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Re: News - Wednesday, February 22, 2012
12-04 - Cornerstone Reports Further Trenching Results at La
Fortuna Copper-Silver Project, Chile
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Mount Pearl, NL, Canada: Cornerstone Capital Resources Inc.
("Cornerstone") (TSXV-CGP) (F-GWN) (B-GWN) (OTC-CTNXF) today announced
the sampling results of eight additional trenches and provided an
update on the ongoing exploration program being carried out at the La
Fortuna copper-silver project located in the Valpara�so Region of
central Chile, approximately 100 km north of Santiago. Results from
initial trenching and a general description of the exploration program
were released on August 30, 2011, and included 1.34% copper and 58.0
g/t silver over 19.5 metres in trench TH1. A map showing the location
of the La Fortuna project, as well as geology and updated exploration
results can be viewed at
http://www.cornerstoneresources.com/s/Chile.asp?ReportID=450379.
Highlights
- Trench TH8: 117.9 m grading 0.19% Cu and 9.4 g/t Ag, including 52.4 m
grading 0.33% Cu and 16.9 g/t Ag
- Trench TH12: 28.1 m grading 0.16% Cu and 1.9 g/t Ag
- Trench TH14A: 7.7 m grading 0.36% Cu and 11.6 g/t Ag
- Trench TH14B: 25.5 m grading 0.19% Cu and 6.2 g/t Ag
"Results from trenches TH8 to TH14B confirm that the potential for
copper and silver mineralization is widespread over the La Fortuna
property. Results from trench TH8 are particularly interesting as they
confirm the potential for breccias, a porous unit, to host disseminated
copper and silver mineralization over significant widths", commented
Brooke Macdonald, Cornerstone's President and CEO. "Our geologists
believe that this breccia may be located on the same stratigraphic
horizon as the breccias hosting copper and silver mineralization at the
neighbouring Cerro Negro mine. This hypothesis will have to be tested
but La Fortuna continues to deliver very encouraging results, and we
expect to have several promising drill targets defined in the coming
weeks".
Exploration program
The La Fortuna property covers an area of approximately 2,900 hectares,
measuring 10 km north-south by 3 km east-west. The project is
favourably located in an established mining district at relatively low
elevations (1200 to 1800 m above sea level), and is easily accessed by
existing roads. The property is partly contiguous with the Cerro Negro
copper-silver mine, a manto-type deposit immediately to the west which
combines open pit and underground operations and produces copper
cathodes via heap leach SX-EW and copper-silver concentrates via
flotation. The El Bronce epithermal gold-silver district is located 30
km to the north. The region is sparsely populated, and has a hot and
dry climate which is well-suited for leaching operations. Many surface
mineral occurrences have been worked by small scale miners in the past
but no drilling has ever been carried out at La Fortuna.
Significant copper and silver assay results were obtained in 2011 in
the northern two-thirds of the property, defining seven prospective
mineralized zones over a large area of approximately 18 km�.
Higher-grade mineralization is concentrated in, but not restricted to,
veins that are typically 1 to 2 m wide but occasionally up to 4 m,
emplaced within wider (up to 50 m) fault zones, often intruded by
andesitic porphyry dykes. A structural analysis defined two main
structural trends, with the most prominent orientation at N45 to N70
degrees and a second set, striking N320 degrees. Mineralization is also
present as disseminations in fractures and shear zones within halos to
the structures and within breccias over significant widths (up to
117.9. m in trench TH8, see assay results below). Information collected
thus far suggests that mineralizing fluids migrated along steeply
dipping structures and metals were deposited within the structure and
wall rocks and within geochemically receptive, sub-horizontal,
geological horizons and higher porosity, brecciated rocks. The presence
of intrusive rocks (stocks, dykes, etc.) appears to be an important
controlling factor for the deposition of mineralization.
The surface exploration program initiated in April 2011 is now well
advanced. Prospecting work was carried out over the entire property and
more detailed ground exploration surveys focused on the northern
two-thirds of the property. This latter work included geological and
structural mapping, a 217 line kilometre ground magnetic survey and a
39.8 line kilometre, deep penetrating (400 meters), Induced
Polarization (IP) survey. A total of 168 rock samples were collected
during the prospection and geological mapping program. Nineteen (19)
trenches totaling 710.1 metres were dug and channel sampled (348
samples). Data from the IP survey has just been received and is
currently being assessed. All the data generated on the project is
currently being integrated into a 3D model to define drill targets.
Additional trenches are required to test mineralized structures and IP
and magnetic anomalies.
Trenching
Results from trenches TH1 to TH7 were released on August 30, 2011 with
TH1 returning 19.5 m at 1.34% Cu and 58.0 g/t Ag. Table 1 below
provides assay results for trenches TH8 thru TH14B; results for
trenches TH15A, TH15B and TH15C are pending.
Table 1. La Fortuna Trenching Results.
TRENCH ZONE LENGTH (m) # SAMPLES INTERVAL(m)* Cu (%) Ag (g/t)
TH8 LOMA VERDE SUR 117.9 58 117.9 0.19 9.4
including 8 0.08 2.2
and 52.4 0.33 16.9
and 17.2 0.09 6.0
and 20.3 0.09 4.6
TH9 GUAYACAN 41.5 20 4.0 0.34
5.5 0.12
TH10 GUAYACAN 34.8 17 No significant values
TH11 GUAYACAN 10.5 5 2.2 0.51 4.8
TH12 QDA. HONDA 28.1 14 28.1 0.16 1.9
TH13 QDA. HONDA 53.8 27 2 0.17 1.3
TH14A LOMA VERDE 7.7 4 7.7 0.36 11.6
TH14B LOMA VERDE 26.3 13 26.3 0.18 6.0
TH15A QDA. HONDA 52.0 25 Assay results pending
TH15B QDA. HONDA 5.5 2 Assay results pending
TH15C QDA. HONDA 4.0 2 Assay results pending
382.1 187
* The reported copper and silver intervals are apparent thicknesses due
to the early nature of the exploration program.
Discussion
The most significant assay results have been obtained from trenches
TH8, TH12, TH14A and TH14B. Results for TH8 are particularly
significant in the sense that the extensive breccia unit mapped on that
part of the property appears to be geologically correlative with the
brecciated geological horizon ("Diablo" breccia) hosting the main
copper-silver mineralization at the neighbouring Cerro Negro mine.
Copper-silver mineralization in TH12 is associated with a contact
between the sub-volcanic andesitic rock and the volcano-sedimentary
sequence. These results confirm our preliminary interpretation that the
faulted intrusive-host rock contact zone is prospective and should be
drill tested. Trenches TH14A and TH14B were dug to test a northeast
oriented structure located at approximately the same stratigraphic
level as trench TH8. Results from these two trenches confirm the
prospectivity of the breccia horizon. Mineralization in the Guayacan
area (trenches TH9, TH10 and TH11) appears to be restricted to the
structures with only minor disseminated mineralization in the wall
rocks.
Sampling and assaying
All samples are delivered by Cornerstone employees for preparation at
Acme Analytical Laboratories (ACME) facility in Santiago, Chile. Rock
samples are prepared crushing 1 kg to 80% passing 2 mm (10 mesh),
splitting 250 g and pulverizing to 85% passing 0.075 mm (200 mesh)
(ACME code R200-250). Gold is assayed in Chile, using a 30 g split,
Fire Assay (FA) and AA or ICP-ES finish (ACME code G601). A 100g-plup
is shipped to ACME in Vancouver, Canada where samples are assayed for a
multi-element suite (ACME code 1DX2, 15g split, Aqua Regia digestion,
ICP-ES finish). All samples with results > 100 g/t Ag, >10,000 ppm Cu,
Pb or Zn are systematically and quantitatively re-assayed (ACME code
7AR, Aqua Regia Digestion, ICP-ES finish). All samples with results >
5,000 ppm Cu total are systematically re-assayed to determine leachable
copper (ACME code G9, Citric acid leach, Cu, 1 g/100 mL, AAS finish).
Quality assurance / Quality control (QA/QC)
ACME is an ISO 9001:2008 qualified assayer that performs and makes
available internal assaying controls. Certified blanks and standards
are systematically used as part of Cornerstone's QA/QC program. One of
them was inserted every 20 samples at La Fortuna.
Qualified Person
Yvan Crepeau, M.Ba., P.Geo., General Manager of Minera Cornerstone
Chile Limitada (MCCL) and a qualified person in accordance with
National Instrument 43-101, is responsible for supervising the
exploration program at the La Fortuna project and has reviewed and
approved the information contained in this news release.
La Fortuna option agreement
Cornerstone, through its wholly-owned subsidiary, MCCL, has entered
into an agreement with a Chilean individual to acquire the La Fortuna
property. The agreement gives Cornerstone the right to acquire an
undivided 100% interest in the La Fortuna property by incurring
exploration expenditures of C$3.0 million and making cash payments
totalling C$600,000 over a 4-year period. Requirements to maintain the
agreement through the first year include a cash payment of C$100,000
and exploration expenditures of C$500,000. The acquisition is subject
to a 1.5% Net Smelter Royalty ("NSR"), and to advance payments of the
NSR on each anniversary following the date the option is exercised.
Cornerstone has a right of first refusal to purchase the NSR if the
holder decides to sell it.
About Cornerstone
Cornerstone Capital Resources Inc. is a mineral exploration company
based in Mount Pearl, Newfoundland and Labrador, Canada, with a
diversified portfolio of projects in Canada, Ecuador and Chile, and a
strong technical team that has proven its ability to identify, acquire
and advance properties of merit. The company's business model is based
on generating exploration projects whose subsequent development is
funded primarily through joint venture partnerships. The company is
well funded and commitments from JV partners constitute significant
validation of the strength of Cornerstone's projects.
Further information is available on Cornerstone's website:
www.cornerstoneresources.com or for investor, corporate or media
inquiries, please contact:
Investor Relations:
Email: communications@crigold.com
North America toll-free: 1 (877) 277-8377
Martti Kangas - Direct Line: 1 (647) 521-9261
Paul Benwell / Pat Kairns - Direct Line: 1 (514) 904-1333
The link to a recent Corporate presentation is:
http://www.cornerstoneresources.com/i/pdf/Presentations_0112_CRICorporate.pdf
The link to a virtual tour of drilling at the Gama prospect, Shyri
concession in Ecuador is:
http://www.youtube.com/watch?v=Ne8XSfgLwIM
Investors can also access Cornerstone on Twitter
Cautionary Notice:
This news release may contain 'Forward-Looking Statements' that involve
risks and uncertainties, such as statements of Cornerstone's plans,
objectives, strategies, intentions and expectations. The words
"potential," "anticipate," "forecast," "believe," "estimate," "expect,"
"may," "project," "plan," 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 subsequent to 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 Macdonald
President 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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Copyright (c) 2012 CORNERSTONE CAPITAL RESOURCES INC. (CGP) All rights
reserved. For more information visit our website at
http://www.cornerstoneresources.com/ or send
mailto:info@cornerstoneresources.com
Message sent on Wed Feb 22, 2012 at 5:15:00 AM Pacific Time
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Cornerstone is a exploration company based in Canada. Cornerstone develops uranium in Canada, and holds various exploration projects in Canada, in Chile and in Ecuador. Its main asset in development is AILLIK in Canada and its main exploration properties are CHALEUR, ANAKTALIK, AUCOIN, LABRADOR TROUGH, VOISEY'S BAY PROPERTY, DEER LAKE PROJECT, DORCHESTER, GOSHEN, EL STRATO, LONG LAKE, NOTAKWANON LAKE, TRUE GRIT, CAPE RAY, COLCHESTER, CODROY PROJECT, LONG HARBOUR, OKAK, GARLAND, KAUK, KONRAD, NOEL PAUL'S BROOK, BOBBY'S POND, LITTLE DEER, CONEY ARM and INDIAN ARM in Canada, MACARA, BELLA MARIA, MONTERREY and SIERRAMIN in Ecuador and LA FORTUNA CHILE in Chile. Cornerstone is listed in Canada, in Germany and in United States of America. Its market capitalisation is 185.0 millions as of today (US$ 147.9 millions, € 139.4 millions). Its stock quote reached its lowest recent point on March 04, 2016 at 0.02, and its highest recent level on September 18, 2020 at 6.53. Cornerstone has 47 442 200 shares outstanding. |