Cornerstone Drills 0.95% Cu and 0.96 g/t Au over 136 Metres from
1194m to 1330m in Hole 5, Further Extending High Grade Copper-Gold
Zone at Cascabel
MOUNT PEARL, NEWFOUNDLAND--(Marketwired - Mar 3, 2014) -
Cornerstone Capital Resources Inc. ("Cornerstone" or "the Company")
(TSX-VENTURE:CGP) (OTCBB:CTNXF) (FRANKFURT:GWN) (BERLIN:GWN)
announces the following project update for the Stage 1 drill
program at the Alpala prospect within the Cascabel Project at the
Company's copper-gold porphyry joint venture exploration project in
northern Ecuador.
Highlights:
- Copper gold assays for Hole 5 received with following high
grade extension: 0.95 % Cu and 0.96 g/t Au from 1194 m to
1330m.
- Incorporating previous assay results reported February 27th,
more extensive intersections at Alpala include the following grade
or length upgrades: 672m grading 0.93 % Cu and 0.91 g/t Au (from
658m). 552m grading 1.03% Cu and 1.05 g/t Au (from 778m). 258m
grading 1.27% Cu and 1.40 g/t Au (from 1052m).
- The length of hole interval assayed so far from 24m to 1330m
depth yielded 1306m grading 0.62% Cu and 0.54 g/t Au.
- Drill rig has been mobilized to Drill site 6 and commencement
of drilling is expected shortly.
- Hole 6 is located approximately 300m north northwest of Hole 5
to target extension of the copper-gold discovery in Hole 5.
- Remaining Hole 5 assays from 1330m to 1370m expected within 14
days.
Brooke Macdonald, Cornerstone's President & CEO said: "Hole
CSD 13-005 continues to deliver high copper and gold assay results
over long intervals at Cascabel. When exploring for porphyry type
mineralization our attention is naturally focused on copper results
but gold mineralization is very significant at Alpala, accounting
for 35-40% of the overall economic value of the intercepts and
would be a sweetener to any operation. Geological interpretation to
date and magnetic data suggest that hole #5 may be located just on
the edge of the core of the mineralized porphyry probably located
to the northeast. Hole #6 will test this interpretation and should
be exciting. Cornerstone has been saying for a long time now that
Ecuador, due to under-exploration and its location in the middle of
the Andean Cordillera, is one of the few places in the world where
you can find outcropping mineral deposits of this potential size
and grade. We are excited about talking with other potential
partners concerning our three 100% owned Ecuadorean properties,
Vetas Grandes, Bella Maria, and Caña Brava."
References to figures 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/NR14-07Figures.pdf.
Drill Hole CSD-13-005
Hole CSD-13-005 at the Alpala porphyry prospect was sited to
test the western flank of the 4km2 Alpala Magnetic Complex at depth
beneath drill holes 1 and 2. Holes 1 and 2 had intersected long
runs of copper and gold mineralization associated with porphyry
copper-gold quartz stockwork and sheeted veins at the Alpala
prospect. Copper and gold assay results to a depth of 869.68m in
Hole 5 were reported on January 14th and to a depth of 1194m on
February 27th.
Assay results from the interval 1194m to 1330m have been
received, with the remaining assays from 1330m to 1370m expected
within 14 days.
The newly assayed interval lies within the transitional potassic
alteration zone (magnetite-chlorite alteration) developed within a
diorite, and continues to exhibit porphyry strong copper-gold
stockwork vein mineralization and copper sulphides dominated by
chalcopyrite. This zonation is following classic and predictable
porphyry characteristics.
The newly assayed interval from 1194m to 1330m yielded an
intersection of 136m grading 0.95 % Cu and 0.96 g/t Au (Table 1).
Bulking previously reported assays with this new result, the
following highly significant intersections are generated:
1306m grading 0.62% Cu and 0.54 g/t Au (from 24m); |
672m grading 0.93% Cu and 0.91 g/t Au (from 658m); |
552m grading 1.03% Cu and 1.05 g/t Au (from 778m); and |
an even higher grade interval of 258m grading 1.27% Cu and 1.40
g/t Au from 1052m depth. |
|
Table 1 lists the key intersections to date
from Hole 5, while figures 1 and 2 show the intersections on
cross-section and graph. Figure 3 shows the location of the hole on
the western margin of the Alpala Magnetic Complex. |
|
Hole ID |
Depth From |
|
Depth To |
|
Intersection (m |
) |
Cu (% |
) |
Au (g/t |
) |
Comments |
CSD-13-005 |
24 |
|
1330 |
|
1306m |
|
0.62 |
|
0.54 |
|
Open at Depth |
Incls |
24 |
|
420 |
|
396m |
|
0.32 |
|
0.17 |
|
|
Incls |
436 |
|
658 |
|
222m |
|
0.26 |
|
0.11 |
|
|
Incls |
658 |
|
1330 |
|
672m |
|
0.93 |
|
0.91 |
|
Open at Depth |
Incls |
778 |
|
1330 |
|
552m |
|
1.03 |
|
1.05 |
|
Open at Depth |
Incls |
1194 |
|
1330 |
|
136m |
|
0.95 |
|
0.96 |
|
Extension Assays |
Incls |
1052 |
|
1310 |
|
258m |
|
1.27 |
|
1.40 |
|
High Grade |
Incls |
1096 |
|
1146 |
|
50m |
|
1.80 |
|
2.26 |
|
High Grade |
Table 1 -
Intersections from hole CSD-13-005 at the Alpala Prospect.
Recent detailed logging of alteration zones in Hole 5 has
refined the interpretation of alteration zonation (Figure 1).
Hole 6 Mobilization
Mobilization of the drill rig from Hole 5 to Hole 6 is near
completion, with drilling anticipated to commence shortly. The
drill site for Hole 6 is located 320m northwest of Hole 5 (Figure
3). Hole 6 is sited to test the north-ward extension of porphyry
mineralization that has been discovered in Holes 1, 2 and 5 at
Alpala, in an area of strong and coincident molybdenum (Mo) and
gold (Au) soil anomalism that lie along structural strike from Hole
5. Hole 6 will also test the Alpala Magnetic Complex at depth by
drilling northeast-ward, orthogonally into the flank of the Alpala
regional magnetic high.
Figures 1 and 2 show the intersections on cross-section graph
while Figure 3 illustrates the gold-rich nature of the
intersections in Hole 5 at Alpala relative to other large South
American porphyry copper-gold deposits.
About Cascabel
As recently announced, SolGold has exercised its right to
increase its ownership of Exploraciones Novomining S.A. ("ENSA")
from 50% to 85%. ENSA is an Ecuadorean registered company which
holds 100% of the Cascabel concession in northern Ecuador.
Cornerstone will hold the remaining 15% of ENSA, which also holds
the rights to the La Encrucijada gold-silver project.
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.
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, NTW and NQ core sizes (respectively 7.1, 5.6 and 4.8 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:
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
communications@crigold.com; 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.
For investor, corporate or media inquiries, please
contact:Investor Relations:North America toll-free: 1 (877)
277-8377ir@cornerstoneresources.cawww.cornerstoneresources.com
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