Home / Mining Company News Releases (Unreviewed) / Cornerstone Capital Resources Inc.: Phase 1 Drill Program Proposal for the Cana Brava Property, Ecuador

Cornerstone Capital Resources Inc.: Phase 1 Drill Program Proposal for the Cana Brava Property, Ecuador

MOUNT PEARL, NEWFOUNDLAND AND LABRADOR–(Marketwired – Aug. 31, 2015) – Cornerstone Capital Resources Inc. (“Cornerstone” or “the Company”) (TSX VENTURE:CGP)(FRANKFURT:GWN)(BERLIN:GWN)(OTCBB:CTNXF) announces additional results from the exploration program on its Caña Brava gold-silver-copper property located in south-central Ecuador, and a drill proposal to test high quality targets. Cornerstone has an option to earn a 100% interest in Caña Brava.

HIGHLIGHTS:

  • 20 Trenches completed and 301 channel samples collected.
  • Systematic spectrometry work on soil and rock samples confirms previous geological mapping and exploration targets.
  • Two high priority / high potential targets proposed for drilling.
  • Phase 1 drilling program prepared: 8 drill holes totaling 3300 metres to test the lower portion of a high sulphidation system transitional to well defined porphyry and relatively shallow porphyry Au-Cu targets.

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:

http://www.cornerstoneresources.com/i/pdf/NR15-19Figures.pdf

“We are pleased with the high quality of drill targets defined at Caña Brava” said Brooke Macdonald, CEO of Cornerstone. “Recent changes made by the Ecuador Government, reducing the overall tax burden on mining projects to a competitive level with most of the other South America mining jurisdictions, together with the planned simplification of mining regulations will make it easier to fund and implement exploration activities in the future. Cana Brava has never been drilled in the past and is available for joint venture”.

The 1,150 hectares Caña Brava property is located in south central Ecuador near the community of Gualel in the province of Loja, approximately 35 km northwest of the provincial capital city of Loja (Figure 1). The project area is situated in the Ecuadorian Andes on the east side of the Cordillera Occidental at elevations ranging from 2,950 m to 3,650 m above sea level. Access from Loja (or from the city of Cuenca to the north) is provided by paved roads and a secondary gravel road to Gualel, from which trails provide access to the property (Figure 1).

The Caña Brava property is strategically located at the junction of two main trends: 1) in the southwestern (SW) part of a northeast (NE) oriented belt of epithermal precious metal and related mineralized porphyry prospects and deposits, including (from SW to NE) the Caña Brava, Fierro Urco, Cañicapa, Encrucijada, Mozo and Gima prospects, and 2) a northwest-southeast (NW-SE) oriented belt of intrusives and associated epithermal and porphyry mineralization (Figure 2).

Following the completion of a systematic and detailed exploration program including geological mapping, ground magnetic survey, soil and rock sampling, results were released on February 26, 2015 (News Release 15-04), a trenching program was completed (20 trenches, 599 metres, 301 channel samples), spectrometry (Terraspec) work carried out on soil samples (552), rock chips and channel samples (706) and a Phase 1 drill program has been prepared. This proposal includes eight diamond drill holes totaling 3300 metres (Figures 3 and 4). The Terraspec work confirmed previous geological mapping, detailed alteration facies and identified high temperature muscovite-sericite micas indicating the relative proximity of intrusive rocks interpreted as being the heat source that produced alteration of country rocks and deposition of metals.

Six holes are proposed to test the Quebrada Soroche target area hosting high temperature advanced argillic epithermal alteration and mineralization transitional to well defined porphyry Cu-Au-Mo style of alteration and mineralization at relatively shallow depth. The Quebrada Soroche target is characterized by highly anomalous gold, silver, copper and molybdenum in soils, in rock chip and channel samples, coincident with a magnetic anomaly interpreted to represent a causative intrusive at depth. Geological mapping evidenced a strong east-west structural control. Five 400m deep holes are planned to test the 700m by 600m central part of the target area (1.7km by 1 km overall size) and one (1) hole to test the eastern portion of the target area where controlling structures are northeast oriented, for a total of 2400m (Figures 5 and 6).

Two holes totaling 900m are proposed to test the Quebrada Caña Brava target area (1000m by 900m in size) which represents a lower portion of the transition zone to a potassic altered intrusive. The area is characterized by moderately anomalous gold, copper and molybdenum associated to high temperature argillic and phyllic alteration and to a potassic altered granodiorite intrusive to the east (Figures 7 and 8).

Qualified Person:

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.

Assaying

All samples were delivered by Cornerstone employees for preparation at Acme Analytical Laboratories (ACME) affiliate laboratory in Cuenca. Rock samples are prepared by crushing 1 kg to 80% passing 2 mm (10 mesh), splitting 250 g and pulverizing to 85% passing 0.06 mm (150 mesh) (ACME code PRP 80-250). Soil samples are prepared being dried at low temperature, sieved 100g to 80 mesh (ACME code SS80)

Prepared samples are then shipped to ACME in Vancouver, Canada where rock samples are assayed for gold (ACME code FA430: F.A., 30g, AAS finish) and a multi-element suite (ACME code AQ201: 15 g split, Aqua Regia digestion, ICP-MS finish). Soil samples are assayed for gold and a multi-element suite (ACME AQ201: 15 g split, Aqua Regia digestion, ICP-MS finish)

Quality Assurance / Quality Control (QA/QC)

The ACME affiliate preparation facility in Cuenca was audited by Cornerstone. ACME is an ISO 9001:2008 qualified assayer that performs and makes available internal assaying controls. Duplicates, certified blanks and standards are systematically used as part of Cornerstone’s QA/QC program. Rejects and 100 g pulps for each rock sample are stored in Cuenca for future use and controls.

About Cornerstone:

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.

Cautionary Notice:

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,

Brooke Macdonald, President and CEO

Further information is available on the Cornerstone Web site at www.cornerstoneresources.com; via e-mail at [email protected]; or toll free at 1-877-277-8377.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

For investor, corporate or media inquiries, please contact:
Investor Relations
North America toll-free: 1 (877) 277-8377
[email protected]
www.cornerstoneresources.com

 

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