Cornerstone Capital Resources Inc
Cornerstone Capital Resources Inc
Cornerstone Capital Resources Inc
Cornerstone Capital Resources Inc

Properties

Ecuador

Cornerstone Capital Resources Inc
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Bramaderos


87.5% JV Partner
Sunstone Metals (ASX code: STM)


Highlights

Details
Measuring 4,948 hectares, the Bramaderos project is located approximately 130km from the Loja provincial capital. The project is easily accessible via the Pan American Highway which crosses the Property.

The Bramaderos concession is owned by La Plata Minerales S.A. ("PLAMIN"), an Ecuadorian company owned 87.5% by Sunstone and 12.5% by Cornerstone, Sunstone having incurred >US$3.4 million to earn its 51% initial interest (see news release 19-29 dated August 28, 2019), and increased its interest to 87.5% in early 2020 (see news release 20-01 dated January 7, 2020). Sunstone is the project operator. Cornerstone's 12.5% interest is carried by Sunstone through to the start of commercial production and repayable at Libor plus 2% out of 90% of Cornerstone's share of earnings or dividends from the Bramaderos project.

Vetas Grandes

Highlights

  • Target: Gold/Silver Epithermal Low to Intermediate Sulphidation mineralization
  • Located in the Azuay province in the same mineralized belt hosting the Loma Larga (formerly Quimsacocha), Rio Blanco and Chaucha deposits in central Ecuador
  • Extensive surface sampling, trenching and geophysical surveys completed
  • Several large, 3m to 7m veins and quartz vein/vein breccia/stockwork forming swarm striking east-northeast over 1.4 km
  • Excellent correlation between mapped veins, rock assay results, soil geochemistry
  • Bonanza style mineralization: 3.4m trench grading 53.4 g/t Au and 641.0 g/t Ag
  • 100% Cornerstone owned, drill ready, and available for joint venture

Details
The Shyri NW concession (known as the "Vetas Grandes" 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 23 km2 (2,300 hectares), and lies at elevations ranging from 1,500 to 3,500 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.

Originally acquired by Cornerstone in 2005, straddles the Gañarin Belt, a 50 km-long regional feature which contains volcanic centres and associated high-level intrusions, that is highly prospective for hosting epithermal gold - silver ± copper and porphyry copper - gold ± molybdenum deposits. Multiple, east-northeast trending low sulphidation epithermal quartz veins and vein breccias have been found measuring from 1.0 to 7.0 m in width within a zone at least 2 km long and 1.5 km wide. Mineralized veins containing gold and silver are exposed over a vertical relief of 300 m with the highest gold values localized at vein intersections and where veins outcrop around the 3,220 m elevation. Channel sampling across surface outcrops has returned 53.4 g/t gold and 641 g/t silver over 3.4 m.



Consulting Technical Reports
Mar, 2007: Shyri Property North Report Update: Jeffery W. Hedenquist
Mar, 2007: Shyri Property South Report Update: Jeffery W. Hedenquist


Maps




Photos

Click for enlarged image Click for enlarged image Click for enlarged image Click for enlarged image
Mineralized Quartz
Veins,
Vetas Grandes
Phase 1 Drilling,
Gama
Phase 1 Drilling,
Gama
Artisanal Mining,
Canaribamba
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Artisanal Mining,
Vetas Grandes
Canaribamba
Diatreme
Channel Sampling,
Vetas Grandes
Drill Site
Reclamation,
Gama
Click for enlarged image Click for enlarged image
Ermita Breccia,
Gama
Genreal Topography,
Gama



Cornerstone has been exploring in Ecuador since 2005 and has a portfolio of drill-ready projects there targeting epithermal gold-silver and porphyry copper-gold deposits.

An important part of the future valuation of Cornerstone derives from its minority financed interest in the Cascabel copper gold project in northern Ecuador (see Cascabel page). The Company has a 21.5% 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 out of Cornerstone's share of project cash flow, plus (ii) an indirect interest comprised of 7.6% of the shares of joint venture partner and project operator SolGold Plc.

On May 20, 2019 Cornerstone and SolGold announced the results of a Preliminary Economic Assessment ("PEA") for Cascabel, and on April 7, 2020 they announced an update to the mineral resource estimate (MRE#3) for the Alpala deposit (see Cascabel page).

On March 6, 2017, Cornerstone announced that its joint venture partner, Ecuador State Mining Company ENAMI EP, had been granted a number of mineral concessions in Imbabura and Carchi provinces in the same area as the Cascabel and the Llurimagua concessions, for exploration by the ENAMI-CESA strategic exploration joint venture. Nine concession titles totaling almost 40,000 hectares were granted in 2017 by the Ministry of Mining (please see ENAMI Strategic Alliance page). On February 27, 2020 Cornerstone announced the initial sampling results from the Espejo and Rio Magdalena concession blocks (see Enami Strategic Alliance page).

The Company has two wholly-owned exploration projects located in southern Ecuador, the Bella Maria and Vetas Grandes projects, as well as one property, Caña Brava, in which it has the right to earn 100%. Caña Brava is subject to a farm-in Agreement with Newcrest International Pty Ltd (see Caña Brava Property page). The Vetas Grandes gold prospect is strategically located approximately 15 kilometres west of the Loma Larga (formerly called Quimsacocha) high-sulphidation epithermal gold-silver-copper deposit, south of the Rio Blanco low-sulphidation gold-silver deposit and southeast of the Chaucha porphyry copper-molybdenum deposit. On all three projects, the Company has identified sizeable altered and mineralized zones which offer good potential for new discoveries.

The Company also has a joint venture with Sunstone Metals Inc. on the drill-ready Bramaderos property in Loja Province (see Bramaderos Property page).



ENAMI Strategic Alliance
 
Joint Ventured or Optioned Properties:
Caña Brava (Newcrest farm-in)
Bramaderos (Sunstone Minerals 87.5% Operator)
Cascabel (SolGold Plc 85% Operator)
100% Cornerstone Properties
Bella Maria
Vetas Grandes



Bella Maria

Highlights

  • Target: Gold/Copper Porphyry and structurally controlled (veins and breccias) styles of mineralization
  • Located in southwestern Ecuador
  • Exceptionally high gold content in stream sediment and free gold panned samples over the entire property
  • Soil geochemistry surveys have outlined a large (3 km x 2 km) coincident gold -- copper +/- molybdenum in-soil anomaly associated to porphyry-style mineralization in the central portion of property
  • Hosts seven mineralized prospects that never have been drill-tested
  • Two significant zones of Gold mineralization
  • 100% Cornerstone owned, drill ready, and available for joint venture

Details
The 10.4 km2 (1,040 hectares) property is located approximately 50 km southeast of the city of Machala in El Oro Province, southwestern Ecuador.

Bella Maria 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.

Maps

Location Topography Geology
Soils
Au
Stream Sediments
Au
Soils
Cu

Cascabel


Partner
SolGold Plc (AIM & TSX: SOLG)

Highlights

  • Target: Copper/Gold porphyry mineralization
  • JV between Cornerstone (15% financed through BFS and repayable out of project revenues) and SolGold (85%) - subject to SolGold funding 100% through BFS
  • Cornerstone also owns 7.6% of SolGold, or 21.5% interest (direct & indirect) in Cascabel
  • Alpala deposit updated Mineral Resource Estimate #3 (MRE#3) (see Cornerstone news release 20-09 dated April 7, 2020) reports:
    • 2,663 Mt @ 0.53% copper equivalent (CuEq) (containing 9.9 Mt Cu, 21.7 Moz Au, and 92.2 Moz Ag) in the Measured plus Indicated categories, comprising:
      • 1,192 Mt at 0.72% CuEq in the Measured category (containing 5.7 Mt Cu, 15 Moz Au, and 52.4 Moz Ag); and
      • 1,470 Mt at 0.37 CuEq in the Indicated category (containing 4.2 Mt Cu, 6.6 Moz Au, and 39.8 Moz Ag).
    • High-grade core of 442 Mt at 1.40% CuEq in the Measured and Indicated categories, supporting early cash flows and accelerated pay back of initial capital, comprising:
      • 359 Mt at 1.47% CuEq in the Measured category (containing 3.2 Mt Cu and 10.9 Moz Au); and
      • 84 Mt at 1.06% CuEq in the Indicated category (containing 0.6 Mt Cu and 1.4 Moz Au).
    • Additional Inferred Resource of 544 Mt @ 0.31% CuEq for 1.3 Mt Cu, 1.9 Moz Au and 10.6 Moz Ag.
    • MRE#3 update has added 1.6 Mt copper, 2.5 Moz gold and 92.2 Moz silver to Measured and Indicated Mineral Resources providing a solid resource basis for the forthcoming Preliminary Feasibility Study ("PFS").

    Mineral Resource:  Measured and Indicated Category

    Cut-off grade

    Mt

    Grade

    Contained metal

    CuEq
    (%)

    Cu
    (%)

    Au
    (g/t)

    Ag
    (ppm)

    CuEq
    (Mt)

    Cu
    (Mt)

    Au
    (Moz)

    Ag
    (Moz)

    0.21%

    2,663

    0.53

    0.37

    0.25

    1.08

    14.0

    9.9

    21.7

    92.2

                       

    High Grade Core:  Measured and Indicated Category

    Cut-off grade

    Mt

    Grade

    Contained metal

    CuEq
    (%)

    Cu
    (%)

    Au
    (g/t)

    Ag
    (ppm)

    CuEq
    (Mt)

    Cu
    (Mt)

    Au
    (Moz)

    Ag
    (Moz)

    0.80%

    442

    1.40

    0.87

    0.86

    2.34

    6.2

    3.8

    12.3

    33.3


    See home page for link to technical report filed at www.sedar.com for PEA. A link to the technical report for the April 7, 2020 MRE#3 will be posted as soon as that report has been filed on SEDAR.

    Maps

    Regional Map Infrastructure Map Development Proposal
    Cascabel Targets Cascabel Drilling Cascabel CSD-16-016
    Core Images
    Cascabel CSD-16-017
    Core Images
    Cascabel CSD-16-15R2
    Core Images
    Cascabel CSD-16-016
    Core Images
    Cascabel CSD-16-016
    Core Images
    Cascabel CSD-16-017
    Core Images
    Cascabel Drill Intercept
    Table


    Photos

    Click for enlarged image Click for enlarged image Click for enlarged image Click for enlarged image
    General Topography Gold Panning Cross-cutting
    quartz-chalcopyrite-pyrite
    veinlets
    Malachite along fractures


    * Mr. Martin Pittuck, MSc, CEng, MIMMM, is responsible for the Mineral Resource Estimate and is an "independent qualified person" as such term is defined in NI 43-101.
    Caña Brava

    Highlights

    • Target: Gold/Silver/Copper Porphyry and High Sulphidation Epithermal styles of mineralization
    • Located in south-central Ecuador
    • Drill ready targets identified
    • Right to own 100% ($80,000 a year option payment until we decide to exercise option by paying $350,000)
    • Farm in Agreement signed with Newcrest in April 2019. See news release 19-11 - Cornerstone and Newcrest sign definitive Option and Farm-in Agreement for the Caña Brava gold-copper Project in Ecuador
      • $100,000 on signing, $2M committed during 18 months from receipt of drilling permits
      • 51% by spending $10M ($2M + $8M over 4 years)
      • 65% by paying $650,000 & completing PEA over 2 years
      • 75% by spending $100 million or BFS (free carry, not repayable)
      • •o Post BFS we may convert 10% (2/5ths) to 2% NSR & retain 15% participating subject to dilution

    Details
    Cana Brava is located in south-central Ecuador in Loja Province. Results strongly suggest that a porphyry system(s) lie at shallow depth below the Soroche and Quebrada Caña Brava targets with peripheral higher level Intermediate sulphidation veins at Soroche Norte. So far, 4 mineralized zones have been identified and a phase 1 drilling program of 3,200m is proposed. Cornerstone is completing work on an environmental impact assessment (EIA) for Caña Brava, approval of which is a condition to obtaining the environmental license to drill the property.




    Shyri Concessions

    Related News
    11-02 - Cornerstone to Start Diamond Drilling at Flagship Shyri Gold-Copper Property in Ecuador
    11-01 - Cornerstone authorized to recommence exploration at Flagship Shyri property in Ecuador

    Mar, 2007: Shyri Property North Report Update: Jeffery W. Hedenquist
    Mar, 2007: Shyri Property South Report Update: Jeffery W. Hedenquist


  • Canaribamba
  • Gama
  • Vetas Grandes
  • Yanasacha


  • 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).


    Vetas Grandes

    Primary Target
    Gold

    Location
    The Vetas Grandes project covers 107.75 km2 located in the central portion of the Shyri concessions, immediately southwest and contiguous with IAMGold's Quimsacocha project.

    Property Information
    This project has two main prospects; the Vetas Grandes prospect and the Tasqui prospect.

    The Vetas Grandes prospect has several large, 3.0 m to 7.0 m wide veins and quartz vein/vein breccia/stockwork form a swarm striking east-northeast over a distance of 1.4 km. The veins have elevated mercury (Hg), selenium (Se) and tellurium (Te) and display diagnostic textures indicative of a high level epithermal system with bonanza grades focused at the 3200 m elevation. Extensive surface sampling and geophysical surveys (magnetic and IP) have been completed over the prospect.

    The Tasqui Prospect consists of a 2.0 to 7.0 m wide magmatic-hydrothermal vein breccia which has been traced over a distance of 440 m. This was originally discovered by float prospecting that has just recently been traced to outcrop.



    Cañar

    Primary Target
    Gold and Copper

    Location
    The Cañar (115.41km2) property comprises of concessions in the Canar province, Southern Ecuador.

    Property Information
    These concessions cover a large part of an even larger porphyry Cu-Mo alteration/mineralization system (and associated epithermal mineralization). The individual potassic alteration zone typically covers areas 1-2 km2, within broader halos (3 to 5 km2) of phyllic alteration. Base metal mineralization is associated to quartz veinlets/sotckworks. At Cañar, high grade, high sulfidation type mineralization is associated to vuggy silica structures within an advanced argillic zone.



    El Fundo

    Primary Target
    Gold

    Location
    El Fundo comprises 8.25km2; located in the Loja province.

    Property Information
    El Fundo has an unspecified alteration zone measuring 3 to 4 km2. There is a 200 x 50m hydrothermal breccia zone showing massive silica and vuggy silica fragments with associated As, V, Bi, and Te anomalies.




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