Cornerstone Capital Resources Inc. (“Cornerstone” or “the
Company”) (TSXV:CGP) (OTC:CTNXF)
(FWB:GWN1) is pleased to announce the following
drilling update on its Tandayama-America (TAM) porphyry copper-gold
mineralized target located 3km north of the Alpala Deposit1 at its
Cascabel copper-gold porphyry joint venture project in northern
Ecuador (see
Figure 1) in which Cornerstone has a
15% interest2 financed through to completion of a feasibility
study plus 6.86% of the shares of joint venture partner and Project
operator SolGold Plc, for a total direct and indirect interest in
Cascabel of 20.8%.
Figures referenced in this news release can be viewed through
the following link:
https://cornerstoneresources.com/site/assets/files/5826/nr21-16figures.pdf.
Highlights
-
Highlights of drill hole assays received from Hole 13 at
TAM include encouraging results comprising the best intersections
to date (see Table 1 in Figures) and intervals above 1% copper
equivalent
(CuEq)33:
- 1,010m @ 0.55% CuEq from
194m depth, including:
- 824m @ 0.63% CuEq from
194m
- 736m @ 0.69% CuEq from
246m
- 392m @ 0.93% CuEq from
246m
- 72m @ 1.20% CuEq from
314m
- 132m @
1.09% CuEq from 498m
- Hole 13
results indicate the potential for significant depth extensions
amenable to bulk underground mining methods at TAM. Mineralization
forms a northwest trending corridor, occupying an area
approximately 1,200m long, up to 750m wide, and extending from
surface to a depth of over 1,200m. The TAM target remains open to
the south and east and at depth.
-
Highlights of drill hole assays received from Holes 8-12 at
TAM include:
- Hole 11: 234m @ 0.48% CuEq
(from 494m), including 96m @ 0.87% CuEq (from 498m) and 54m @ 1.18%
CuEq (from 502m)
- Hole 12:
566m @ 0.32% CuEq (from 730m), including 228m @ 0.53% CuEq (from
780m)
- Assay
results from drill holes 14-23 are pending and drilling of Holes
24-27 is currently underway. Drilling to date totals >18,500m
with a further 9,200m planned through the end of the year using the
existing four diamond drill rigs (see Figure 2).
- Hole 24
is currently drilling approximately 160m northwest and 160m deeper
than Hole 13 and has encountered intense mineralization from 507
metres depth in an early quartz diorite intrusion.
This zone is interpreted as an extension of the strong
mineralization encountered in Hole 13 and includes up to 85% B-type
quartz-chalcopyrite veining with approximately 2% visible
chalcopyrite and trace visible gold mineralization (see Figure
4).
- The
geological character of the porphyry stocks / dykes encountered
through drilling to date indicate a well-preserved porphyry system
and the full size and strength of the TAM system has not yet been
tested. Additional surface geochemical anomalies (A1 and A2) to the
east of the current drilling area require drill testing for deeper
portions of the system (Figure 2).
- A
National Instrument 43-101 compliant Maiden Mineral Resource
Estimate is underway and is planned for release later in
2021.
SolGold Executive Board Member, Head of
Exploration and ENSA President, Jason Ward, commented on the work
being advanced at Cascabel:
“The TAM target at Cascabel is just 3km north of
Alpala, and additional copper and gold mineralization at TAM will
add to the already impressive metal inventory at Cascabel. Drilling
results at TAM to date, and preliminary work utilizing Leapfrog GEO
and EDGE software is revealing a prospective bi-modal resource that
appears amenable to both bulk surface mining methods as well as
bulk underground mining methods. The potential upside of
higher-grade depth extensions beneath TAM is also adding exciting
possibilities to the still growing Cascabel project.
Geotechnical, hydrogeological and metallurgical
data is already being prepared to facilitate the conversion of
future resources to reserves, and this seems likely to have a major
beneficial impact on the development of the Cascabel property as a
whole as studies progress in 2022.”
* The reader is cautioned that there has been
insufficient exploration to define a mineral resource at TAM and it
is uncertain if further exploration will result in the target being
delineated as a mineral resource.
Further
Information
The TAM target lies approximately 3km north of
the Alpala Deposit, located on the Cascabel concession within
Imbabura Province in northern Ecuador. The project area lies
approximately 100 km north of the capital city of Quito and
approximately 50 km north-northwest of the provincial capital,
Ibarra
(Figure
1).
Cross sections through the centre of the target
are provided in Figure 3.
Qualified Person
Information in this report relating to the
exploration results is based on data reviewed by Jason Ward ((CP)
B.Sc. Geol.), the Chief Geologist of SolGold Plc, the Project
operator. Mr. Ward is a Fellow of the Australasian Institute of
Mining and Metallurgy, holds the designation FAusIMM (CP), and has
in excess of 20 years’ experience in mineral exploration and is a
Qualified Person for the purposes of National Instrument 43-101. Mr
Ward 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
National Instrument 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.
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
20.8% 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 6.86% 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
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
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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 Alpala deposit comprises 2,663 Mt at 0.53%
CuEq in the Measured plus Indicated categories and contained metal
content of 9.9 Mt Cu, 21.7 Moz Au and 92.2 Moz Ag. The deposit
measures approximately 900m in height and 500m diameter. See
“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”), filed at
www.Sedar.com on January 29, 2021:
https://cornerstoneresources.com/site/assets/files/5574/2101_cascabel_mre3.pdf.
2 See “About Cornerstone” below.
3 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$1,700/oz.
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