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Ecuador |
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Address:
26 Kyle Avenue Mount Pearl, NL Canada A1N 4R5 Telephone: (709) 745-8377 Fax: (709) 747-1183 Toll Free: (877) 277-8377 |
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ShyriPrimary Target Gold - Silver - Copper Partner Intrepid Mines Limited (ASX: IAU) (TSX: IAU) Project Operator Cornerstone Ecuador S.A. Location The Shyri property is located in the Western Cordillera of the Andes in southern Ecuador, approximately 20 km southwest of Cuenca, the capital city of Azuay Province. The property covers a rugged area of some 300 km2, and lies at elevations ranging from 1,500 to 4,000 m above sea level. Access to the property is good via a series of paved and/or gravel roads, and numerous mule and foot paths. Property Information The Shyri property, originally acquired by Cornerstone in 2005, is currently optioned to Intrepid Mines Limited ("Intrepid") with Cornerstone acting as Project Operator (see Shyri Option Agreement below). Shyri is an early stage exploration project which encompasses four known gold prospects - Gama, Vetas Grandes, Cañaribamba and Yanasacha. It is strategically located between IAMGOLD Corporation's (TSX: IMG, NYSE: IAG) Quimsacocha gold-silver-copper project to the east and International Minerals' (TSX: IMZ) Rio Blanco gold-silver project to the northwest. The Shyri property straddles the Gañarin Belt, a 50 km-long regional feature which contains volcanic centres and associated high-level intrusions, and which is highly prospective for hosting epithermal gold - silver ± copper and porphyry copper - gold ± molybdenum deposits. Highlights of the four prospects are provided below: Gama
Vetas Grandes
Cañaribamba
Yanasacha
Shyri Option Agreement Intrepid Mines Limited ("Intrepid") is earning a 60% interest in the Shyri property under an option agreement signed with Cornerstone in January 2011. Under the terms of the Agreement, Intrepid has the ability to earn an initial 60% interest in the property by spending $US 6.0 million dollars over 5 years. Intrepid may earn an additional 20% in specific project areas up to 5,000 hectares each. Upon designation of a Project Area, Intrepid will make a $US 750,000 private placement in Cornerstone. To earn the additional interest, Intrepid will complete a bankable feasibility study or incur expenditures of $US 20 million, whichever comes first, and make a cash payment to Cornerstone of up to $US 5.0 million based on the gold equivalent ounces in the mineral reserve. There is no limit to the number of Project Areas Intrepid may designate within the property and each 'stand-alone' Project Area requires the same earn-in requirements (see news release dated Oct 29, 2009). Cornerstone is the project operator, and manages the exploration programs in close consultation and planning with Intrepid. Related News 12-07 - Cornerstone announces further exploration programs on the Shyri property, Ecuador 12-03 - Cornerstone and Intrepid report results for Phase 2 diamond drilling at the Gama prospect in Ecuador and provide update on current exploration program 11-17 - Cornerstone and Intrepid intersect Gold-Copper Porphyry at Gama prospect in Ecuador 11-11 - Diamond Drilling has commenced at Cornerstone's Flagship Shyri Gold-Copper Property in Ecuador Consulting Technical Reports Mar, 2007: Shyri Property North Report Update: Jeffery W. Hedenquist Mar, 2007: Shyri Property South Report Update: Jeffery W. Hedenquist Maps GAMA Drilling Photos
Informe de Auditoría Ambiental Proyecto Minero GAMA
Caratula Consistent with its business model, Cornerstone has secured partners to fund and advance exploration on three of its Ecuadorian projects. The Shyri property is subject to an option and joint venture agreement with Intrepid Mines Limited of Australia. The property encompasses four known gold prospects - Gama, Vetas Grandes, Cañaribamba and Yanasacha, and is strategically located between the Quimsacocha gold-silver-copper project to the east and the Rio Blanco gold-silver project to the northwest. In southernmost Ecuador, near the Peruvian border, Cornerstone has a strategic alliance and option agreement with Newmont Ventures Limited on its Macará project. The area of interest (AOI) covers a large area of prospective geology, and includes the Bellavista concession. Stream sediment sampling and prospecting within the AOI has identified significant anomalous gold and base metals. Most recently, Solomon Gold Plc has signed a letter of intent with Cornerstone to explore its 100% owned Cascabel gold-copper-silver property located in northern Ecuador. The Cascabel property contains coincident copper and gold anomalism in soil and rock chip sampling, and contains highly prospective geology and widespread porphyry-style alteration and mineralization, indicating potential for a significant discovery. The Caña Brava and Bella Maria gold-silver properties are highly prospective projects which are available for joint venture to advance exploration.
Bella Maria Primary Target Gold Location The 10.4 km2 Bella Maria property is located approximately 50 km southeast of the city of Machala in southwestern Ecuador. Property Information The property is underlain by a series of granodiorites and quartz porphyries that intrude metamorphic rocks. Previous workers identified two zones of significant gold mineralization, approximately 2 km apart. One zone, in the south-central portion of the property, consists of a silica-sulphide breccia that has returned assays averaging 4.5 g/t Au over 40 m from continuous rock chip sampling, including 10.8 g/t Au over 16 m. The second zone occurs 2 km to the northwest and consists of stockwork veins from which grab samples assayed up to 10.8 g/t Au and chip samples returned assays up to 0.54 g/t Au over 6 m. The two zones are separated by an area of thick vegetation and poor exposure with many unexplained geochemical anomalies. Data on the property are being compiled in preparation for initiating further exploration. This property is within the area of interest defined under the terms of the agreement between Cornerstone Ecuador S.A. and Sierra Minera (Sierramin) S.A. announced February 25, 2005. Cornerstone has subsequently earned 100% interest in the property and is actively seeking to joint venture this project. Related News 12-11 - Cornerstone announces receipt of authorization to resume activities and exploration results for the Bella Maria project, Ecuador Maps
Free gold has been identified by panning in most of the streams of the area (49 pan concentrates out of 64 show the presence of gold) with higher amounts of gold grains (10-30) concentrated in the headwaters of the Rio Parambas, Rio Cachaco and Rio Cristal. Some of the streams have not yet been surveyed and/or followed up. In July 2011 the Ecuadorian Ministry of Environment granted a 4-year environmental license ("EL") for the initial exploration phase of work at Cascabel. This work will commence during the 2nd quarter 2012, and will include geological, geochemical and geophysical surveys designed to identify priority drill targets. An additional permit for drilling activities is required, and will be sought as a matter of priority once potential drilling areas are defined. Cascabel LOI Under the terms of the LOI, Solomon Gold has the ability to earn an initial 65% interest in the Cascabel property by:
2) spending US$7.8 million over 4 years (including US$800,000 in the first year if drilling commences); 3) within 60 days of the commencement of drilling on Cascabel, making a private placement in Cornerstone shares of CAD$150,000 and issuing Solomon Gold ordinary (i.e., common) shares to Cornerstone with a value equal to CAD$150,000 (both based on 30 day VWAP); and 4) making a final private placement in shares of Cornerstone of CAD$500,000 priced at 30 day VWAP plus 20% on or before the 4th anniversary of the execution of the definitive option agreement. All private placements shall be subject to Exchange approval, and proceeds of all private placements will be used for general corporate purposes. Prior to Solomon Gold earning its initial 65% interest, Cornerstone will be the operator of the property on a cost plus 10% basis, and Solomon Gold will direct the technical program. Following Solomon Gold's earning of its initial 65% interest, Cornerstone and Solomon Gold will enter into a joint venture and will fund their respective proportionate shares of ongoing expenditures and be subject to dilution according to a standard formula. After the entering into of the joint venture, Solomon Gold will have the option for one year to elect to earn an additional 20% interest in Cascabel by funding exploration towards the completion of a National Instrument 43-101 ("NI 43-101") bankable feasibility study ("BFS") within 18 months of making such election. The cost to Solomon Gold of the BFS is capped at US$20 million, after which the parties will contribute on a pro-rata basis. If Solomon Gold timeously exercises its right to earn the additional 20% interest, then any amounts spent by Cornerstone prior to that exercise and post Solomon Gold earning its initial 65% interest will be reimbursed to Cornerstone by Solomon Gold at 200% of expenditures incurred. Within 90 days of completion of the BFS, subject to Exchange approval, Solomon Gold shall issue to Cornerstone, at no cost to Cornerstone, ordinary (common) shares of Solomon Gold equal to 2% of the ordinary (common) shares of Solomon Gold then issued and outstanding. If Cornerstone fails to fund its proportionate share of ongoing expenditures and its interest is diluted below 10%, such interest will be converted to a 1% assignable Net Smelter Return ("NSR") on the property. Solomon Gold may purchase the NSR from Cornerstone on the following terms: Half of the NSR for US$1.5 million within 90 days following completion of the BFS; and the remaining half of the NSR for US$2.0 million within 90 days following a production decision. Related News 12-06 - Cornerstone and Solomon Gold sign letter of intent for the Cascabel gold-copper-silver property, Ecuador 11-23 - Environmental license granted for Cascabel project in Ecuador 11-06 - Cornerstone acquires new Gold-Silver-Copper projects in Ecuador Maps
Monterrey/Caña Brava
Primary Target Work on the Shyri concessions, collectively over 450 km2 in area, indicates potential for low and high sulphidation precious metal deposits in several target areas. The Shyri concessions straddle the Gañarin Belt and are immediately adjacent to IAMGold Corporation's Quimsacocha project. The Gañarin Belt is a 50 km long feature with several volcanic centers, related intrusives and numerous epithermal gold-silver prospects. Quimsacocha is the most advanced project in the Gañarin Belt. IAMGOLD first announced significant drill intersections at Quimsacocha in December 2004 and in September 2006 they reported an indicated resource of 3.4 million ounces of gold in the deposit (IAMGold Corporation press release, 27 September 2006). GAMA Geophysics )
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Cañaribamba
Primary Target Gold Location The Cañaribamba property covers 103.5 km2 located in the southern portion of the Shyri concessions. Property Information ) The property is centered on the Shyri Diatreme, a 4.0 km by 1.0 km intrusive pipe complex which hosts four main gold-silver prospects. A 3.5 km by 1.5 km grid has been established over these prospects and the diatreme. Soil geochemical, magnetometer and IP geophysical surveys have been completed. An unpublished report by Richard Sillitoe in 1992 on behalf of Cogema identified the Shyri diatreme as having significant potential for discovery of epithermal gold-silver mineralization but his recommendations were not followed up at the time. Diatreme complexes are large volcanic vents that are commonly associated with significant epithermal gold-silver deposits, either adjacent to or as the principal host. World-class examples include Rosia Montana, Romania, Kelian, on the island of Borneo, Indonesia, and Acupan, in Luzon, Philippines. Previous. All pages. Next. Page 1. Page 2 Previous. All pages. Next. Page 1. Page 2 |
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