Jul 9 2013
Cornerstone Capital Resources Inc. ("Cornerstone" or "the Company") (F-GWN) (B-GWN) (OTC-CTNXF) today announces a further update on recent developments at the Cascabel Project in northern Ecuador. SolGold Plc holds a 30% interest and can earn up to 85% of Exploraciones Novomining S.A. ("ENSA"), the local subsidiary of Cornerstone which holds the Cascabel concession.
Copper grades in all surface channel samples (as of 5th July 2013) at central Alpala and topographic contours superimposed on a 3D magnetic model that shows a magnetic apophysis east of Alpala. Mineralized surface samples cover an area extending 430m north] south by up to 200m east west. The three areas of new channel sample results are shown as black outlines while previously reported channel intersections are shown in red and black text.
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Highlights:
- Receipt of final surface channel sample assay results at Alpala Prospect.
- Ministry of Environment progressing through the final stages of the Environmental
- Permit or "EIA" (Estudio de Impacto Ambiental).
- Mobilization of drilling equipment and associated supplies to support the Phase 1 drill program well advanced.
- 3D modelling of 4 other targets at Cascabel in preparation.
- Receipt of Final Surface Channel Sample Assay Results at Alpala Prospect
Additional assay results have been received from 67 individual channel samples that were collected from three local areas at higher elevation to the northeast, east and south]southeast of the mineralized outcrops at Alpala. This final batch of assay results from the recent phase of surface sampling at Alpala were from higher in the silica-clay lithocap where copper and gold grades were expected to be lower.
This most recent set of assay results further confirms the SolGold/Cornerstone model, that copper and gold grades increase with depth in the system. The previously sampled channels that lie at lower elevation and closer to the dissected Alpala drainage are significantly higher grade and are overlain by the lithocap. Planned drill holes 1 through to 4 will all be collared in the region of higher copper and gold grades that occur closer to the Alpala drainage.
Status of Progress to Environmental Report
The Ministry of Environment is progressing through the final stages of the Environmental Permit or "EIA" (Estudio de Impacto Ambiental). As previously reported, the Final Report for the EIA was submitted to the Ministry of Environment on May 31, 2013. Ministry of Environment personnel have informed the Company that there are some minor issues still to be addressed by the report. Cornerstone and SolGold have engaged their environmental consultants, Cardno Latino America, to assist with addressing these last remaining issues.
Mobilization and Preparation for the Phase 1 Drill Program at Cascabel
Mobilization is progressing for the Phase 1 drilling program, and it is expected that mobilization of the drilling and other associated equipment will be completed in mid-July.
3D Modeling on other Targets at Cascabel
As announced on May 1, 2013, 3D inversion modeling of helimagnetic data from the Alpala region identified a magnetic protuberance (or apophysis) that the Company believes may be associated with underlying porphyry copper-gold mineralization. The next step currently being undertaken by SolGold and Cornerstone is the visualization of 3D magnetic inversion data over two additional porphyry copper targets (Aguinaga and America-Tandayama) that lie in the central and northern parts of the concession, and which are also associated with coincident copper, gold and molybdenum anomalism in soil samples.
The relationship of the Cascabel System to the regional Toachi Fault is considered very favorable for copper gold mineralized porphyry system emplacement, as this fault controls the location of the Junin copper porphyry deposit approximately 70 km south, southwest.
Assaying, Quality Assurance/Quality Control (QAQC)
Samples were delivered in sealed bags by Cornerstone employees to the ACME preparation laboratory in Cuenca, Ecuador. Rock samples are prepared (ACME code R200-250) and assayed by the ACME-Vancouver laboratory (www.acmelab.com) for gold (ACME code G601, F.A., 30 g) and multi-elements (ACME code 1E, 4 Acid digestion ICP-ES finish). All over limits results for precious and base metals were systematically re-assayed (ACME codes G6Gr and 7TD). Stream sediment samples are prepared (ACME code SS80) and assayed for gold (ACME code G601, F.A., 30 g) and multi-elements (ACME code 1EX, 4 acid digestion, ICP-MS finish).
ACME is an ISO 9001:2008 qualified assayer that performs and makes available internal assaying controls. Certified blanks and standards are systematically inserted every 25 samples as part of Cornerstone's QA/QC program.
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 and has reviewed and approved the information contained in this news release.
Source: http://www.cornerstoneresources.com