Jul 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 12 (CSD-15-012) commenced drilling on July 8, 2015 and is currently at a depth of 3.0m.
- Hole 12 is planned to test the southeast strike extension of high grade copper and gold mineralization 95m southeast of Hole 5 (CSD-14-005).
FURTHER INFORMATION
Hole 12 (CSD-15-012) is located 95 metres southeast of the Hole 5 collar and has commenced drilling towards the southwest at -87 degrees. Hole 12 is positioned to extend the known strike length of high grade copper and gold mineralization by a further 95m to the southeast.
Hole 12 targets extensions of high grade mineralization encountered in Hole 5 that produced high-grade intersections, including 532m @ 1.05 % Cu, and 1.08 g/t Au from 778m, and 258m @ 1.27 % Cu, and 1.27 g/t Au from 1052m.
Recent results obtained from Hole 11 (CSD-15-011) confirm the continuous nature of the Alpala Central porphyry system. There is increasing confidence that the system will extend beyond the current Hole 12 hole path, which passes below >2% "B"-type quartz veins mapped at surface (Figure 1).
SolGold geologists expect intersections of greater than 2% "B" type quartz veins in Hole 12, as predicted by level plan and section interpretations. These interpretations are illustrated by the 500m Reduced Level (RL) level-plan, around 1100m below surface (Figure 2), and the southwest-northeast section parallel with the Hole 12 planned drill path (Figure 3).
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/NR15-15Figures.pdf.
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 ENSA core logging facility, 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/