Ottawa, ON, Canada: Cornerstone Capital Resources Inc. ("Cornerstone" or "the Company") (TSXV:CGP) (Frankfurt:GWN) (Berlin:GWN) (OTC:CTNXF) announces the following update on the Alpala Maiden Mineral Resource Estimate underway at the Cascabel copper-gold porphyry joint venture exploration project in northern Ecuador. |
Figure referred to in this news release can be seen in PDF format by accessing the version of this release on the Company's website (www.cornerstoneresources.com) or by clicking on the link below:
- Alpala Maiden Inferred Mineral Resource Estimate on track for completion in late December.
- Drilling indicates a true width of the mineralized envelope of up to 700 metres, a length in excess of 1300 metres and over 1800m vertical extent from surface.
The Alpala deposit continues to grow with each new drill hole as drilling focuses on high grade porphyry centres at Alpala West, Northwest, Alpala Central, Alpala East and Alpala Southeast. Over 56,800m of drilling has been completed to date along the greater Alpala trend (Figure 1).
Maiden Mineral Resource Estimate
A recent site visit by SRK Exploration consultants saw major developments in the accuracy and predictive nature of the geological modelling at Alpala. The geological auditing process forming the basis of the Mineral Resource Estimate (MRE), has now advanced the detailed hand contoured geological interpretations in level plan and cross section, into accurate representation within the LeapfrogTM 3D modelling environment. This collaborative approach is resulting in a high-confidence geological model that will accurately estimate the resource potential, through incorporation of the Alpala genetic model, deposit geometry, intensity of mineralization and grade distribution.
Cascabel Project operator SolGold Plc has announced that initial 3D modelling and grade shell interpolants have outlined an approximate exploration target at Alpala that ranges from 729Mt at 1.06% copper equivalent, using a cut-off grade of 0.4% copper equivalent, to 969Mt at 0.92% copper equivalent, using a cut-off grade of 0.3% copper equivalent. These estimates equate to between 7.7 - 8.9Mt of contained copper equivalent. Readers are cautioned that the potential quantity and grade is conceptual in nature, that there has been insufficient exploration to define a mineral resource, and that it is uncertain if further exploration will result in the target being delineated as a mineral resource.
The geological modelling completed reflects an exhaustive understanding of the geology, and geometry of the intrusive and related veining phases that control mineralization at Alpala. Geological models affect the distribution of Cu-Au grades within mineralized envelopes at Alpala. Grade distributions are controlled by:
- Varying stages of intrusions, which include pre-, early, intra-, late- and post-mineralization phases;
- Abundance and orientation of copper-sulphide mineral-bearing quartz veins; and
- Varying styles of hydrothermal alteration and the related abundance of hydrothermal magnetite and sulphide minerals.
Several major types of mineralization are recognized at the Alpala deposit, including but not limited to:
- Disseminated mineralization occurring within early quartz diorite (QD10) source intrusions;
- Intense quartz-copper sulphide rich zones occurring at the carapace and edges of QD10 intrusions;
- Multidirectional quartz-magnetite-chalcopyrite stockwork veins that extend several hundreds of metres beyond the QD10 intrusive margins;
- Moderate quartz-magnetite-chalcopyrite stockwork veins and lesser sheeted veins that characterize the more distal setting to the source intrusions.
Drilling indicates a true width of the mineralized envelope of up to 700 metres, a length in excess of 1300 metres and over 1800m vertical extent from surface (Figure 2). Mineralization is controlled by a series of parent or source quartz diorite ("QD10") intrusions, that have intruded the country rock as a "swarm" of dykes and stocks, which have been enriched with bornite mineralization in a later stage phyllic mineralization event. The deposit that formed around the main mineralizing QD10 source intrusions is up to 700 m thick in a SW-NE direction and slowly tapers off towards surface, where the deposit outcrops in Alpala Creek (where rock-saw channel sampling in trenches confirms outcropping mineralization over a combined zone of more than 87m grading over 1% copper equivalent).
Each of the QD10 apophyses evident in the greater Alpala cluster has mineralized a vertical extent of up to 1800 m of surrounding host rock, forming tapering columns of multi-directional quartz stockwork veining that reach surface at locations like Alpala Creek. To date, QD10 source intrusions have been intersected by drilling over a strike length of more than 850 m from Hole 13 in the northwest to Hole 25 in the southeast; drilling indicates a vertical distribution of QD10 intrusions over more than 700 m from 950 m RL in Hole 25 to 250 m RL in Hole 12.
Additional QD10 intrusions are suspected at Alpala Southeast under Hole 24, at Alpala East under Hole 29-D2, at Alpala Northwest under Hole 26 and also at Trivinio. These inferred intrusions have yet to be intersected in drilling.
The Geology of the Alpala deposit, summarised in Figure 3, comprises:
- Pre-mineral host rocks that consist of the extensive D10 diorite and a package of andesitic volcaniclastic rocks, lavas and volcano-sedimentary rocks, which are intruded by,
- Intensely mineralized NW trending, syn-mineral dyke swarm of QD10 quartz diorite. This entire package was then intruded by two moderately mineralized intra-mineral intrusions (D15 diorite and QD15 diorite).
These three early phases of intrusion and associated mineralization will form the bulk of the Maiden MRE.
The genetic model for the Alpala deposit shows a schematic evolution of Alpala intrusive phases and associated vein paragenesis (Figure 4).
- Late-stage, NW trending, late-mineral hydrothermal breccia, and a series of volumetrically small late- to post-mineral diorite, quartz diorite and tonalite dykes cross cut older rock units, and are excised during the MRE estimation process.
Exploraciones Novomining S.A. ("ENSA"), an Ecuadorean company owned by SolGold Plc and Cornerstone, holds 100% of the Cascabel concession. Subject to the satisfaction of certain conditions, including SolGold's fully funding the project through to feasibility, SolGold Plc will own 85% of the equity of ENSA and Cornerstone will own the remaining 15% of ENSA. SolGold Plc is funding 100% of the exploration at Cascabel and is the operator of the project.
Cascabel is in northwestern Ecuador in an under-explored northern section of the Andean Copper Belt, 60 km northeast of the undeveloped inferred resource of 982 million tons at 0.89% Cu Llurimaga (formerly 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 Llurimaga 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, assaying and reporting
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-MSP61, 1g split, 4-acid digestion, ICP-MS 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).
Drill hole intercepts are calculated using a data aggregation method, defined by copper equivalent cut-off grades and reported with up to 10m internal dilution, excluding bridging to a single sample. Copper equivalent grades are calculated using a gold conversion factor of 0.63, determined using an updated copper price of USD3.00/pound and an updated gold price of USD1300/ounce. Copper equivalent calculation assumes 100% recoveries of copper and gold.
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). 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 with a diversified portfolio of projects in Ecuador and Chile, and a proven ability to identify, acquire and advance properties of merit.
Further information is available on Cornerstone's website: www.cornerstoneresources.com and on Twitter. For investor, corporate or media inquiries, please contact:
Mario Drolet; Email: Mario@mi3.ca; Tel. (514) 904-1333
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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 after 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.
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