Cornerstone Capital Resources Inc. (“Cornerstone” or “the
Company”) (TSXV:CGP; OTC:CTNXF; FWB:GWN1) is pleased to
provide an update on its Bramaderos gold and copper joint venture
in southern Ecuador (see
Figures 1 and 2) 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/5821/21-14figures.pdf.
HIGHLIGHTS:
- Final assays from holes
BMDD008 and BMDD008W1 (wedge hole off BMDD008 from 347.1m) at the
Brama prospect within Bramaderos
- Both holes have intersected
gold-copper mineralized porphyry from surface to a depth of ~500m
and remains open at depth
- Assays from the upper part
of BMDD008 to 347m and then BMDD008W1 returned:
-
505.1m1 at 0.43g/t gold,
0.1% copper, (0.57g/t AuEq2 or
0.42% CuEq32) and 25.8ppm
molybdenum in BMDD008+BMDD008W1 from surface, including:
- 113.4m at 0.37g/t gold,
0.15% copper, (0.58g/t AuEq or 0.43% CuEq) and 23.9ppm molybdenum,
from 347.1m
- The previously reported
parent hole (BMDD008) returned 450m at 0.47g/t gold, 0.10% copper,
and 27ppm molybdenum from surface, including:
- 216.9m at 0.61g/t gold,
0.11% copper, (0.77g/t AuEq or 0.56% CuEq) and 32ppm molybdenum,
from 135.1m, including: 84.3m at 0.80g/t gold, 0.11% copper,
(0.96g/t AuEq or 0.7% CuEq) and 42ppm molybdenum, from
179.7m
- Drill hole BMDD009 has been
completed and BMDD010 has commenced
- Visual inspection of drill
core from BMDD009 indicates it intersected a strongly and
continuously veined porphyry system hosted by diorite in its upper
515m, assays expected by mid July
FURTHER INFORMATION:
The results, which come from hole BMDD008W1 that
was drilled as a wedge off hole BMDD008 commencing at 347.1m
downhole, further highlight the potential for Brama to host a
substantial gold-copper porphyry system (Figure
3).
Cornerstone VP Exploration, Yvan Crepeau,
said:
“These latest assays and visuals provide more
strong evidence that Brama has the potential to be a large
mineralized porphyry.
“We are now confident we have a 500m vertical
extent of good gold and copper grade. The porphyry plus intrusive
breccia zones, at this stage, cover a surface footprint of 350m x
150m, which we expect can be expanded with more drilling.”
Holes BMDD008W1 and parent hole BMDD008 are
located on the north-west side of the main Brama system
(Figure 4). BMDD008 had intersected a strongly
mineralized high-level intrusive breccia body located above the
north-west edge of the main Brama system (see Cornerstone news
release 21-09 dated April 22,
2021:https://cornerstoneresources.com/news-releases/cornerstone-and-sunstone-drill-84.3m-of-0.8g-t-gold-from-180m-depth/).
The BMDD008W1 wedge hole has extended that intersection by 50m to
intersect a 505m-long intersection from surface. This intersection
very likely extends deeper, but still remains to be further tested
in the area south and east of BMDD008W1 in similarly magnetic
domains (Figures 3 - 6).
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|
Drill Hole |
From(m) |
To(m) |
Interval(m) |
Au(g/t) |
Cu(%) |
Mo(ppm) |
AuEq(g/t)2 |
CuEq (%)2 |
|
|
BMDD008W1 |
347.09 |
505.6 |
158.5 |
0.29 |
0.13 |
23.9 |
0.47 |
0.35 |
|
|
including |
347.09 |
460.5 |
113.4 |
0.37 |
0.15 |
23.9 |
0.58 |
0.43 |
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|
Combined |
|
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|
|
BMDD008+008W1 |
0.55 |
505.6 |
505.1 |
0.43 |
0.10 |
25.8 |
0.57 |
0.42 |
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|
BMDD008 |
0.55 |
450.45 |
449.9 |
0.47 |
0.10 |
26.9 |
0.61 |
0.45 |
|
|
including |
2.5 |
437.1 |
434.6 |
0.48 |
0.10 |
27.0 |
0.62 |
0.46 |
|
|
including |
5.2 |
21.0 |
15.8 |
0.71 |
0.08 |
7.50 |
0.83 |
0.61 |
|
|
|
135.1 |
437.1 |
302.0 |
0.54 |
0.12 |
30.4 |
0.71 |
0.52 |
|
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including |
135.1 |
264 |
128.9 |
0.68 |
0.10 |
36.2 |
0.82 |
0.60 |
|
|
including |
179.7 |
264 |
84.3 |
0.80 |
0.11 |
42.1 |
0.96 |
0.70 |
|
|
|
328 |
437.1 |
109.1 |
0.44 |
0.16 |
27.6 |
0.67 |
0.49 |
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Table 1: Summary of intervals
in drill hole BMDD008, and BMDD008W1.
Both drill holes BMDD008 and BMDD008W1 extended
towards a deeper magnetic anomaly but failed to intersect that
target.
Drill hole BMDD009 was drilled in the east and
central parts of the main Brama porphyry system (Figure
4). It was drilled from the east and towards a modelled
deep magnetic anomaly that lies central to the 0.1% Cu contour
depicted in Figures 4 and 5. Visual inspection of
drill core from BMDD009 reveals it intersected a strongly and
continuously veined porphyry system hosted by diorite in its upper
515m, with visual chalcopyrite associated with intense stockwork
veining. The drill hole continued to test the deeper magnetic
domain and encountered peripheral stockwork magnetite veinlets that
likely explain the magnetic anomaly in the wall rocks south of the
main mineralized intrusive body.
The long and well-mineralized sections of holes
BMDD001, BMDD002 and BMDD009 indicate that the main porphyry target
on the eastern sector of Brama is defined by strongly veined
diorite with moderate magnetic character.
The relationship between the main Brama porphyry
stockwork style mineralization and the intrusive breccia is still
to be established, and hole BMDD010 will go some way to exploring
that relationship (Figure 4).
Drill hole BMDD010 has just commenced and is
testing several targets that include:
- A magnetic anomaly around the eastern rim of the system, with a
magnetic character similar to the mineralized intrusive breccia to
the west
- The potential southwest extension of the high-grade pod
intersected in holes BMDD001, BMDD02 and CURI-03, in the strongly
veined diorite
- The potential continuity of
high-grade mineralization between BMDD001 and
BMDD005/BMDD008/CURI13, i.e. the relationship between the stockwork
mineralization and the intrusive breccia mineralization.
The aim of the ongoing drilling is to further
demonstrate continuity of the higher-grade zones within the
extensive outer envelope of lower-grade gold-copper mineralization
at Brama.
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
Surface and drill core samples from Brama were
sent to the LAC y Asociados Cia. Ltda. Sample Preparation Facility
in Cuenca, Ecuador for sample preparation. The standard sample
preparation for drill core samples (Code PRP-910) is: Drying the
sample, crushing to size fraction 70% <2mm and splitting the
sample to a 250g portion by riffle or Boyd rotary splitter. The
250g sample is then pulverised to >85% passing 75 microns and
then split into two 50g pulp samples. Then one of the pulp samples
was sent to the MS Analytical Laboratory in Vancouver (Unit 1,
20120 102nd Avenue, Langley, BC V1M 4B4, Canada) for gold and base
metal analysis.
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%
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 6.9% 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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others who were previously signed up to receive email updates and
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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,” “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.
1 The true width of downhole intersections cannot be determined
at this time due to insufficient drilling.
2 AuEq is calculated on a gold+copper basis only
using metals prices as at 16th June 2021, being US$1,823/oz gold,
US$4.32/lb copper using the formula: (gold grade in g/t) + 1.36 *
(Cu grade in %). CuEq is calculated on a copper+gold basis only
using metal prices as at 16th June 2021, being US$1,823/oz gold,
US$4.32/lb copper using the formula: (Cu grade in %) + 0.73 * (gold
grade in g/t). No metallurgical recoveries have been applied to
exploration results.
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