MOUNT PEARL, NEWFOUNDLAND--(Marketwired - Nov. 5, 2013) - Canada: Cornerstone Capital Resources Inc. ("Cornerstone" or "the Company") (TSX VENTURE:CGP)(OTCBB:CTNXF)(FRANKFURT:GWN)(BERLIN:GWN) announces that preliminary assay results have been received for the upper portion of drill hole CSD-13-002 at the Alpala prospect within the Cascabel Project, the Company's copper-gold porphyry exploration project in northern Ecuador (refer Figure 1).
- Preliminary assay results for the top 252 m of drill hole CSD-13-002 yields the following copper-gold intersections:
- 18m @ 0.33% copper, 0.41 g/t gold (from 6m).
- 126m @ 0.38% copper, 0.43 g/t gold (from 126m); incl.
- 42m @ 0.50% copper, 0.68 g/t gold (from 184m).
- Mineralization is interpreted to be down-dip extension of the upper mineralized zone in CSD-13-001 which intersected 104m @ 0.37% copper and 0.38 g/t gold from 16m.
- Assays for interval 252 to 547.42m of drill hole CSD-13-002 expected within 2 weeks.
- Proposal to expand current 5 hole 2500 m drill program to 11 holes for 6600m.
References to figures and table 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:
Drill Hole CSD-13-002 Preliminary Assay Results
The preliminary assay results received and outlined in Table 1 below confirm the visually encouraging mineralization encountered and reported by Cornerstone on October 8, 2013 in drill hole CSD-13-002 at Alpala, Cascabel, which terminated at 547.42m. Figure 3 shows a cross-section of gold and copper intersections in hole CSD-13-001 and the upper part of CSD-13-002.
The intersection from 126m to 252m (current depth of receipt of assays) in hole CSD-13-002 is 126m grading 0.38% copper and 0.43 g/t gold. This intersection is the down-dip and southward lateral extension of the intersection previously reported from the upper part of hole CSD-13-001 (Figure 3).
The 126-metre-long intersection in hole CSD-13-002 extends to 252m depth down hole. Assays are awaited for the interval 252m to 547.42m depth (end of hole).
|Assays from interval 252m to 547.42m yet to be received from laboratory
|** Contains one 2-metre sampling interval with Cu assay >1% and remains to be reassayed
Table 1: Copper and gold intersections encountered in the upper part of hole CSD-13-002.
The results indicate an increase in width of the mineralized zone (by 21%) and an increase in the gold grade (by 13%) with depth between the shallower intersection in hole CSD-13-001 and the slightly deeper extension of the same mineralized zone in hole CSD-13-002.
|CSD-13-001 (upper intersection):
||104m grading 0.37% copper, 0.38 g/t gold.
||126m grading 0.38% copper, 0.43 g/t gold.
Chalcopyrite and bornite mineralization has been observed in deeper parts of hole CSD-13-002 as reported on October 8th, indicating that the drill hole was approaching the interpreted core of the porphyry system. The hole was terminated, notwithstanding it ended in mineralization, due to hole deviation related to fault systems and drilling difficulties.
Assay results for the remainder of drill hole CSD-13-002 are expected within the next 15 days.
Drill Hole CSD-13-003 terminated at 751.33m (see separate news release dated November 4th, 2013).
CSD-13-004 commenced drilling on 29th October 2013, and is designed to test for depth extensions of the high grade zone previously reported from the lower part of hole CSD-13-001 (100m grading 0.65 % copper and 1.0 g/t gold). As of November 4th, the hole is at a depth of 311 m.
SolGold Plc 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.
The Alpala Prospect exhibits surface mineralization and alteration patterns indicative of porphyry copper-gold systems and has a similar footprint to large porphyry systems around the world.
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
Hole CSD 13-002 was 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.
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.
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.