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Re: News - Friday, October 09, 2015
15-22 - Cascabel Exploration Update
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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:
- CSD-15-012 ("Hole 12") confirms extension of the mineralized porphyry
copper-gold system at Alpala Central.
- CSD-15-013 ("Hole 13") nears target depth.
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/NR15-22Figures.pdf.
FURTHER INFORMATION:
Hole 12 was completed on September 30, 2015 at a depth of 1683.0
metres. Hole 12 intersected over a kilometre of visible porphyry
copper-gold mineralization, and confirms that the mineralized system at
Alpala Central remains open further to the southeast. Final assay
results are expected mid-October.
Hole 12 intersected strong copper-gold mineralization in two distinct
zones:
- The upper portion of the "Eastern Limb" zone (234m) from 128 to 362
metres depth, hosted within the San Juan de Lacas Volcanics.
- The "Main Limb" zone (952m) from around 440 metres to 1390 metres
depth, hosted within early diorite and quartz-diorite porphyry.
The 234 metre intersection over the upper portion of the "Eastern Limb"
zone includes two distinct fingers of higher grade copper and gold
mineralization from 128 to 186 metres and from 224 to 366 metres.
These zones are associated with strong chalcopyrite and bornite
mineralization. The occurrence of this strong mineralization within
the volcanic cover may be indicative of stronger intrusive hosted
mineralization at depth.
The 952 metre intersection through the "Main Limb" zone reflects
characteristically strong mineralized early stage diorite and quartz
diorite intrusives from approximately 444 metres, and from 1151 metres
respectively. This broad interval includes extensive zones of intense
quartzstock work veining and potassic alteration. Examples of drill
core from the remaining intersection beyond 979.8 metres depth are
presented in Figure 1.
SolGold geologists anticipate that the Eastern Limb likely coalesces
with the Main Limb into a broader zone of high grade mineralization at
depth (Figure 2).
Drill testing of this prospective zone of deep coalescence is planned
in the near future in order to assess the potential for a much wider
target at depth (Figure 3; see planned Hole 'C'). The geometry of the
high grade porphyry at Alpala Central, as defined by the limited
drilling completed to date, remains open in its largest window to the
northeast.
Rig 1 is currently being moved to the previous CSD-13-004 ("Hole 4")
drill site where it will be positioned to drill towards the northwest,
to assess the northeast extension of very high grade copper-gold
mineralization intersected in CSD-14-009 ("Hole 9"), CSD-15-010 ("Hole
10"), and the lower portion of CSD-14-008 ("Hole 8")(Figure 3; see
planned Hole 'B'). Several other holes have been planned for Rig 1, in
order to define the extent of the copper-gold mineralization Alpala
Central (Figure 3: see Holes 'A','C', and 'D').
Rig 2 commenced drilling Hole 13 at the Alpala North West drill site on
August 29th, 2015, and is currently at a depth of 881.3m. This hole
tests the inferred porphyry centre at Alpala Northwest, where
contiguous geochemical, mineralogical and geophysical targets mark a
target defined at depth by magnetic vector inversion ("MVI")(>0.008 S)
and induced polarization magneto telluric ("IP MT") conductivity (>100
ohm-m) (Figure 4).
Hole 13 intersected 835.9m of volcanics, before passing into a late
stage intra-mineral diorite dyke which has persisted to the current
depth of 933.0 metres. Intra-mineral diorite and quartz-diorite dykes
at Cascabel are known to be of limited width and extent. Geological
modeling predicts that Hole 13 will pass into more prospective early
stage intrusives around the 1000m mark. This predictive interpretation
is supported by increasing magnetic and conductivity below 900m depth
(as shown in Figure 4). Increasing magnetite content as well as an
increasing chalcopyrite/pyrite ratio, from around 850m depth, further
support the interpretation that the hole is nearing the mineralized
system inferred at Alpala Northwest.
About Cascabel
SolGold Plc owns 85% of the equity of Exploraciones Novomining S.A.
("ENSA"), an Ecuadorean 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. 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. |