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Properties |
Ecuador |
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Address:
1730 St. Laurent Blvd., Suite 800 Ottawa, ON Canada, K1G 3Y7 |
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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, where drilling is ongoing and where many high-priority porphyry centres are now recognized within the project. The Company has a 22.8% 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 9.2% of the shares of joint venture partner and project operator SolGold Plc. On January 3, 2018 the Company and SolGold announced a maiden mineral resource estimate (MRE) for the Alpala deposit, and on November 20, 2018 the Company announced an update to the MRE as follows: 2.05 Bt @ 0.60% copper equivalent ("CuEq") (8.4 Mt Cu, 19.4 Moz Au) Indicated, plus 900 Mt @ 0.35% CuEq (2.5 Mt Cu, 3.8 Moz Au) Inferred, including high grade core of 400 Mt @1.49% CuEq (3.6 Mt Cu, 11.9 Moz Au) Indicated plus 20 Mt @ 1.05% CuEq (0.2 Mt Cu, 0.4 Moz Au) Inferred. The updated MRE was reported using a cut-off grade of 0.2% CuEq, reflecting the reasonable potential for economic extraction by high production rate mass mining methods such as block caving. On May 20, 2019 Cornerstone announced the results of the Preliminary Economic Assessment ("PEA") for Cascabel. (For more details, 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). The Company has two wholly-owned exploration projects located in southern Ecuador, the Bella Maria and Vetas Grandes projects, as well as one property, Caņa Brava, in which it has the right to earn 100%. Caņa Brava is subject to a farm-in Agreement with Newcrest International Pty Ltd (see Caņa 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).
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