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
joint venture in southern Ecuador in which it has a 12.5% interest
carried by JV partner and project operator Sunstone Metals Inc.
(ASX: STM) through to the start of commercial production (see
“About Bramaderos”, below).
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:
https://cornerstoneresources.com/site/assets/files/5793/nr21-01figures.pdf.
HIGHLIGHTS:
- Drilling at Espiritu has
intersected more high-grade silver with gold, zinc and lead within
a polymetallic epithermal system.
- Drill hole ESDD006
intersected 5 significant lodes of silver-gold-zinc-lead
mineralization, including:◦ 102.25m to
106m; 3.75m at 11.77g/t silver, 1.54g/t
gold◦ 172.75m to 173.15m; 0.4m at 355g/t
silver, 0.36g/t gold, 3.55% zinc◦ 206.15m to
206.65m; 0.5m at 187g/t silver, 1.44g/t
gold◦ 277.5m to 278.0m; 0.5m at 550g/t
silver, 0.26g/t gold◦ 313.0m to 313.5m; 0.5
at 93g/t silver, 0.68g/t gold, 2.45% zinc
- Hole ESDD008 was just
completed at 359.97m, intersecting altered and silver-lead-zinc
bearing zones, adding significant scale to the system with a strike
extent now of over 200m. Hole ESD009 commenced.
- A significantly larger
system at Espiritu is emerging based on mapping, soil sampling,
interpretation of geophysics, and ongoing drilling. Narrow
high-grade zones and intervening lower grade zones can be bulked
and outline larger mineralized bodies.
- Drilling on the Brama
gold-copper porphyry target is expected to commence the first week
of February. The drill hole is targeting a magnetic anomaly below a
mineralized breccia interpreted to represent a ‘pencil porphyry’
gold-copper target.
FURTHER INFORMATION:
Assay results and geological interpretation from
hole ESDD006 show multiple silver-gold bearing structures with
various orientations (Table 1, Figures 1, 2,
3).
Drilling of hole ESDD008 has been completed at
359.97m and has intersected altered and mineralized intervals that
indicate increasing confidence in the interpreted geometry and that
the Espiritu discovery has the potential to be a large system with
currently over 200m of strike containing local bonanza grades. On a
gold or silver-equivalent basis, the intersections reported are
significant.
Drill hole ESDD009 has been commenced and is
targeting an area 250 south of ESDD008 (Figure
1).
Drilling to date has only tested to a depth of
~250m below surface in two locations at Espiritu. Evidence of
multiple lodes means there are several opportunities to follow-up
bonanza grades across the area drilled to date. Narrow high-grade
zones and intervening lower grade zones can be bulked and outline
larger mineralized bodies (Table 1). Both concepts
are being explored – high grade narrow veins and larger lower grade
systems.
Cornerstone Vice President Exploration, Yvan
Crepeau, said:
“We are very encouraged by the results coming
from Espiritu. The key take-aways here are that the system has the
potential to deliver bonanza grades, it is likely to have
significant scale based on the surface sampling, the vein
orientations may be complex but with each drill hole a more robust
model is being developed, and with on-going drilling Espiritu could
present an early development opportunity while the search for large
porphyry gold-copper systems continues at Brama, Limon and other
targets.
Ongoing mapping and soil sampling are defining a
large system potentially up to 1.2km x 800m and genetically related
to the Brama porphyry system. This geological scenario is not
surprising and significant examples can be found throughout Central
and South America. Ongoing exploration is defining drill targets
within this area and focusing on potential bonanza grade structural
intersections, together with broader lower grade composite
intervals with the potential for larger near-surface mineralized
bodies.”
Table 1: Details of assay
results from hole ESDD006 (see Table 2 in Figures for drill hole
locations):
|
From (m) |
To (m) |
Interval (m) |
Au (g/t) |
Ag (g/t) |
Pb (%) |
Zn (%) |
|
16.10 |
26.30 |
10.20 |
0.17 |
13.1 |
|
0.22 |
|
36.50 |
66.05 |
29.55 |
0.18 |
18.6 |
|
|
|
89.70 |
90.85 |
1.15 |
0.18 |
16.7 |
|
|
|
95.75 |
97.75 |
2.00 |
0.25 |
23.5 |
|
|
includes |
96.75 |
97.25 |
0.50 |
0.71 |
64.7 |
|
0.29 |
|
102.25 |
106.00 |
3.75 |
1.54 |
11.8 |
|
|
includes |
104.00 |
106.00 |
2.00 |
2.80 |
6.7 |
|
|
|
136.00 |
143.00 |
7.00 |
0.15 |
15.3 |
|
|
|
171.50 |
173.65 |
2.15 |
0.18 |
88.3 |
|
|
includes |
172.75 |
173.15 |
0.40 |
0.36 |
355.0 |
0.76 |
3.55 |
|
176.50 |
178.00 |
1.50 |
0.32 |
125.3 |
|
|
includes |
176.50 |
177.50 |
1.00 |
0.38 |
182.1 |
0.42 |
1.23 |
|
187.00 |
190.10 |
3.10 |
0.16 |
6.8 |
|
0.13 |
|
195.25 |
196.25 |
1.00 |
0.11 |
13.7 |
|
|
|
202.30 |
206.65 |
4.35 |
0.27 |
41.5 |
|
|
includes |
206.15 |
206.65 |
0.50 |
1.44 |
187.0 |
0.27 |
0.71 |
|
223.60 |
224.00 |
0.40 |
1.11 |
4.5 |
|
|
|
224.40 |
224.70 |
0.30 |
0.35 |
54.1 |
0.43 |
4.65 |
|
276.00 |
278.50 |
2.50 |
0.19 |
142.5 |
|
0.39 |
includes |
277.50 |
278.00 |
0.50 |
0.26 |
550.0 |
0.37 |
0.64 |
|
281.50 |
282.00 |
0.50 |
0.06 |
19.0 |
|
0.42 |
|
283.50 |
284.00 |
0.50 |
0.11 |
12.6 |
0.24 |
|
|
305.00 |
316.00 |
11.00 |
0.14 |
17.2 |
0.11 |
0.23 |
includes |
305.00 |
307.90 |
2.90 |
0.22 |
10.4 |
0.12 |
0.24 |
includes |
306.90 |
307.40 |
0.50 |
0.63 |
26.6 |
0.28 |
0.56 |
|
311.50 |
316.00 |
4.50 |
0.17 |
32.6 |
0.19 |
0.36 |
includes |
313.00 |
313.50 |
0.50 |
0.68 |
93.0 |
0.80 |
2.45 |
includes |
315.00 |
316.00 |
1.00 |
0.04 |
74.4 |
|
|
|
372.00 |
374.00 |
2.00 |
0.12 |
8.8 |
|
|
|
400.00 |
401.14 |
1.14 |
0.07 |
11.3 |
|
|
Porphyry Drilling at Brama
target
Drilling of the Brama porphyry gold-copper
system is expected to commence in early February 2021. The target
at Brama is a ‘pencil porphyry’ as interpreted from 3-D modelling
of magnetics data (Figures 4 and 5). The drill
hole will test beneath a well-mineralized potassic altered high
level intrusive breccia zone of the Brama porphyry intersected in
earlier drilling and returning 98m at 0.61g/t gold and 0.11% copper
in BMDD005 and 103.6m at 0.56g/t gold and 0.13% copper in CURI
13.
The drill hole will be drilled to 900-1000m and
is expected to be completed in early March.
About Bramaderos
Measuring 4,948 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 that crosses the property.
The Bramaderos concession is owned by La Plata
Minerales S.A. (“PLAMIN”), which in turn is owned 87.5% by Sunstone
(the project operator) and 12.5% by Cornerstone. Cornerstone’s
12.5% interest is carried by Sunstone through to the start of
commercial production and repayable at Libor plus 2% out of 90% of
Cornerstone’s share of earnings or dividends from the Bramaderos
project (see news release 20-01 dated January 7, 2020).
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
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 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 7.5% 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 MacdonaldPresident 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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