Cornerstone Capital drills 776 m of 0.77% CuEq at Cascabel
OTTAWA, June 23, 2017 (GLOBE NEWSWIRE) — Cornerstone Capital Resources Inc. (“Cornerstone” or “the Company”) (CGP.V) (GWN.F) (GWN.F) (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:
- Hole 23R (Rig 1 Alpala Central) assay results – delayed in laboratory.
- Hole 24 (Rig 3 Alpala Southeast) assay results:
° 586.0m @ 0.43% copper equivalent ¹ (0.27% Cu, 0.25 g/t Au) from 636m (true width: 293m); including:
° 160m @ 1.04% copper equivalent (0.63% Cu, 0.65 g/t Au) from 738m (true width: 80m).
- Hole 24 intersection represents robust mineralizing porphyry system at depth.
- Hole 24 extends Alpala Deposit known mineralized corridor to approximately 1300m.
- Hole 25 (Rig 2 Hematite Hill) assay results:
° 0m @ 0.77% copper equivalent (0.58% Cu, 0.30 g/t Au) from 754m (true width: 388m); including:
° 238m @ 1.76% copper equivalent (1.31% Cu, 0.70 g/t Au) from 772m (true width: 119m); and
° 100m @ 3.59% copper equivalent (2.64% Cu, 1.51 g/t Au) from 772m (true width; 50m).
- Hole 25 intersection includes high-grade panel of intense bornite mineralization representing upper portion of previously unknown porphyry apophysis at Alpala East.
Note ¹: Gold Conversion Factor of 0.63 calculated from a copper price of US$3.00/lb and a gold price US$1300/oz.
The Alpala deposit continues to grow with each new drill hole. Over 39,000m of drilling has 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 (Figure 1).
Hole 23R (Rig 1 Alpala Central) assay results are delayed in the laboratory and will be released when available.
Selected examples of mineralization encountered in Hole 23R are shown in Figure 2.
Hole 24 (Rig 3 Alpala Southeast) assay results returned 586.0m grading 0.43% copper equivalent (0.27% copper and 0.25 g/t gold) from 636.0m depth, including 160m grading 1.04% copper equivalent (0.63% copper and 0.65 g/t gold) from 738.0m depth. This intersection in Hole 24 represents strongly phyllic altered, well mineralized diorite country rock above a robust mineralizing porphyry system at depth.
Hole 24 extends the Alpala Deposit by 350m to the southeast of Hole 25 and expands the known mineralized corridor along the greater Alpala corridor (or the ‘Trivinio – Alpala Southeast’ trend) to approximately 1300m.
Selected examples of mineralization encountered in Hole 24 are shown in Figure 3.
Hole 25 Assay results return 776.0m grading 0.77% copper equivalent (0.58% copper and 0.30 g/t gold) from 754m depth. This intersection includes a high-grade panel of intense bornite mineralization representing the cupola of a previously unknown high-grade quartz diorite apophysis that lies immediately east of the Alpala deposit (Figure 4).
The high-grade zone in Hole 25 returned 238m grading 1.76% copper equivalent (1.31% copper and 0.70 g/t gold) from 772m depth, including 100m grading 3.59% copper equivalent (2.64% copper and 1.51 g/t gold).
Selected examples of mineralization encountered in Hole 25 are shown in Figure 5.
With subsequent drilling the project operator SolGold expects to significantly grow the size of the copper-gold deposit at Alpala. Drilling is being expedited by use of Devico Directional Core Drilling Technology, which allows for steerable drill hole paths, increased drilling accuracy and faster acquisition of results through drilling multiple holes from each parent hole, achieving more drill metres within the orebody.
Hole 23R-D1 (Rig 1) started on June 1, 2017, and is at a current depth of 804.6m, following deviation from the parent hole (Hole 23R) at 710m depth. Hole 23R-D1 is 23R-D1 is a “daughter” hole planned to drill at a steep angle to the east, testing for extensions to the high grade early quartz diorite intrusion intersected in Hole 23R.
Hole 24-D1 started on May 21, 2017, and is at a current depth of 774.2m. Hole 24-D1 is a “daughter” hole leaving the “parent” (Hole 24) at 780m depth testing for deeper extensions to the mineralization discovered in Hole 24.
Hole 26 (Rig 4) started on May 24, 2017, testing the strike and depth extensions of Alpala towards the north and northeast. Hole 26 continues at a current depth of 451.1m, within mineralized diorite intrusive, towards a planned depth of at least 1800m.
Hole 27 (Rig 2) started on May 24, 2017, from the same location as Hole 25, and is at a current depth of 895.5m, within a mineralized diorite intrusive, testing approximately 250m southeast of intersections achieved in Holes 16, 19 and 22.
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.
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 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. For investor, corporate or media inquiries, please contact:
Mario Drolet; Email: Mario@mi3.ca; Tel. (514) 904-1333
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President and CEO
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