Apr 13 2015
Cornerstone Capital Resources Inc. ("Cornerstone" or "the Company") 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.
HIGHLIGHTS:
- Hole CSD‐15‐011 ("Hole 11") has commenced drilling towards the southwest at a steep 85 degree angle from a position 180 metres northwest of the Hole 10 collar.
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/NR15-07Figures.pdf.
FURTHER INFORMATION
Hole 11 at the Alpala prospect commenced drilling on April 9, and on April 10, the hole was at a depth of 21.33m in phyllic altered volcanic tuff.
Hole 11 is located 180 metres northwest of the Hole 10 collar and is being drilled towards the southwest at ‐85 degrees to intersect the high grade zones previously encountered in Holes 9 and 10. Hole 11 is being drilled within the southern margin of the large T1 target area that may represent a continuation of the extensive mineralization encountered to date within the Central Alpala region. Figures 2 and 3 show a plan and cross‐section respectively of the location and orientation of Hole 11.
About Cascabel
SolGold Plc owns 85% of the equity of Exploraciones Novomining S.A. ("ENSA"), an Ecuadorean registered 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 with Cornerstone Ecuador S.A. providing some exploration and administrative services. 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 cutoff 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.
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.
Logging, sampling and assaying
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 core logging facility of Exploraciones Novomining S.A., the Ecuadorean company owned 85% by SolGold Plc and 15% by Cornerstone ("ENSA"), and half of the core is delivered by ENSA employees for preparation at Acme Analytical Laboratories (ACME) affiliate laboratory in Cuenca. Core samples are prepared crushing 1 kg to 80% passing 2 mm (10 mesh), splitting 250 g and pulverizing to 85% passing 0.075 mm (200 mesh) (ACME code R200-250). Prepared samples are then shipped to ACME in Vancouver, Canada where samples are assayed for a multi-element suite (ACME code 1E, 0.25g split, 4-acid digestion, ICP-ES finish). Over limit results for Ag (> 100 g/t), Cu, Pb and Zn (each one > 1%) are systematically re-assayed (ACME code 7 TD1 or 7 TD2, 4-acid digestion, ICP-ES finish). Gold is assayed using a 30 g split, Fire Assay (FA) and AA or ICP-ES finish (ACME code G601).
Quality assurance / Quality control (QA/QC)
The ACME affiliate preparation facility in Cuenca was audited by Cornerstone prior to the start of the drilling program and ACME is an ISO 9001:2008 qualified assayer that performs and makes available internal assaying controls. Duplicates, certified blanks and standards are systematically used (1 control sample every 15 samples) as part of Cornerstone's QA/QC program. Rejects, a 100 g pulp for each core sample and the remaining half-core are stored for future use and controls.
Source: http://www.cornerstoneresources.com/