Cornerstone Capital Resources Inc. 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.
- CSD-16-016 ("Hole 16") was at a depth of 973m at 6pm Ecuador time Tuesday February 23. Drilling has intersected continuous visible copper mineralization shallower than expected, from 568m, an intersection so far of 405m.
- Hole 16 is progressing without difficulty, targeting a depth of 1800m. Intense mineralization is being encountered.
- Mineralization to date in Hole 16 comprises diagnostic "B" type quartz veins containing magnetite, chalcopyrite (a sulphide mineral containing 34% copper) and bornite (a sulphide mineral containing 63% copper). Disseminated chalcopyrite and bornite occur in the groundmass. Mineralization is enriched by overprinting of later "C" type veins consisting of pure chalcopyrite.
- Mineral alteration indicators show assemblages in the phyllic and propylitic zones suggesting that the predicted richer potassic core is yet to be intersected at depth.
- Hole 16 extends the Alpala deposit by 100m to the southeast in the direction of significant magnetite/hematite alteration at surface at Hematite Hill and significant bornite mineralization evident at surface at Alpala Southeast and Cristal prospects.
- Drill hole CSD-16-015R2 ("Hole 15R2") is underway from the Hole 15 pad, and is at a current depth of 149m. Hole 15R2 targets extensions of the Alpala deposit to the northeast, and at depth.
- The El Carmen road, being built by the Ecuadorean Government is expected to reach the Alpala camp from the town of Santa Cecilia in April, lowering exploration costs and enhancing logistic efficiency and drill rig access.
- Negotiations for additional rig and additional contractor are progressing.
All reported intervals referred to in this news release are core lengths. At present the true thicknesses of Hole 16 intersections are uncertain due to the early stage of drilling.
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: