Cornerstone Capital Resources Inc.: Cascabel Project Update
Hole 6 Progresses towards Target, Visual Copper Sulphides
Contract Signed for IP Survey
MOUNT PEARL, NEWFOUNDLAND--(Marketwired - Mar 24, 2014) -
Cornerstone Capital Resources Inc. ("Cornerstone" or "the Company")
(TSX-VENTURE:CGP)(OTCBB:CTNXF)(FRANKFURT:GWN)(BERLIN:GWN) is
pleased to provide the following update on the Cascabel copper-gold
porphyry exploration project in northern Ecuador.
Highlights:
- Hole 6 progressing well and advances on its target.
- Contract signed with Quantec Geoscience for a Deep-Earth
Imaging Orion 3D IP survey at Cascabel.
- Assays for final 40 metres of Hole 5 received.
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/NR14-10Figures.pdf
Drill Hole CSD-14-006
The Stage 2 drill program at Alpala commenced on March 3rd with
the drilling of hole CSD-14-006 (Hole 6). As of March 23rd, Hole 6
was at a depth of 547 metres and progressing towards a magnetic
target that is modelled at around 630 metres depth (Figure 1).
Hole 5 encountered particularly high grade porphyry copper-gold
mineralization from a depth of 658m down hole, coinciding with a
modelled magnetic susceptibility shell with a magnetic intensity of
0.02066 SI units. This same 3D magnetic iso-surface is plotted on a
cross-section passing through Hole 6, located about 320m north of
Hole 5 (Figure 1). The geophysical model predicts rocks at around
630m depth in Hole 6 to have a magnetic signature equivalent to
those encountered in Hole 5 where they are potassic-altered and
associated with high-grade copper and gold mineralization.
Hole 6 is presently encountering visible and increasing
chalcopyrite mineralization in the interval from 471m to 547m, the
current depth of the hole (see Plate 1).
IP Contract
ENSA, the Ecuadorian registered company which holds the Cascabel
tenement and in which SolGold has earned 85% equity, has signed a
contract with an international geophysical company Quantec
Geoscience, to conduct a distributed array 3DIP-MT (3D Induced
Polarization and Magneto-Telluric) survey using their highly
acclaimed deep-earth imaging Orion electrical geophysical
system.
While conventional IP systems typically see to depths of around
400m at best, the Orion system can read IP effects to potential
depths of 800m and beyond, and can read resistivity data to
potential depths of 2 kilometres and beyond using magneto-telluric
measurements.
The Orion system is a very sophisticated survey technique and
will be used to map sulphide distribution, contrasting geological
units and alteration zones across the entire recognized extent of
the lithocap and underlying porphyry system at Alpala.
The use of the Orion system will provide a quantum leap in data
density over conventional IP systems that are the industry
norm.
Quantec are in the final stages of organizing shipment of the
survey equipment from Canada while ENSA completes the pre-survey
gridding that is required prior to commencement of the survey.
Drill Hole CSD-13-005
Final assays have been received for the interval 1330 metres to
1370 metres (final depth of Hole 5). Logging results from Hole 5
drill core suggest that the hole has drilled out through the
southwest margin of the potassic zone and into propylitic altered
rocks on the margin of the porphyry system at around 1318m depth.
Copper grades however do extend beyond this contact, with elevated
copper over 0.1% extending to the end of hole at 1370m depth.
The result of the drill hole intersecting marginal propylitic
alteration in the lowermost 52m further re-enforces our model that
the Alpala porphyry system is associated with the magnetic rocks of
the Alpala Magnetic Complex which lie in the sectors north,
northeast, east and southeast of Hole 5.
Table 1 lists the final and complete set of copper and gold
intersections for hole CSD-13-005.
The bulked intersection is 1346m grading 0.61% Cu and 0.53 g/t
Au (from 24m depth).
The most significant high-grade intersections include:
688m grading 0.92% Cu and 0.90 g/t Au (from 658m depth)
568m grading 1.01% Cu and 1.02 g/t Au (from 778m depth)
Hole ID |
Depth From |
Depth To |
Intersection (m) |
Cu (%) |
Au (g/t) |
|
Comments |
CSD-13-005 |
24 |
1370 |
1346m |
0.61 |
0.53 |
|
|
Incls |
24 |
420 |
396m |
0.32 |
0.17 |
|
|
Incls |
436 |
658 |
222m |
0.26 |
0.11 |
|
|
Incls |
658 |
1346 |
688m |
0.92 |
0.90 |
|
|
Incls |
778 |
1346 |
568m |
1.01 |
1.02 |
|
|
Incls |
1330 |
1370 |
40m |
0.25 |
0.13 |
|
Extension Assays |
|
|
|
|
|
|
|
|
Incls |
1052 |
1310 |
258m |
1.27 |
1.40 |
|
High Grade |
Incls |
1096 |
1146 |
50m |
1.80 |
2.26 |
|
High Grade |
About Cascabel
SolGold has exercised its right to increase its ownership of
ENSA from 50% to 85%. ENSA is an Ecuadorean registered company,
which holds 100% of the Cascabel concession in northern Ecuador.
Cornerstone hold the remaining 15% of ENSA.
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, NTW and NQ core sizes (respectively 7.1, 5.6 and 4.8 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
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risks, uncertainties and other factors disclosed in our regulatory
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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
Further information is available on the Cornerstone Web site at
www.cornerstoneresources.com; via e-mail at
communications@crigold.com; or toll free at 1-877-277-8377.
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Provider (as that term is defined in the policies of the TSX
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This news release does not constitute an offer to sell or a
solicitation of an offer to buy any of the securities in the United
States of America. The securities have not been and will not be
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"U.S. Securities Act") or any state securities
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For investor, corporate or media inquiries, please
contact:Cornerstone Capital Resources Inc.Investor RelationsNorth
America toll-free: 1 (877)
277-8377ir@cornerstoneresources.cawww.cornerstoneresources.com
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