|By Marketwired .||
|April 21, 2017 08:00 AM EDT|
OTTAWA, ONTARIO -- (Marketwired) -- 04/21/17 -- Cornerstone Capital Resources Inc. ("Cornerstone" or "the Company") (TSX VENTURE:CGP)(FRANKFURT:GWN)(BERLIN:GWN)(OTCBB:CTNXF) announces the following project update for the Cascabel copper-gold porphyry joint venture exploration project in northern Ecuador.
Figures and photographs 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:
-- Hole 21 (CSD-17-021) assay results extend by 150m (from 750m to 900m, 20%) strike- extension of the Alpala known mineralized zone. -- Hole 21, with collar situated approximately 250m along strike to the southeast of the collars of Holes 23R (in progress) and Hole 16 (856m @ 0.80% Cu, 1.04g/t Au, 1.46% CuEq), returns (1) : -- 844.0m @ 0.73 % copper and 0.43 g/t gold from 688.0m (1.00% CuEq), and -- 670.0m @ 0.82 % copper and 0.51 g/t gold from 826.0m (1.14% CuEq), and -- 304.0m @ 0.99 % copper and 0.63 g/t gold from 962.0m (1.39% CuEq). -- Holes 23R, 24, and 25 continue in mineralization.
Note (1) : Further information (including true widths of intersections and cut off grades) is provided in Table 1 and in the Quality Assurance/Quality Control (QA/QC) section.
The Cascabel Project is located within the gold-rich northern section of the Andean Copper belt (Figure 1). The project area hosts mineralization of Eocene age, the same age as numerous Tier 1 deposits along the Andean Copper Belt in Chile and Peru to the south. The project base is located at Rocafuerte, in northwestern Ecuador just west of the City of Ibarra, approximately 3 hours' drive north of Quito and close to water, power supply and Pacific Ports (Figure 2).
Fifteen individual targets have been defined at Cascabel. SolGold has successfully drill tested three of the fifteen targets, being Alpala Central, Alpala Northwest, Hematite Hill (Hole 25), and Alpala Southeast (Hole 24) (Figure 3). Current drilling focuses on defining the geometry of the growing Alpala deposit, which is open in virtually all directions. Over 35,000m of drilling has been completed to date, and the arrival of Rigs 4, 5, 6 and 7 over the coming two quarters will see drill testing expanding to Alpala East, Alpala West, Trivino and Aguinaga by mid-year. The drilling program is planned to expand to eight drilling rigs by year end, which will also see drill testing of the Tandayama-America prospect. (Figure 4). SolGold believes that several targets clustered within the Alpala area may coalesce.
Hole 21 (CSD-17-021) assays received from 650m to 1619.2m (end of hole) extends by 150m strike- extension of known Alpala deposit from Holes 23R and 16 to Hematite Hill. The outstanding Hole 21 assay results from 0m to 650m are not expected to produce significant intersections.
Hole 21, with a collar situated approximately 250m along strike to the southeast of the collars of Holes 23R (in progress) and Hole 16 (856m @ 0.80% Cu, 1.04g/t Au, 1.46% CuEq), returned the following significant intersections:
-- 844.0m @ 0.73 % copper and 0.43 g/t gold from 688.0m (1.00% CuEq), including -- 670.0m @ 0.82 % copper and 0.51 g/t gold from 826.0m (1.14% CuEq), and -- 304.0m @ 0.99 % copper and 0.63 g/t gold from 962.0m (1.39% CuEq).
The position of Hole 21 is shown in cross-section A-A' in Figure 5. Selected examples of mineralization encountered in Hole 21 are shown in Figure 6. Detailed results from Hole 21 are shown in Table 1 below.
---------------------------------------------------------------------------- Cascabel Project - Summary of Drill Hole Intersections ---------------------------------------------------------------------------- Depth Depth Interval True Hole ID From To (m) Cu_% Au_g/t Cu.Eq_% Cut-off Width (m) ---------------------------------------------------------------------------- 668 1614 946 0.67 0.39 0.92 0.10 568 ----------------------------------------------------------------- 688 1532 844 0.73 0.43 1.00 0.30 506 ----------------------------------------------------------------- 826 1496 670 0.82 0.51 1.14 0.50 402 ----------------------------------------------------------------- CSD-17-021 962 1266 304 0.99 0.63 1.39 0.70 182 ----------------------------------------------------------------- 1278 1376 98 0.57 0.46 0.86 0.70 59 ----------------------------------------------------------------- 1396 1496 100 0.69 0.46 0.98 0.70 60 ----------------------------------------------------------------- 1014 1260 246 1.04 0.69 1.47 1.00 148 ---------------------------------------------------------------------------- (i) Data Aggregation Method -- Intercepts reported with up to 10m internal dilution. (Excluding bridging to a single sample) -- Intercepts selected using Cu equivalent cutoff grades of 0.10, 0.20, 0.30, 0.50, 0.70, 1.0 and 1.50 (ii) Gold Conversion factor of 0.89 calculated from copper price US$2.20/lb and gold price US$1350/oz. (iii) Gold Conversion factor of 0.63 calculated from copper price US$3.00/lb and gold price US$1300/oz.
Table 1: Selected intersections results from Hole 21 at Alpala Central.
Holes 23R, 24, and 25 are in progress at current depths of 844.3m, 1170.7m, and 1203.7m respectively. Further update on the progress of these holes, testing both depth and further strike extensions to the southeast of Hole 21 Alpala, will be provided when drilling of these holes nears completion.
Solgold has completed the ground magnetic survey over Cascabel, and preparations are being finalized to commence a detailed Orion-Spartan 3D IP survey across most of the concession (Figure 7). Processing of this improved magnetic data is underway and this work will not only augment the existing geophysical targets at Alpala and Aguinaga, but further investigate the promising Tandayama-America anomaly and other satellite targets on the property. Following analysis of these datasets, Solgold will further refine drill targets along the Alpala cluster, as well as those at Moran, Aguinaga, and Tandayama-America. A 'LIDAR'© topographic control survey is being planned for commencement mid-year.
The presence of magnetite with chalcopyrite and bornite with potassic alteration endorses the predictive nature of the 3D Magnetic model at Cascabel. The magnetic bodies at Alpala, Moran and Aguinaga envelope represent approximately 15 billion tonnes of untested magnetic rock.
Upgrade and expansion of site facilities are well underway at Cascabel as the project continues to expand to 7 rigs by October and 10 rigs next year. The geology team have yet to define the extents of the Alpala porphyry system, and the deposit remains open in most directions, continuing to grow with each new drill hole. An aggressive drill program, producing approximately 90,000m of diamond drill core per annum from early 2018 is planned to delineate the system limits along the greater Alpala trend prior to a maiden resource statement, and to test the other multiple targets within the concession.
An increasing understanding of the deposit is now leading to much larger step-outs in drilling as Solgold directs its program towards the copper and gold at a predicted large and rich core of the Alpala system. The presence of magnetite with chalcopyrite and bornite with potassic alteration endorses the predictive nature of the 3D Magnetic model at Cascabel. The magnetic bodies at Alpala, Moran and Aguinaga envelope approximately 15 billion tonnes of untested magnetic rock. SolGold is excited by the strong correlation between magnetic signatures and copper mineralisation in this system.
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.
To date SolGold has completed geological mapping and soil sampling over 25 km2, along with and an additional 9km2 of Induced Polarisation and 14km2 Magnetotelluric "Orion" surveys over the Alpala cluster and Aguinaga targets. SolGold has completed 34,000m of drilling and expended over USD 4M on the program, corporate costs and investments into Cornerstone. Diamond drilling is planned for the next 12 months with multiple drill rigs.
The Company is currently planning further metallurgical testing and completion of an independent Pre- Feasibility Study at Cascabel (which may or may not be the equivalent of a National Instrument 43- 101/CIM definition standards Pre-Feasibility Study). SolGold is investigating both high tonnage open cut and underground block caving operations, as well as a high grade / low tonnage initial underground development towards the economic development of the copper gold deposit/s at Cascabel.
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 (greater than 100 g/t) and Cu, (greater than 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 is estimated by SolGold to be approximately 25-50% of the core length.
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.
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. The company's business model is based on generating exploration projects whose subsequent development is funded primarily through partnerships.
Further information is available on Cornerstone's website: www.cornerstoneresources.com and on Twitter.
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.
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