Large Drilling Targets Identified by Magnetics at the Bramaderos Gold-Copper Project in Ecuador
OTTAWA, Ontario, March 05, 2018 (GLOBE NEWSWIRE) --
Cornerstone Capital Resources Inc. (“Cornerstone” or “the Company”) (TSXV-CGP) (F-GWN) (B-GWN) (OTC-CTNXF) announces the following update on 3-D magnetic data modelling for its Bramaderos Gold-Copper Project in southern Ecuador.
Figures 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/NR18-13Figures.pdf.
Highlights:
- 3-D modelling of new heli-magnetic data has defined large targets at the Bramaderos Main and Porotillo prospects within the Bramaderos project area
- 3-D processing of magnetics data over Limon and West Zone targets at Bramaderos now underway
- The 3-D modelling further strengthens the definition of targets and has greatly enhanced the quality of the Porotillo target in particular
Cornerstone VP Exploration, Yvan Crepeau, said: “The 3-D modeling of the airborne magnetic survey shows the presence of a cluster of significant size magnetic bodies that are associated with potassic altered and Au-Cu mineralized intrusives and host rocks at surface. More importantly, it clearly shows that historical drilling has been made on the edge of these magnetic anomalies and that the core of the anomalies have not yet been tested. These are prime targets for drilling.”
Further Information:
Cornerstone Capital Resources Inc. (TSXV:CGP) is pleased to report more highly promising exploration results from its Bramaderos gold-copper project in Ecuador, with 3-D modelling of heli-magnetic data defining very large drilling targets (Figure 1).
The first 3-D modelling of a subset of the recently collected heli-magnetic data over the Bramaderos Main and nearby targets reveals that these targets have considerable vertical extent (Figure 2). The 3-D modelling of the Limon and West Zone targets is now underway with results expected shortly.
At Bramaderos Main, a large magnetic body has been modelled with a vertical depth of 1km and a surface expression that coincides with the areas of best historical drilling and significant gold anomalism defined in the recent trenching program. A cross section through the 3-D magnetic model (Figure 3) depicts the Bramaderos Main anomaly area in relation to historical drill hole CURI03, and recent trench BM02, that both intersected significant widths of gold and copper mineralisation. Importantly, the model indicates the main magnetic area has not been drill tested and occurs just beyond the highest assay results from historical hole CURI03, which included 30.2m at 0.8g/t gold and 0.2% copper at the bottom of the hole.
This modelling has also significantly enhanced the Porotillo target by providing context for areas of significant gold-in-soil anomalies, and historical drilling which it appears may have been drilled on the periphery of a significant zone of magnetic apophyses. The Porotillo target, located 1.5km south of Bramaderos Main, was previously considered a lower-ranked target due to historical drilling that delivered sporadic gold mineralization. However, this 3-D modelling has defined a large magnetic body with a vertical extent exceeding 1.7km and coinciding at surface with anomalous soil sampling results. Figure 2 shows the locations of historical drilling at Porotillo. It can be seen that this drilling was located on, and to the north of, the margin of the magnetic body and was therefore not an adequate test of the target.
Drill Permitting
An updated EIA report, recording the positive local response to the EIA process at Bramaderos, has been submitted to the Ministry of Environment. Contact is being maintained with the Ministry and significant effort is being directed towards receiving the permit to allow for drilling.
Preparation of drill access tracks and drill pads at West Zone and Bramaderos Main is underway to allow for an efficient start to drilling once the permit is received. Bids have been received from drill contractors to carry out Phase 1 drilling program on the project. These bids are currently being evaluated and the selection of the preferred contractor is imminent.
An inspection by the National Water Secretariat (SENAGUA) has been completed for the water permit process.
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 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 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.