MOUNT PEARL, NEWFOUNDLAND AND LABRADOR--(Marketwired - Sep 1, 2015) - Cornerstone Capital Resources Inc. ("Cornerstone" or "the Company") (TSX VENTURE:CGP)(GWN.F)(GWN.F)(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 and is the project operator.
HIGHLIGHTS:
- CSD-15-012 ("Hole 12") continues to intersect strongly mineralized diorite porphyry, confirming depth potential of south-easterly extension of the mineralized system at Alpala Central.
- Rig 2 commences drilling of CSD-15-013 ("Hole 13") at Alpala North West.
Figures, photographs and tables referred to in this release can be seen on the Company's website (www.cornerstoneresources.com) or by clicking the link below:
http://www.cornerstoneresources.com/i/pdf/NR15-20Figures.pdf.
FURTHER INFORMATION:
Hole 12 continues, and on September 1, 2015 the hole was at a depth of 1,065 metres. Hole 12 is oriented at an azimuth of 210 degrees and an inclination of ‐87 degrees from a collar position 75m to the south-east of the Hole 5 drill site. Assay results will be released in their entirety on completion of the hole.
SolGold geologists believe that the "Eastern Limb" zone represents broader, higher grade mineralization at depth, and that it may coalesce with the "Main Limb" (western) zone. Drill testing of the prospective lower portion of the Eastern Limb zone is planned in the near future to assess the potential for a much wider target than previously recognized at Alpala Central.
Hole 12 has intersected the "Main Limb" of mineralization from 608.0m, and drilling has continued to intersect increasing copper sulphide visual content to the current depth of 1,065m. Drill core from 608m shows some potassic alteration in association with the early "D10" diorite intrusion. SolGold geologists believe that the presence of continuous visible disseminated chalcopyrite and variable bornite mineralization, in conjunction with "B"-type quartz and "C"-type sulphide veins, confirms the significant south-easterly and depth extensions of the mineralized system at Alpala Central.
The interpreted trend of mineralization is defined by "B"-type quartz abundance along the Hole 12 drilling path as illustrated by the south-west to north-east cross-section in Figure 1.
Drill core examples of mineralization recently encountered in Hole 12 from 608m show early "B"-type Quartz-Magnetite-Chalcopyrite veins overprinted by "C"-type sulphide veins. These styles of veins are characteristic of porphyry copper-gold deposits around the globe (Figure 2).
Rig 2 commenced drilling hole Hole 13 at the Alpala North West drill site on August 29, 2015. This hole will test the inferred porphyry centre at Alpala North-West.
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. 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 ALS Minerals Laboratories (ALS) sample preparation facility in Quito. Core 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, 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 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.
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.
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