Cornerstone Capital Resources Inc.: Cascabel Exploration
Update-Hole 7 at 1251.30 metres
MOUNT PEARL, NEWFOUNDLAND--(Marketwired - Jun 23, 2014) -
Cornerstone Capital Resources Inc. ("Cornerstone" or "the Company")
(TSX-VENTURE:CGP)(FRANKFURT:GWN)(BERLIN:GWN)(OTCBB:CTNXF) announces
the following project update for the Stage 2 drilling program at
the Alpala prospect within the Company's Cascabel copper-gold
porphyry joint venture exploration project in northern Ecuador.
HIGHLIGHTS:
- Drill hole CSD-14-007 ("Hole 7") has intersected visible copper
sulphide mineralization over 710.60m, commencing from 540.70m and
extending to the current depth of 1251.30m, and increasing in broad
tandem with modelled magnetic intensity (see Figure 1).
- Recently updated magnetic model is increasingly verified as an
excellent tool to map the lateral extent of mineralization in the
vicinity of holes 5 and 7.
- Further correlation between magnetite in Hole 7 drill core and
modeled magnetic susceptibility reinforces the prospectivity of the
Northwest and Southeast targets that are magnetically contiguous
with the Central zone.
- Drilling at Hole 7 has encountered abundant chalcopyrite, and
the high Cu tenor mineral bornite, in intensely potassic-altered
diorite.
- Target location of Hole 8 currently being refined.
All reported intervals referred to in this news release are core
lengths. At present the true thicknesses are uncertain due to the
early stage of drilling.
References to figures and photographs 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/NR14-16Figures.pdf.
Hole 7 Progress
Hole 7 is presently at a depth of 1251.30 metres. Mineralization
that is currently being encountered in the hole comprises
disseminated, stringer and vein-controlled, coarse grained
chalcopyrite and disseminated bornite hosted by a strongly
potassic-altered diorite intrusion (see photographs in link
above).
The last 49.80 metre interval (to 1251.30m) of drill core is
characterized by a marked step-up in quartz vein density, from an
average of 5 quartz veins per metre between 780.3m and 1201.5m, to
17 quartz veins per metre between 1201.5m and 1251.30m.
A highly encouraging feature of the strongly mineralized zone
that is currently being intersected in Hole 7 is the high abundance
of associated hydrothermal magnetite, the magnetic mineral that is
the source of the modeled magnetic anomaly in the Central Zone at
Alpala. Thus the extensive modeled magnetic anomaly and its
down-dip extension to the southwest (Figure 1), and its northwest
and southeast extension shown in Figure 2, are robust targets for
defining extensions to the mineralization already discovered in
Holes 5 and 7.
Hole 7 will continue to drill into the modelled magnetic anomaly
that coincides with the mineralized potassic alteration zone.
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. (Mineralization
identified at the Cu 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 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 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
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 |
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:Email: ir@cornerstoneresources.caNorth
America toll-free: 1 (877) 277-8377Cornerstone Capital Resources
Inc.www.cornerstoneresources.comcommunications@crigold.comToll Free
at 1-877-277-8377
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