Mount Pearl, NL, Canada: Cornerstone Capital Resources Inc. ("Cornerstone" or "the Company") (TSXV-CGP) (F-GWN) (B-GWN) (OTC-CTNXF) announces the following project update for the Cascabel copper-gold porphyry exploration project in northern Ecuador (see figure 1), in which the Company has a 15% interest financed through to completion of a feasibility study.|
- 740m (from 320m to 1060m) @ 0.24% Cu & .016 Au g/t (0.34 % Cu Equivalent "CuEq" *), which includes 58m (from 996m to 1054m) @1.45% Cu & 1.44 g/t Au (2.32% CuEq). See table 1.
- Current hole depth 1426m (at June 4th)
- Rig 2 expected to start operations by the end of July.
As of June 4th, CSD-15-011 (hole 11) had reached a depth of 1426m encountering a potassic and propylitic altered microdiorite host. The volume content of quartz veins containing copper sulphide minerals and magnetite is variable but appears to increase with depth. Hole 11 is targeted to drill to approximately 1600m (see figures 2 and 3).
Figures referred to in this release can be seen on the Company's website (www.cornerstoneresources.com) or in PDF format by clicking the link below:
The occurrence of bornite and molybdenite mineralization in portions of the hole to date is interpreted to possibly indicate increasing proximity to the primary source of the copper-gold porphyry mineralization at Cascabel.
Following completion of the drill hole the rig is expected to move to a location on the southeast side of the central part of Alpala to test extensions of the strongly mineralized zone to the southeast.
The overall Alpala target zone is localized along the northwest-trending Alpala structural zone and consists of a number of strongly mineralized centres within a 2.5km x 500m zone of extensive porphyry-style mineralization.
* Note 1: 3D interpretation of the mineralized zone in this part of the prospect area is not yet completed. Intercepts as reported relate to core length.
* Note 2: Cu-equivalent (CuEq) values are calculated using copper price US$ 6614/tonne and gold price of US$ 40/gram (US$ 1,244/ounce). Cu equivalent ("Cu Eq") grade is calculated by following equation: Cu Eq. = Cu% + (Au g/t x 0.6). Cu-Equivalent values do not take into account the recoverability of gold.
SolGold Plc owns 85% of the equity of Exploraciones Novomining S.A. ("ENSA"), an Ecuadorean registered company that holds 100% of the Cascabel concession in northern Ecuador. Cornerstone owns the remaining 15% of ENSA. SolGold is funding 100% of the exploration at Cascabel and is the operator of the project. Cornerstone's 15% interest is financed through to completion of a feasibility study.
Cascabel 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 inferred resource of 982 million tons at 0.89% Cu Junin copper project (0.4% Cu cutoff grade; Micon International Co. Ltd. Technical Report for Ascendant Exploration SA, August 20, 2004, pages 28 & 29). Mineralization identified at the Junin copper project is not necessarily indicative of the mineralization on the Cascabel Property.
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 for Cornerstone and has reviewed and approved the information contained in this news release.
Logging, sampling and assaying
Holes referred to in this release were or are being drilled using HTW, NTW, NQ and BQ core sizes (respectively 7.1, 5.6, 4.8 and 3.7 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 the ENSA core logging facility, and half of the core is then delivered 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 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:
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
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