MOUNT PEARL, NEWFOUNDLAND AND LABRADOR--(Marketwired - May 19, 2015) - Cornerstone Capital Resources Inc. ("Cornerstone" or "the Company") (TSX VENTURE:CGP)(GWN.BE)(GWN.BE)(CTNXF) announces exploration results obtained from recent work on its Miocene project located in Northern Chile through its Chilean subsidiary Minera Cornerstone Chile Limitada (MCCL).
HIGHLIGHTS:
- Extensive high sulphidation epithermal alteration zones defined
- Rock geochemical assay results supportive of prospective porphyry and epithermal style of mineralization
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/NR15-10Figures.pdf.
"Results obtained in the last field program on the Miocene project confirm our previous assessment of this new and significant exploration play in Northern Chile. New large gold company players are now active in the area. Goldfields made a 3.1M oz gold and 34 M oz inferred resource silver discovery at Salares Norte*, 60 km to the south and Yamana Gold recently optioned the Mirasol Resources properties neighboring the Miocene project. We believe that Cornerstone is well positioned in the core of what could be a new mineralized district" stated Cornerstone's President & CEO, Brooke Macdonald. (The geological features, attributes and mineralization of these properties are not necessarily indicative of those on the Company's Miocene Property).
* See Gold Fields 2013 Annual Report.
Miocene Property
The Miocene project granted concessions cover an area of 105 km2 (10,500 hectares) 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 (Figure 1).
The project area lies at elevations ranging from 3720 metres above sea level (masl) on the eastern margin of the concessions to 4845 masl 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.
Following assessment of the results of the field program recently carried out some 3,640 hectares were relinquished. During 2014, MCCL sought a judicial declaration of its better right to disputed mineral rights over 300 hectares of highly prospective ground strategically located along a well defined epithermal mineralization trend and obtained a decision confirming its rights (Figure 2). The trial judge's decision has been appealed by an interested third party but MCCL is confident the decision of the trial judge will be upheld on appeal. MCCL now has priority rights over 10,500 hectares in this new mineralized district of northern Chile.
Regional Geology
The Miocene volcanic belt in Chile and Argentina extends from latitudes around 24°S to 47°S. 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 25°S to 35°S (Figure 1).
The Miocene volcanic rocks near the northern end of the Miocene belt, between latitudes 26°S and 28°S, 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 25°S to 26°S, 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 of the Miocene Belt, as it is transected by NW-SE trending crustal lineaments. 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. (The geological features, attributes and mineralization of these properties are not necessarily indicative of those on the Company's Miocene Property).
Project Geology
The area is underlain by a series of andesitic lava flows and tuffaceous units at the base of the local stratigraphic column (24-20 million years) and aligned in a NNW direction possibly indicating the general direction of structures controlling the position of volcanic vents (Figure 3).
Around 18-16 million years, 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 million years to 11 million years 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 (24-16 million years) are broadly confined to a subtle structural depression (~6 km wide) that trends northwest-southeast, while the younger sequences (16-11 million years) 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.
Exploration program and results
Five prospective areas defined by previous compilation and exploration work within the Miocene property were the focus of the recent exploration program: El Chaco, Zona Norte, Llano Blanco, Cerro Bayos Norte and Cerro Bayos Sur (Figure 3). Semi-detailed geological mapping (scale 1:5000) and systematic rock geochemical sampling were carried out in these five areas. 390 rock samples were collected, assayed for precious metals (gold and silver) and a suite of base metals and epithermal pathfinder elements. Spectrometry work (ASD TerraSpec) was carried out on all rock specimens (478 samples) collected during the 2011 to 2014 field programs.
An updated geological map is shown on figure 3. Two sub-parallel NW-SE oriented alteration / anomalous trends affect the volcanic units present on the property. The Cerro Bayos (CB) alteration zone covers an area of approximately 9km by 3km and is located in the SW extension of the Atlas Gold, Atlas Silver and the Pampa epithermal prospects. Alteration minerals (native sulphur, predominant alunite, vuggy and massive silica and some silica-clay in the peripheral parts) and 3D distribution mapped along this trend are typical of high sulphidation epithermal system, centered on the highest part of Cerro Bayos Norte (CBN), with the top of the paleo-phreatic zone estimated to be at approximately 4260 masl (Figure 4). Similar alteration patterns are present at Cerro Bayos Sur (CBS) where the top of the paleo-phreatic zone at this location is estimated at 4150 masl. High temperature alunite and high cristallinity kaolinite minerals are centered on the CBN and CBS zones, with some minor presence within the Llano Blanco trend to the south (Figures 5 and 6). The aerial extent of the prospective CBN and CBS alteration zones are at least 5 km by 3 km and 4 Km by 2.5 km but can possibly be significantly larger as they are partly covered by a thin veneer of relatively fresh younger volcanic rocks and gravels.
Figures 7 to 13 shows the distribution of gold, arsenic, mercury, barium, molybdenum, copper and zinc in rocks with the property. Rock geochemical anomalies defined on the Miocene property are very similar in distribution and intensities to anomalies defined during the regional prospecting program in the vicinity of the Atlas Gold and Silver prospects located to the NW. As expected in the upper part of this epithermal environment, the gold content is systematically low. Strong arsenic and mercury anomalies are present at El Chaco, CBN and CBS and to a minor degree at Azufre and Silice Masiva zones. Barium anomalies are present at CBN, Llano Blanco Norte and Cerro Azufre. Molybdenum is anomalous at CBN, to the NE of CBN and to a minor degree at CBS, Llano Blanco Norte and Silice Masiva zones. A large and strong copper anomaly is present at CBN and some less intense but widespread anomalies at Llano Blanco Norte and Cerro Azufre sectors. Sulphur anomalies are present at CBN, CBS, Llano Blanco Norte and Cerro Azufre.
Assaying
Samples are delivered by MCCL employees for preparation at Bureau Veritas (BV, Ex-Acme) Mineral Laboratories in Copiapó. Rock 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) (BV code PRP80-250). Prepared samples are then assayed for a multi-element suite (BV code AQ201, 15g split, Aqua Regia digestion, ICP-MS finish). Gold is assayed using a 30 g split, Fire Assay (FA) and AAS finish (BV code FA430).
Quality assurance / Quality control (QA/QC)
Bureau Veritas Mineral Laboratories 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 25 samples) as part of Cornerstone's QA/QC program. A 100 g pulp for each rock sample is stored for future use and controls.
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 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.
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
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.