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Re: News - Thursday, February 27, 2014
14-06 - Cornerstone intersects 324.32m at 1.07% Cu and 1.16 g/t
Au (Preliminary) from 869.68m to 1194m at Cascabel (Alpala) -
Length of hole 1170m grades 0.58% Cu and 0.49 g/t Au (from 24m)
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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 Stage 1 drill program at
the Alpala prospect within the Cascabel Project at the Company's
copper-gold porphyry joint venture exploration project in northern
Ecuador.
Highlights:
- New copper and gold assays for Hole 5 were received with the
following high grade results between 869.68m and 1194m:
- 324.32m grading 1.07 % Cu and 1.16 g/t Au (from 869.68m).
- Includes 50m grading 1.80% Cu and 2.26 g/t Au (from 1096m).
- Incorporating previous assay results, more extensive intersections at
Alpala now include:
- 536m grading 0.92 % Cu and 0.90 g/t Au (from 658m).
- 416m grading 1.03% Cu and 1.08 g/t Au (from 778m).
- 142m grading 1.45% Cu and 1.66 g/t Au (from 1052m)
- The length of hole interval assayed so far from 24m to 1194m depth
yielded 1170m grading 0.58% Cu and 0.49 g/t Au.
- Strong visual copper mineralization extends below 1194m depth.
- Assays for the 136m interval 1194 to 1330 metres expected in the next
7 days.
- Gold-rich nature of the Alpala copper porphyry system confirmed.
- Complex multidirectional veining and mineralization with up to 12
different vein types identified in Hole 5 drill core.
- Drill rig being mobilized to drill site 6. Hole 6 targeting
extension to the copper-gold mineralization in Hole 5, 300 metres to
the northwest.
- Gridding continues for planned 12km2 3D Induced Polarization survey
in April to assist prediction of the distribution of copper sulphide
zones.
"This new batch of assay results from hole CSD 13-005 is outstanding",
stated Brooke Macdonald, Cornerstone's President & CEO. "Significant
copper and gold are present over the entire length of the hole,
increasing at depth within the potassic altered zone of the porphyry
and probably extending further down as indicated by the core logging.
It is important to note that these results have been obtained in
Ecuador, in less than 22 months of exploration from a regional stream
sediment anomaly, including all permitting, licensing and social
consultation processes. Cornerstone has been in Ecuador since 2005,
believing that the chances of finding world class mineral deposits
there are greater than in many other countries, due to
under-exploration and a potentially unparalleled geological endowment,
and our Cascabel joint venture with SolGold is proof of that. In
addition to Cascabel, Cornerstone has three 100% owned properties
available for joint venture in Ecuador. We believe we are a partner of
choice for companies looking to hit the ground running there".
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/NR14-06Figures.pdf.
Drill Hole CSD-13-005
CSD-13-005 was sited to test the western flank of the 4km2 Alpala
Magnetic Complex at depth beneath drill holes 1 and 2, which
intersected long runs of copper and gold mineralization associated with
porphyry copper-gold quartz stockwork and sheeted veins at the Alpala
prospect. Copper and gold assay results to a depth of 869.68m in Hole 5
were reported on the January 14th.
Hole CSD-13-005 was terminated on February 21st (as announced on
February 25th) due to drilling difficulties. The hole ended in
mineralization at a depth of 1370m.
Assay results from the interval 869.68m to 1194m have been received.
The interval is characterized by strong porphyry copper-gold stockwork
vein mineralization with sulphides dominated by chalcopyrite as
widespread veins and disseminations in intense magnetite-chlorite
alteration.
The newly assayed interval from 869.68m to 1194m yielded an
intersection of 324.32m grading 1.07 % Cu and 1.16 g/t Au (Figure 1).
A higher-grade interval within this section yielded 50m grading 1.80%
Cu and 2.26 g/t Au.
Bulking previously reported assays with these new results, the
following highly significant intersections are generated:
1170m grading 0.58% Cu and 0.49 g/t Au (from 24m).
536m grading 0.92% Cu and 0.90 g/t Au (from 658m).
416m grading 1.03% Cu and 1.08 g/t Au (from 778m).
142m grading 1.45% Cu and 1.66 g/t Au (from 1052m)
Strong visible copper sulphide mineralization is observed in drill core
to extend beyond 1194m down-hole depth. Assays for the interval 1194m
to 1330m are expected within 7 days, and were also requested for urgent
analysis.
The 416m long and 536m long intersections from Hole 5 plot in the field
of porphyry Au-Cu (i.e. gold-rich) porphyry systems (see Figure 2).
The table below lists the key intersections to date from Hole 5.
Hole ID Depth From Depth To Interval (m) Cu (%) Au (g/t) Comments
CSD-13-005 24 1194 1170 m 0.58 0.49 Open at Depth
Incls 658 1194 536 m 0.92 0.90 Open at Depth
Incls 778 1194 416 m 1.03 1.08 Open at Depth
Incls 869.68 1194 324.32 m 1.07 1.16 Open at Depth
Incls 1052 1194 142 m 1.45 1.66 Open at Depth
Incls 1096 1146 50 m 1.80 2.26 High Grade
Figures 1 and 2 show the intersections on cross-section graph while
Figure 3 illustrates the gold-rich nature of the intersections in Hole
5 at Alpala relative to other large South American porphyry copper-gold
deposits.
Mobilization of Drill Rig to Drill Site for Hole CSD-14-006
Mobilization of the drill rig from Hole 5 to Hole 6 has commenced.
Drilling of Hole 6 is estimated to commence on Saturday March 1st 2014.
Hole 6 is sited to test the northward extension of porphyry
mineralization that has been discovered in Holes 1, 2 and 5 at Alpala,
in an area of strong and coincident molybdenum (Mo) and gold (Au) soil
anomalism that lies along structural strike from Hole 5 (Figure 4).
Hole 6 will also test the Alpala Magnetic Complex at depth by drilling
northeastward into the flank of the Alpala regional magnetic high.
About Cascabel
As recently announced, SolGold has exercised its right to increase its
ownership of Exploraciones Novomining S.A. ("ENSA") from 50% to 85%.
ENSA is an Ecuadorean registered company which holds 100% of the
Cascabel concession in northern Ecuador. Cornerstone will hold the
remaining 15% of ENSA, which also holds the rights to the La
Encrucijada gold-silver project.
The Cascabel project 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 NI 43-101 compliant inferred
resource of 982 million tons at 0.89% Cu Junin copper project.
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 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 and NQ core sizes (respectively 7.1, 5.6 and 4.8 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
Cornerstone's core logging facility and half of the core is delivered
by Cornerstone 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 joint venture partnerships. Commitments from JV
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 communications@crigold.com;
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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Copyright (c) 2014 CORNERSTONE CAPITAL RESOURCES INC. (CGP) All rights
reserved. For more information visit our website at
http://www.cornerstoneresources.com/ or send
mailto:info@cornerstoneresources.com
Message sent on Thu Feb 27, 2014 at 6:45:00 AM Pacific Time
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Cornerstone Capital Resources Inc
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EN DÉVELOPPEMENT |
CODE : CGP.V |
ISIN : CA21922J2083 |
CUSIP : 21922J208 |
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ProfilIndicateurs de MarchéVALEUR : Projets & res.Communiqués de PresseRapport annuelRISQUE : Profile actifsContactez la cie |
Cornerstone est une société d’exploration minière basée au Canada. Cornerstone est en développement de projets d'uranium au Canada, et détient divers projets d'exploration au Canada, au Chili et en Equateur. Son principal projet en développement est AILLIK au Canada et ses principaux projets en exploration sont 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 et INDIAN ARM au Canada, MACARA, BELLA MARIA, MONTERREY et SIERRAMIN en Equateur et LA FORTUNA CHILE au Chili. Cornerstone est cotée au Canada, aux Etats-Unis D'Amerique et en Allemagne. Sa capitalisation boursière aujourd'hui est 1,2 milliards CA$ (934,1 millions US$, 818,3 millions €). La valeur de son action a atteint son plus bas niveau récent le 04 mars 2016 à 0,02 CA$, et son plus haut niveau récent le 18 septembre 2020 à 6,53 CA$. Cornerstone possède 299 560 000 actions en circulation. |