Cornerstone announces multiple large porphyry gold-copper drilling targets defined by soil sampling at Bramaderos Project, southern Ecuador
OTTAWA, Dec. 05, 2017 (GLOBE NEWSWIRE) — Cornerstone Capital Resources Inc. (“Cornerstone” or “the Company”) (CGP.V) (GWN.F) (GWN.F) (CTNXF) announces soil sampling results at its Bramaderos project in Ecuador, providing further evidence of the potential for substantial porphyry copper-gold deposits.
The Bramaderos concession exploration targets and figures referred to in this 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/NR17-45Figures.pdf.
Highlights:
- Latest soil sampling results continue to highlight the significant potential for Bramaderos to host substantial porphyry gold-copper deposits
- Three separate large porphyry gold-copper drilling targets at Bramaderos Main, Playas and Limon selected to be drilled first
- These new soil results are entirely consistent with previously-reported exploration results at Bramaderos, providing further indication of the Project’s prospectivity
- Results from the latest trenching at the Bramaderos Main target expected next week
- Soil sampling has identified additional targets that are being followed up
Cornerstone Vice President, Exploration, Yvan Crepeau, said: “These recent soil sampling results add to the growing body of evidence that supports our view of the large porphyry exploration potential at Bramaderos. Every piece of exploration work is delivering strong results and strengthens our confidence in these targets. We haven’t had any negative surprises and each phase of work is adding to our ability to more confidently target the initial drill holes. We are expecting additional geological mapping, trenching, and detailed heli-magnetics to further refine our understanding of these multiple porphyry gold-copper opportunities on the Bramaderos Project.”
Further Information:
The results define very clearly the main large porphyry gold-copper targets of Bramaderos Main, Playas and Limon and provide early indications of additional anomalies which may evolve into significant targets. All prospect locations are shown on Figure 1.
The gold and copper in-soil geochemical anomalies extend over areas of up to 2km x 1km, and coincide with multiple datasets including outcropping or sub-cropping mineralized stockwork veining, classically zoned distribution of lead, zinc, molybdenum and arsenic, and indications of epithermal mineralization overprinting porphyry Au-Cu mineralization.
Details of individual gold-copper porphyry target soil sampling results are as follows (see also Figure 2):
Bramaderos Main target:
Peak Au in Soil: 0.94 g/t Au (115 samples > 0.1 g/t Au)
Peak Cu in Soil: 0.22% Cu (78 samples > 200 ppm Cu)
Gold anomaly at > 0.1 g/t approximately 1.4 km long by up to 600m wide.
Limon target:
Peak Au in Soil: 0.87 g/t Au (34 samples > 0.1 g/t Au)
Peak Cu in Soil: 0.20% Cu (16 samples > 200 ppm Cu)
Copper is strongly leached from the surface environment, and the broader lower level anomaly measures approximately 2km long by up to 900m wide.
Playas target:
Peak Au in Soil: 0.87 g/t Au (18 samples > 0.1 g/t Au)
Peak Cu in Soil: 0.34% Cu (40 samples > 200 ppm Cu)
Copper anomaly at > 200ppm is 1.4 km long by up to 300m wide.
Figure 3 shows the current status of Gold-Copper-Arsenic-Molybdenum soil sampling results at Bramaderos.
Drill Permitting:
A drilling permit (environmental license) is required prior to commencement of drilling. The permit application process requires the completion of an environmental impact study, community consultation of the drilling program with local communities, authorities and landowner groups, and receipt of a water use permit. The water use permit application has been submitted and technically pre-qualified by SENAGUA, the Ecuadorian water authority. All documentation for the drilling permit has been filed with the Ministry of Environment, which is responsible for issuing the permit.
About Bramaderos
The Bramaderos concession is owned by Cornerstone subsidiary La Plata Minerales S.A. (“PLAMIN”), which has signed a binding letter of intent with Sunstone Metals Ltd. (formerly Avalon Minerals Ltd.) (STM.AX), 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
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 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 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,
Hugh 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.