CORNERSTONE CAPITAL RESOURCES INC : http://www.cornerstoneresources.com/ : QwikReport

Ecuador

Bramaderos


87.5% JV Partner
Sunstone Metals (ASX code: STM)


Highlights

Details
Measuring 4,948 hectares, the Bramaderos project is located approximately 130km from the Loja provincial capital. The project is easily accessible via the Pan American Highway which crosses the Property.

The Bramaderos concession is owned by La Plata Minerales S.A. ("PLAMIN"), an Ecuadorian company owned 87.5% by Sunstone and 12.5% by Cornerstone, Sunstone having incurred >US$3.4 million to earn its 51% initial interest (see news release 19-29 dated August 28, 2019), and increased its interest to 87.5% in early 2020 (see news release 20-01 dated January 7, 2020). Sunstone is the project operator. Cornerstone's 12.5% interest is carried by Sunstone through to the start of commercial production and repayable at Libor plus 2% out of 90% of Cornerstone's share of earnings or dividends from the Bramaderos project.

Vetas Grandes

Highlights

Details
The Shyri NW concession (known as the "Vetas Grandes" property) is located in the Western Cordillera of the Andes in southern Ecuador, approximately 20 km southwest of Cuenca, the capital city of Azuay Province. The property covers a rugged area of some 23 km2 (2,300 hectares), and lies at elevations ranging from 1,500 to 3,500 m above sea level. Access to the property is good via a series of paved and/or gravel roads, and numerous mule and foot paths.

Originally acquired by Cornerstone in 2005, straddles the Gañarin Belt, a 50 km-long regional feature which contains volcanic centres and associated high-level intrusions, that is highly prospective for hosting epithermal gold - silver ± copper and porphyry copper - gold ± molybdenum deposits. Multiple, east-northeast trending low sulphidation epithermal quartz veins and vein breccias have been found measuring from 1.0 to 7.0 m in width within a zone at least 2 km long and 1.5 km wide. Mineralized veins containing gold and silver are exposed over a vertical relief of 300 m with the highest gold values localized at vein intersections and where veins outcrop around the 3,220 m elevation. Channel sampling across surface outcrops has returned 53.4 g/t gold and 641 g/t silver over 3.4 m.



Consulting Technical Reports
Mar, 2007: Shyri Property North Report Update: Jeffery W. Hedenquist
Mar, 2007: Shyri Property South Report Update: Jeffery W. Hedenquist


Maps




Photos

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Mineralized Quartz
Veins,
Vetas Grandes
Phase 1 Drilling,
Gama
Phase 1 Drilling,
Gama
Artisanal Mining,
Canaribamba
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Artisanal Mining,
Vetas Grandes
Canaribamba
Diatreme
Channel Sampling,
Vetas Grandes
Drill Site
Reclamation,
Gama
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Ermita Breccia,
Gama
Genreal Topography,
Gama



Cornerstone has been exploring in Ecuador since 2005 and has a portfolio of drill-ready projects there targeting epithermal gold-silver and porphyry copper-gold deposits.

An important part of the future valuation of Cornerstone derives from its minority financed interest in the Cascabel copper gold project in northern Ecuador (see Cascabel page). The Company has a 21.5% direct and indirect interest in Cascabel comprised of (i) a direct 15% interest in the project financed through to completion of a feasibility study and repayable out of Cornerstone's share of project cash flow, plus (ii) an indirect interest comprised of 7.6% of the shares of joint venture partner and project operator SolGold Plc.

On May 20, 2019 Cornerstone and SolGold announced the results of a Preliminary Economic Assessment ("PEA") for Cascabel, and on April 7, 2020 they announced an update to the mineral resource estimate (MRE#3) for the Alpala deposit (see Cascabel page).

On March 6, 2017, Cornerstone announced that its joint venture partner, Ecuador State Mining Company ENAMI EP, had been granted a number of mineral concessions in Imbabura and Carchi provinces in the same area as the Cascabel and the Llurimagua concessions, for exploration by the ENAMI-CESA strategic exploration joint venture. Nine concession titles totaling almost 40,000 hectares were granted in 2017 by the Ministry of Mining (please see ENAMI Strategic Alliance page). On February 27, 2020 Cornerstone announced the initial sampling results from the Espejo and Rio Magdalena concession blocks (see Enami Strategic Alliance page).

The Company has two wholly-owned exploration projects located in southern Ecuador, the Bella Maria and Vetas Grandes projects, as well as one property, Caña Brava, in which it has the right to earn 100%. Caña Brava is subject to a farm-in Agreement with Newcrest International Pty Ltd (see Caña Brava Property page). The Vetas Grandes gold prospect is strategically located approximately 15 kilometres west of the Loma Larga (formerly called Quimsacocha) high-sulphidation epithermal gold-silver-copper deposit, south of the Rio Blanco low-sulphidation gold-silver deposit and southeast of the Chaucha porphyry copper-molybdenum deposit. On all three projects, the Company has identified sizeable altered and mineralized zones which offer good potential for new discoveries.

The Company also has a joint venture with Sunstone Metals Inc. on the drill-ready Bramaderos property in Loja Province (see Bramaderos Property page).



ENAMI Strategic Alliance
 
Joint Ventured or Optioned Properties:
Caña Brava (Newcrest farm-in)
Bramaderos (Sunstone Minerals 87.5% Operator)
Cascabel (SolGold Plc 85% Operator)
100% Cornerstone Properties
Bella Maria
Vetas Grandes



Bella Maria

Highlights

Details
The 10.4 km2 (1,040 hectares) property is located approximately 50 km southeast of the city of Machala in El Oro Province, southwestern Ecuador.

Bella Maria is underlain by a series of granodiorites and quartz porphyries that intrude metamorphic rocks. Previous workers identified two zones of significant gold mineralization, approximately 2 km apart. One zone, in the south-central portion of the property, consists of a silica-sulphide breccia that has returned assays averaging 4.5 g/t Au over 40 m from continuous rock chip sampling, including 10.8 g/t Au over 16 m. The second zone occurs 2 km to the northwest and consists of stockwork veins from which grab samples assayed up to 10.8 g/t Au and chip samples returned assays up to 0.54 g/t Au over 6 m. The two zones are separated by an area of thick vegetation and poor exposure with many unexplained geochemical anomalies. Data on the property are being compiled in preparation for initiating further exploration.

Maps

Location Topography Geology
Soils
Au
Stream Sediments
Au
Soils
Cu

Cascabel


Partner
SolGold Plc (AIM & TSX: SOLG)

Highlights