Cornerstone Capital Resources Inc. (“Cornerstone” or “the
Company”) (TSXV:CGP) (Frankfurt:GWN) (Berlin:GWN)
(OTC:CTNXF) is pleased to announce that Newcrest
International Pty Limited (“Newcrest”), a subsidiary of Newcrest
Mining Limited (ASX, TSX: NCM), will begin a reverse circulation
drill program at Cornerstone’s Miocene gold-copper project in Chile
(the “Project”) in January.
Highlights:
- Two sizeable (8 by 1.5km) prospective target areas
defined
- Three individual drill targets outlined at the Cerros
Bayos target area
- Base camp established in the vicinity of the Project
area
- Newcrest is operator of the Project and has retained
Major Drilling who will be mobilizing a drill rig to
site
- Drilling of the first hole MIO0001 expected to begin in
January
- Results of the first hole will determine the location
of subsequent holes (3 holes are planned
initially)
Figures referred to in 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/5831/nr21-19figures.pdf.
About Miocene
The Project is in the Regions of Atacama and
Antofagasta of northern Chile, about 230km south of the city of
Antofagasta (Figure 1) at 4000 masl and is
targeting High Sulfidation (HS) epithermal gold-silver and porphyry
gold-copper deposits along the interpreted northern extension of
the Maricunga magmatic belt which hosts several world-class gold
deposits (up to 90 Moz gold). The Miocene claims were selected
using a proprietary data base licensed exclusively to Cornerstone,
and offer excellent potential for discovery. The property has never
been drilled. Significant epithermal mineralization has been
discovered on neighboring properties along strike to the west of
the Miocene property.
On December 7, 2018, Newcrest and Cornerstone
signed a farm-in agreement granting Newcrest the option to earn up
to a 75% interest in the Project in stages (see Cornerstone news
release dated December 10, 2018, and
https://cornerstoneresources.com/properties/chile/miocene/) (the
“Farm-In Agreement”).
Exploration work carried out by Cornerstone
previous to the Farm-In Agreement consisted largely of geochemistry
work (both soil and rock sampling), a ground magnetic survey,
prospecting, geological mapping and spectrometry work to define and
prioritize exploration targets to be drill-tested. Geology work
shows two sub-parallel NW-SE oriented altered / anomalous regional
trends affecting the volcanic units. Alteration minerals (native
sulphur, alunite, vuggy and massive silica and some silica-clay in
the peripheral parts) and 3D distribution patterns along this trend
are typical of high sulphidation epithermal systems. Altered and
geochemically anomalous areas up to 9km by 3km in size
(Figure 2) have never been trenched nor drill
tested.
Following the signing of the Farm-In Agreement,
Newcrest carried out geochem sampling (69 rock and 272 soil
samples), 1:5,000 geological mapping, 6 E-W oriented CSAMT
(Controlled Source Audio-frequency Magneto-Telluric) geophysical
survey lines, petrography and spectrometry work on rock and soil
samples, age dating, data integration and modelling, redefining the
two previously identified, sub-parallel prospective zones: Cerros
Bayos and Llano Blanco, to a minimal size of 8 by 1.5 km.
Further detailed work will focus on the Cerros
Bayos target area, outlining three individual zones: Bloque Oeste,
Bloque Central and Bloque Este, separated by NE oriented normal
faults. Preliminary drill targets are defined on each of these
blocks, to test blind precious and metals mineralization at
relatively shallow depth (150-300m). Targeting is made based on
geology (presence of felsic domes and breccias) and structures,
size, type and intensity of epithermal alterations, presence of
pathfinder elements, and resistivity zones mapped at depth by CSAMT
survey. Bloque Este will be drilled first. Please see
Figures 2, 3, 4, and 5.
Newcrest has completed its initial minimum work
commitment of US$1.1 million at the Project and elected to exercise
its option to advance to Stage 1 under the Farm-in Agreement (see
Cornerstone news release dated December 29, 2020).
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 Miocene project for Cornerstone
(Newcrest is operator) and has reviewed and approved the
information contained in this news release.
About Newcrest:
Newcrest is one of the largest gold mining
companies in the world, operating mines in Australia, Papua New
Guinea, and Canada. Newcrest is also partnering with Cornerstone on
the Caña Brava project in Ecuador (see Cornerstone news release
dated April 22, 2019).
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
loveys@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,” “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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