Newcrest reports no significant assay results from drilling at Cornerstone’s Miocene Project in Chile – Interpretation of Data is Ongoing
OTTAWA, April 28, 2022 (GLOBE NEWSWIRE) — Cornerstone Capital Resources Inc. (« Cornerstone » or « the Company ») (TSXV:CGP) (Frankfurt:GWN) (Berlin:GWN) (OTC:CTNXF) announces that Newcrest Mining Limited (ASX, TSX: NCM) (« Newcrest »), the parent company of Newcrest International Pty Limited which has a farm-in agreement with Cornerstone for the Miocene gold-copper project in Chile, reported the following in its quarterly exploration report out today:
« Drilling was conducted across Newcrest’s Chilean exploration project portfolio with 2,216m drilling completed during the quarter at Mioceno (Option and Farm-in Agreement with Cornerstone Capital Resources Inc.) and Esparta (Option Agreement with private individuals). Complete assays were received, with no significant results and interpretation of the data is ongoing. »
The drill program was announced by Cornerstone on November 17, 2021: https://cornerstoneresources.com/news-releases/21-19-newcrest-to-begin-drilling-at-cornerstones-miocene-gold-copper-project-in-chile-in-january/
Cornerstone has not yet received the report containing Newcrest’s analysis of the data nor its intentions with respect to the Miocene farm-in agreement going forward but will inform the market in due course once that has been received.
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 Miocene project for Cornerstone (Newcrest is operator) and has reviewed and approved the information contained in this news release.
Newcrest is one of the largest gold mining companies in the world, operating mines in Australia, Papua New Guinea, and Canada.
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.
Mario Drolet; Email: Mario@mi3.ca; Tel. (514) 904-1333
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On Behalf of the Board,
President and CEO
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