Cornerstone awarded Tioloma concession in Ecuador
OTTAWA, May 09, 2017 (GLOBE NEWSWIRE) — Cornerstone Capital Resources Inc. (“Cornerstone” or “the Company”) (CGP.V) (GWN.F) (GWN.F) (CTNXF) announces its subsidiary La Plata Minerales S.A. (“Plamin”) has been awarded the “Tioloma” concession in Ecuador following a public bidding process.
The 4,950 Hectares Tioloma concession is in south central Ecuador near the community of Gualel in the province of Loja, approximately 30 km northwest of the provincial capital city of Loja (Figure 1). The project area is situated in the Ecuadorian Andes on the east side of the Cordillera Occidental at elevations ranging from 1,550 m to 3,650 m above sea level. Access from Loja (or from the city of Cuenca to the north) is provided by paved roads and a secondary gravel road to Gualel, from which trails provide access to the property.
The Tioloma property has seen very little exploration to date. It is adjacent to Cornerstone’s Caña Brava property to the northeast and both concessions are strategically located at the junction of two main trends: 1) in the southwestern (SW) part of a northeast (NE) oriented belt of epithermal precious metal and related mineralized porphyry prospects and deposits, including (from SW to NE) the Caña Brava, Fierro Urco, Cañicapa, Encrucijada, Mozo and Gima prospects, and 2) a northwest-southeast (NW-SE) oriented belt of intrusives and associated epithermal and porphyry mineralization (Figure 2).
Tioloma is underlain by the same Oligocene age sequences of mafic and felsic volcanic flows, tuffs and sediments, part of the Saraguro Formation, which have been mapped and explored at Caña Brava. These rocks have been intruded by granodiorite, quartz diorite and diorite batholiths and stocks during mid-Miocene (Figure 3, see also News Release 15-04 dated February 26, 2015 – http://www.cornerstoneresources.com/s/NewsReleases.asp?ReportID=697817).
Structurally, the area is bounded by two major north-northeast (NNE) trending regional faults, the Giron Fault which cuts directly through the property, and the Catamayo Fault located approximately 15 km to the east (E). Cross cutting transverse faults developed within this NNE structural trend commonly control the emplacement of intrusions and development of associated porphyry and epithermal alteration and mineralization (Figures 2, 3 and 4). Geochemical surveys at Caña Brava outlined strong gold, copper and molybdenum anomalies in both rocks and soils (Figure 5).
“This concession is located along the extension of the highly prospective exploration results obtained at Caña Brava,” said Brooke Macdonald, Cornerstone’s CEO. “It adds potential for extending the known results at Caña Brava and for discovering new porphyry and epithermal style mineralization in the same district.”
Maps 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/NR17-13Figures.pdf.
Tioloma is subject to the usual rules under the Ecuadorian Mining Law, including an initial exploration period of four years, followed by four years for advanced exploration (including drilling), followed by two years for pre-feasibility and feasibility studies and definition drilling which period may be extended for a final two years prior to exploitation (mine development). Cornerstone is now working on getting the area permitted for initial exploration phase and will initiate exploration programs in the next few months.
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 programs for Cornerstone and has reviewed and approved the information contained in this news release.
About Cornerstone:
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:
Investor Relations:
Mario Drolet; Email: Mario@mi3.ca; Tel. (514) 904-1333
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.