Cornerstone Capital Resources Inc.: Cascabel Project Update
Copper Sulphide Mineralization Extended to 1303.5m in Hole 5 at
MOUNT PEARL, NEWFOUNDLAND -- (Marketwired) -- 02/20/14 --
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 exploration project in northern Ecuador.
-- Strongly visible porphyry copper sulphide mineralization continues to
current hole depth of 1303.5m in hole 5. Copper-rich sulphides include
chalcopyrite, bornite and chalcocite as fine to coarse grained
disseminations and in veins with magnetite.
-- Strong correlation evident between magnetite content, magnetic
characteristics and copper sulphide contents enabling correlation
between the three dimensional Alpala magnetic model and copper-gold
-- Drilling to continue to sooner of 1500m depth or end of copper
mineralization (1500m depth expected to be reached in 10 days).
-- 324m of core dispatched for urgent assay. Results expected within 14
-- Large size and strong copper-gold porphyry system indicated with over
1300m of near-continuous visible copper sulphide mineralization and
classic porphyry system geological features.
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:
Brooke Macdonald, Cornerstone's President & CEO, commented that "the
deepening of Hole CSD 13-005 continues to show strong alteration and
mineralization. The size and intensity of the alteration and
mineralization processes are very impressive. To our knowledge, this
hole is the deepest mineral exploration hole ever drilled in Ecuador.
Other very significant indicators of the huge potential of the Alpala
target are the distribution of copper over the entire present length
of the hole (to date at 1303.5m), the close association of gold to
copper of the gold-enriched porphyry mineralization, and the strong
correlation of magnetic minerals with gold and copper mineralization
opens large and new areas to explore as outlined by the 3D magnetic
From an economic viewpoint, the Cascabel project is very well located
in northern Ecuador, accessible by a paved road from the capital
city, linked to the Esmeraldas large port facility by a 222 km paved
road, available electrical power (8 hydroelectric plants under
construction) and Ecuador will be exporting electricity surplus by
2017. It is assumed that the old Ibarra-San Lorenzo (small port city
96 km west of Cascabel) railroad crossing the northern part of the
concession could eventually be rehabilitated to service the project
if needed in the future."
Drill Hole CSD-13-005
CSD-13-005 was sited to test the depth and lateral extent of
bulk-style copper and gold mineralization encountered in holes 1 and
2 at the Alpala prospect. Copper and gold assay results have been
received to a depth of 869.68 metres as reported on January 14th. A
strong relationship between copper and gold mineralization and
magnetic character is indicated to date.
Hole CSD-13-005 resumed drilling from 869.68m depth on January 28th.
On February 10th, the Company announced the observation of
coarse-grained chalcopyrite mineralization from 869.68m to 1106.80m
depth. From 869.68m to 1106.80m the hole intersected potassically
altered porphyry style rocks with intense potassic alteration and
veining ranging between 10-30 veins per metre, with variable fine to
coarse grained copper sulphide fill and disseminated copper sulphides
(chalcopyrite, bornite, chalcocite).
As of February 19th the hole has reached a current depth of 1303.50m
and strong copper mineralization has continued to be encountered to
the current hole depth of 1303.5m. This latest extension to Hole
CSD-13-005 continues to encounter coarse grained chalcopyrite
mineralization in sulphide-rich veins ('C'-veins) as well as
widespread disseminations of chalcopyrite, bornite and chalcocite
(see Figures 1-7). Magnetite and anhydrite, which also characterize
the potassic zone of porphyry systems, continue to be observed in
Figures 1 to 7 are photographs of mineralized core at select
intervals between 1108m and 1279.60m depth.
A total of 324m of samples (from 869.68m to 1194m depth) have been
forwarded to the assay laboratory for priority assay.
Hole 5 will continue to be drilled until the sooner of either when
1500m depth is reached, or when copper mineralization is observed to
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.
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 (greater
than 100 g/t), Cu, Pb and Zn (each one greater than 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.
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
Further information is available on Cornerstone's website:
http://www.cornerstoneresources.com/ and on Twitter. For investor,
corporate or media inquiries, please contact:
North America toll-free: 1 (877) 277-8377
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: 1-877-277-8377
Press spacebar to pause and continue. Press esc to stop.