26 Kyle Avenue
Mount Pearl, NL
Canada A1N 4R5
Cornerstone has been exploring in Ecuador since 2005 through its wholly-owned subsidiary, Cornerstone Ecuador S.A. Currently the Company has a portfolio of six mineral properties in Ecuador covering 455 km2 which are targeting epithermal gold-silver and porphyry copper-gold deposits.
Exploration programs on two of the projects are being fully funded by joint venture partners. In northern Ecuador, SolGold Plc is earning an initial 65% interest in the Cascabel project by spending $7.8 million over 4 years. Early stage exploration work at Cascabel has been very encouraging with the identification of outcropping porphyry-style alteration and mineralization. Rock channel sampling has returned 46 m at 0.81 g/t gold and 0.59% copper, indicating potential for a bulk mineralized porphyry system.
In southernmost Ecuador near the Peruvian border, the Company has a strategic alliance and option agreement with Newmont Ventures Limited on the Macará project. The agreement covers a large 2,500 km2 Area of Interest where prospecting and stream sediment sampling has identified significant anomalies of gold and base metals.
The Company has four wholly-owned exploration projects located in southern Ecuador, the Bella Maria, Caña Brava, La Encrucijada and Shyri projects. The Shyri project has received the majority of work with approximately $13 million spent on exploration since 2005. Shyri encompasses the Vetas Grandes gold prospect and is strategically located west of the 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 projects, the Company has identified sizeable altered and mineralized zones which offer good potential for new discoveries.