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Re: Press Releases - Thursday, June 07, 2007
07-12 - Cornerstone provides update on geophysics at GAMA, Shyri
project, southern Ecuador
Cornerstone Capital Resources Inc. (TSXV-CGP) (F-GWN) (B-GWN)
(OTC-CTNFN) is pleased to provide an update on geophysical surveys at
the GAMA prospect on the 454 km2 Shyri Project in Azuay Province,
Ecuador. The results to date are considered very encouraging and
further indicate the potential for discovery of a high sulphidation
epithermal gold deposit at GAMA. The project is being explored under
an Option and Joint Venture agreement with Coastport Capital Inc.
A 200 line-km IP and magnetic ground geophysical survey is currently
35% complete at the GAMA prospect where quartz-alunite alteration
typical of a high sulphidation epithermal gold system is exposed over 4
km (Ermitas and Boquer�n zones) along the western slope of a broad
plateau. The exploration target is mineralized silicic alteration
hosted within the quartz-alunite lithocap below the plateau, similar to
that found at Iamgold's 3.5 million ounce Quimsacocha gold deposit
located 15 km east-southeast of GAMA.
The survey to date has focused on the quartz-alunite alteration
lithocap at Boqueron. Additionally, 1.5 km long exposure of alteration
at the Pimo Ledge Zone, 3.0 km to the south, has been partially
In typical high sulphidation ore deposits, the quartz-alunite lithocap
is proximal to and envelops ore-grade mineralization. The Boquer�n zone
is interpreted to be an extensive, lithologically controlled zone of
quartz-alunite alteration that dips gently to the south. The exposed
alteration zone has a coincident multi-element soil geochemical anomaly
(Au, Mo, Cu) and occurs consistently at elevations between 3500 m and
3800 m. It is important to note that the nearby Quimsacocha deposit
occurs at elevation of about 3600 m, approximately 200 m below surface,
suggestive of a regional elevation control on this type of system.
Initial IP and ground magnetic data show two parallel east-west
responses trending below the plateau indicative of the quartz-alunite
alteration and interpreted silicic alteration (high resistivity)
enveloping potential increased sulphide content (high chargeability).
Well developed north-south trends are also indicated in association
with the GAMA alteration lithocap exposed in the Boqueron cliff-face.
The north-south trends also correlate with similarly oriented
west-dipping faults. The trends are characterized by alternating
elevated IP resistivity and chargeability values over a distance of 1.0
to 1.5 km by up to 500 m wide. The magnetic survey results show
particularly low magnetic response in the west over the surface
expression of the lithocap, consistent with this style of alteration
and the destruction of magnetic minerals of the original host unit by
the acidic hydrothermal fluids which produced the alteration lithocap.
In cross-section, the high resistivity values correlate with the
surface expression of the quartz-alunite alteration lithocap and appear
to extend to at least 200 m depth where chargeability increases, a
feature indicating potential for increased sulfide mineralization
hosted by shallowly dipping volcanic stratigraphy. Also, the
resistivity results correlate well with geological mapping which
indicate that the quartz-alunite system extends to the east. These
results support the presence of a near-horizontal mineralized silicic
layer(s) beneath the plateau to the east of the exposed lithocap
analogous to Quimsacocha.
This interpretation of mineralization at depth below the plateau is
also supported by the Ermitas breccia, a late hydrothermal breccia
located on the plateau east of the Boquer�n zone, that contains
abundant silicic fragments, locally with pyrite-enargite
mineralization. As previously reported, an individual mineralized clast
from the breccia returned a grade of 3.0 g/t Au and the breccia matrix
returned a grade of 5.7 g/t Au, providing indirect evidence that the
breccia has sampled and carried gold mineralization hosted in a silicic
zone at depth. These grades indicate potential for discovery of a
buried, gold-mineralized, sulphide-bearing silicic zone(s) associated
with the broader alteration below the plateau, typical of high
sulphidation deposits, including Quimsacocha.
Pending completion of the field programs and receipt of drill permits,
8000 m of drilling is proposed at GAMA. This is part of a planned
15,000 m diamond drill program on the entire Shyri Property (GAMA,
Ca�aribamba and Vetas Grandes) that is expected to start on receipt of
Maps and figures illustrating the results discussed here have been
posted to the Cornerstone website at
accompany this press release.
The geophysical surveys and data processing are being completed by Val
d'Or Geophysics, of Lima, Peru, utilizing a pole-dipole array for the
IP. All rock samples reported in this release were collected by
Cornerstone personnel, sealed on the property and shipped to Acme
Laboratories in Cuenca, Ecuador, where they were prepared for analysis.
Pulps were shipped to Vancouver for analysis of gold and trace
elements by a hot multi-acid digestion and ICP/ES analysis of a 15 gram
sample. Samples containing gold greater than 1 g/t and silver greater
than 100 g/t are reanalyzed by a 1 ton fire assay with an ICP/ES
finish. All soil samples were collected by Cornerstone personnel,
sealed on the property and shipped to Acme Laboratories in Cuenca,
Ecuador, where they were prepared for analysis for by multi-element ICP
analysis. Quality control was maintained throughout the program by
implementation of procedures involving check assaying and insertion of
previously prepared standards, blanks and duplicates for each batch of
20 samples analyzed.
Coastport Capital Inc. (TSXV-CPP) has an option to acquire a 100%
interest in the Shyri property by:
1) expending US$8 million to fund all exploration programs and making
option payments to Cornerstone of US$490,000 in cash and US$490,000
cash equivalent in shares, all over a period of 4 years or less; and
2) upon meeting the requirements of 1), by issuing shares to
Cornerstone equal to 40% of Coastport's fully diluted share capital and
granting Cornerstone a 1% net smelter royalty. Cornerstone is the
operator until earn-in.
This press release was prepared by Mike Basha, PEng, PGeo, Vice
President of Exploration for Cornerstone and a Qualified Person as
defined by National Instrument 43-101. George Smith, MA, is
supervising field programs in Ecuador for Cornerstone.
On Behalf of the Board of Directors
Glen H. McKay, President & CEO
Further information is available on the Cornerstone Web site at
www.cornerstoneresources.com; via e-mail at email@example.com;
or toll free at 1-877-277-8377.
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.
Certain statements contained in this press release may be considered as
forward-looking. Such forward-looking statements are subject to risks
and uncertainties that could cause actual results to differ materially
from estimated or implied results.
Copyright (c) 2007 CORNERSTONE CAPITAL RESOURCES INC. (CGP) All rights
reserved. For more information visit our website at
http://www.cornerstoneresources.com/ or send
Message sent on Thu Jun 7, 2007 at 5:00:00 AM Pacific Time