OTTAWA, July 05, 2017 (GLOBE NEWSWIRE) -- Cornerstone Capital Resources Inc. (“Cornerstone” or “the Company”) (TSXV:CGP) (Frankfurt: GWN ) (Berlin: GWN ) (OTC:CTNXF) announces the following project update for the Cascabel copper-gold porphyry joint venture exploration project in northern Ecuador.
Figures referred to in this news release can be seen in PDF format by accessing the version of this release on the Company’s website ( www.cornerstoneresources.com ) or by clicking on the link below:
http://www.cornerstoneresources.com/i/pdf/NR17-23Figures.pdf .
HIGHLIGHTS:
- Current drill holes 23R-D1 (Rig 1 Alpala Central), 24-D1R (Rig 3 Alpala Southeast), 26 (Rig 4 Alpala Northwest) and 27 (Rig 2 Hematite Hill) all intersect mineralized diorite porphyry as drilling continues to grow the known Alpala copper-gold deposit.
- Rig 5 mobilizes to site. Rig 6 scheduled for arrival late July 2017. Rigs 5 and 6 to expand on growing resource potential at Hematite Hill and Alpala Southeast.
- Rig 7 scheduled for mobilization in August.
FURTHER INFORMATION:
The Alpala deposit continues to grow with each new drill hole. Over 39,500m of drilling have been completed to date along the greater Alpala trend. Current drilling focuses on defining the geometry of the growing porphyry copper-gold deposit at Alpala, which is open in virtually all directions, as drill testing to date has not yet defined the extents of the Alpala deposit ( Figure 1 ).
Drilling to date has tested less than half of the footprint of the greater Alpala zone ( Figure 2 ). A major zone of magnetite-destruction related to intense hydrothermal (phyllic and advanced argillic) alteration occurs over much of the Alpala porphyry cluster. This zone is coincident with the surface projection of the 0.7 % and 1.0 % copper equivalent ¹ (CuEq) models which suggests that similar mineralization may exist along the full length and breadth of the greater Alpala zone from Triviño in the northwest to Cristal in the southeast.
Hole 23R-D1 (Rig 1 Alpala Central) is at a current depth of 987.6m, following deviation from the parent hole (Hole 23R) at 710m depth. Hole 23R-D1 is a “daughter” hole testing for extensions to the high grade early quartz diorite intrusion intersected in Hole 23R, which recently returned 1030m @ 1.16 % CuEq (0.59 % Cu, 0.90 g/t Au, true width: 824m.), including 770m @ 1.44 % CuEq (0.71 % Cu, 1.16 g/t Au, true width: 616m).
Hole 24-D1R (Rig 3 Alpala Southeast) is at a current depth of 777.9m. Hole 24-D1 is a “daughter” hole leaving the “parent” (Hole 24) at 735.0m depth testing for deeper extensions to the mineralization discovered in Hole 24 which recently returned 586.0m @ 0.43 % CuEq (0.27 % Cu, 0.25 g/t Au, true width: 293m) from 636m, including 160m @ 1.04 % CuEq (0.63 % Cu, 0.65 g/t Au, true width: 80m).
Hole 26 (Rig 4 Alpala Northwest) started on 24th May 2017, testing the strike and depth extensions of Alpala towards the north and northeast. Hole 26 continues at a current depth of 1416.4m, within mineralized diorite intrusive, towards a planned depth of at least 1800m. The copper sulphide mineralization encountered to date in Hole 26 extends the Alpala deposit approximately 120m northeast of hole 15R2, which returned 830m @ 0.93 % CuEq (0.63 % Cu, 0.46 g/t Au, true width: 498m).
Hole 27 (Rig 2 Hematite Hill), from the same location as Hole 25, and is at a current depth of 1257.1m, within mineralized diorite intrusive with copper sulphide mineralization, including 0.1% bornite locally. Hole 27 tests approximately 250m southeast of intersection achieved in Hole 16 which returned 894m @ 1.41 % CuEq (0.78 % Cu, 0.99 g/t Au, true width: 539m).
Selected examples of mineralization being encountered in current drill holes are shown in Figures 3, 4, 5 and 6 .
Note ¹. Copper equivalent (CuEq) is calculated using a gold conversion factor of 0.63 calculated from a copper price of S$3.00/lb and a gold price US$1300/oz
About Cascabel:
Exploraciones Novomining S.A. (“ENSA”), an Ecuadorean company owned by SolGold Plc and Cornerstone, holds 100% of the Cascabel concession. Subject to the satisfaction of certain conditions, including SolGold’s fully funding the project through to feasibility, SolGold Plc will own 85% of the equity of ENSA and Cornerstone will own the remaining 15% of ENSA. SolGold Plc is funding 100% of the exploration at Cascabel and is the operator of the project.
Cascabel is in northwestern Ecuador in an under-explored northern section of the Andean Copper Belt, 60 km northeast of the undeveloped inferred resource of 982 million tons at 0.89% Cu Llurimaga (formerly 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 Llurimaga 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, assaying and reporting
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-MSP61, 1g split, 4-acid digestion, ICP-MS 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).
Drill hole intercepts are calculated using a data aggregation method, defined by copper equivalent cut-off grades and reported with up to 10m internal dilution, excluding bridging to a single sample. Copper equivalent grades are calculated using a gold conversion factor of 0.63, determined using an updated copper price of USD3.00/pound and an updated gold price of USD1300/ounce. Copper equivalent calculation assumes 100% recoveries of copper and gold.
All reported drill core intervals from the Cascabel Property are core lengths, unless otherwise indicated. At present the true thicknesses of all the holes has not been calculated by SolGold. True width of down hole intersections are variable, estimated by SolGold to be approximately 25-60% of the core length in general and to be up to 80% in some holes in the central part of the Alpala deposit.
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). 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 with a diversified portfolio of projects in Ecuador and Chile, and a proven ability to identify, acquire and advance properties of merit.
Further information is available on Cornerstone’s website: www.cornerstoneresources.com and on Twitter. For investor, corporate or media inquiries, please contact:
Investor Relations: Mario Drolet; Email: Mario@mi3.ca ; Tel. (514) 904-1333
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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 after 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.
