Cornerstone Capital Resources Inc.: Cascabel Proje
Post# of 94144
Posted On: 01/30/2014 8:23:42 AM
Cornerstone Capital Resources Inc.: Cascabel Project Update
Cornerstone Capital Resources Inc.: Cascabel Project Update
Drilling Recommences at Hole 5 - Magnetic Susceptibility Readings Confirm Large Porphyry Target
MOUNT PEARL, NEWFOUNDLAND--(Marketwired - Jan 30, 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 1 drill program at the Alpala prospect within the Cascabel Project at the Company's copper-gold porphyry exploration project in northern Ecuador (refer Figure 1). Drill hole CSD-13-005 was temporarily suspended on December 20, 2013 at 869.68m pending delivery of additional drilling equipment.
Highlights:
Hole 5 drilling recommences from a depth of 870m.
High grade copper and gold mineralization at 870 m in Hole 5, with grades increasing with depth.
Importantly the last 91.68m of Hole 5 returned 0.90% Cu & 0.79 g/t Au.
Objective for Hole 5 is to drill test beyond 1000 metres.
Drill rods at site capable of drilling to depth of 1500 metres.
5-10% magnetite from 680 metres downhole associated with high-grade copper and gold.
Association of magnetite and copper-gold mineralization common in porphyry systems.
Association of magnetite and copper-gold bodes well for discovery of other copper-gold porphyry deposits within the Alpala Magnetic Complex given the presence of numerous magnetic bodies.
Strong correlation between magnetite, magnetic response and copper and gold mineralization in CSD-13-005 confirms significance of the 4km2 Alpala magnetic complex.
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/NR14-02Figures.pdf.
Restart of Drill Hole CSD-13-005
The location of drill hole CSD-13-005 is illustrated in Figure 2. CSD-13-005 was sited to test beneath holes 1 and 2, which intersected long runs of copper and gold mineralization associated with porphyry copper-gold quartz stock-work and sheeted veins. Copper and gold intersections for drill hole CSD-13-005 to a depth of 869.68 metres are summarized in Table 1 below. Figure 3 shows a cross-section of copper and gold intersections in holes CSD-13-001 and CSD-13-005. Hole 5 assays were released on January 14, 2013.
Hole CSD-13-005 is expected to take around 20 days to complete to a total depth of 1500 metres, however, ground conditions could affect the drill rate.
Magnetic Susceptibility Data in Hole CSD-13-005
Recent acquisition and plotting of magnetic susceptibility measurements from Hole 5 drill core reveal that copper and gold grades increase at depth in tandem with increasing magnetic susceptibility. A strongly magnetic zone in the lower third of Hole 5 coincides not only with increasing copper and gold grade, but also with increasing magnetite (5-10%). Magnetite, a highly magnetic mineral, often accompanies copper and gold in the deeper parts of porphyry copper-gold deposits and contributes to the magnetic anomalies measured on surface.
This zone of magnetic response (and high copper and gold grades) in Hole 5 coincides well with the margin of a 1.2-km-wide magnetic body (Figure 4). This association, and the geometry of the magnetic body, gives the Company reason to believe that Hole 5 may have intersected the steep southwest-plunging limb of a typically bell-shaped mineralized porphyry "shell". The earlier and shallower intersections in Holes 1 and 2 lie within a -"'shoulder position" to the larger porphyry target.
The extension of Hole 5 beyond a 1000m depth will further test the high grade and interpreted southwest limb of the porphyry system, where mineralization is anticipated to continue to substantially greater depths (Figure 4).
The interpretation in Figure 4 correlates the high-grade copper-gold zone in the deeper part of Hole 5 with the magnetic body, and provides an understanding of the potential geometry of mineralization at Alpala. It will also better enable future drill targets to be identified that will be tested in the next round of drill holes.
Drill Hole CSD-13-004
On November 7, 2013, drill hole CSD-13-004 was terminated at 318.51m depth due to poor ground conditions as a result of the hole encountering fractured ground. This zone was not evident in the field at the drill collar because of the absence of outcrop. Consequently, the drill hole did not reach target depth and intersected low grade copper and gold values. The copper grades in drill hole CSD-13-004 (158.31m @ 0.11% Cu) were gradually increasing with depth, and low-grade mineralization was persisting to end of hole.
Hole ID Depth From Depth To Interval (m) Cu_% Au_g/t Comment
CSD-13-004 160 318.31 158.31 0.11 0.05
Incls 292 318.31 26.31 0.15 0.05
CSD-13-005 24 869.68 845.68 0.39 0.24 Open at Depth
Incls. 24 420 396 0.32 0.17
Incls. 436 869 433 0.47 0.31 Open at Depth
Incls. 244 398 154 0.43 0.25
Incls. 658 869.68 211.68 0.69 0.51 Open at Depth
Incls. 778 869.68 91.68 0.90 0.79 Open at Depth
Table 1: Copper and gold intersections encountered in holes CSD-13-004 and CSD-13-005.
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.
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: 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 1-877-277-8377
communications@crigold.com
www.cornerstoneresources.com
Cornerstone Capital Resources Inc.: Cascabel Project Update
Drilling Recommences at Hole 5 - Magnetic Susceptibility Readings Confirm Large Porphyry Target
MOUNT PEARL, NEWFOUNDLAND--(Marketwired - Jan 30, 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 1 drill program at the Alpala prospect within the Cascabel Project at the Company's copper-gold porphyry exploration project in northern Ecuador (refer Figure 1). Drill hole CSD-13-005 was temporarily suspended on December 20, 2013 at 869.68m pending delivery of additional drilling equipment.
Highlights:
Hole 5 drilling recommences from a depth of 870m.
High grade copper and gold mineralization at 870 m in Hole 5, with grades increasing with depth.
Importantly the last 91.68m of Hole 5 returned 0.90% Cu & 0.79 g/t Au.
Objective for Hole 5 is to drill test beyond 1000 metres.
Drill rods at site capable of drilling to depth of 1500 metres.
5-10% magnetite from 680 metres downhole associated with high-grade copper and gold.
Association of magnetite and copper-gold mineralization common in porphyry systems.
Association of magnetite and copper-gold bodes well for discovery of other copper-gold porphyry deposits within the Alpala Magnetic Complex given the presence of numerous magnetic bodies.
Strong correlation between magnetite, magnetic response and copper and gold mineralization in CSD-13-005 confirms significance of the 4km2 Alpala magnetic complex.
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/NR14-02Figures.pdf.
Restart of Drill Hole CSD-13-005
The location of drill hole CSD-13-005 is illustrated in Figure 2. CSD-13-005 was sited to test beneath holes 1 and 2, which intersected long runs of copper and gold mineralization associated with porphyry copper-gold quartz stock-work and sheeted veins. Copper and gold intersections for drill hole CSD-13-005 to a depth of 869.68 metres are summarized in Table 1 below. Figure 3 shows a cross-section of copper and gold intersections in holes CSD-13-001 and CSD-13-005. Hole 5 assays were released on January 14, 2013.
Hole CSD-13-005 is expected to take around 20 days to complete to a total depth of 1500 metres, however, ground conditions could affect the drill rate.
Magnetic Susceptibility Data in Hole CSD-13-005
Recent acquisition and plotting of magnetic susceptibility measurements from Hole 5 drill core reveal that copper and gold grades increase at depth in tandem with increasing magnetic susceptibility. A strongly magnetic zone in the lower third of Hole 5 coincides not only with increasing copper and gold grade, but also with increasing magnetite (5-10%). Magnetite, a highly magnetic mineral, often accompanies copper and gold in the deeper parts of porphyry copper-gold deposits and contributes to the magnetic anomalies measured on surface.
This zone of magnetic response (and high copper and gold grades) in Hole 5 coincides well with the margin of a 1.2-km-wide magnetic body (Figure 4). This association, and the geometry of the magnetic body, gives the Company reason to believe that Hole 5 may have intersected the steep southwest-plunging limb of a typically bell-shaped mineralized porphyry "shell". The earlier and shallower intersections in Holes 1 and 2 lie within a -"'shoulder position" to the larger porphyry target.
The extension of Hole 5 beyond a 1000m depth will further test the high grade and interpreted southwest limb of the porphyry system, where mineralization is anticipated to continue to substantially greater depths (Figure 4).
The interpretation in Figure 4 correlates the high-grade copper-gold zone in the deeper part of Hole 5 with the magnetic body, and provides an understanding of the potential geometry of mineralization at Alpala. It will also better enable future drill targets to be identified that will be tested in the next round of drill holes.
Drill Hole CSD-13-004
On November 7, 2013, drill hole CSD-13-004 was terminated at 318.51m depth due to poor ground conditions as a result of the hole encountering fractured ground. This zone was not evident in the field at the drill collar because of the absence of outcrop. Consequently, the drill hole did not reach target depth and intersected low grade copper and gold values. The copper grades in drill hole CSD-13-004 (158.31m @ 0.11% Cu) were gradually increasing with depth, and low-grade mineralization was persisting to end of hole.
Hole ID Depth From Depth To Interval (m) Cu_% Au_g/t Comment
CSD-13-004 160 318.31 158.31 0.11 0.05
Incls 292 318.31 26.31 0.15 0.05
CSD-13-005 24 869.68 845.68 0.39 0.24 Open at Depth
Incls. 24 420 396 0.32 0.17
Incls. 436 869 433 0.47 0.31 Open at Depth
Incls. 244 398 154 0.43 0.25
Incls. 658 869.68 211.68 0.69 0.51 Open at Depth
Incls. 778 869.68 91.68 0.90 0.79 Open at Depth
Table 1: Copper and gold intersections encountered in holes CSD-13-004 and CSD-13-005.
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.
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: 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 1-877-277-8377
communications@crigold.com
www.cornerstoneresources.com
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