Brama-Alba porphyry system at Bramaderos Project in Ecuador now 1.1km long, 400m wide and open
OTTAWA, June 01, 2022 (GLOBE NEWSWIRE) — Cornerstone Capital Resources Inc. (« Cornerstone » or « the Company ») (TSXV:CGP; OTC:CTNXF; FWB:GWN1) is pleased to provide an update on its Bramaderos gold and copper joint venture in southern Ecuador (see Figures 1 and 2) in which it has a 12.5% interest carried by JV partner and project operator Sunstone Metals Ltd. (ASX: STM) through to the start of commercial production (see « About Bramaderos », below).
Figures 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:
- Strong assay results received from Brama for holes BMDD0014, 015, 016, 017, and 018:
- 221.6m at 0.43g/t gold, 0.11% copper, from surface in BMDD014
- 93.3m at 0.55g/t gold and 0.08% copper from surface in BMDD015, including
- 24m at 0.86g/t gold, 0.10% copper, from surface
- 84m at 0.5g/t gold, 0.16% copper from surface in BMDD017
- 57m at 0.74g/t gold, 0.23% copper from 30m in BMDD018
- These results extend the Brama-Alba system to at least 1.1km long and it remains open to the east and west
- The latest assays also identify significant near-surface higher-grade zones
- Ongoing drilling is aimed at continuing to extend the deposit to the east beyond BMDD017
- Strong potential for the Brama-Alba deposit to extend significantly to adjacent targets Melonal and Playas
- Metallurgical test work is underway on samples from Brama-Alba
- Three drill rigs active at Bramaderos
- Initial Mineral Resource Estimate set for later this year
Cornerstone VP Exploration, Yvan Crepeau, said:
« We are pleased with the latest round of results from Brama-Alba. These strengthen the potential and increase the scale of the Brama porphyry system. As we have seen in previous assay results from Brama we continue to see very good gold-copper grades from surface.
« These results will be incorporated into an initial Mineral Resource Estimate for the Brama-Alba deposits expected in late 2022.
« Further holes will now be drilled on the eastern end of Brama to potentially enlarge the gold-copper system in this direction.
« Ongoing drilling at Alba is progressing well and the market will be updated as more assay results are returned ».
* The reader is cautioned that there has been insufficient exploration to define a mineral resource at Bramaderos and it is uncertain if further exploration will result in the target being delineated as a mineral resource.
The results from holes BMDD014 through 018 clearly show that higher grade mineralization occurs in sub-domains within the larger 1.1km long Brama-Alba system (Figures 1 & 2), and that these higher-grade domains extend to surface (Figure 4). The potential for Brama to host a substantial gold-copper porphyry system (Figures 3 & 4) is being reinforced with ongoing drilling. There is also potential for this system to extend significantly to adjacent targets Melonal and Playas (Figure 5). These areas are expected to be drill tested in Q3 and Q4 2022 respectively.
Assay results for drill holes BMDD014 through 018, and 26 are provided in Table 1 and shown in Figures 3 and 4.
Drill holes BMDD014, 15 and 16 were drilled from the collar of hole BMDD008, towards the east, southeast, and south-southwest respectively. BMDD014 and 15 were drilled to test higher grade intrusive breccias previously drilled in hole BMDD008 and 008W1, which intersected 505.1m at 0.43g/t gold, 0.1% copper from surface, including 84.3m at 0.80g/t gold, 0.11% copper from 179.7m. Most of the mineralization in drill hole BMDD016 is also hosted in syn-mineral intrusion breccias.
Drill hole BMDD017 was drilled at the eastern end of the Brama porphyry system and drilled towards the southeast. It intersected a sequence of alternating syn-mineral diorite, late hornblende-quartz diorite, and minor intrusive breccia, with the upper 84m being well mineralized. The bottom 200m drilled mainly syn-mineral diorite with disseminated and vein hosted chalcopyrite, bornite and trace covellite and chalcocite. The bottom 5.6m of hole 17 is well mineralized and it is planned to re-enter this hole and deepen it to test the possible extension of the deep mineralized zone. Four drill holes have been planned to test eastern extensions of the deposit and to test an undrilled magnetic target at depth just east of Brama.
Drill hole BMDD018 was drilled between holes BMDD004 and BMDD017, at a shallow angle, and tested an interpreted domain of higher-grade mineralized porphyry near surface. This zone was intersected in the upper 84m of the drill hole and was then disrupted by post-mineral dykes, and then passed into early host quartz diorite towards the southwest, consistent with other drill holes. The vertical extent of the higher-grade zone remains poorly tested and will be followed-up.
Drill hole BMDD026 was drilled from the collar of hole BMDD008, towards the west to test an area of magnetic targets that are located between Brama and Alba.
Table 1: Summary of mineralized intersections in Brama drill holes BMDD014 – 018, and 026.
Exploration Program at Brama and Alba for the Remainder of 2022
Drilling at the Bramaderos project will continue throughout 2022 and be spread across several target areas. At Brama it is expected that 1 drill rig will continue drilling at least 5 holes for a total of ~2,000m. At Alba, at least 6 holes are planned for a total of ~2,400m. Drilling will also be undertaken at Limon (commencing early June) and complete at least 6 holes for ~3,500m. Planning for drilling is also underway at Melonal (located southwest of Alba) where at least one hole for ~500m is expected.
The drilling programs at Brama and Alba will form the basis for an initial Mineral Resource Estimate (MRE). The goal of this MRE is to establish an initial resource estimate that can then be expanded as exploration continues at Brama-Alba and the other nearby targets such as Limon, Playas, and Melonal. The Brama-Alba system is currently at least 1,100m x 400m lateral dimension and has a vertical extent of at least 400m. Mineralization grade is variable within this envelope, as evidenced by today’s announcement where discrete higher-grade sub-vertical cylinders are enclosed within broader mineralized diorite.
Drilling at Limon is targeting chargeability and conductivity anomalies defined in the recently completed Spartan MT and Orion DCIP surveys, and geological follow-up to previously drilled high-sulphidation mineralization which returned 59.6m at 0.16% copper, including 13.3m at 0.43% copper and 0.11g/t gold (see news release dated October 15, 2019), and stockwork veining in surface trenches which returned 97.6m at 0.71g/t gold and 0.23% copper (see news release dated May 29, 2018).
Measuring 4,948 hectares, the Bramaderos project is ideally located immediately adjacent to the Pan American highway, and within reasonable distance of available hydropower, supporting the economics of potential development opportunities. The project is supported by nearby commercial airports and significant cities (Loja) and enjoys strong community support.
The Bramaderos concession is owned by La Plata Minerales S.A. (« PLAMIN »), which in turn is owned 87.5% by Sunstone (the project operator) and 12.5% by Cornerstone.
Cornerstone’s 12.5% interest is carried by Sunstone through to the start of commercial production and repayable at Libor plus 2% out of 90% of Cornerstone’s share of earnings or dividends from the Bramaderos project (see news release 20-01 dated January 7, 2020).
More information about the property can be found at www.cornerstoneresources.com.
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
Surface and drill core samples from Brama were sent to the LAC y Asociados Cia. Ltda. Sample Preparation Facility in Cuenca, Ecuador for sample preparation. The standard sample preparation for drill core samples (Code PRP-910) is: Drying the sample, crushing to size fraction 70% <2mm and splitting the sample to a 1000g portion by riffle or Boyd rotary splitter. The 1000g sample is then pulverised to >85% passing 75 microns and then sent to the MSALABS in Langley, BC, Canada for gold and base metal analysis.
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-230 is considered a near total 4 acid technique using a 0.25g 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. MSALABS is an internationally accredited laboratory that has all its internal procedures heavily scrutinized in order to maintain their accreditation. MSALABS is accredited to ISO/IEC 17025-2017 Accredited Methods and certified to ISO 9001-2015.
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 9001-2015 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 MSALABS, an ISO/IEC 17025-2017 Accredited Method company and ISO 9001-2015 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)
MSALABS 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.
Cornerstone Capital Resources Inc. is a mineral exploration company with a diversified portfolio of projects in Ecuador and Chile, including the Cascabel gold-enriched copper porphyry joint venture in northwest Ecuador. Cornerstone has a 20.8% direct and indirect interest in Cascabel comprised of (i) a direct 15% interest in the project financed through to completion of a feasibility study and repayable at Libor plus 2% out of 90% of its share of the earnings or dividends from an operation at Cascabel, plus (ii) an indirect interest comprised of 6.85% of the shares of joint venture partner and project operator SolGold Plc. Exploraciones Novomining S.A. (« ENSA »), an Ecuadoran company owned by SolGold 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.
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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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 anti-mining sentiment in certain regions of Ecuador, or 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,
President and CEO
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