2742 St. Joseph Blvd., Unit 200
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| ||October 10, 2013|
13-23 - Cornerstone Drills 100m of 0.50% Copper and 1 g/t Gold at Cascabel Project in Ecuador
| ||Mount Pearl, NL, Canada: Cornerstone Capital Resources Inc. ("Cornerstone" or "the Company") (TSXV-CGP) (F-GWN) (B-GWN) (OTC-CTNXF) announces that preliminary assay results have been received for Drill Hole CSD-13-001 at the Alpala prospect within the Cascabel Project, the Company's copper-gold porphyry exploration project in northern Ecuador (refer Figure 1). |
All figures and table related to this news release can be seen at http://www.cornerstoneresources.com/i/pdf/NR13-23Figures.pdf.
- Preliminary assay results indicate copper-gold mineralization in Drill Hole CSD-13-001 over 2 zones:
- 104m @ 0.37% copper and 0.38 g/t gold from 16 to 120m, and;
- 100m @ 0.50% copper and 1 g/t gold from 222 to 322m (including 58m @ 0.70 Cu and 1.67 g/t Au and 16m @ >1% Cu and 3.25 g/t Au).
- High grade zones over 1% copper (principally 232m to 248m) to be re-assayed at higher copper cut-off technique.
- Mineralization styles indicative of potentially significant copper-gold porphyry system.
- Drill Hole CSD-13-002 assays awaited.
- Drill Hole CSD-13-003 underway targeted to intersect interpreted magnetic core of the porphyry system.
SolGold Plc holds a 50% interest, and can earn up to an 85% interest, in Exploraciones Novomining S.A. ("ENSA"), the Ecuadorian subsidiary of Cornerstone that holds 100% the Cascabel concession.
The Cascabel project 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 NI 43-101 compliant inferred resource of 982 million tonnes at 0.89% Cu Junin copper project.
Drill Hole 1 -- Preliminary Assay Results
The preliminary assay results received and as outlined in Table 1 below confirm the visually encouraging mineralization encountered and reported by Cornerstone September 11, 2013 in Drill Hole CSD-13-001 at Alpala, Cascabel, which terminated at 353.56m. Figure 3 shows copper and gold values down hole together with the principal intersections while Figure 4 shows a cross-section of gold and copper intersections.
Eleven (11) 2m samples require re-assaying for copper, using a less sensitive assay technique, as these results were all greater than 1% copper, the maximum value for the preliminary assay technique employed. These samples are located between the following intervals:
The preliminary assay results for Drill Hole 1 support the Cornerstone and SolGold assessment that Drill Holes CSD-13-001 and CSD-13-002 are located on the margins and associated with alteration zones above and northwest of the presently interpreted core of the porphyry system, as indicated by the 3D magnetic interpretation and alteration mineral spectral datasets.
- 52m to 54m
- 226m to 228m
- 232m to 248m
- 262m to 264m
Cornerstone considers the intersections encountered in Hole CSD-13-001 to be robust. The continuity of copper mineralization is particularly encouraging. Updated results will be announced as soon as the final assay results are received.
Table 1 -- Preliminary assay results for CSD-13-001.
Assay results for Drill Hole CSD-13-002 are still awaited. Drill Hole CSD-13-003 is currently underway, and was at a depth of 183m on October 9, 2013.
Yvan Crepeau, MBA, P.Geo., Cornerstone's Vice President, Exploration 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.
Logging, sampling and assaying
Hole CSD 13-001 was drilled using HTW core size (7.1 cm diameter). Geotechnical measurements such as core recovery, fracturing, rock quality designations (RQD's), specific density and photographic logging are performed systematically prior to assaying. The core is logged, magnetic susceptibility measured and key alteration minerals identified using an on-site portable spectrometer. Core is then sawed in half at Cornerstone's core logging facility and half of the core is delivered by Cornerstone employees for preparation at Acme Analytical Laboratories (ACME) affiliate laboratory in Cuenca. Core samples are prepared crushing 1 kg to 80% passing 2 mm (10 mesh), splitting 250 g and pulverizing to 85% passing 0.075 mm (200 mesh) (ACME code R200-250). Prepared samples are then shipped to ACME in Vancouver, Canada where samples are assayed for a multi-element suite (ACME code 1E, 0.25g split, 4-acid digestion, ICP-ES finish). Over limit results for Ag (> 100 g/t), Cu, Pb and Zn (each one > 1%) are systematically re-assayed (ACME code 7 TD1 or 7 TD2, 4-acid digestion, ICP-ES finish). Gold is assayed using a 30 g split, Fire Assay (FA) and AA or ICP-ES finish (ACME code G601).
Quality assurance / Quality control (QA/QC)
The ACME affiliate preparation facility in Cuenca was audited by Cornerstone prior to the start of the drilling program and ACME is an ISO 9001:2008 qualified assayer that performs and makes available internal assaying controls. Duplicates, certified blanks and standards are systematically used (1 control sample every 15 samples) as part of Cornerstone's QA/QC program. Rejects, a 100 g pulp for each core sample and the remaining half-core are stored for future use and controls.
Cornerstone Capital Resources Inc. is a mineral exploration company based in Mount Pearl, Newfoundland and Labrador, Canada, with a diversified portfolio of projects in 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.
Further information is available on Cornerstone's website: www.cornerstoneresources.com and on Twitter. For investor, corporate or media inquiries, please contact:
North America toll-free: 1 (877) 277-8377
This news release may contain 'Forward-Looking Statements' that involve risks and uncertainties, such as statements of Cornerstone's plans, objectives, strategies, intentions and expectations. The words "potential," "anticipate," "forecast," "believe," "estimate," "expect," "may," "project," "plan," and similar expressions are intended to be among the statements that identify 'Forward-Looking Statements.' Although Cornerstone believes that its expectations reflected in these 'Forward-Looking Statements' are reasonable, such statements may involve unknown risks, uncertainties and other factors disclosed in our regulatory filings, viewed on the SEDAR website at www.sedar.com. For us, uncertainties arise from the behaviour of financial and metals markets, predicting natural geological phenomena and from numerous other matters of national, regional, and global scale, including those of an environmental, climatic, natural, political, economic, business, competitive, or regulatory nature. These uncertainties may cause our actual future results to be materially different than those expressed in our Forward-Looking Statements. Although Cornerstone believes the facts and information contained in this news release to be as correct and current as possible, Cornerstone does not warrant or make any representation as to the accuracy, validity or completeness of any facts or information contained herein and these statements should not be relied upon as representing its views subsequent to the date of this news release. 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 except where outcomes have varied materially from the original statements.
On Behalf of the Board,
President and CEO
Further information is available on the Cornerstone Web site at www.cornerstoneresources.com; via e-mail at email@example.com; or toll free at 1-877-277-8377.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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