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Re: News - Monday, July 08, 2013
13-12 - Cascabel Project Update
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Mount Pearl, NL, Canada: Cornerstone Capital Resources Inc.
("Cornerstone" or "the Company") (TSXV-CGP) (F-GWN) (B-GWN) (OTC-CTNXF)
today announces a further update on recent developments at the Cascabel
Project in northern Ecuador. SolGold Plc holds a 30% interest and can
earn up to 85% of Exploraciones Novomining S.A. ("ENSA"), the local
subsidiary of Cornerstone which holds the Cascabel concession. Please
see http://www.cornerstoneresources.com/i/pdf/NR13-12Figures.pdf.
Highlights:
- Receipt of final surface channel sample assay results at Alpala
Prospect.
Ministry of Environment progressing through the final stages of the
Environmental
- Permit or "EIA" (Estudio de Impacto Ambiental).
- Mobilization of drilling equipment and associated supplies to support
the Phase 1 drill program well advanced.
- 3D modelling of 4 other targets at Cascabel in preparation.
Receipt of Final Surface Channel Sample Assay Results at Alpala
Prospect
Additional assay results have been received from 67 individual channel
samples that were collected from three local areas at higher elevation
to the northeast, east and south-southeast of the mineralized
outcrops at Alpala (Figure 1). This final batch of assay results from
the recent phase of surface sampling at Alpala were from higher in the
silica-clay lithocap where copper and gold grades were expected
to be lower.
This most recent set of assay results further confirms the
SolGold/Cornerstone model, that copper and gold grades increase with
depth in the system. The previously sampled channels that lie at lower
elevation and closer to the dissected Alpala drainage are significantly
higher grade and are overlain by the lithocap. Planned drill holes 1
through to 4 will all be collared in the region of higher copper and
gold grades that occur closer to the Alpala drainage.
Status of Progress to Environmental Report
The Ministry of Environment is progressing through the final stages of
the Environmental Permit or "EIA" (Estudio de Impacto Ambiental). As
previously reported, the Final Report for the EIA was submitted to the
Ministry of Environment on May 31, 2013. Ministry of Environment
personnel have informed the Company that there are some minor issues
still to be addressed by the report. Cornerstone and SolGold have
engaged their environmental consultants, Cardno Latino America, to
assist with addressing these last remaining issues.
Mobilization and Preparation for the Phase 1 Drill Program at Cascabel
Mobilization is progressing for the Phase 1 drilling program, and it is
expected that mobilization of the drilling and other associated
equipment will be completed in mid-July.
3D Modeling on other Targets at Cascabel
As announced on May 1, 2013, 3D inversion modeling of helimagnetic data
from the Alpala region identified a magnetic protuberance (or
apophysis) that the Company believes may be associated with underlying
porphyry copper-gold mineralization (Figure 2). The next step
currently being undertaken by SolGold and Cornerstone is the
visualization of 3D magnetic inversion data over two additional
porphyry copper targets (Aguinaga and America-Tandayama) that lie
in the central and northern parts of the concession, and which are also
associated with coincident copper, gold and molybdenum anomalism in
soil samples.
The relationship of the Cascabel System to the regional Toachi Fault
(Figure 3) is considered very favorable for copper gold mineralized
porphyry system emplacement, as this fault controls the location of the
Junin copper porphyry deposit approximately 70 km south, southwest.
Assaying, Quality Assurance/Quality Control (QAQC)
Samples were delivered in sealed bags by Cornerstone employees to the
ACME preparation laboratory in Cuenca, Ecuador. Rock samples are
prepared (ACME code R200-250) and assayed by the ACME-Vancouver
laboratory (www.acmelab.com) for gold (ACME code G601, F.A., 30 g) and
multi-elements (ACME code 1E, 4 Acid digestion ICP-ES finish). All over
limits results for precious and base metals were systematically
re-assayed (ACME codes G6Gr and 7TD). Stream sediment samples are
prepared (ACME code SS80) and assayed for gold (ACME code G601, F.A.,
30 g) and multi-elements (ACME code 1EX, 4 acid digestion, ICP-MS
finish).
ACME is an ISO 9001:2008 qualified assayer that performs and makes
available internal assaying controls. Certified blanks and standards
are systematically inserted every 25 samples as part of Cornerstone's
QA/QC program.
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 Cascabel
project and has reviewed and approved the information contained in this
news release.
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. 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: ir@cornerstoneresources.ca
North America toll-free: 1 (877) 277-8377
The link to a recent Corporate presentation is:
http://www.cornerstoneresources.com/i/pdf/Presentations_0912_CRICorporate.pdf
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
Further information is available on the Cornerstone Web site at
www.cornerstoneresources.com; via e-mail at communications@crigold.com;
or toll free at 1-877-277-8377.
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) 2013 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 Mon Jul 8, 2013 at 12:45:00 PM Pacific Time
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Cornerstone Capital Resources Inc
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DEVELOPMENT STAGE |
CODE : CGP.V |
ISIN : CA21922J2083 |
CUSIP : 21922J208 |
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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 CA$ 1.2 billions as of today (US$ 934.1 millions, € 880.3 millions). Its stock quote reached its lowest recent point on March 04, 2016 at CA$ 0.02, and its highest recent level on September 18, 2020 at CA$ 6.53. Cornerstone has 299 560 000 shares outstanding. |