Cornerstone Capital Resources Inc.: Cascabel Project Update-Alpala
Prospect Drill Hole CSD-13-005 Intersects Significant Visual
Porphyry Copper Mineralization Over 345 Metres to Date
MOUNT PEARL, NEWFOUNDLAND--(Marketwired - Dec 2, 2013) -
Cornerstone Capital Resources Inc. ("Cornerstone" or "the Company")
(TSX-VENTURE:CGP)(FRANKFURT:GWN)(BERLIN:GWN)(OTCBB:CTNXF) reports
partial visual results for drill hole CSD-13-005 at the Alpala
prospect within the Cascabel Project, the Company's copper-gold
porphyry exploration project in northern Ecuador (refer Figure 1).
Assay results for this hole have not yet been received.
Highlights:
- Pervasive quartz veining and intermediate to strong copper
sulphide mineralization has been observed in the upper part of hole
CSD-13-005:
- 345m interval (75-420m) containing porphyry copper-gold-related
quartz veining which is open at depth.
- Intermediate to well-mineralized chalcopyrite and bornite
observed from 249m to 349m.
- Higher grade intervals expected to be associated with zones of
more intense sheeted and quartz stockwork veining.
- Drill hole CSD-13-006 has been sited and the drill pad ready
for mobilization of the drill rig once hole CSD-13-005 is
complete.
References to figures and table related to the version of this
release on the Company's website (www.cornerstoneresources.com) or
visible in PDF format by clicking the link below:
http://www.cornerstoneresources.com/i/pdf/NR13-30Figures.pdf.
Drill Hole CSD-13-005 Visual Summary
Drill hole CSD-13-005 was sited to test the depth extension of
the intersections previously obtained in the first drill hole at
Alpala, CSD-13-001. Hole CSD-13-001 was drilled towards the
southwest with a 60 degree dip angle, while hole CSD-13-005 is
being drilled with the same azimuth but at a much steeper dip angle
of 85 degrees. CSD-13-005 is being drilled to undercut the
mineralized zones in hole CSD-13-001 (upper zone: 104m at 0,37% Cu
and 0.38 g/t Au, including 34m at 0.46% Cu and 0.50 g/t Au; and
lower zone: 100m at 0.65% Cu and 1.00 g/t Au, including 58m at
0.96% Cu and 1.67 g/t Au), and to provide a deeper test of the
mineralized corridor that has been identified to trend through the
Alpala Creek region.
The current planned depth for drill hole CSD-13-005 is 850m. As
of Thursday November 28th the depth was 454.7m and a further drill
hole length of 400m is envisaged, or further while the hole is in
mineralization.
The geology in the interval 0-420m down hole has been reviewed
on site during the past week, and the Company is pleased to
announce the following observations:
- Various copper sulphide minerals (chalcopyrite, bornite and
chalcocite) have been observed in the interval from surface to 420m
depth, the current depth at which the core has been observed at the
Rocafuerte site office.
- The interval from 75m depth to 420m depth exhibits significant
intensities of stockwork and locally sheeted quartz veining, with
logged vein densities varying from 2 to 35 veins per metre, and
with average logged vein densities between 137.2m and 395.6m being
over 10 quartz veins per metre (examples of some more highly veined
intervals are shown in Figures 8, 9 and 10).
- Chalcopyrite is the most dominant observed copper-sulphide
mineral, occurring as inclusions within many of the quartz veins as
well as disseminations in the host diorite intrusion. Bornite and
chalcocite (copper-sulphide minerals with 66% and 80% copper
content respectively) are also observed in several zones (from
137.2m to 226m and from 256.9m to 349.6m).
- The interval from 75m to 420m is characterized by potassic
alteration, with abundant magnetite relic in the drill core. The
potassic alteration has been strongly overprinted by
lower-temperature phyllic alteration that has converted magnetite
to hematite and potassium feldspar to sericite micas.
- While grades are unknown at present, the Company is pleased
with the visual results from hole CSD-13-005 to date.
Figure 3 is a northeast-southwest cross-section through holes
CSD-13-001 and CSD-13-002 at Alpala and illustrates the concept and
target that is being tested with hole CSD-13-005.
Present interpretations are that Mo soil anomalies in the Alpala
Creek area, supported by more restricted Cu and Au soil anomalies,
define an approximately 300m-wide north-west trending structural
corridor that appears to be mineralized at shallow levels. In the
present area of drilling at Alpala, there appears to be at least
two, and may be several more, steep zones of sheeted porphyry
quartz veins that exhibit higher grade, with the intervening areas
being characterized by less-aligned and more stockwork-like veins.
These steep zones of sheeted veins and their envelopes of stockwork
veins are likely controlled by northwest-trending structures and
collectively define a 300m-wide mineralized corridor at shallow
levels (see Figure 3) that may extend over a strike length of
around 600m at surface based on the strike extent of a major
associated molybdenum soil anomaly.
The mineralized corridor exhibits strong molybdenum (Mo)
anomalism in surface soil samples since Mo is a relatively immobile
element in the soil profile (Figure 3).
The northwest-trending faults and sheeted sets of
well-mineralized porphyry quartz veins are interpreted to tap into
an inferred larger body of mineralization at depth that is the
principal target for the current hole (CSD-13-005) and the next
hole (CSD-13-006) that will be sited north of holes 1 and 5 and
which will test a coincident molybdenum and gold anomaly at surface
(Figure 2).
Other high quality targets exist on the southeastern,
northeastern and northwestern parts of the magnetic complex.
About Cascabel
SolGold Plc holds a 50% interest, and can earn up to an 85%
interest, in Exploraciones Novomining S.A. ("ENSA"), the Ecuadorian
subsidiary of Cornerstone that holds 100% the Cascabel
concession.
The Cascabel project is located in north-western Ecuador in an
under-explored northern section of the richly endowed Andean Copper
Belt, 60 km northeast of the undeveloped NI 43-101 compliant
inferred resource of 982 million tons at 0.89% Cu Junin copper
project.
The Alpala Prospect exhibits surface mineralization and
alteration patterns indicative of porphyry copper-gold systems and
has a similar footprint to large porphyry systems around the
world.
Brooke Macdonald, President of Cornerstone, commented, "This
year we have re-focused Cornerstone exclusively on our Ecuadorean
and Chilean projects, which we believe have the potential to
deliver superior returns to our shareholders. Changes earlier this
year to the Mining Law in Ecuador, to cap government royalties and
to clarify that the windfall profits tax applies only after mine
payback, have removed a large obstacle to investment in the mining
sector. The potential geological endowment of Ecuador remains
unknown due to under exploration but may be unparalleled."
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 Cascabel project and has reviewed and approved the
information contained in this news release.
Logging, sampling and assaying
Hole CSD 13-005 was drilled using HTW and NTW core sizes
(respectively 7.1 and 5.6 cm diameter). Geotechnical measurements
such as core recovery, fracturing, rock quality designations
(RQD's), specific density and photographic logging are performed
systematically prior to assaying. The core is logged, magnetic
susceptibility measured and key alteration minerals identified
using an on-site portable spectrometer. Core is then sawed in half
at Cornerstone's core logging facility and half of the core is
delivered by Cornerstone employees for preparation at Acme
Analytical Laboratories (ACME) affiliate laboratory in Cuenca. Core
samples are prepared crushing 1 kg to 80% passing 2 mm (10 mesh),
splitting 250 g and pulverizing to 85% passing 0.075 mm (200 mesh)
(ACME code R200-250). Prepared samples are then shipped to ACME in
Vancouver, Canada where samples are assayed for a multi-element
suite (ACME code 1E, 0.25g split, 4-acid digestion, ICP-ES finish).
Over limit results for Ag (> 100 g/t), Cu, Pb and Zn (each one
> 1%) are systematically re-assayed (ACME code 7 TD1 or 7 TD2,
4-acid digestion, ICP-ES finish). Gold is assayed using a 30 g
split, Fire Assay (FA) and AA or ICP-ES finish (ACME code
G601).
Quality assurance / Quality control (QA/QC)
The ACME affiliate preparation facility in Cuenca was audited by
Cornerstone prior to the start of the drilling program and ACME is
an ISO 9001:2008 qualified assayer that performs and makes
available internal assaying controls. Duplicates, certified blanks
and standards are systematically used (1 control sample every 15
samples) as part of Cornerstone's QA/QC program. Rejects, a 100 g
pulp for each core sample and the remaining half-core are stored
for future use and controls.
About Cornerstone:
Cornerstone Capital Resources Inc. is a mineral exploration
company based in Mount Pearl, Newfoundland and Labrador, Canada,
with a diversified portfolio of projects in Ecuador and Chile, and
a strong technical team that has proven its 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 joint venture partnerships.
Commitments from JV partners constitute significant validation of
the strength of Cornerstone's projects.
Further information is available on Cornerstone's website:
http://www.cornerstoneresources.com/ and on Twitter. For investor,
corporate or media inquiries, please contact: |
Investor Relations: |
Email: ir@cornerstoneresources.ca |
North America toll-free: 1 (877) 277-8377 |
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 subsequent to 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.
Cornerstone Capital Resources Inc.Toll Free:
1-877-277-8377communications@crigold.comwww.cornerstoneresources.com
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