OTTAWA, ONTARIO--(Marketwired - April 25, 2016) - Cornerstone Capital Resources Inc. ("Cornerstone" or "the Company") TSX VENTURE:CGP)(FRANKFURT:GWN)(BERLIN:GWN)(OTCBB:CTNXF) 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.
HIGHLIGHTS:
- Hole 15R2 is currently drilling at a depth of 1401m, and continuing to intersect copper mineralization, which is increasing with depth.
- Hole 17 is currently drilling at a depth of 519.4m in copper mineralization.
Figures 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:
http://www.cornerstoneresources.com/i/pdf/NR16-08Figures.pdf.
DETAILED INFORMATION:
At 7 am Ecuador time on Sunday April 24th, Hole 15R2 (CSD-16-015R2) was drilling at a depth of 1401m and Hole 17 (CSD-16-017) was drilling at a depth of 519.4m. Both drill holes have intersected porphyry style copper-gold mineralization at the Alpala deposit in Northern Ecuador (refer Figure 1 Location).
The Cascabel Project is located within the northern portion of the Andean copper belt, which hosts numerous large porphyry copper-gold targets identified by coincident geophysical and geochemical anomalies that are interpreted as a cluster of prospective porphyries. They occur in a relatively unexplored section of the northern Andean copper belt that produces very oxidized, gold rich porphyry deposits (refer Figure 2 Regional Setting).
Hole 15R2 has intersected over 400m of porphyry style copper sulphide mineralization thus far, as the hole progresses towards a planned depth of 1800m. Hole 15R2 is targeting extensions of the Alpala deposit to the north, and at depth, some 100m north of the deeper high-grade zone intersected in Hole 9, which returned 1050.8m @ 0.68% Cu and 0.92 g/t Au, including 420m @ 1.00 % copper and 1.34 g/t gold (see news release January 12, 2015 at http://www.cornerstoneresources.com/s/NewsReleases.asp?ReportID=690636&_Type=News&_Title=15-02-Drill-core-intercept-of-1058-metres-0.68-Cu-0.92-gt-Au-401m-true-width).
Hole 17 is being drilled from the same pad as Hole 16, and is targeting upper extensions of strong copper and gold mineralization intersected in Holes 5 and 12, both of which returned intersections of over 1000m grading above 1% copper equivalent. Subject to ground conditions, and mineralization encountered, Hole 17 has a planned depth of 1300m.
Three dimensional geological and mineralization models have been developed using the Leapfrog™ modeling software. The model is based on, and continually refined using, drill data from the Cascabel Project. Recent work on intrusive phases and geological markers at Alpala Central provide insight into the geometry of copper and gold mineralization and the potential source intrusions.
About Cascabel:
SolGold Plc owns 85% of the equity of Exploraciones Novomining S.A. ("ENSA"), an Ecuadorean 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. Cornerstone's 15% interest is financed through completion of a feasibility study.
Cascabel is located in northwestern 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 cut-off 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.
Plans:
SolGold has announced it is planning a resource statement at Alpala, the most advanced target at Cascabel, during 2016, in addition to drill testing the other key targets at Aguinaga, Trivino, Alpala NW, Hematite Hill, Alpala SE, Cristal, Tandayama America and Chinambicito within the Cascabel concession. By the end of 2016 SolGold has reported it is planning further metallurgical testing, and completion of early stage mine and plant design and a scoping study (which may or may not be the approximate equivalent of a preliminary economic assessment as defined under National Instrument 43-101) for an economic development at Cascabel.
About Cornerstone:
Cornerstone Capital Resources Inc. is a mineral exploration company with a diversified portfolio of projects in Ecuador and Chile, and a proven 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.
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.
Contact Information:
Investor Relations
(613) 421-6923
ir@cornerstoneresources.ca
www.cornerstoneresources.com