Cornerstone Capital Resources Inc.
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Cornerstone Capital Resources Inc.

October 02, 2014 08:00 ET

Cornerstone Capital Resources Inc.: Bella Maria (Ecuador) Sampling Confirms Gold-Copper Anomalies

MOUNT PEARL, NEWFOUNDLAND--(Marketwired - Sept. 2, 2014) - Cornerstone Capital Resources Inc. ("Cornerstone" or "the Company") (TSX VENTURE:CGP)(OTCBB:CTNXF)(FRANKFURT:GWN)(BERLIN:GWN) announced today the following exploration results for the Company's 100% owned Bella Maria gold-copper porphyry exploration project in southern Ecuador.

HIGHLIGHTS:

  • Systematic exploration programs confirm previously defined extensive gold-copper-molybdenum in-soil anomalies
  • Three new prospective areas defined for copper-gold mineralization
  • Detailed exploration program to be carried out on high priority targets and to be drill-tested in 2015

Brooke Macdonald, CEO of Cornerstone, stated "Exploration results from the recent field work on the Bella Maria property confirm the potential of the property to host significant porphyry and breccia-related gold-copper mineralization. Systematic geochemical sampling and geological mapping have better defined and expanded precious and base metals anomalous zones and have allowed us to refine the mineralization model. No drilling has ever been done on this property. These encouraging results should allow Cornerstone to attract a solid partner to drill test the targets."

References to figures and photographs 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/NR14-23Figures.pdf.

Bella Maria property

The 1,401-hectare Bella Maria property is located in southwestern Ecuador, in El Oro province along the western foothills of the Andes, some 30 km southeast of the port city of Machala at elevations ranging from 100 m to 800 metres above sea level (masl). Access is good via paved roads from either Guayaquil, a major port city located approximately 200 km by road to the northwest of the property, or from Cuenca to the northeast and then by a gravel road crossing the central part of the property. The area is characterized by tropical climate and vegetation. Bella Maria is adjacent to the Greater Cangrejos property of Odin Mining.

Regional Geology

The project area is underlain by Paleozoic age metamorphic rocks including quartz-biotite orthogneisses, quartz-biotite schists and chlorite schists (La Victoria Formation) which form part of the El Oro Metamorphic Complex. The metamorphic rocks are intruded by Tertiary age granodiorite (Biron Batholith) and quartz diorite. The Oligocene age Saraguro Formation (andesitic to rhyolitic flows and pyroclatics) lies to the east and southeast.

The Bella Maria property is located in the southern part of a NNE oriented Late Oligocene - Early Miocene Porphyry Belt hosting the Gaby-Papa Grande (NI 43-101 compliant resource of 308 Mt at 0.63 g/t Au) and Cangrejos porphyry systems. Within this belt some intrusive complexes host low-grade gold-copper (typically <1 g/t Au and <0.5% Cu) mineralization. Higher-grade gold-copper mineralization occurs in hydrothermal breccias adjacent to porphyry bodies and located along and/or at the intersection of district scale structures. Epi-mesothermal gold deposits (Bella Rica, San Gerardo and several other small prospects) in the region are commonly associated with the porphyry systems. A total of 69.000 ounces of gold has been recovered by Odin Mining and Exploration Ltd ("Odin") from its Biron alluvial gold mine located 10 km SW of Bella Maria. The San Agustin alluvial deposit lie 1 km north of the property.

Property history and compilation work

The Bella Maria concession was acquired by Sierra Minera S.A. ("Sierramin") in 1999. During the following two years, Sierramin carried out geological mapping and geochemical surveys - Heavy Mineral Concentrates (HMCs) and Bulk Leachable Extractable Gold (BLEG) - in most streams of the property, soil sampling on two small grids and rock sampling. These early surveys yielded to the discovery of the Las Pavas Breccia (LPB) and Central Breccia (CB) prospects. The property was optioned to Bear Creek Mining Corporation ("Bear Creek") in 2004. Survey work completed during 2004 and 2005 describes structurally controlled quartz-tourmaline-pyrite breccias with the development of silica flooding, potassic and sericitic alteration and quartz veinlets.

The concession was acquired by Cornerstone in late 2005 which carried only sporadic exploration programs prior to the April 2008 Mining Mandate (Moratorium) in Ecuador. Cornerstone carried out some more prospecting work in 2011. Results of these programs were released on May 11, 2012. During the period June to August 2014, a systematic exploration program was implemented over the entire property, including geological mapping, soil geochemical sampling (500 samples) and rock sampling (75 chip and channel samples).

From 1999 to 2014 a total of 2146 samples (642 rocks, 124 soils, 49 stream sediments, 66 BLEGs and 155 HMCs) have been collected on the property and incorporated in the database.

Property geology and mineralization

Geological mapping and data compilation from previous surveys indicate that the property is located within the northern contact zone between the Biron Batholith to the south and Paleozoic age, basement rocks part of the El Oro Metamorphic Complex.

This contact zone is characterized by multiphase intrusions varying from granitic to dioritic in composition intruding metasedimentary and metavolcanic rock units (schist, gneiss and orthogneiss). Metamorphic foliation generally strikes NW-SE (N300°E) and systematically dip 55° to 60° to the north.

Faults, fractures and magnetic lineaments from airborne magnetic surveys generally strike NNE to NE with a secondary, less developed set to the NW. Minor fractures and mineralized veinlets systems associated to intrusives and breccias are generally NNE oriented (N01°E to N25°E). District scale circular features evident in topographic maps and magnetic survey suggest that the Bella Maria property could possibly be located on the northeastern edge of a 15 to 17 km wide collapsed caldera which center would be Cangrejos intrusive complex to the SW.

District scale geological mapping and aerial geophysical data suggests that the mineralization patterns relates to underlying NE trending structures. Three types of mineralization have been outlined on the Bella Maria property: lower grade gold-copper-molybdenum porphyry style mineralization associated to quartz veinlets stockworks; higher grade, gold-copper mineralization associated to breccias; and, mesothermal quartz-tourmaline-gold-arsenic veins. Breccias are commonly associated to and controlled by faults and regional structures. Porphyry and breccia types of mineralization are located in the NE extension of and are very similar to significant gold-copper mineralization discovered by Newmont Exploration ("Newmont") and Odin on their Cangrejos property bordering the Bella Maria property to the south. Hole C99-14 by Newmont intersected 204m grading 1.6 g/t Au from surface at the Trinchera-Paloma target.

The Bella Maria concession is characterized by exceptionally anomalous gold in stream sediments draining the property as shown on accompanying figures.

The soil sampling program (100m by 100m and 50m by 50m centers) carried out over the years defined an extensive (3 by 2 km) and coincident gold-copper +/- molybdenum anomaly located in the central part of the property.

A total of seven mineralized prospects/areas have been identified on the Bella Maria property and area briefly described below (refer to may 11, 2012 news release for a detailed description of the prospects and assay results from these prospects). Three of them have been discovered in the recent field program.

  • Las Pavas Breccia (LPB): 400m by 700m area. Series of N-S oriented, fault controlled, metric size wide hydrothermal breccias with silicified and tourmaline rich matrix. Small scale miners sporadically exploit higher-grade gold mineralization. Medium priority target.
  • Vega Rivera Porphyry (VRP): 800m by 800m area. Located in the central part of the property along the Q. Cardenas stream. At this location, gold and copper mineralization is associated with stockworks of B type quartz veinlets developed within silicified and potassic altered granodiorite and quartz-feldspar porphyry units. Pyrite, chalcopyrite, pyrrhotite and occasionally some molybdenite and bornite are present within quartz veinlets and as coatings along fractures. High priority target.
  • Vega Rivera Breccia (VRB): 200m by 350m area. This breccia is located at the northern contact of the VRP with metamorphic rocks and possibly at the intersection of NW-SE and NNE-SSW structures. It shows sub-angular to sub-rounded fragments of metamorphic rocks and quartz within a silicified and pyritic matrix. High priority target.
  • Tourmaline Breccia (TB): 200m by 500m area. Located to the SE contact of the VRP and developed along a NE-contact between the VRP intrusive and metamorphic rocks. This breccia is composed of metamorphic rock fragments within a tourmaline-pyrite matrix. High priority target.
  • Central Breccia (CB): 200m by 900m area. Hydrothermal breccia located in the south central part of the property along an NE-SW oriented fault. The breccia is composed of angular fragments of metamorphic, intrusive and breccia rocks within a silicified matrix containing 1-5% pyrite and traces of chalcopyrite, bornite, covellite and chalcocite. Sulphides are disseminated and associated with late quartz and quartz-tourmaline veinlets. The breccia is approximately 60m wide. Assay results from rock chip sampling is highly variable but channel sampling returned an intercept of 30m at 1.2 g/t Au. High priority target.
  • Eastern sector (ES): 1000m by 1200m area. Presence of several sub-metric width, NNE-SSW oriented, mesothermal(?) quartz veins and veinlets. Low priority target.
  • Southeast Breccia (SEB): 150m by 1300m area. This target area is located in the southeastern part of the property at the contact between a N-S oriented, 40m thick, quartz-diorite dyke and schist units. The intrusive rock shows quartz-pyrite-pyrrhotite-chalcopyrite-molybdenite veinlets stockworks. The prospect is being exploited worked by small scale minors. Medium priority target.

Future exploration programs

Detailed exploration programs, including geological mapping, ground magnetic survey (40 km), Induced Polarization (IP, 25 Km) and trenching on high priority target areas located in the central part of the property are recommended to define specific drill targets.

Assaying, Quality assurance / Quality control (QA/QC)

All samples collected by Cornerstone were delivered to and prepared by the ACME preparation laboratory in Cuenca and assayed by the ACME-Vancouver laboratory (www.acmelab.com) using the following procedures:

Rock samples: Two preparation schemes were used for rocks at Bella Maria: 1) ACME preparation code R150 (crush 1 kg to 80% passing 10 mesh, spilt 250 g and pulverize to 85% passing 150 mesh); assayed for gold and 2) ACME preparation code R200-250 crush 1 kg to 80% passing 10 mesh, spilt 250 g and pulverize to 85% passing 200 mesh), assayed for gold and multi-elements (ACME code 1DX2, Aqua Regia, ICP-MS finish, 15 g.) and (AC code G601, F.A., 30 g., AA finish) in some cases. Over limits results for gold were systematically re-assayed (ACME code G601; F.A., 30g.; AA finish).

Stream sediment samples: ACME preparation code SS80, assayed for gold (ACME code 3B01, F.A., 30 g.) and multi-elements (ACME code 1DX2, Aqua Regia, ICP-MS finish, 15 g.).

Soil samples: ACME preparation code SS80, assayed for gold and multi-elements (ACME code 1DX2, Aqua Regia, ICP-MS finish, 15 g.). Limited technical information is available from the early soil sampling by Sierramin with regards to sample preparation and assaying techniques used by the laboratory. Samples appear to have been assayed for gold (F.a., 30 g.) and an ICP suite of elements.

ACME is an ISO 9001:2008 qualified assayer that performs and makes available internal assaying controls. Certified blanks and standards are systematically inserted with samples as part of Cornerstone's QA/QC program. Rejects and a 100 g pulp for each rock sample are stored for future use and controls at Cornerstone's warehouse facility in Cuenca.

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 Bella Maria project for Cornerstone and has reviewed and approved the information contained in this news release.

About Cornerstone:

Cornerstone Capital Resources Inc. is a well-funded 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.

Cautionary Notice:

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,

Brooke Macdonald, President and CEO

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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