Cornerstone Capital Resources Inc.: Cascabel Project Update-Copper
Mineralization Extended to 1106.80m in Hole 5 at Alpala-Drilling
Continues
MOUNT PEARL, NEWFOUNDLAND--(Marketwired - Feb 10, 2014) -
Cornerstone Capital Resources Inc. ("Cornerstone" or "the Company")
(TSX-VENTURE:CGP)(FRANKFURT:GWN)(BERLIN:GWN)(OTCBB:CTNXF) announces
the following project update for the Stage 1 drill program at the
Alpala prospect within the Cascabel Project at the Company's
copper-gold porphyry exploration project in northern Ecuador.
Highlights:
- Porphyry copper sulphide mineralization continues to current
hole depth of 1106.80m, and drilling continues.
- Strong correlation between magnetite and chalcopyrite
mineralization on the western margin of the 4km2 Alpala Magnetic
Complex indicates potential for a large scale copper-gold porphyry
system.
- Drill rig has capability to reach a depth of 1500 metres. Large
porphyry copper systems are known to extend from surface to 1-2
kilometres below the surface.
- Intention to drill Hole 5 to 1500m to test depth extent of this
strong copper-gold porphyry system.
References to figures 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/NR14-03Figures.pdf.
Drill Hole CSD-13-005
CSD-13-005 was sited to test beneath holes 1 and 2, which
intersected long runs of copper and gold mineralization associated
with porphyry copper-gold quartz stock-work and sheeted veins at
the Alpala prospect. Copper and gold assay results have been
received to a depth of 869.68m as reported on January 14, 2014.
Hole CSD-13-005 resumed drilling from 869.68m depth on the
January 28, 2014. As of February 10, the hole has reached a current
depth of 1106.80m.
The extension to Hole CSD-13-005 continues to encounter coarse
grained and highly visible chalcopyrite mineralization from 869.68m
to the current depth of 1106.80m. This mineralization is dominated
by chalcopyrite with some bornite and chalcocite. The copper
sulphides that are being encountered occur in association with
significant magnetite and some anhydrite (both magnetite and
anhydrite are common in the deep potassic altered zone of porphyry
copper-gold systems).
The hole at current depth also continues to intersect intense
zones of multidirectional quartz stockwork veining, indicating a
strong and extensive porphyry system. Rich copper sulphide mineral,
bornite has been observed at surface 320m northwest of Hole 5 (near
proposed location of Hole 6) and 1.5 km north at Quebrada Moran.
Both of these areas lie within the 4km2 Alpala Magnetic
Complex.
Hole CSD-13-005 is expected to take around 3 weeks to complete
if it continues to a total depth of 1500m. The drilling is expected
to continue as long as significant mineralization is being
encountered. Drilling will also be dependent on other factors such
as ground conditions in the drill hole. Assays for intervals below
869.68m are expected to be delivered during the second half of
February.
About Cascabel
SolGold Plc currently 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.
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
Holes referred to in this release were or are being 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:
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 at
1-877-277-8377communications@crigold.comwww.cornerstoneresources.com
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