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Re: News - Friday, March 27, 2015
15-05 - Assay Results from Upper Zone in Hole 10 Confirm Strike
Extension of High Grade Copper and Gold
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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.
HIGHLIGHTS:
- Assay results received from drill hole CSD-15-010 ("Hole 10") confirm
high grade copper and gold mineralization extends to the northwest,
returning 156m @ 0.63 % Cu, and 0.74 g/t Au (1.08 % CuEq) from 684m
depth and remains open at depth.
- A higher grade interval of 80m @ 0.86% Cu and 1.19 g/t Au (1.56 %
CuEq) commences from 760m depth and continues to the current limit of
assay depth at 840m.
References to figures, photographs and tables 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/NR15-05Figures.pdf.
FURTHER INFORMATION
Assay results from 314m to 840m depth from Hole 10 were received as of
March 24, 2015, as drilling of Hole 10 continued to intersect variably
mineralized early diorite from 840m to current hole depth of 969.05m.
On March 26, 2015 the hole was at a depth of 969.05m. Recent bad ground
conditions in the drill hole resulted in slow penetration rates and the
requirement to cement a lower section of the hole to prevent loss of
drilling mud circulation. Drilling difficulties continue to be
encountered in Hole 10 and drill penetration has temporarily stopped
until the drill contractor is able to resolve the issue.
Hole 10 is being drilled at an azimuth of 260 degrees and an
inclination of -85 degrees from the same drill pad as Hole 9. A
location plan and cross-section is shown as Figures 1 and 2.
Significant quartz veining and alteration encountered in the upper
portion of Hole 10, and assays from Hole 10, confirm northwest strike
extension of the Upper High Grade Zone that produced high grade
intersections in Hole 9. Results from Hole 10, to date, include:
- 394m @ 0.38 % Cu and 0.36 g/t Au (0.60 % CuEq) from 446m (open at
depth), including
- 236m @ 0.51 % Cu and 0.54 g/t Au (0.84 % CuEq) from 604m (open at
depth), including
- 156m @ 0.63 % Cu and 0.74 g/t Au (1.08 % CuEq) from 684m (open at
depth), including
- 80m @ 0.86 % Cu and 1.19 g/t Au (1.56 % CuEq) from 760m (open at
depth)
All reported intervals referred to in this news release are core
lengths. At present the true thicknesses of Hole 10 intersections are
uncertain due to the early stage of drilling and pending assay results
in this part of the target area.
Drilling is expected to intersect the Lower High Grade Zone at around
1150m depth where the contact with the strongly mineralized early
quartz diorite intrusion (QD10) is extrapolated to occur.
The target for the deeper part of Hole 10 below the current depth of
drilling is the northwest extension of the high grade zone previously
intersected in Hole 9 and northeast extension of the high grade zone
intersected in Hole 7 which returned high grade results. (See table 1)
The copper and gold mineralization that is currently being targeted in
Hole 10 lies at the southeastern margin and 300m from the centre of the
large T1 target at North West Alpala. The results obtained from Hole
10 thus far represent the most northerly high grade intersections to
date and gives Cornerstone increasing confidence in the T1 target.
Increasing reliability in drill hole targeting, resulting from the
understanding of intrusion relationships and geometries at Alpala is
proving an exciting development as the geometry of the porphyry system
becomes progressively clearer.
Figure 2 shows a cross-section along the planned Hole 10 path,
indicating interpreted geometry of mineralized zones on this section.
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 with Cornerstone Ecuador
S.A. providing some exploration and administrative services.
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 cutoff 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 core logging facility of Exploraciones Novomining S.A.,
the Ecuadorean company owned 85% by SolGold Plc and 15% by Cornerstone
("ENSA"), and half of the core is delivered by ENSA 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.
Other News
The Board of Directors has approved the granting of 50,000 stock
options to a consultant effective March 26, 2015. These options have
been priced at $0.10 and have an expiry date of March 26, 2020. As per
the Company's approved Stock Option Plan, these options vest in three
equal tranches over an eighteen month period from the date of issue.
About Cornerstone:
Cornerstone Capital Resources Inc. is a well-funded 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
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 ir@cornerstoneresources.ca;
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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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$, 880,3 millions €). La valeur de son action a atteint son plus bas niveau récent le 04 mars 2016 à 0,02 CA$, et son plus haut niveau récent le 18 septembre 2020 à 6,53 CA$. Cornerstone possède 299 560 000 actions en circulation. |