Mount Pearl, NL, Canada: Cornerstone Capital Resources Inc. ("Cornerstone") (TSXV-CGP) (F-GWN) (B-GWN) (OTC-CTNXF) today announced that recent channel sampling at its Alpala Prospect within the Cascabel Project in northern Ecuador has returned highly encouraging gold and copper assays from trenches. These results significantly expand the area of mapped and mineralized porphyry gold-copper stockwork veining in the Alpala region. The 5,000 hectare Cascabel Project is optioned to SolGold Plc (AIM code: SOLG), which can earn up to an 85% interest in the Project (see news release dated February 19, 2013). SolGold is directing the exploration program and Cornerstone is implementing the program.|
- 56.93m at 1.16 g/t gold and 0.34% copper 21.45m at 0.47 g/t gold and 0.42% copper
- 45.50m at 0.46 g/t gold and 0.25% copper
- High gold grades in areas of hydrothermal brecciation: 26.52m grading 1.87 g/t gold
- Peak gold and copper grade (0.35m massive copper sulphide vein) at 12.2 g/t Au, 38.5 g/t Ag and 43.67% copper
- Consistent grade throughout most of the length of the new trenches reveals potential for a bulk mineable position at surface.
Brooke Macdonald, President of Cornerstone, said "The results from this follow up channel sampling program are highly encouraging. They confirm the gold-rich nature of the outcropping porphyry and expand the size of the Alpala mineralized zone that is open in all directions. The integration of datasets shows that this prospect appears to lie on top of what is believed to be a very significant porphyry gold-copper system. Large altered and geochemically anomalous areas still have to be followed up at Alpala and on multiple target areas within the concession. We are continuing to work through the permitting process required for drilling, which we expect to begin during the second quarter".
A channel sample intersection at Alpala previously reported on January 24, 2013 (Trench TH46: 46 m grading 0.81 g/t gold and 0.59 % copper) occurred in outcropping porphyry mineralization within a copper-molybdenum-gold soil geochemical anomaly.
Subsequent follow-up channel sampling, the subject of this news release (Trench TH57) located 130 m south-southeast of Trench TH46 yielded 45.50 m grading 0.46 g/t gold and 0.25 % copper (see figures 3A and 3B). Follow-up trenches TH56B and TH56C located 30 m west of TH46 respectively assayed 21.45 m grading 0.47 g/t gold and 0.42 % copper and 2.3 m grading 0.30 g/t Au and 0.96% Cu. Another trench (TH56A) located up to 80 m northwest of TH46 yielded 56.93 m grading 1.16 g/t gold and 0.34 % copper. A single channel sample (TH56D) collected from a fourth area 22 m further west of TH56A assayed 0.32 g/t gold and 0.52% copper over 0.65 metre, confirming that the mineralized stockwork is open to the west. Additional stockwork veining has also been observed further south of the current area of channel sampling.
The follow-up sampling was conducted in diorite intrusive rocks that are exposed within creeks, and which contain porphyry quartz vein stockwork mineralization within argillic altered rocks. The quartz veins contain the copper minerals chalcocite, chalcopyrite and bornite, with quartz veins occurring in abundances of 25-40 veins per metre. Significantly, it is now evident that areas of channel sampling define continuity of mineralization over a minimal 200m x 100m area, with stockwork mineralization open in all directions, indicating that the mineralized body could be considerably more extensive and extends to the north west and south east underneath epithermal caps which lie over the porphyry system.
Table 1. Assay results for 5 follow up channel sampling areas at the Alpala Prospect.
||Total Length (m)
||High grade 43.67% Cu sample cut to 10% Cu
SolGold and Cornerstone are presently focusing the exploration activities in an area of surface soil gold, copper, molybdenum, antimony anomalism and alteration that is 2.5 km by 1.0 km in area (see figures 1 and 2), identifying and sampling zones of alteration, veining and mineralization. Areas of newly exposed porphyry stockwork veining at Alpala are being extended outward in an expanding zone around the currently uncovered porphyry system. In addition, geologists are scouting the anomalies further afield within this large alteration system to select additional areas for channel sampling. A first-pass drill program to test the central Alpala region and other high priority target areas is currently being planned and expected to commence in the second quarter of 2013 subject to finalizing drill permitting.
The Alpala Prospect is located within the T1 porphyry gold-copper target located in the southern part of the Cascabel concession. The target area is defined by extensive soil geochemical anomalism (copper, gold, molybdenum - Figure 4), a large argillic alteration zone, a magnetic signature reflecting widespread hydrothermal alteration, and highly mineralized channel samples across creek bed outcrops.
Other Project Activities
The recent phase of regional soil sampling on the Cascabel concession, which covered an approximate 20 square kilometre area, has been completed and the focus of activity has now progressed to detailed ground inspection and channel sampling of the anomalous areas.
The helicopter-supported magnetic and radiometric survey completed in November 2012 has been fully processed, and 3D inversion modeling is nearing completion. This model will substantiate high priority targets at depth and provide a 3D tool for delineating the throat of the porphyry system.
The permitting process in the lead up to drilling is on schedule. There continues to be strong community support. Drill testing at Cascabel is scheduled to commence in Q2.
Assaying, Quality Assurance/Quality Control (QAQC)
Samples were delivered in sealed bags by Cornerstone employees to the ACME preparation laboratory in Cuenca, Ecuador. 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.
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.
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