Bramaderos Exploration Update – Assays from Limon drill hole 2 indicate proximity to the core of a porphyry system – Bramaderos Main drill hole 1 completed at 670m and hole 2 in progress
OTTAWA, July 02, 2019 (GLOBE NEWSWIRE) — Cornerstone Capital Resources Inc. (“Cornerstone” or “the Company”) (TSXV-CGP) (F-GWN) (B-GWN) (OTC-CTNXF) is pleased to provide an update on its Bramaderos gold and copper project in southern Ecuador, which it is exploring together with ASX listed Sunstone Metals Inc. under a farm-in agreement (see “About Bramaderos”, below).
Figures and photos (plates) related to 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/NR19-20Figures.pdf.
HIGHLIGHTS:
- Assay results from the second hole (LMDD002) drilled at the Limon prospect within the Bramaderos project in southern Ecuador have been received and delivered:
- A wide interval of anomalous copper and molybdenum
- 267m at 0.05g/t gold, 750ppm copper, and 22ppm molybdenum, including 14m (at bottom of hole) of 0.1g/t gold, 0.2% copper and 41ppm molybdenum1
- The assay results are entirely consistent with the geology and support the interpretation of proximity to the core of a porphyry system
- Hole BMDD001 at the Bramaderos Main target (2.5km south-west of Limon) was completed to a depth of 669.45m
- BMDD001 drilled parallel to, and below historical hole CURI-03 which intersected 248.1m at 0.56g/t gold and 0.14% copper from 9.1m. BMDD001 has extended the zone of quartz stockwork veining to a downhole depth of at least 600m.
- Drill hole BMDD002 has commenced, and is located 120m to the south-east of BMDD001
As described in Cornerstone’s news release dated May 30, 2019 hole LMDD002 intersected an interval of porphyry-related mineralization with visible and persistent chalcopyrite (copper sulphide) and molybdenite (molybdenum sulphide), minor bornite (copper sulphide), anhydrite veining and widespread pyrite in quartz stockwork B-veining in the lower parts of the drill hole. This is interpreted to indicate that the intersection has likely drilled adjacent to the core of the porphyry system where we are most likely to see enhanced accumulations of copper and gold. See Figure 1 for plan view of surface geochemical zoning in soil sample assays and locations of holes LMDD001 and 002.
The assay results from LMDD002 are entirely consistent with the geological interpretation and provide strong support for targeting the next hole at Limon to the east of hole LMDD002.
| Hole ID | From | To | Interval | Au (g/t) |
Ag (g/t) |
Cu (ppm) |
Mo (ppm) |
Zn (ppm) |
| LMDD002 | 8.6 | 112 | 103.4 | 0.064 | 0.37 | 98 | 0.4 | 2696 |
| LMDD002 | 626.85 | 893.58 | 266.73 | 0.054 | 0.39 | 749 | 22.1 | |
| including | 835.4 | 893.58 | 58.18 | 0.073 | 0.75 | 1260 | 36.3 | |
| including | 879.6 | 893.58 | 13.98 | 0.101 | 1.73 | 1991 | 40.8 | 543 |
1000ppm = 0.1%
The first hole at the Bramaderos Main porphyry target, BMDD001, has been completed at 669.45m and drilled below the historical intersection of 248m at 0.56g/t gold and 0.14% copper from surface in hole CURI 3 (drilled in November-December 1999 by Paragon del Ecuador for Ecuanor), and below surface trenching that delivered 615m at 0.52g/t gold and 0.11% copper (refer to Cornerstone news release dated May 9, 2018).
The geology in BMDD001 appears to correlate well with that reported from the historical hole in the upper 250m. Below this depth intense quartz veining in altered intrusive rocks suggests that the mineralization extends to depth.
The interval of intense quartz veining within a porphyry system correlates well with the peak of the magnetic anomaly and provides confidence in targeting future drill holes.
Hole BMDD002 has commenced and is located approximately 120m to the SE of BMDD001 to test the interpreted down plunge geometry of the porphyry system.
Cornerstone Vice President, Exploration, Yvan Crepeau said:
“We are very encouraged by both the assay results from Limon and the visual results from BMDD001 (see photos in Figures). Information gathered so far at Limon indicates that we have drilled very close to a porphyry system, and that minor adjustments have to be made to the 3D geological model to indicate where the next round of holes should be drilled to test the core of the system.
We have also extended very promising historical results at the Bramaderos Main prospect and expect to deliver a mineralized interval to a vertical depth of approximately 400m below surface.
This is a very good start at Limon, and at Bramaderos Main. We expect partial assays from the first hole at Bramaderos Main to be returned by late July 2019.”
The overall Phase 1 drilling program across the three targets of Limon, Bramaderos Main and West Zone is anticipated to be approximately 5,000m (See Figure 2 for target/prospect locations). Drilling at the West Zone target is expected to follow later in the program, where surface trenching has delivered 15.6m at 6.1g/t gold (refer to Cornerstone news release dated November 8, 2017).
About Bramaderos
The Bramaderos concession is owned by Cornerstone subsidiary La Plata Minerales S.A. (“PLAMIN”), which has signed a binding letter agreement with Sunstone Metals Ltd. (formerly Avalon Minerals Ltd.) (ASX:STM), whereby Sunstone has the right to earn a 51% interest in the project by spending US$3.4 million over 3 years to complete a phase 1 drill program. If this first option is earned, Sunstone can go to 70% by funding a bankable feasibility study, and can go to 80% by financing 100% of the cost of construction of a mine and mill (see news release 17-08 dated April 10, 2017).
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 Bramaderos project for Cornerstone and has reviewed and approved the information contained in this news release.
Sampling and assaying
PLAMIN uses a fire assay gold technique for Au assays (FAS-111) and a four acid multi element technique (IMS-230) for a suite of 48 elements. FAS-111 involves Au by Fire Assay on a 30-gram aliquot, fusion and atomic absorption spectroscopy (AAS) at trace levels. IMS-20 is considered a near total 4 acid technique using a 20g aliquot followed by multi-element analysis by ICP-AES/MS at ultra-trace levels. This analysis technique is considered suitable for this style of mineralization.
Standards, blanks and duplicates are inserted ~1/28 samples. The values of the standards range from low to high grade and are considered appropriate to monitor performance of values near cut-off and near the mean grade of the deposit. The check sampling results are monitored and performance issues are communicated to the laboratory if necessary.
Sample security was managed through sealed individual samples and sealed bags of multiple samples for secure delivery to the laboratory by permanent staff of the joint-venture. MS Analytical is an internationally accredited laboratory that has all its internal procedures heavily scrutinized in order to maintain their accreditation. MS Analytical is accredited to ISO/IEC 17025 2005 Accredited Methods.
PLAMIN’s sampling techniques and data have been audited multiple times by independent mining consultants during various project assessments. These audits have concluded that the sampling techniques and data management are to industry standards. All historical data has been validated to the best degree possible and migrated into a database.
Rock samples are collected by PLAMIN’s personnel, placed in plastic bags, labeled and sealed, and stored in a secure place until delivery by PLAMIN employees to the LAC y Asociados ISO 9001-2008 certified sample preparation facility in Cuenca, Ecuador.
Rock samples are prepared crushing to 70% passing 2 mm (10 mesh), splitting 250 g and pulverizing to 85% passing 75 microns (200 mesh) (MSA code PRP-910). Prepared samples are then shipped to MS Analytical Services (MSA), an ISO 9001-2008 laboratory in Langley, BC, Canada, where samples are assayed for a multi-element suite (MSA code IMS-136, 15.0 g split, Aqua Regia digestion, ICP-AES/MS finish) and gold by Fire Assay (MSA code FAS-111, 30 g fusion, AAS finish). Over limit results for Cu (>1%) are systematically re-assayed (MSA code ICF-6Cu, 0.2 g, 4-acid digestion, ICP-AES finish). Gold is assayed using a 30 g split, Fire Assay (FA) and AAS finish (MSA code FAS 111). Over limit results for Au (>10 g/t) are systematically re-assayed (MSA code FAS-415, FA, 30g., gravimetric finish).
Soil samples are dried at low temperature, screened to 80 mesh (MSA code PRP-757), a 15 grams portion is then assayed for a multi-elements suite (MSA code IMS-136, Aqua Regia digestion, ICP-AES/MS finish).
Quality assurance / Quality control (QA/QC)
The MSA Analytical 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 20-25 samples) as part of PLAMIN’s QA/QC program. Rejects, a 100 g pulp for each rock sample, are stored for future use and controls.
About Cornerstone:
Cornerstone Capital Resources Inc. is a mineral exploration company with a diversified portfolio of projects in Ecuador and Chile, including in the Cascabel gold-enriched copper porphyry joint venture in north west Ecuador. 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.
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 beliefs, plans, objectives, strategies, intentions and expectations. The words “potential,” “anticipate,” “forecast,” “believe,” “estimate,” “intend”, “trends”, “indicate”, “expect,” “may,” “should,” “could”, “project,” “plan,” or the negative or other variations of these words 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.
1 The true width of the intercepts is not known at this time.