MOUNT PEARL, NEWFOUNDLAND--(Marketwired - Feb. 10, 2014) - Cornerstone Capital Resources Inc. ("Cornerstone" or "the Company") (TSX VENTURE:CGP)(FRANKFURT:GWN)(BERLIN:GWN)(OTCBB:CTNXF) announces the following project update for the Stage 1 drill program at the Alpala prospect within the Cascabel Project at the Company's copper-gold porphyry exploration project in northern Ecuador.
Highlights:
- Porphyry copper sulphide mineralization continues to current hole depth of 1106.80m, and drilling continues.
- Strong correlation between magnetite and chalcopyrite mineralization on the western margin of the 4km2 Alpala Magnetic Complex indicates potential for a large scale copper-gold porphyry system.
- Drill rig has capability to reach a depth of 1500 metres. Large porphyry copper systems are known to extend from surface to 1-2 kilometres below the surface.
- Intention to drill Hole 5 to 1500m to test depth extent of this strong copper-gold porphyry system.
References to figures 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/NR14-03Figures.pdf.
Drill Hole CSD-13-005
CSD-13-005 was sited to test beneath holes 1 and 2, which intersected long runs of copper and gold mineralization associated with porphyry copper-gold quartz stock-work and sheeted veins at the Alpala prospect. Copper and gold assay results have been received to a depth of 869.68m as reported on January 14, 2014.
Hole CSD-13-005 resumed drilling from 869.68m depth on the January 28, 2014. As of February 10, the hole has reached a current depth of 1106.80m.
The extension to Hole CSD-13-005 continues to encounter coarse grained and highly visible chalcopyrite mineralization from 869.68m to the current depth of 1106.80m. This mineralization is dominated by chalcopyrite with some bornite and chalcocite. The copper sulphides that are being encountered occur in association with significant magnetite and some anhydrite (both magnetite and anhydrite are common in the deep potassic altered zone of porphyry copper-gold systems).
The hole at current depth also continues to intersect intense zones of multidirectional quartz stockwork veining, indicating a strong and extensive porphyry system. Rich copper sulphide mineral, bornite has been observed at surface 320m northwest of Hole 5 (near proposed location of Hole 6) and 1.5 km north at Quebrada Moran. Both of these areas lie within the 4km2 Alpala Magnetic Complex.
Hole CSD-13-005 is expected to take around 3 weeks to complete if it continues to a total depth of 1500m. The drilling is expected to continue as long as significant mineralization is being encountered. Drilling will also be dependent on other factors such as ground conditions in the drill hole. Assays for intervals below 869.68m are expected to be delivered during the second half of February.
About Cascabel
SolGold Plc currently holds a 50% interest, and can earn up to an 85% interest, in Exploraciones Novomining S.A. ("ENSA"), the Ecuadorian subsidiary of Cornerstone that holds 100% the Cascabel concession.
The Cascabel project 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 NI 43-101 compliant inferred resource of 982 million tons at 0.89% Cu Junin copper project.
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.
Logging, sampling and assaying
Holes referred to in this release were or are being drilled using HTW and NTW core sizes (respectively 7.1 and 5.6 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 Cornerstone's core logging facility and half of the core is delivered by Cornerstone 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.
About Cornerstone:
Cornerstone Capital Resources Inc. is a 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 joint venture partnerships. Commitments from JV 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. For investor, corporate or media inquiries, please contact: |
| Investor Relations: |
| Email: ir@cornerstoneresources.ca |
| North America toll-free: 1 (877) 277-8377 |
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:
Toll Free at 1-877-277-8377
communications@crigold.com
www.cornerstoneresources.com