|Mount Pearl, NL, Canada: Cornerstone Capital Resources Inc. ("Cornerstone") (TSXV-CGP) (F-GWN) (B-GWN) (OTC-CTNXF) is pleased to provide an update on exploration activities from the Cascabel gold-copper porphyry project in Ecuador. The 5,000 hectare Cascabel Project is optioned to SolGold Plc (AIM code: SOLG), which is earning a 65% initial interest in the Project by spending $7.8 million over 4 years (see news releases dated April 10 and July 24, 2012). SolGold is directing the exploration program and Cornerstone is implementing the program.|
Recent stream sediment, representative rock chip, and channel sampling, together with geological mapping, have identified three areas of outcropping porphyry gold-copper mineralization. Two main areas have been identified at Quebrada Moran ("Moran") and Quebrada Alpala ("Alpala"). These areas are 1.5 km apart and are interpreted to represent portions of a single large porphyry gold-copper system. Maps showing results of exploration results to date and an interpreted model of the mineralized gold-copper porphyry system may be viewed at the following link: www.cornerstoneresources.com.
- Interpreted 2 km x 1 km porphyry gold-copper target zone based on interpretation of outcropping mineralization and alteration
- Significant areas of >1 g/t gold and >1.0% copper in representative rock chip samples
- Outcropping porphyry mineralization containing mineralized B veins with chalcopyrite and magnetite
- Areas of sheeted B veins with up to 4. 9 g/t gold and 1.3% copper
- Limited channel sampling shows uniform gold and copper mineralization over intervals up to 16 m
- Cascabel is located in the regional belt of porphyry gold-copper deposits that includes the Junin deposit (8.7 million tonnes of contained copper metal) and the La Colosa gold porphyry (24 million ounces of contained gold).
Brooke Macdonald, CEO of Cornerstone said: "We believe we have identified a large porphyry gold-copper system at Cascabel and we are now working to define drill targets. Drilling is subject to permitting and we are advancing the work required for the issuance of those permits."
- Ongoing channel sampling in areas of outcropping porphyry mineralization
- Systematic soil sampling on a 200 m x 100 m grid over the main target area covering approximately 5 km x 4 km
- A detailed heli-magnetic and radiometric survey over the entire concession will commence this month
- Detailed geological mapping compilation
At Moran, representative rock chip sampling has returned anomalous gold and copper values (16 samples (49%) > 100 ppb gold and 22 samples (69%) > 500 ppm copper), including values up to 1.84 g/t gold and 1.62% copper in an altered and veined porphyry gold-copper, highly prospective potassic zone, environment. Channel sampling has been completed within a 200 m length of creek bank outcrop. The sampling comprises seven channels which range in length from 6.8 m to 18 m for an aggregate sample length of 80.23 m. Individual channel samples vary in length from 1.1 m to 3.2 m. Anomalous gold and copper assays were received from those channels with mapped vein networks containing chalcopyrite, magnetite and some malachite. The best interval was 16.2 m at 0.21 g/t gold and 0.18% copper, with grade open at both ends of the channel. Peak individual values over a 2 m sample were 0.37 g/t gold and 0.33% copper.
At Alpala, representative chip sampling has returned values ranging from 1.14 to 4.86 g/t gold and 0.51 to 1.30% Cu also in a potassic altered and sheeted veined porphyry gold-copper environment. Limited continuous chip sampling has been completed, and additional channel sampling is in progress. The chip sampling that has been completed includes 4m at 3.30 g/t gold and 0.99% copper.
In addition to the two main areas of porphyry gold-copper mineralization, alteration and anomalous gold and copper samples have been returned from several other areas, within an area of 5 km x 4 km. This broader area includes additional zones of potassic alteration at Quebrada Tandayama and America, zones of adularia-quartz-carbonate-chalcopyrite veins and breccias at Quebrada Adularia, and zones of significant panned gold in areas of epithermal veining. Several altered and/or geochemically anomalous areas have not yet been followed up.
Reconnaissance geological mapping accompanied by stream sediment and rock sampling has been completed on approximately 85% of the property. A total of 133 stream sediment samples have been collected, with 35 (27%) returning anomalous gold (> 50 ppb Au) and 95 (72%) returning anomalous copper (> 100 ppm Cu). The stream sediment survey has defined an extensive gold and copper anomalous area measuring more than 15 kmē in the central portion of the property.
A total of 338 representative chip samples have been collected from outcrops during the reconnaissance program, with 149 samples (44%) returning anomalous gold (>100 ppb Au), including 26 samples grading > 1,000 ppb (1 g/t) Au. A large proportion of samples (262 or 78%) returned anomalous copper (> 100 ppm Cu), including 71 samples grading > 1,000 ppm Cu.
An orientation soil geochemistry survey was carried out to define the soil horizon and size fraction offering the best geochemical response. A total of 72 sites were sampled over 3 northeast oriented lines which cover volcanic host rocks and the altered and mineralized porphyry system.
Current exploration includes systematic soil sampling over a large portion of the exploration concession, a detailed heli-magnetic and radiometric survey, and ongoing channel sampling and detailed geological mapping.
All exploration activities are focused on delivering drill targets as soon as possible.
The exploration to date has identified gold and copper mineralization associated with potassic alteration typical of porphyry gold-copper systems. There is a direct relationship between chalcopyrite mineralization and magnetite. This is significant and will provide a strong basis for 3-D interpretation of the target zone from the detailed heli-magnetic survey. These results are expected to be available next month.
In addition to the technical exploration program, Cornerstone has completed a stakeholder baseline survey through international consultants Cardno Entrix, and continues to implement community relations programs. The project and exploration programs are strongly supported by the local community.
Assaying, Quality Assurance/Quality Control (QAQC)
Samples were delivered in sealed bags by Cornerstone employees to the ACME preparation laboratory in Cuenca. Rock samples are prepared (ACME code R200-250), and assayed by the ACME-Vancouver laboratory (www.acmelab.com) for gold (ACME code G601, F.A., 30 g) and multi-elements (ACME code 1E, 4 Acid digestion ICP-ES finish). All over limits results for precious and base metals were systematically re-assayed (ACME codes G6Gr and 7TD). Stream sediment samples are prepared (ACME code SS80), and assayed for gold (ACME code G601, F.A., 30 g) and multi-elements (ACME code 1EX, 4 acid digestion, ICP-MS finish).
ACME is an ISO 9001:2008 qualified assayer that performs and makes available internal assaying controls. Certified blanks and standards are systematically inserted every 25 samples as part of Cornerstone's QA/QC program.
Qualified Person: Yvan Crepeau, M.Ba., P.Geo., General Manager of Cornerstone Ecuador S.A. and a qualified person in accordance with National Instrument 43-101, is responsible for supervising the exploration program at the Cascabel project and has reviewed and approved the information contained in this news release.
Cornerstone Capital Resources Inc. is a mineral exploration company based in Mount Pearl, Newfoundland and Labrador, Canada, with a diversified portfolio of projects in Canada, Ecuador and Chile, and a strong technical team that has proven its ability to identify, acquire and advance properties of merit. The company's business model is based on generating exploration projects whose subsequent development is funded primarily through joint venture partnerships. Commitments from JV partners constitute significant validation of the strength of Cornerstone's projects.
Certain statements contained in this press release may be considered as forward-looking. Such forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from estimated or implied results. While Cornerstone anticipates that subsequent events may cause its views to change, it expressly disclaims any obligation to update the Forward-Looking Statements contained herein.
Further information is available on Cornerstone's website: www.cornerstoneresources.com or for investor, corporate or media inquiries, please contact:
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On Behalf of the Board,
President and CEO
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