exploration at
Cascabel and is the operator of the project.
HIGHLIGHTS:
- Porphyry stockwork copper-gold mineralization discovered at surface
at Agui�aga, 1.6km northeast of Alpala prospect.
- Rock-saw channel results over the exposed area return an open ended
intersection of 9.0m @ 1.01 % Cu, and 0.79 g/t Au.
- Geophysical and geochemical similarities to the Alumbrera copper mine
in
Argentina and other large porphyry copper deposits around the world.
Figures, photographs and tables referred to in this news release can be
seen in PDF format by accessing the version of this release on the
Company's website (www.cornerstoneresources.com) or by clicking on the
link below:
http://www.cornerstoneresources.com/i/pdf/NR15-24Figures.pdf.
"Apart from the highly prospective Alpala Prospect, there are currently
four other target areas within the Cascabel tenement including:
Quebrada Tandayama-America, Aguinaga and Quebrada Moran are prospective
for copper-gold porphyry deposits and Rio Cachaco is prospective for
epithermal gold style mineralization", said Brooke Macdonald,
Cornerstone's CEO.
FURTHER INFORMATION:
After reconnaissance field-work initially located mineralized
porphyritic diorite along the northern slope of Agui�aga Hill,
subsequent detailed 1:500 scale "Anaconda" style geological and
structural mapping has led to the discovery of porphyry stockwork
copper-gold mineralization outcropping at surface.
Mineralization is exposed along the upper section of Agui�aga Creek,
where classic porphyry style 'B'-type
quartz-magnetite-chalcopyrite-bornite stockwork veining occurs within
porphyritic diorite (Figure 2).
The outcropping mineralization is accompanied by potassic (biotite)
alteration and remains open to the north where creek sediments and
dense vegetation limit further surface exposure. Potassic alteration
and bornite is highly diagnostic of the core mineralization in a
typical porphyry copper-gold system.
Rock-saw channel sampling results over the exposed outcrop returned an
open ended intersection of 9.0m @ 1.01 % Cu, and 0.79 g/t Au (Table 1,
Figure 3)
Trench ID Length (m) Cu (%) Au (g/t)
AG001 1 0.84 0.57
AG001 1 1.59 0.93
AG001 1 0.80 0.42
AG001 1 0.47 0.24
AG001 1 0.70 0.33
AG001 2 0.26 0.20
AG001 2 2.07 2.11
Totals/ 9 1.01 0.79
weighted avg.
Table 1: Rock-saw channel sample results from Trench AG001 at
Agui�aga.
The Agui�aga prospect lies on a prominent topographic high (1615masl)
about 3km south of Rocafuerte site office and 1.3km to the northeast of
the Alpala prospect which is currently being drilled. SolGold
geologists believe the Agui�aga target is extremely compelling for four
key reasons:
1. The interpreted porphyry centre at Agui�aga occurs at the confluence
of a deep seated regional northwest trending structure with a major
northeast trending lineament. This is the same structural regime within
the same host rocks that hold the recently discovered porphyry deposit
at Alpala (Figure 4).
2. Agui�aga is characterized by a classic 500m x 500m magnetic high
surrounded by an annular magnetic-low which has strong similarities
with the large Alumbrera porphyry copper deposit in
Argentina, as well
as the Grasberg and Batu Hijau magnetic signatures, both located in
Indonesia. This geometry is consistent with a large porphyry system
characterized by a central magnetic high related to an intrusive centre
and a magnetite-destructive halo caused by pyritic phyllic / argillic
alteration (Figure 5).
3. The presence of a very strong annular Induced Polarization (IP)
chargeability high with a central tapering root at Agui�aga is
consistent with sulphide-bearing, disseminated and/or stockwork style
mineralization peripheral to and above a porphyry stock. (Figure 6).
4. The pattern of geochemical zonation is classic for a porphyry
copper-gold model. The presence of coincident copper, gold, and
molybdenum in soil anomalies supports the inferred porphyry centre at
Agui�aga. The low manganese in soil that flanks the central copper zone
to the north and south is likely to be related to intense late-stage
hydrothermal alteration. The presence of an elevated zinc aureole
surrounding this area of low manganese is a geochemical signature that
is typical of the metal zonation around porphyry copper-gold deposits.
(Figure 7).
SolGold is currently conducting field mapping, rock saw trenching, and
infill soil-sampling programs, along with spectral analysis of soils to
determine hydrothermal alteration assemblages.
SolGold expects to bring the prospect to drill-ready status over the
coming quarter.
Plans:
Solgold is planning a resource statement at Alpala, the most advanced
target at Cascabel, by mid 2016, in addition to drill testing the other
key targets at Agui�aga, Tandayama America and Chinambicito on the
Cascabel concession. By the end of 2016 SolGold is planning further
metallurgical testing, and completion of early stage mine and plant
design and a scoping study for an economic development at Cascabel.
Solgold is investigating both high tonnage / low grade open cut and
high grade low tonnage underground development as a block caving
operation.
About Cascabel:
SolGold Plc owns 85% of the equity of Exploraciones Novomining S.A.
("ENSA"), an Ecuadorean 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. 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
Rock samples are delivered by ENSA employees for preparation at ALS
Minerals Laboratories (ALS) sample preparation facility in Quito.
Samples are prepared crushing to 70% passing 2 mm (10 mesh), splitting
250 g and pulverizing to 85% passing 75 microns (200 mesh) (ALS code
CRU-31, SPL21 and PUL-32). Prepared samples are then shipped to ALS in
Lima, Peru where samples are assayed for a multi-element suite (ALS
code ME-ICP61, 1g split, 4-acid digestion, ICP-AES finish). Over limit
results for Ag (> 100 g/t) and Cu, (> 1%) are systematically re-assayed
(ALS code Ag-AA62 and Cu-AA62, 4-acid digestion, AAS finish). Gold is
assayed using a 30 g split, Fire Assay (FA) and AA finish (ALS code
Au-AA23).
Quality assurance / Quality control (QA/QC)
The ALS Laboratory is a qualified assayer that performs and makes
available internal assaying controls. Duplicates, certified blanks and
standards are systematically used (1 control sample every 15-20
samples) as part of the QA/QC program. Rejects, a 100 g pulp for each
rock and 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
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
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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