MOUNT PEARL, NEWFOUNDLAND–(Marketwired – Nov. 3, 2015) – Cornerstone Capital Resources Inc. (“Cornerstone” or “the Company”) (TSX VENTURE:CGP)(OTCBB:CTNXF)(FRANKFURT:GWN)(BERLIN:GWN) 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. SolGold Plc is funding 100% of the exploration at Cascabel and is the operator of the project.
- Porphyry stockwork copper-gold mineralization discovered at surface at Aguiñaga, 1.6km northeast of Alpala prospect.
- Rock-saw channel results over the exposed area return an open ended intersection of 9.0m @ 1.01 % Cu, and 0.79 g/t Au.
- Geophysical and geochemical similarities to the Alumbrera copper mine in Argentina and other large porphyry copper deposits around the world.
Figures, photographs and tables 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:
“Apart from the highly prospective Alpala Prospect, there are currently four other target areas within the Cascabel tenement including: Quebrada Tandayama-America, Aguinaga and Quebrada Moran are prospective for copper-gold porphyry deposits and Rio Cachaco is prospective for epithermal gold style mineralization,” said Brooke Macdonald, Cornerstone’s CEO.
After reconnaissance field-work initially located mineralized porphyritic diorite along the northern slope of Aguiñaga Hill, subsequent detailed 1:500 scale “Anaconda” style geological and structural mapping has led to the discovery of porphyry stockwork copper-gold mineralization outcropping at surface.
Mineralization is exposed along the upper section of Aguiñaga Creek, where classic porphyry style ‘B’-type quartz-magnetite-chalcopyrite-bornite stockwork veining occurs within porphyritic diorite (Figure 2).
The outcropping mineralization is accompanied by potassic (biotite) alteration and remains open to the north where creek sediments and dense vegetation limit further surface exposure. Potassic alteration and bornite is highly diagnostic of the core mineralization in a typical porphyry copper-gold system.
Rock-saw channel sampling results over the exposed outcrop returned an open ended intersection of 9.0m @ 1.01 % Cu, and 0.79 g/t Au (Table 1, Figure 3)
|Trench ID||Length (m)||Cu (%)||Au (g/t)|
Table 1: Rock-saw channel sample results from Trench AG001 at Aguiñaga.
The Aguiñaga prospect lies on a prominent topographic high (1615masl) about 3km south of Rocafuerte site office and 1.3km to the northeast of the Alpala prospect which is currently being drilled. SolGold geologists believe the Aguiñaga target is extremely compelling for four key reasons:
- The interpreted porphyry centre at Aguiñaga occurs at the confluence of a deep seated regional northwest trending structure with a major northeast trending lineament. This is the same structural regime within the same host rocks that hold the recently discovered porphyry deposit at Alpala (Figure 4).
- Aguiñaga is characterized by a classic 500m x 500m magnetic high surrounded by an annular magnetic-low which has strong similarities with the large Alumbrera porphyry copper deposit in Argentina, as well as the Grasberg and Batu Hijau magnetic signatures, both located in Indonesia. This geometry is consistent with a large porphyry system characterized by a central magnetic high related to an intrusive centre and a magnetite-destructive halo caused by pyritic phyllic / argillic alteration (Figure 5).
- The presence of a very strong annular Induced Polarization (IP) chargeability high with a central tapering root at Aguiñaga is consistent with sulphide-bearing, disseminated and/or stockwork style mineralization peripheral to and above a porphyry stock. (Figure 6).
- The pattern of geochemical zonation is classic for a porphyry copper-gold model. The presence of coincident copper, gold, and molybdenum in soil anomalies supports the inferred porphyry centre at Aguiñaga. The low manganese in soil that flanks the central copper zone to the north and south is likely to be related to intense late-stage hydrothermal alteration. The presence of an elevated zinc aureole surrounding this area of low manganese is a geochemical signature that is typical of the metal zonation around porphyry copper-gold deposits. (Figure 7).
SolGold is currently conducting field mapping, rock saw trenching, and infill soil-sampling programs, along with spectral analysis of soils to determine hydrothermal alteration assemblages.
SolGold expects to bring the prospect to drill-ready status over the coming quarter.
Solgold is planning a resource statement at Alpala, the most advanced target at Cascabel, by mid 2016, in addition to drill testing the other key targets at Aguiñaga, Tandayama America and Chinambicito on the Cascabel concession. By the end of 2016 SolGold is planning further metallurgical testing, and completion of early stage mine and plant design and a scoping study for an economic development at Cascabel. Solgold is investigating both high tonnage / low grade open cut and high grade low tonnage underground development as a block caving operation.
SolGold Plc owns 85% of the equity of Exploraciones Novomining S.A. (“ENSA”), an Ecuadorean 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. 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
Rock samples are delivered by ENSA employees for preparation at ALS Minerals Laboratories (ALS) sample preparation facility in Quito. 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 and Cu-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 the QA/QC program. Rejects, a 100 g pulp for each rock and 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.
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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