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 20.8% 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 6.9% of the shares of joint venture partner and project operator SolGold Plc.

On April 7, 2020 Cornerstone and SolGold 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 and then issued a further update news release on March 4, 2021 (see Enami Strategic Alliance page). On January 3, 2021 Cornerstone announced the revocation of the early stage environmental permit for the Rio Magdalena concession block:

The Company has two wholly-owned exploration projects located in southern Ecuador, the Bella Maria and Vetas Grandes (Shyri NW) projects, as well as one property, Caña Brava, in which it has the right to earn 100%. 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. Work at Vetas Grandes is currently suspended due to anti-mining sentiment in the part of Azuay Province where it is located. 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 Bramaderos property in Loja Province (see Bramaderos Property page).

ENAMI Strategic Alliance

Joint Ventured or Optioned Properties:

Bramaderos (Sunstone Minerals 87.5% Operator)
Cascabel (SolGold Plc 85% Operator)

Properties Available for Option:

Caña Brava/Tioloma
Bella Maria
Vetas Grandes

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