OTTAWA, Ontario, May 30, 2019 (GLOBE NEWSWIRE) -- Cornerstone Capital Resources Inc. (“Cornerstone” or “the Company”) (TSXV-CGP) (F-GWN) (B-GWN) (OTC-CTNXF) is pleased to provide an update on its Bramaderos gold and copper project in southern Ecuador, which it is exploring together with ASX listed Sunstone Metals Inc. under a farm-in agreement (see “About Bramaderos”, below).
Figures and photos (plates) related to 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/NR19-14Figures.pdf.
HIGHLIGHTS:
- The second hole (LMDD002) drilled at the Limon prospect within the Bramaderos project in Ecuador intersects more than 200m of visible and persistent disseminated chalcopyrite and molybdenite with some bornite in a strongly altered porphyry system
- LMDD002 has been terminated at 900m (vertical depth of 630m); Previous sampling and trenching has established that the mineralization at Limon also occurs locally at surface
- Gold mineralization in the drill core cannot be detected by visual inspection and will only be revealed by assay
- Assay results for hole LMDD002 are expected before the end of June
- The first hole at Limon (LMDD001) drilled below an interpreted plunging mineralized porphyry intrusion
- Understanding of the geometry of the Limon porphyry system is evolving and drilling will return to Limon once all assays for hole LMDD002 are received
- The next drill hole will be undertaken at the Bramaderos Main target (2.5km south-west of Limon) to follow-up on historical hole CURI-03 which intersected 248.1m at 0.56g/t gold and 0.14% copper from 9.1m
The second hole drilled at Limon (LMDD002) has intersected a very encouraging interval of porphyry-related mineralization with visible and persistent chalcopyrite (copper sulphide) and molybdenite (molybdenum sulphide), minor bornite (copper sulphide), anhydrite veining and widespread pyrite in quartz stockwork B-veining1 in the lower parts of the drill hole indicating the intersection has likely drilled adjacent to the core of the system where we are most likely to see enhanced accumulations of copper and gold (see Plate 1).
Hole LMDD002 was drilled from “outside” the interpreted porphyry system towards the interpreted centre and has exhibited very strong zoning supporting that interpretation (see Figures 1 and 2). The alteration suggests that the “hottest” and typically higher-grade portion of the porphyry system has not yet been intersected. This potential higher-grade portion is currently interpreted to lie northeast to east of hole LMDD002, where it may extend to shallower levels if LMDD002 drilled down through the southwest fringe of the main system.
Assay results for hole LMDD002 are expected before the end of June.
Cornerstone Vice President, Exploration, Yvan Crepeau, said:
“We are very encouraged by these early results at Limon. We have drilled two diamond holes into parts of a new mineralized porphyry system and its associated large-scale alteration zone but are yet to test the core of the system, which is our primary target.
“The drill core (see photos in Plates 2-7) show good development of ‘B veins’ containing some chalcopyrite and molybdenite and local minor bornite. Results from drilling and from surface datasets confirm we are in a porphyry system. Porphyry systems are typically zoned in relation to geochemistry, alteration style and vein mineralogy, and interpretation of geology and geochemistry can define vectors towards better mineralized domains. We are seeing such zoning in a number of datasets and are very encouraged by that.
“We have seen gold to copper ratios established from surface trenching and we will review the pending assay results from LMDD002 in this context.”
Next Steps
Following completion of LMDD002, the drill rig will move to the Bramaderos Main target (Figure 3) while Cornerstone awaits full assays at Limon and plans follow-up drilling.
The first hole at the Bramaderos Main porphyry target will drill below the historical intersection of 248m at 0.56g/t gold and 0.14% copper in hole CURI 3, drilled in November-December 1999 by Paragon del Ecuador for Ecuanor, and below recent surface trenching that delivered 615m at 0.52g/t gold and 0.11% copper (refer to news release dated May 9, 2018).
The overall Phase 1 drilling program across the three targets of Limon, Bramaderos Main and West Zone is anticipated to be approximately 5,000m. Drilling at the West Zone target is expected to follow later in the program, where surface trenching has delivered 15.6m at 6.1g/t gold (refer to news release dated November 8, 2017).
About Bramaderos
The Bramaderos concession is owned by Cornerstone subsidiary La Plata Minerales S.A. (“PLAMIN”), which has signed a binding letter agreement with Sunstone Metals Ltd. (formerly Avalon Minerals Ltd.) (ASX: STM), whereby Sunstone has the right to earn a 51% interest in the project by spending US$3.4 million over 3 years to complete a phase 1 drill program. If this first option is earned, Sunstone can go to 70% by funding a bankable feasibility study, and can go to 80% by financing 100% of the cost of construction of a mine and mill (see news release 17-08 dated April 10, 2017).
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 Bramaderos project for Cornerstone and has reviewed and approved the information contained in this news release.
Sampling and assaying
Rock samples are collected by PLAMIN’s personnel, placed in plastic bags, labeled and sealed, and stored in a secure place until delivery by PLAMIN employees to the LAC y Asociados ISO 9001-2008 certified sample preparation facility in Cuenca, Ecuador.
Rock samples are prepared crushing to 70% passing 2 mm (10 mesh), splitting 250 g and pulverizing to 85% passing 75 microns (200 mesh) (MSA code PRP-910). Prepared samples are then shipped to MS Analytical Services (MSA), an ISO 9001-2008 laboratory in Langley, BC, Canada, where samples are assayed for a multi-element suite (MSA code IMS-136, 15.0 g split, Aqua Regia digestion, ICP-AES/MS finish) and gold by Fire Assay (MSA code FAS-111, 30 g fusion, AAS finish). Over limit results for Cu (>1%) are systematically re-assayed (MSA code ICF-6Cu, 0.2 g, 4-acid digestion, ICP-AES finish). Gold is assayed using a 30 g split, Fire Assay (FA) and AAS finish (MSA code FAS 111). Over limit results for Au (>10 g/t) are systematically re-assayed (MSA code FAS-415, FA, 30g., gravimetric finish).
Soil samples are dried at low temperature, screened to 80 mesh (MSA code PRP-757), a 15 grams portion is then assayed for a multi-elements suite (MSA code IMS-136, Aqua Regia digestion, ICP-AES/MS finish).
Quality assurance / Quality control (QA/QC)
The MSA Analytical Laboratory is a qualified assayer that performs and makes available internal assaying controls. Duplicates, certified blanks and standards are systematically used (1 control sample every 20-25 samples) as part of PLAMIN’s QA/QC program. Rejects, a 100 g pulp for each rock sample, are stored for future use and controls.
About Cornerstone:
Cornerstone Capital Resources Inc. is a mineral exploration company with a diversified portfolio of projects in Ecuador and Chile, including in the Cascabel gold-enriched copper porphyry joint venture in north west Ecuador. Exploraciones Novomining S.A. (“ENSA”), an Ecuadorean company owned by SolGold Plc and Cornerstone, holds 100% of the Cascabel concession. Subject to the satisfaction of certain conditions, including SolGold’s fully funding the project through to feasibility, SolGold Plc will own 85% of the equity of ENSA and Cornerstone will own the remaining 15% of ENSA. SolGold Plc is funding 100% of the exploration at Cascabel and is the operator of the project.
Further information is available on Cornerstone’s website: www.cornerstoneresources.com and on Twitter. For investor, corporate or media inquiries, please contact:
Investor Relations:
Mario Drolet; Email: Mario@mi3.ca; Tel. (514) 904-1333
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Cautionary Notice:
This news release may contain ‘Forward-Looking Statements’ that involve risks and uncertainties, such as statements of Cornerstone’s beliefs, plans, objectives, strategies, intentions and expectations. The words “potential,” “anticipate,” “forecast,” “believe,” “estimate,” “intend”, “trends”, “indicate”, “expect,” “may,” “should,” “could”, “project,” “plan,” or the negative or other variations of these words 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 after 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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1 The term ‘B veins’ refers to a specific style of vein in porphyry systems that typically occur adjacent to the main ore zone, and do not occur at great distances from the main ore zones.