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 joint venture exploration project in northern Ecuador, in which the Company has a 15% interest financed through to completion of a feasibility study.|
- Recent geological mapping and geochemical generative work along with re-processing of geophysical datasets, reveals strong prospectivity for porphyry copper-gold mineralization at Aguiņaga prospect, Cascabel.
- Four high-priority porphyry centres now recognized within the Cascabel project, within a total of nine porphyry targets inferred to date.
References to figures, photographs and tables 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:
The Aguiņaga prospect lies along a prominent topographic high (1615m) around 3km south of the village of Rocofuerte and about 1.3km to the north-west of Alpala. The interpreted porphyry centre at Aguiņaga occurs at the confluence of a deep seated regional north-west trending structure with a major north-east trending lineament (Figure 1). This is the same structural regime that hosts porphyry centres at Alpala.
The Aguiņaga prospect is characterised by a 500m x 500m magnetic high surrounded by an annular magnetic-low halo. (Figure 2, Inset A). This geometry is consistent with a porphyry system characterized by a central magnetic high related to an intrusive centre and a magnetite-destructive halo caused by pyritic phyllic / argillic alteration, such as indicated by large porphyry deposits elsewhere, including Alumbrera, Chile and Batu Hijau, Indonesia.
The presence of a contiguous and very strong (>145 milliseconds) chargeability high with a central tapering root at Aguiņaga , is a signature that is consistent with sulphide-bearing, disseminated and/or stock work style mineralisation peripheral to and above a porphyry stock. (Figure 2, Inset B).
Completion of a 100m x 100m soil grid over the prospect, shows that the Aguiņaga target area is also characterised by a central soil copper anomaly, which is defined at the 300ppm level with dimensions of 350m x 400m, and contains a high of 1145 ppm or 0.11% copper (Figure 2, Inset C). The presence of coincident molybdenum, gold and copper / zinc in soil anomalies supports an inferred porphyry centre characterised by higher temperatures of mineralisation.
The manganese depletion in soil samples flanking the central copper zone to the north and south-west are inferred to be related to intense late-stage hydrothermal alteration. The presence of elevated zinc in soil in this area of low manganese is a geochemical signature that is typical of the metal zonation around porphyry copper-gold deposits.
Reconnaissance field-work has located mineralized porphyritic diorite along the northern slope of Aguiņaga Hill, which returned assay results of 0.41% copper, and 0.29 g/t gold (sample 50987). The diorite outcrop lies above the chargeability high that flanks the Aguiņaga Hill and is described as "a porphyritic diorite containing quartz-pyrite-chalcopyrite quartz veins within a groundmass containing hornblende phenocrysts altered to a magnetite-biotite-chlorite alteration assemblage". This style of hydrothermal alteration is consistent with proximity to a porphyry centre.
Detailed, 1:500 scale, "Anaconda" style geological and structural mapping, infill soil-sampling and spectral analysis of soil to determine hydrothermal alteration assemblages are planned in the near future to bring the prospect to a drill-ready status. Other magnetic and geochemical anomalies at Chinambicito and America-Tandayama require further mapping and sampling to define drill targets.
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, which also holds the rights to the La Encrucijada gold-silver project. SolGold is funding 100% of the exploration at Cascabel and is the operator of the project with Cornerstone Ecuador S.A. providing some exploration and administrative services. Cornerstone's 15% interest is financed through 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 cut-off 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 delivered by ENSA employees for preparation at ALS Minerals Laboratories (ALS) sample preparation facility in Quito. Core samples are prepared crushing to 70% passing 2 mm (10 mesh), splitting 250 g and pulverizing to 85% passing 75 microns (200 mesh) (ALS code CRU-31, SPL21 and PUL-32). Prepared samples are then shipped to ALS in Lima, Peru where samples are assayed for a multi-element suite (ALS code ME-ICP61, 1g split, 4-acid digestion, ICP-AES finish). Over limit results for Ag (> 100 g/t) and Cu, ( > 1%) are systematically re-assayed (ALS code Ag-AA62, 4-acid digestion, AAS finish). Gold is assayed using a 30 g split, Fire Assay (FA) and AA finish (ALS code Au-AA23).
Quality assurance / Quality control (QA/QC)
The ALS Laboratory is a qualified assayer that performs and makes available internal assaying controls. Duplicates, certified blanks and standards are systematically used (1 control sample every 15-20 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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