Cascabel Project Update: Alpala Prospect - Strongly Mineralized
Potassic Zone from 682m in Drill Hole CSD-13-005, Alpala Prospect,
Cascabel
MOUNT PEARL, NEWFOUNDLAND--(Marketwired - Dec 16, 2013) -
Cornerstone Capital Resources Inc. ("Cornerstone" or "the Company")
(TSX-VENTURE:CGP) (FRANKFURT:GWN) (BERLIN:GWN) (OTCBB:CTNXF)
announces that hole CSD-13-005 continues to intersect strong copper
sulfide porphyry mineralization at depth, and that assay results
from hole CSD-13-003 have confirmed peripheral, lower grade
halo-style mineralization at the Alpala prospect within the
Cascabel Project, the Company's copper-gold porphyry exploration
project in northern Ecuador (refer Figure 1).
Highlights:
- Hole CSD-13-005 discovers strongly mineralized zone from 682m,
reinforcing potential for a large porphyry copper-gold system at
Alpala.
- Hole CSD-13-005 to be extended beyond 1000m depth.
- Presence of magnetite with chalcopyrite and bornite from 682m
in hole CSD-13-005 supports copper-porphyry target coincidental
within a 4 km2 magnetic batholith and magnetic apophyses.
- Selection of contractors for the IP electrical survey well
advanced. IP survey to commence in late January.
- Planning of stage 2 drill program well advanced with view to
commence drilling in March 2014.
- SolGold to proceed to 85% ownership of ENSA and the Cascabel
project.
- Hole CSD-13-004 assays anticipated within 2 weeks.
- Assay results for drill hole CSD-13-003 yields the following
copper-gold intersections: 747.33m @ 0.11% Cu from 4 metres,
including:
- 102m @ 0.16% Cu, 0.03 g/t Au from 54m, incl. 22m @ 0.32% Cu,
0.04 g/t Au from 120m
- 128m @ 0.23% Cu, 0.14 g/t Au from 584m, incl. 24m @ 0.34% Cu,
0.32 g/t Au from 608m, and 30m @ 0.32% Cu, 0.11 g/t Au from
662m.
References to figures and table 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/NR13-31Figures.pdf.
Drill Hole CSD-13-005
CSD-13-005 was logged at a depth of 853.4 metres on Tuesday
December 10th while drilling through well-mineralized porphyritic
diorite intrusions containing abundant copper sulfide minerals
chalcopyrite and bornite in multidirectional stockwork quartz veins
within strong potassic alteration. The hole encountered increasing
intensities of hydrothermal magnetite from 687.6m depth. The high
magnetite content in association with some anhydrite and potassium
bearing mineral biotite confirm the presence of potassic alteration
that typifies the core alteration zone of porphyry copper-gold
systems. The increase in magnetite in the lower part of hole
CSD-13-005 is associated with increases in chalcopyrite and bornite
mineralization with depth and elevates the significance of the
extensive 4 km2 magnetic batholith as a copper porphyry target.
In light of these highly encouraging visual results and with the
hole still encountering strongly mineralized zones of stockwork
quartz veins in potassic altered diorite intrusions, the Company
plans to continue deepening hole CSD-13-005 beyond the initial
target depth of 850m. The drill contractor is presently mobilizing
additional drill rods to site to enable the Company to drill beyond
1000m depth. The Company intends to continue the hole to the depth
limit of the drill rig while in mineralization.
A more detailed news release on the visual results from hole
CSD-13-005 will be made once the hole has been completed. The
Company cautions that visual results for this hole are preliminary,
and the Company is awaiting assay results for the hole to determine
the level of mineralization intercepted.
Induced Polarization (IP) Electrical Survey at Alpala
Cornerstone has been actively planning a 3D IP survey over the
entire Alpala magnetic complex, with the planned survey covering an
area of approximately 12km2. 3D IP is a useful exploration tool to
target areas of sulphide mineralization which are commonly
associated with porphyry systems. The Company expects to finalize a
contract during the week of December 16th from a list of three
highly experienced IP contractors. Gridding of the survey area will
commence in the first week of January immediately following the
Christmas break, with the IP survey likely to commence in mid to
late January.
The 3D IP survey will cover the entire 4.7km2 lithocap area at
Alpala, and the Company will use the data to provide additional
vectors to highlight where sulphides and magnetic bodies coincide.
The IP survey will assist with refining target positions for some
of the holes in the Stage 2 drill program.
When the ground IP survey has been completed over the Alpala
region, the Company will consider moving the IP crew to other
porphyry targets being Quebrada Tandayama/Quebrada America and
Aguinaga. Both of these prospects are important porphyry
copper-gold targets in the central part of the Cascabel concession
area which have both been defined by a combination of magnetics,
soil surveys and rock sampling, and could host targets similar to
Alpala.
Equity Position in Exploraciones Novomining S.A. ("ENSA")
Exploraciones Novomining S.A. ("ENSA") is the Ecuadorean
registered company which holds 100% of the Cascabel concession in
northern Ecuador. SolGold presently owns 50% of ENSA and the
Company owns the remaining 50%. SolGold has expressed its intention
to elect to increase its ownership in ENSA to 85%, with the
execution of final documentation underway. This will cost SolGold
C$250,000 in cash and C$100,000 shares in SolGold. As noted in the
Company's news release dated February 19, 2013, SolGold had the
right to increase its interest in ENSA to 85% by (1) funding a
2,500 metre stage 1 drilling program capped at an expenditure of
C$2.5 million including expenditure prior to February 19, 2013; (2)
subscribing C$250,000 of Cornerstone shares; and (3) issuing to
Cornerstone C$500,000 of SolGold shares. Due to lengthy
unanticipated delays in the granting of the environmental license
(see Cornerstone news release dated August 26, 2013), the C$2.5
million cap was used up prior to commencement of drilling,
necessitating a further re-negotiation of the agreement between the
Company and SolGold, whereby in return for some assurances that
fees to Cornerstone for managing the exploration would cover its
cost of operating in Ecuador and SolGold's commitment to proceed
immediately with the stage 1 drilling program the Company agreed to
contribute 50% of the cost of the 2,500 metre program up to a
maximum of C$400,000 with SolGold agreeing to cover the difference,
and to pay for this contribution by forfeiting the right to receive
SolGold shares of the same value. To date, SolGold has spent
approximately US$3.5M on Cascabel, and Cornerstone will not be
required to fund any additional expenditure and may elect to be
carried through to completion of a bankable (NI 43-101 compliant)
feasibility study.
Expanded Stage 2 Drill Program
Cornerstone continues to review the drill hole positions for the
Stage 2 drill program. Given the well mineralized core from the
active drill hole CSD-13-005, Cornerstone will review with SolGold
the optimal program in the New Year to identify extensions to the
mineralization that is presently being encountered at depth in hole
CSD-13-005 and below drill hole CSD-13-001 (see Cornerstone news
release 13-25 dated October 16, 2013, which reported the following
assay results for drill hole CSD-13-001: upper zone: 104m at 0,37%
Cu and 0.38 g/t Au, including 34m at 0.46% Cu and 0.50 g/t Au; and
lower zone: 100m at 0.65% Cu and 1.00 g/t Au, including 58m at
0.96% Cu and 1.67 g/t Au).
Drill Hole CSD-13-003 Assay Results
Assays for drill hole CSD-13-003 have been received and results
are outlined in Table 1. Figure 5 shows the copper and molybdenum
results down hole.
Hole ID |
Depth From |
Depth To |
Interval |
Cu (%) |
Au (g/t) |
Mo (ppm) |
CSD-13-003 |
4 |
751.33 |
747.33m |
0.11 |
0.05 |
27 |
|
|
|
|
|
|
|
|
54 |
156 |
102 |
0.16 |
0.03 |
5.6 |
Includes |
120 |
142 |
22 |
0.32 |
0.04 |
9.1 |
|
|
|
|
|
|
|
|
584 |
712 |
128 |
0.23 |
0.14 |
31 |
Includes |
608 |
632 |
24 |
0.34 |
0.32 |
35 |
Includes |
662 |
692 |
30 |
0.32 |
0.11 |
5.4 |
Table 1: Copper and gold intersections encountered in
hole CSD-13-003. |
The assay results from drill hole CSD-13-003 reveal extensive
runs of variably weak to locally moderate copper mineralization, as
anticipated and reported in the news release 13-26 dated November
4, 2013. In contrast to the background copper content of fresh
andesitic rocks which are typically around 100 ppm copper, the
extensive interval of weak mineralization in hole CSD-13-003
(156-584m) averages close to seven times background value. The
three zones of moderate copper grade (22m @ 0.32% Cu, 24m @ 0.34%
Cu and 30m @ 0.32% Cu) are over 30 times typical background
values.
Cornerstone's VP Exploration, Yvan Crepeau, said: "Assay results
from hole CSD-13-003 and visual information from CSD-13-005 tend to
confirm previous interpretation that a classic and very significant
porphyry copper and gold system is present at Alpala. This target
is the most advanced exploration target on the 50 km² Cascabel
property but only one of several porphyry targets to be drill
tested in the future. The following months exploring this project
should be exciting".
About Cascabel
SolGold Plc currently holds a 50% interest, and can earn up to
an 85% interest, in Exploraciones Novomining S.A. ("ENSA"), the
Ecuadorian subsidiary of Cornerstone that holds 100% the Cascabel
concession.
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.
The Alpala Prospect exhibits surface mineralization and
alteration patterns indicative of porphyry copper-gold systems and
has a similar footprint to large porphyry systems around the
world.
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 and NTW core sizes (respectively 7.1 and 5.6 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: http://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
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.
Cornerstone Capital Resources Inc.Toll Free at
1-877-277-8377communications@crigold.comwww.cornerstoneresources.com
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