Mount Pearl, NL, Canada: Cornerstone Capital Resources Inc. ("Cornerstone" or "the Company") (TSXV-CGP) (F-GWN) (B-GWN) (OTC-CTNXF) announces that it is initiating an exploration program on its Miocene project located in Northern Chile through its Chilean subsidiary Minera Cornerstone Chile Limitada (MCCL).|
References to figures related to the version of this release on the Company's website (www.cornerstoneresources.com) or visible in PDF format by clicking the link below:
- Regional compilation work completed.
- Review and integration of data from previous surveys and from surrounding properties.
- Definition of large, highly prospective areas for porphyry and epithermal style of mineralization to be systematically explored in the next several months.
"We are very pleased to restart exploration on the Miocene project", stated Cornerstone's President & CEO, Brooke Macdonald. "Generative work done by our geologists is very encouraging and discoveries made next door and on strike with our exploration targets by our neighbor Mirasol Resources demonstrate that this underexplored and exciting part of northern Chile has high potential to host a new mineralized district and large deposits".
The Miocene project granted concessions cover an area of 152.1 km2 (15,210 hectares) across two contiguous concession blocks in northern Chile. The project spans the boundary between the Antofagasta region (Region II) and the Atacama region (Region III), although it lies mostly within the Atacama region, approximately 250 km southeast of the port city of Antofagasta.
The project area lies at elevations ranging from 3720m on the eastern margin of the concessions to 4845m near the western margin of the concessions on the flank of the Chaco volcano. The terrain is largely denuded of vegetation, typical of high elevation in the Atacama desert.
The Miocene volcanic belt in Chile and Argentina extends from around 24oS to 47oS. In northern Chile the Miocene belt lies along the eastern (inland) side of the Eocene-Oligocene belt. However, the metallogenically productive section of this belt extends from around 25oS to 35oS (Figure 1).
The Miocene volcanic rocks near the northern end of the Miocene belt, between latitudes 26oS and 28oS, comprise the Maricunga belt, a linear belt of volcanic rocks, and a metallogenic unit, that is defined by at least 14 zones of gold and silver mineralization in this latitude interval. This belt is well studied and provides good background to the more extensively covered Miocene sequences further north in the area of Cornerstone's Miocene project.
The area to the north of the Maricunga Belt is increasingly covered by Late Miocene to Pliocene volcanic sequences and surficial gravel deposits derived from these younger volcanic sequences. Exploration north of the Maricunga belt, between latitudes 25oS to 26oS, has been less intense and less effective due to this Late Miocene and younger cover.
Furthermore, the structural framework in the region supports the prospectivity of this northern extension to the Miocene Belt, as it is transected by NW-SE trending crustal lineaments (Figure 2 and 3). Particularly prospective regions are where these NW-SE trending lineaments intersect the Domeyko Fault Zone, e.g. Oligocene - Chuquicamata, Escondida, El Salvador, Potrerillos; Miocene -- Cerro Casale, Pascua Lama, Veladero. The Miocene Project lies at a similar structural setting, where the NW-SE trending Culampaja Fault intersects the Domeyko Fault Zone.
The area is underlain by a series of andesitic lava flows and tuffaceous units at the base of the local stratigraphic column (24-20My) and aligned in a NNW direction possibly indicating the general direction of structures controlling the position of volcanic vents (Figure 4).
Around 18-16 My, flows and tuffs of dacitic composition were deposited to the southeast at about the same time than the ignimbrites of the Rio Frio Formation. Towards the end of the period, andesitic to rhyolitic volcanic and pyroclatics units were deposited at Cerro Chaco and Cerro Blanco.
The volcanic activity followed during the period 13 My to 11 My with the deposition of ash and lapilli tuffs part of the Plato Superior Formation in the Llano Blanco valley and Salar Agua Amarga areas and andesitic lava flows at Cerro de Azufre.
Quaternary age gravels derived from these volcanic units occupy lower ground as a thin veneer over large areas and some depressions. These non-consolidated units have been divided into 3 units to better characterize the soil geochemical anomalies: containing hydrothermally altered clasts, containing colloform silica clasts and, containing unaltered clasts.
The older sequences (24-16Ma) are broadly confined to a subtle structural depression (~6 km wide) that trends northwest-southeast, while the younger sequences (16-11 Ma) tend to occur on the northeast and southwest side of this depression. Most of the mapped alteration is confined to this structural depression where it appears to primarily affect the oldest andesite sequence.
Previous Exploration Conducted by MCCL
Initial exploration activity conducted by MCCL involved acquisition and processing of Landsat and ASTER (Advanced Spaceborne Thermal Emission and Reflectance Radiometer) satellite imagery data defining a series of anomalies across a broad region of the Miocene Project, some of which lie beyond the current outline of the Miocene property.
MCCL undertook reconnaissance geological mapping across the entire Project area. The mapping revealed a detailed volcanic stratigraphy within the region and also identified the distribution of hydrothermally altered bedrock in areas where it was exposed, or not covered by surficial gravel (Figures 4 and 5).
MCCL covered the entire concession area with a relatively open soil sampling grid of 1 km spaced lines, with sample spacing along the lines alternating between 250m and 500m spacing and collected scattered rock-chip sampling over and beyond the concession area. Soil samples were analyzed utilizing a combination of analytical techniques (partial and total digestion) designed to detect deep and/or buried mineralization.
Exploration data generated by MCCL and other exploration companies working in the same district was compiled and integrated within a regional database including airborne magnetic data. Metallotects and several large (several km) and highly prospective areas were defined on strike with mineralized prospects recently discovered on neighboring ground. A follow up exploration program has been designed to evaluate anomalous zones defined by previous surveys and new targets defined by compilation work.
Follow up exploration program
A systematic prospecting program has been designed to cover anomalous precious, base metals and pathfinder elements associated to porphyry and epithermal style of mineralization from previous surveys. Field crews will be initiating exploration work the first week of November. A ground magnetic survey and an Induced Polarization (IP) survey will be carried out as a second phase over the most prospective parts of the property, followed by trenching and, if time permits, drilling of targets developed during this proposed exploration program.
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 Miocene project for Cornerstone and has reviewed and approved the information contained in this news release.
Cornerstone Capital Resources Inc. is a well-funded 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 partnerships. Commitments from 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:
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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
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