Top

Cornerstone Capital Resources Inc.

TSXV Exchange | Nov 21, 2019, 2:09 AM EST | Real-time price

CGP $ 2.00 RT
CHANGE
000 (000%)
VOLUME
5,250
Day Low: 1.96
Day High: 2.00
 Back
Drilling at Bramaderos Main returns strong results of 55.8m at 0.74g/t gold and 0.15% copper in outcropping porphyry gold-copper system

OTTAWA, Aug. 26, 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 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/NR19-27Figures.pdf.

HIGHLIGHTS:

  • Assays received for the 200-400m interval of the second hole drilled at Bramaderos Main (BMDD002) contain significant higher-grade gold-copper zones, including a down hole width1 of 55.8m at 0.74g/t gold and 0.15% copper from 250m (including 18m at 1.04g/t gold and 0.19% copper from 266.0m)

Assay results from the interval 200m to 400m in the second hole drilled at the Bramaderos Main target confirm zones of higher-grade gold and copper and suggest strong discovery potential.

Cornerstone Vice President Exploration, Yvan Crepeau, said:

“These are very good results and support our optimistic view of the Bramaderos Main target. We have only drilled 2 holes and yet we are delivering significant grades and widths that have the potential to deliver a sizeable gold-copper system extending from surface outcrop to at least 400m below surface, and with opportunity to have a lateral extent well beyond 500m x 250m. We believe we are on the path to delivering an outcropping porphyry gold-copper system of attractive grade and scale. With results from BMDD001 and 002, we can now move forward with confidence at Bramaderos Main, and we have other targets such as Limon, West Zone, and Porotillo to advance as well.”

Significant results include:

  • 241.6m at 0.42g/t gold and 0.14% copper from 68.7m, including;
    • 72.8m at 0.68g/t gold and 0.16% copper from 234.3m, including;
      • 55.8m at 0.74g/t gold and 0.15% copper from 250.0m, including;
        • 18.1m at 1.04g/t gold and 0.19% copper from 266.0m, and
        • 6.1m at 0.81g/t gold and 0.14% copper from 291.6m

Cornerstone believes Bramaderos Main demonstrates strong potential because:

  • Higher-grade zones exist and have now been defined on two cross sections spaced approximately 130 apart containing holes BMDD001 and BMDD002, and in several domains at surface from trenching
     
  • Multiple targets for higher-grade zones can now be defined with confidence and will be drill tested over the coming months
     
  • Improved modeling of magnetics suggests a more sub-vertical system and with considerable vertical extent. The higher-grade domains occur within a much larger lower grade gold-copper porphyry system which correlates strongly with the geometry of a large magnetic body and so can be targeted up and down plunge
     
  • The area to the north-west and below the main Bramaderos Hill, measuring 500m in diameter, is also now emerging as a significant target supported by several datasets

The higher-grade zones intersected in BMDD002 are within a broad, well mineralized lower-grade porphyry system and appear to be steeply dipping (Figure 1). This is comparable and similar to the higher-grade intervals intersected in BMDD001 located approximately 130m to the northeast (Figure 2).  At surface, the higher-grade gold domains are evident in outcrop and trenches and lie within an extensive gold-in-soil anomaly (Figure 3), suggesting significant target scale exists at Bramaderos Main (Figure 4).

The table below shows mineralized intersections received to date for BMDD002. (Assays for the top 199.35m were first reported in Cornerstone news release dated August 20, 2019):

 From (m)To (m)Interval (m)Gold (g/t)Silver (g/t)Copper (%)
BMDD0028.468.760.30.180.820.10
 68.7310.3241.60.421.820.14
incl.234.3307.172.80.682.170.16
incl.250.0305.855.80.742.240.15
incl.266.0284.118.11.042.910.19
incl.291.6297.76.10.811.430.14
and320.5328.88.30.341.290.07

*BMDD002 end of hole depth is 834.8m. It has been sampled in its entirety, but assay results have been returned only to a depth of 400m to date. See Plates 1 & 2 in the Figures link to see photos of quartz veining in some of the sample intervals.

Next Steps

  • Assays for the remaining intervals of BMDD002 (400m to end of hole at 834.8m) are expected in September
     
  • Drilling is underway at the Limon prospect with an announcement on drill core visual results expected in mid to late September
     
  • At the completion of the current hole at Limon, the rig will likely return to Bramaderos Main to pursue the high-grade zones defined by BMDD001 and BMDD002
     
  • A second rig has been mobilized to site and will drill the high-grade West Zone breccia target

About Bramaderos

Measuring 4,949 hectares, the Bramaderos project is located approximately 130km from the Loja provincial capital in southern Ecuador. The project is easily accessible via the Pan American Highway which crosses the property.

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 Cornerstone 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

PLAMIN uses a fire assay gold technique for Au assays (FAS-111) and a four acid multi element technique (IMS-230) for a suite of 48 elements. FAS-111 involves Au by Fire Assay on a 30-gram aliquot, fusion and atomic absorption spectroscopy (AAS) at trace levels. IMS-20 is considered a near total 4 acid technique using a 20g aliquot followed by multi-element analysis by ICP-AES/MS at ultra-trace levels. This analysis technique is considered suitable for this style of mineralization.

Standards, blanks and duplicates are inserted ~1/28 samples. The values of the standards range from low to high grade and are considered appropriate to monitor performance of values near cut-off and near the mean grade of the deposit. The check sampling results are monitored and performance issues are communicated to the laboratory if necessary.

Sample security was managed through sealed individual samples and sealed bags of multiple samples for secure delivery to the laboratory by permanent staff of the joint-venture. MS Analytical is an internationally accredited laboratory that has all its internal procedures heavily scrutinized in order to maintain their accreditation. MS Analytical is accredited to ISO/IEC 17025 2005 Accredited Methods.

PLAMIN’s sampling techniques and data have been audited multiple times by independent mining consultants during various project assessments. These audits have concluded that the sampling techniques and data management are to industry standards. All historical data has been validated to the best degree possible and migrated into a database.

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 Ecuadorian 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 completion of a feasibility study, SolGold will own 85% of the equity of ENSA and Cornerstone will own the remaining 15% of ENSA. SolGold is funding 100% of the exploration at Cascabel and is the operator of the project. SolGold shall receive 90% of Cornerstone's distribution of earnings or dividends from ENSA to which Cornerstone would otherwise be entitled until such time as the amounts so received equal the aggregate amount of expenditures incurred by SolGold that would have otherwise been payable by Cornerstone, plus interest thereon from the dates such expenditures were incurred at a rate per annum equal to LIBOR plus 2 per cent until such time as SolGold is fully reimbursed. In addition, Cornerstone has an indirect interest in the project comprised of 9.2% of the shares of joint venture partner and project operator SolGold Plc, for a total 22.8% direct and indirect interest in Cascabel.

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

Due to anti-spam laws, many shareholders and others who were previously signed up to receive email updates and who are no longer receiving them may need to re-subscribe at http://www.cornerstoneresources.com/s/InformationRequest.asp

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.

1 True widths cannot be determined at this time from the limited number of holes drilled.

Primary Logo

Copyright © QuoteMedia. Data delayed 15 minutes unless otherwise indicated. View delay times for all exchanges. Market Data powered by QuoteMedia. See the QuoteMedia Terms of Use.