Cornerstone Capital Resources Inc. (“Cornerstone” or “the
Company”) (TSXV-CGP) (F-GWN) (B-GWN) (OTC-CTNXF) is
pleased to provide an update on its wholly-owned Bella Maria gold
and copper project in El Oro province, southwest 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/NR20-26Figures.pdf.
HIGHLIGHTS:
- Detailed exploration program to
follow up on previously defined targets
- Drilling program scheduled for 2021 to test most
prospective targets and anomalies
Yvan Crepeau, Cornerstone’s Vice President,
Exploration, said: “The Bella Maria gold project borders the NE
corner of Lumina Gold’s Greater Cangrejos gold property, where
Lumina has announced a resource of 10.4 m oz Au in the indicated
category and 6.3 m oz. Au in the inferred category (*Mineralization
hosted on adjacent and/or nearby properties is not necessarily
indicative of mineralization hosted on the Company’s property).
Bella Maria, which has never been drilled, has exceptionally
anomalous gold in stream sediments draining the property as shown
on accompanying figures. The soil sampling program carried out over
the years has defined a 3 km by 2 km gold-copper +/- molybdenum
anomaly located in the central part of the property.”
“An Environmental Registration was granted by
the Ministry of Environment of Ecuador in January 2020. Under this
registration surface exploration work is allowed on the entire
property. Following the planned exploration programs described
below in this news release to define drill targets to test the most
prospective targets and anomalies, Cornerstone will apply to amend
the environmental registration to allow for scout drilling in
2021.”
FURTHER INFORMATION:
Bella Maria property
The 1,401-hectare Bella Maria property is
located in southwestern Ecuador, in El Oro province along the
western foothills of the Andes, some 30 km southeast of the port
city of Machala at elevations ranging from 100 m to 800 metres
above sea level (masl). Access is good via paved roads from either
Guayaquil, a major port city located approximately 200 km by road
to the northwest of the property, or from Santa Rosa to the
southwest and then by a paved road crossing the central part of the
property. The area is characterized by tropical climate and
vegetation. Bella Maria borders the NE corner of the Cangrejos
property of Lumina Gold Corporation.
Regional Geology
The project area is underlain by Paleozoic age
metamorphic rocks including quartz-biotite orthogneisses,
quartz-biotite schists and chlorite schists (La Victoria Formation)
which form part of the El Oro Metamorphic Complex. The metamorphic
rocks are intruded by Tertiary age granodiorite (Biron Batholith)
and quartz diorite. The Oligocene age Saraguro Formation (andesitic
to rhyolitic flows and pyroclatics) lies to the east and
southeast.
The Bella Maria property is located in the
southern part of a NNE oriented Late Oligocene - Early Miocene
Porphyry Belt hosting the Gaby-Papa Grande (NI 43-101 compliant
resource of 308 Mt at 0.63 g/t Au) and Cangrejos (NI 43-101
compliant resource of 10.4 Million Ounces Gold in the indicated
category and 6.3 Million Ounces Gold in the inferred category)
porphyry systems. Further to the SW, Challenger Exploration Ltd
intersected similar type of porphyry Au-Cu mineralization at its
Guayabo and Colorado V projects located at the southern contact
zone of the Biron Batholith (Figure 1). These two
projects along with Cangrejos and Bella Maria are located within a
partly eroded circular feature cross-cut by NE oriented district
scale structures (Figure 2 and 3).
(*Mineralization hosted on adjacent and/or nearby properties is not
necessarily indicative of mineralization hosted on the Company’s
property).
Within this belt several intrusive complexes
host low-grade gold-copper (typically <1 g/t Au and <0.5% Cu)
mineralization. Higher-grade gold-copper mineralization occurs in
hydrothermal breccias adjacent to porphyry bodies and located along
and/or at the intersection of district scale structures.
Epi-mesothermal gold deposits (Bella Rica, San Gerardo and several
other small prospects) in the region are commonly associated with
the porphyry systems. A total of 69.000 ounces of gold has been
recovered by Odin Mining and Exploration Ltd (Now Lumina Gold
Corp.) from its Biron alluvial gold mine located 10 km SW of Bella
Maria. The San Agustin alluvial deposit lie 1 km north of the
property.
Property geology and
mineralization
Geological mapping and data compilation from
previous surveys indicate that the property is located within the
northern contact zone between the Biron Batholith to the south and
Paleozoic age, basement rocks part of the El Oro Metamorphic
Complex.
This contact zone is characterized by multiphase
intrusions varying from granitic to dioritic in composition
intruding metasedimentary and metavolcanic rock units (schist,
gneiss and orthogneiss). Metamorphic foliation generally strikes
NW-SE (N300°E) and systematically dip 55° to 60° to the north.
Faults, fractures and magnetic lineaments from
airborne magnetic surveys generally strike NNE to NE with a
secondary, less developed set to the NW. Minor fractures and
mineralized veinlets systems associated to intrusives and breccias
are generally NNE oriented (N01°E to N25°E). District scale
circular features evident in topographic maps and magnetic survey
suggest that the Bella Maria property could possibly be located on
the northeastern edge of a 15 to 17 km wide collapsed caldera which
center would be Cangrejos intrusive complex to the SW.
District scale geological mapping and aerial
geophysical data suggests that the mineralization patterns relates
to underlying NE trending structures. Three types of mineralization
have been outlined on the Bella Maria property: lower grade
gold-copper-molybdenum porphyry style mineralization associated to
quartz veinlets stockworks; higher grade, gold-copper
mineralization associated to breccias; and, mesothermal
quartz-tourmaline-gold-arsenic veins. Breccias are commonly
associated to and controlled by faults and regional structures.
Porphyry and breccia types of mineralization are located in the NE
extension of and are very similar to significant gold-copper
mineralization discovered by Newmont Exploration ("Newmont") and
Odin on their Cangrejos property bordering the Bella Maria property
to the south. Hole C99-14 by Newmont intersected 204m grading 1.6
g/t Au from surface at the Trinchera-Paloma target.
A total of seven mineralized prospects/areas
have been identified on the Bella Maria property and area briefly
described below (refer to may 11, 2012 news release for a detailed
description of the prospects and assay results from these
prospects). Three of them have been discovered in the recent field
program.
- Las Pavas Breccia (LPB): 400m by 700m area.
Series of N-S oriented, fault controlled, metric size wide
hydrothermal breccias with silicified and tourmaline rich matrix.
Small scale miners sporadically exploit higher-grade gold
mineralization. Medium priority target.
- Vega Rivera Porphyry (VRP): 800m by 800m area.
Located in the central part of the property along the Q. Cardenas
stream. At this location, gold and copper mineralization is
associated with stockworks of B type quartz veinlets developed
within silicified and potassic altered granodiorite and
quartz-feldspar porphyry units. Pyrite, chalcopyrite, pyrrhotite
and occasionally some molybdenite and bornite are present within
quartz veinlets and as coatings along fractures. High priority
target.
- Vega Rivera Breccia (VRB): 200m by 350m area.
This breccia is located at the northern contact of the VRP with
metamorphic rocks and possibly at the intersection of NW-SE and
NNE-SSW structures. It shows sub-angular to sub-rounded fragments
of metamorphic rocks and quartz within a silicified and pyritic
matrix. High priority target.
- Tourmaline Breccia (TB): 200m by 500m area.
Located to the SE contact of the VRP and developed along a
NE-contact between the VRP intrusive and metamorphic rocks. This
breccia is composed of metamorphic rock fragments within a
tourmaline-pyrite matrix. High priority target.
- Central Breccia (CB): 200m by 900m area.
Hydrothermal breccia located in the south central part of the
property along an NE-SW oriented fault. The breccia is composed of
angular fragments of metamorphic, intrusive and breccia rocks
within a silicified matrix containing 1-5% pyrite and traces of
chalcopyrite, bornite, covellite and chalcocite. Sulphides are
disseminated and associated with late quartz and quartz-tourmaline
veinlets. The breccia is approximately 60m wide. Assay results from
rock chip sampling is highly variable but channel sampling returned
an intercept of 30m at 1.2 g/t Au. High priority target.
- Eastern sector (ES): 1000m by 1200m area.
Presence of several sub-metric width, NNE-SSW oriented,
mesothermal(?) quartz veins and veinlets. Low priority target.
- Southeast Breccia (SEB): 150m by 1300m area.
This target area is located in the southeastern part of the
property at the contact between a N-S oriented, 40m thick,
quartz-diorite dyke and schist units. The intrusive rock shows
quartz-pyrite-pyrrhotite-chalcopyrite-molybdenite veinlets
stockworks. The prospect is being exploited worked by small scale
minors. Medium priority target.
Planned exploration
programs:
A follow-up, detailed exploration program has
been designed (Figure 4). It includes a 192
line-kilometre ground magnetic survey, 3D magnetic data processing,
extensive 50m by 50m soil sampling program, detailed geology and
rock sampling on the Las Pavas Breccia (LPB), Tourmaline Breccia
(TB), Vega Rivera Porphyry (VRP), Vega Rivera Breccia (VRB) y
Central Breccia (CB) targets, trenching and channel sampling, data
integration and modeling. The objective of this program is to
define drill targets to test the most prospective targets and
anomalies. This program will be implemented later this year or in
early 2021, depending on corporate priorities, and last 3 to 6
months. Bella Maria never has been drilled before.
More information about the property can be found
at www.cornerstoneresources.com.
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
Cornerstone 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.
Cornerstone’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 Cornerstone’s
personnel, placed in plastic bags, labeled and sealed, and stored
in a secure place until delivery by Cornerstone 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 Cornerstone’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 northwest Ecuador. Cornerstone has a
21.4% direct and indirect interest in Cascabel comprised of (i) a
direct 15% interest in the project financed through to completion
of a feasibility study and repayable at Libor plus 2% out of 90% of
its share of the earnings or dividends from an operation at
Cascabel, plus (ii) an indirect interest comprised of 7.6% of the
shares of joint venture partner and project operator SolGold Plc.
Exploraciones Novomining S.A. (“ENSA”), an Ecuadoran company owned
by SolGold 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.
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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