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Re: News - Tuesday, April 12, 2016
16-07 - Cascabel Exploration Update - Mineralization at Surface
Discovered South of the Alpala Structural Zone
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Ottawa, ON, Canada: Cornerstone Capital Resources Inc. ("Cornerstone"
or "the Company") (TSXV-CGP) (F-GWN) (B-GWN) (OTC-CTNXF) announces the
following project update for the Cascabel copper-gold porphyry joint
venture exploration project in northern Ecuador, in which the Company
has a 15% interest financed through to completion of a feasibility
study. SolGold Plc is funding 100% of the exploration at Cascabel and
is the operator of the project.
HIGHLIGHTS:
- Porphyry style mineralization discovered on surface 100m south of the
surface projection of Alpala Structural Zone (ASZ), defining a new
target area, Alpala South.
- 1:500 scale geological mapping progresses and upgrades the Hematite
Hill Prospect.
- Detailed geological mapping continues as rock-saw channel sampling
begins over both Hematite Hill and Alpala South areas.
Figures, photographs and tables 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:
http://www.cornerstoneresources.com/i/pdf/NR16-07Figures.pdf.
DETAILED INFORMATION:
Cascabel Project
The Cascabel Project is located within the northern portion of the
Andean copper belt (refer Figure 1 Regional Setting). The project is
located on a sealed multi-lane national highway at a low elevation with
abundant water, labour, hydroelectric power, and a short 80km distance
to a Pacific deep water port site at San Lorenzo and 180kms to an
established deep water port at Esmeraldas (refer Figure 2 Location
Map).
Field Work Update
Ongoing expansion of 1:500 scale geological mapping and rock-saw
channel sampling across the growing Cascabel porphyry field has led to
another discovery of porphyry copper-gold mineralization in outcrop,
along the northern and southern slopes of the newly discovered Alpala
South prospect, which lies 400m due south of Hole 5 at Alpala Central
(Figure 3). The extent of outcropping mineralization at Alpala South
and Hematite Hill has not yet been defined, as mapping continues over
the ridges that separate Alpala Central and Alpala Southeast (Figure
4).
The prospective centres at Alpala South and Hematite Hill occur within
an area of elevated magnetic response within part of the complex
magnetic signature that occurs over the wider Alpala area, known as the
Alpala Magnetic Complex (Figure 5).
These new prospects occur along either side of the south-eastern
extension of the surface projection of Alpala Structural Zone ("ASZ").
The ASZ is a deep seated regional north‐west trending structure
inferred to be a zone of crustal weakness tapping into copper and gold
rich intrusions at Alpala Central.
The presence of a discrete copper / zinc soil anomaly, supports a
preserved porphyry centre characterized by higher temperatures of
mineralization. This geochemical signature is typical of the metal
zonation around many global porphyry copper‐gold deposits. The
occurrences of more distinct copper / zinc anomalies further south of
Alpala South, and at Alpala Southeast are priority areas for the
ongoing reconnaissance field inspection (Figure 6).
The outcrops at Alpala South contain porphyry style quartz - iron oxide
veins, the fresh sulphides having been leached from the weathering
environment. The veining occurs within volcanic host rocks in a sheeted
form, with veins orientated along a WNW trend, and dipping steeply
towards the NNE (Figures 7 and 8).
The Alpala South discovery, like the recent finds of outcropping copper
and gold mineralization at Agui�aga and Trivino, highlights the
fertility and potential of the broader porphyry copper-gold system at
Cascabel.
About Cascabel:
SolGold Plc owns 85% of the equity of Exploraciones Novomining S.A.
("ENSA"), an Ecuadorean company that holds 100% of the Cascabel
concession in northern Ecuador. Cornerstone owns the remaining 15% of
ENSA, which also holds the rights to the La Encrucijada gold-silver
project. SolGold is funding 100% of the exploration at Cascabel and is
the operator of the project. Cornerstone's 15% interest is financed
through completion of a feasibility study.
Cascabel is located in northwestern Ecuador in an under-explored
northern section of the richly endowed Andean Copper Belt, 60 km
northeast of the undeveloped inferred resource of 982 million tons at
0.89% Cu Junin copper project (0.4% Cu cut-off grade; Micon
International Co. Ltd. Technical Report for Ascendant Exploration SA,
August 20, 2004, pages 28 & 29). Mineralization identified at the Junin
copper project is not necessarily indicative of the mineralization on
the Cascabel Property.
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 for Cornerstone and has reviewed and approved the information
contained in this news release.
Plans:
SolGold has announced it is planning a resource statement at Alpala,
the most advanced target at Cascabel, during 2016, in addition to drill
testing the other key targets at Aguinaga, Trivino, Alpala NW, Hematite
Hill, Alpala SE, Cristal, Tandayama America and Chinambicito within the
Cascabel concession.
Readers are cautioned that the potential quantity and grade of any
resource at Cascabel is currently conceptual in nature, there has been
insufficient exploration to define a mineral resource and it is
uncertain if further exploration will result in the Alpala target being
delineated as a mineral resource.
About Cornerstone:
Cornerstone Capital Resources Inc. is a mineral exploration company
with a diversified portfolio of projects in Ecuador and Chile, and a
proven 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
partnerships.
Further information is available on Cornerstone's website:
www.cornerstoneresources.com and on Twitter. For investor, corporate or
media inquiries, please contact:
Investor Relations:
Email: ir@cornerstoneresources.ca; Tel. (613) 421-6923
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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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 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. |