MOUNT PEARL, NEWFOUNDLAND--(Marketwired - Dec. 4, 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 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:
- Final electrical geophysical models (resistivity and chargeability) for Orion 3D Induced Polarization ("3DIP") and magnetotelluric ("MT") surveys strongly validate target T2 at Southeast Alpala;
- Target T2 lies in the hanging wall to the Alpala Structural Zone, and comprises deep magnetic anomalies with strong electrical conductive responses around the upper parts of the anomaly;
- The core of the T2 target has dimensions of 600m by 300m, within a broader target area of 800m by 600m;
- Mapping at the T2 target at Southeast Alpala discovers chalcopyrite, bornite and chalcocite copper sulphide mineralization in lithocap outcrops at Quebrada Malte and Rio Cristal;
- IP data at the T2 target are consistent with magnetic vector inversion ("MVI") and geological datasets, indicating both magnetic and IP models are robust; and
- Market update on the Aguinaga porphyry target will be made as soon as possible.
Cornerstone's CEO, Brooke Macdonald, said: "We are pleased to see how well the multiple parts of the Alpala mineralization model are gradually fitting together. Drilling at the existing targets validate the Orion IP and MT data and the new data for the T2 target in the southeast portion of the Alpala target define new and very sizeable areas to be tested, enhancing the probability to discover new mineralization. Our knowledge and confidence to outline a significant copper-gold resource at Cascabel are increasing."
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/NR14-30Figures.pdf. Due to the highly technical nature of the information provided in this market release, a Glossary of Terms has been uploaded on the Company's website.
FURTHER INFORMATION
Final Orion 3DIP chargeability models and conductivity models were received on November 25th from Quantec Geoscience for both the Alpala and the Aguinaga surveys.
Alpala Targets following Interpretation of Orion 3DIP and MT Data
High priority targets T1 and T2 at Alpala, previously referred to as the 'North West Target' and 'South East Target' in prior news releases, are located beneath the northwest and southeast lithocap lobes respectively (Figure 1). Target T3 lies due north of Target T2 at Southeast Alpala. Target T4 lies north of Target T1 and covers likely deeper extensions of porphyry quartz stockwork veins that are mapped at Quebrada Moran (Figure 1).
First-pass integration of the Orion 3DIP geophysical data with surface soil geochemistry, alteration, the current mineralization model at Central Alpala and recent surface mapping has validated and refined existing targets, and defined new targets (Figure 1).
Target T2 - Southeast Alpala
The T2 target at Southeast Alpala coincides with a deep magnetic ridge below the Southeast Alpala lithocap ("T2 Magnetic Ridge"; Figure 3). This north-northeast (N10E) trending magnetic ridge lies at around 600m depth and is capped by zones of magnetite destructive alteration above 1100m above sea level (asl or RL, Figure 5). A deep magnetic anomaly overlain by magnetite-destructive alteration - that reflects a shallow hydrothermal system - is common to both the T2 MVI anomaly and the Central and Northwest Alpala MVI anomaly.
Target T2 - MVI Magnetic Dataset
The T2 Magnetic Ridge has dimensions of 800m north-south by 400m east-west and is close to the dimensions of the deep MVI anomaly at Central and Northwest Alpala. The magnetic signature is interpreted to be caused by primary and secondary magnetite along a north-south elongated and fault-controlled magnetic apophyse. The modeled upper surface of the T2 magnetic ridge reveals a knoll near its southern end where it abuts against the Alpala Structural Zone (Figures 2 and 3). The magnetic ridge forms the upper part of an interpreted intrusion that is bound on its west side by the ASZ (Figures 5-7). The ASZ is a key controlling fault for both Targets T1 and T2 (Figure 1).
Target T2 - Orion 3DIP and MT Datasets
The Orion shallow conductivity and chargeability models reveal anomalous zones of conductivity (and chargeability) that cap the T2 magnetic ridge, indicating the presence of sulphides, fracturing and/or clays around this magnetic apophyse (Figure 3, Panel B).
Target T2 - Soil Geochemistry and Alteration Datasets
At surface, north-south zones of arsenic, bismuth, tellurium and antimony enrichment in soil samples (volatile path-finder elements that are enriched above porphyry deposits) overly the magnetic target and appear to be controlled by faults that tap the underlying target porphyry system (Figure 4).
This region of strong pathfinder element geochemical anomalism above and west of the underlying T2 magnetic ridge is associated with the acid-stable minerals kaolinite, dickite and pyrophyllite along north-south topographic lineaments. These alteration minerals form from magmatic fluids that emanate from an underlying porphyry copper-gold system and have ascended along the permeable north-south cross-faults.
Target T2 - Mapping and Discovery of Copper Sulphide Occurrences at Surface
Recent mapping over the T2 target area at the Southeast Alpala lithocap has identified copper sulphide mineral occurrences (chalcopyrite, bornite and chalcocite) at surface in Quebrada Malte (Figure 4). Channel sampling is planned for this area and mapping is being conducted to further refine the target geology at surface.
The Orion 3DIP and MT, MVI magnetic, geochemical and geological data collectively define a robust and high priority porphyry copper-gold target under the Southeast Alpala lithocap.
Further details of the Southeast Alpala target (T2) will be provided following completion of surface mapping that is currently underway in the area.
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 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 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.
Contact Information:
Investor Relations
1 (877) 277-8377
ir@cornerstoneresources.ca
www.cornerstoneresources.com