2742 St. Joseph Blvd., Unit 200
Canada, K1C 1G5
Cornerstone has been exploring in Ecuador since 2005 through its wholly-owned subsidiaries, Cornerstone Ecuador S.A. (CESA) and La Plata Minerales S.A. (PLAMIN) The Company has a portfolio of projects in Ecuador targeting epithermal gold-silver and porphyry copper-gold deposits.
An important part of the future valuation of Cornerstone derives from its interest in the Cascabel copper gold project in northern Ecuador, where drilling is ongoing and where fifteen high‐priority porphyry centres are now recognized within the project. See for example, NR 17-01 dated January 4, 2017 -- update on Holes 18, 19 and 20R, NR-16-01 dated February 2, 2016 - update on Holes 13-16, and NR 15-23 dated October 20, 2015 - Cornerstone announces longest and highest grade intercepts to date in Hole 12 at Cascabel Project - 1312m @ 0.67% Copper, and 0.63 g/t Gold, for 1.05% CuEq..
Exploraciones Novomining S.A. ("ENSA"), an Ecuadorean company owned by SolGold Plc and CESA, holds 100% of the Cascabel concession. Subject to the satisfaction of certain conditions, including SolGold's fully funding the project through to feasibility, SolGold Plc will own 85% of the equity of ENSA and Cornerstone will own the remaining 15% of ENSA. SolGold is funding 100% of the exploration at Cascabel and is the operator of the project.
Cascabel 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 inferred resource of 982 million tons at 0.89% Cu Junin copper project (0.4% Cu cut-off grade; Micon International Co. Ltd. Technical Report for Ascendant Exploration SA, August 20, 2004, pages 28 & 29). Mineralization identified at the Junin copper project is not necessarily indicative of the mineralization on the Cascabel Property.
SolGold has announced it is planning a resource statement at Alpala, the most advanced target at Cascabel, during 2017 or early 2018, in addition to drill testing the other key targets at Aguinaga, Trivino, Tandayama America and Chinambicito in the Cascabel concession. SolGold has reported it is also planning further metallurgical testing, and completion of early stage mine and plant design and a pre-feasibility study (which may or may not be the equivalent of a NI 43-101/CIM definition standards pre-feasibility study) for an economic development at Cascabel. SolGold is investigating both high tonnage / low grade open cut and high grade / low tonnage underground developments as a block caving operation.
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. Eight concession titles totaling more than 37,182 hectares were granted on March 3, 2017 by the Ministry of Mining (please see NR 17-06, and 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%. 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 has also received a concession in January 2017 called Bramaderos, in Loja Province (please see Bramaderos Property page).