Cornerstone samples 28m @ 3.9g/t gold, including 15.6m @ 6.1g/t gold at West Zone target, Bramaderos Project, southern Ecuador
OTTAWA, Nov. 08, 2017 (GLOBE NEWSWIRE) -- Cornerstone Capital Resources Inc. (“Cornerstone” or “the Company”) (TSXV-CGP) (F-GWN) (B-GWN) (OTC-CTNXF) announces the following update of the West Zone trenching results and drill targeting for its Bramaderos Gold-Copper Project in southern Ecuador.
A location map of the Bramaderos concession, figures, tables and photographs 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/NR17-40Figures.pdf.
Highlights:
- Drill targets defined to test the West Zone sub-vertical breccia hosted gold system
- Final results received from trenching program at West Zone. Results include
- 28m at 3.9g/t gold in trench 8;
- including 15.6m at 6.1g/t
- 30m at 0.9g/t gold in trench 10;
- including 9.8m at 1.7g/t
- The Trench 8 results are an extension to, and incorporate the 8.9m at 6.1g/t reported previously
- 28m at 3.9g/t gold in trench 8;
- Results have also defined other areas for follow-up, notably 100m to the NE and 250m to the SE
- Drilling approvals are expected by the end of this quarter
- Detailed heli-magnetics are due to be flown in the next few weeks and this data will further refine drill targets
Cornerstone CEO Brooke Macdonald, said: “We are pleased to see the high grade gold trenching results from the West Zone target at Bramaderos. Results are consistently high over a significant area, as shown by multiple trenches, and are significant because they indicate the potential for a substantial gold discovery at the West Zone. This zone, located 500m west of, and parallel to, the Pan-American Highway, has never been drilled before. It is open in all directions and offers strong potential that will be tested during the Phase 1 drilling program on this project. The trenching program is ongoing on the other property target areas defined by surface geological mapping and sampling and should result in outlining high priority drilling targets in the following months. Phase 1 drilling should be exciting at Bramaderos”.
Further Information:
Cornerstone is pleased to announce receipt of more high-grade gold results from trenching at the West Zone epithermal gold prospect within the Bramaderos Project in Ecuador. See Figure 1.
The final batch of trench results from trench 8 at the West Zone prospect, returned further high grade gold samples with the best result being 28m @ 3.9g/t Au, including 15.6m @ 6.1g/t Au. This result is an extension of the previous high grade interval reported of 8.9m @ 6.1g/t Au (see news release dated October 17, 2017).
All recent trenching results and historical results are presented in Tables 1 and 2.
The West Zone target is a hydrothermal breccia-hosted epithermal gold system, with a mineralized surface footprint of at least 150m x 150m from trenching and a depth extent to be tested by drilling. Local pit sampling and prospect scale geological mapping have defined other areas of mineralization that suggest a larger mineralized system over an area of 400m x 300m. Furthermore, the system is open to the north, south-east and south-west. See Figures 2 and 3. A NNE-SSW oriented geological cross section is shown on Figure 4.
Structural control is a key feature determining the locations of mineralized breccia bodies and the proposed detailed heli-magnetic survey will strengthen the ability to target other breccia bodies.
The West Zone epithermal prospect has never been drilled and represents a prime target once the drilling permit is received, which is expected by the end of this quarter.
Drill Permitting
A drilling permit is required prior to commencement of drilling. The permit application process requires community consultation of the drilling program with local communities, authorities and landowner groups, and receipt of a water use permit. The water use permit application has been submitted to the water agency SENAGUA (Secretaria Nacional del Agua)and technically pre-qualified. Cornerstone is managing this process and has previously implemented the same procedure at its other exploration properties in Ecuador over the past 10 years. The target for receiving a drill permit by the end of 2017 remains in place.
About Bramaderos
The Bramaderos concession is owned by Cornerstone subsidiary La Plata Minerales S.A. (“PLAMIN”), which has signed a binding letter of intent 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 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 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 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,
Hugh 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.