Cornerstone Capital Resources Inc. (“Cornerstone” or the
“Company”) (TSXV:CGP) (Frankfurt:GWN) (Berlin:GWN)
(OTC:CTNXF) is pleased to announce the filing on SEDAR of
an amended and restated independent NI 43-101 Technical Report
entitled:
“Cascabel Property NI 43-101 Technical Report,
Alpala Porphyry Copper-Gold-Silver Deposit - Mineral Resource
Estimation, January 2021” with an Effective date: 18 March 2020 and
Amended Date: 15 January 2021 (the “Amended Technical
Report”).
A Mineral Resource Estimate (“MRE”) and
subsequent technical report for the Alpala Porphyry
Copper-Gold-Silver Deposit in the Cascabel Property in Northern
Ecuador was completed on May 22, 2020 (the “Original Report”).
This Amended Technical Report has been filed by the Company as a
result of a review by staff of the Ontario Securities Commission
(the “OSC”) and the Alberta Securities Commission in respect of the
Company. Please see Cornerstone’s news release dated September 15,
2020 for more information. On December 2, 2020, Cornerstone
announced that the OSC had issued an order designating the Company
as a reporting issuer for the purposes of Ontario securities law.
The OSC is the principal regulator of the Company. As of result of
the filing of the Amended Technical Report, the OSC’s review is now
complete.
SolGold plc ("SolGold"), as project operator,
updated the Original Report with further disclosure to ensure full
compliance with NI 43-101 of the Canadian Securities Administrators
(“NI 43-101”). SolGold filed the updated report dated September 29,
2020 on SEDAR on October 19, 2020 (the “September 29 Report”). The
September 29 Report has been relodged as the Amended Technical
Report to recognize SolGold and the Company as common issuers of
the current Technical Report on the Cascabel Property, Alpala
Porphyry Copper-Gold Silver Deposit – Mineral Resource Estimation.
The Amended Technical Report does not change the mineral resources,
or any other technical content outlined in the Original Report or
the September 29 Report, other than re-addressing and re-dating the
report.
Further Information
The MRE has been reported in accordance with
NI 43-101 Standards for Disclosure for Mineral projects. The
estimation process followed the Canadian Institute of Mining,
Metallurgy and Petroleum (CIM) “Estimation of Mineral Resources and
Mineral Reserves Best Practice Guidelines” (CIM, 2019). Mining Plus
employee, Mrs Cecilia Artica takes Qualified Person (QP)
responsibility for the MRE and Technical Report excepting Section
13 (Mineral Processing and Metallurgical Testing) for which Dr
Gregory J. Harbort, takes QP responsibility.
The Amended Technical Report can be found under
the Company’s SEDAR profile at www.SEDAR.com. SolGold has disclosed
that it is preparing a Pre-Feasibility Study (“PFS”) for the
development of the Alpala deposit. SolGold has disclosed that it is
finalizing work on the PFS together with work streams to acquire
further information for completion of the proposed Definitive
Feasibility Study (“DFS”).
Qualified Persons
Information in this announcement relating to the
Mineral Resource Estimate was reviewed by Mrs Cecilia Artica MSc
and Dr Greggory Harbort.
Mrs Artica is a Registered Member of The Society
for Mining Metallurgy and Exploration and has in excess of 20
years’ experience in Mineral Resource Estimation and mineral
exploration. She is an independent Qualified Person for the
purposes of the relevant rules. Mrs Artica consents to the
inclusion of the information in the form and context in which it
appears.
Dr Harbort is a Fellow and CP of the
Australasian Institute of Mining and Metallurgy, and a Member of
the SME and CIM. He has 35 years’ experience in mineral processing
and metallurgy. He is an independent Qualified Person for the
purposes of the relevant rules. Dr Harbort consents to the
inclusion of the information in the form and context in which it
appears.
Yvan Crepeau, MBA, P.Geo., Cornerstone’s Vice
President, Exploration and a qualified person in accordance with
NI 43-101, is responsible for supervising the exploration
program at the Cascabel project for Cornerstone and has reviewed
and approved the information contained in this news release.
Quality Assurance / Quality Control on Sample
Collection, Security and Assaying
Primary sample collection involves secure
transport from the Cascabel concession in Ecuador, to the ALS
certified sample preparation facility in Quito, Ecuador. Samples
are then air freighted from Quito to the ALS certified laboratory
in Lima, Peru where the assaying of drill core, channel samples,
rock chips and soil samples is undertaken. Exploraciones Novomining
S.A. (“ENSA”) utilises ALS certified laboratories in Canada and
Australia for the analysis of metallurgical samples.
Samples are prepared and analysed using 100g
4-Acid digest ICP with MS finish for 48 elements on a 0.25g aliquot
(ME-MS61). Laboratory performance is routinely monitored using
umpire assays, check batches and inter-laboratory comparisons
between ALS certified laboratory in Lima and the ACME certified
laboratory in Cuenca, Ecuador.
In order to monitor the ongoing quality of its
analytical database, ENSA’s Quality Assurance and Quality Control
(QA/QC) protocol encompasses standard sampling methodologies,
including the insertion of certified powder blanks, coarse chip
blanks, standards, pulp duplicates and field duplicates. The blanks
and standards are Certified Reference Materials supplied by Ore
Research and Exploration, Australia.
ENSA’s QA/QC protocol also monitors the ongoing
quality of its analytical database. The protocol involves
Independent data validation of the digital analytical database
including search for sample overlaps, duplicate or absent samples
as well as anomalous assay and survey results. These are routinely
performed ahead of Mineral Resource Estimates and Feasibility
Studies. No material QA/QC issues have been identified with respect
to sample collection, security and assaying.
SolGold has disclosed that the data aggregation
method for calculating Copper Equivalent (CuEq) for down-hole
drilling intercepts and rock-saw channel sampling intervals are
reported using copper equivalent (CuEq) cut-off grades with up to
10m internal dilution, excluding bridging to a single sample and
with minimum intersection length of 50m.
SolGold has disclosed that Copper Equivalent is
currently calculated (assuming 100% recovery of copper and gold)
using a Gold Conversion Factor of 0.751 (CuEq = Cu + Au x 0.751),
calculated from a current nominal copper price of US$3.30/lb and a
gold price of US$1700/oz.
About Cornerstone and the Cascabel Project
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
(“SolGold”). 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 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
ir@cornerstoneresources.ca, or:
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”, “will”,
“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.’
In particular, this news release contains forward-looking
statements including, without limitation, with respect to the
Company’s expectation that a PFS and DFS in respect of the Alpala
deposit will be completed and the expected timing for such
completion. 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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