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June 7, 2007
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Coastport Provides a Review and Update of Interpreted Geophysical Results From
the On-Going Program at the Gama Prospect, Ecuador
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VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - June 7, 2007) - Coastport Capital Inc. (TSX VENTURE:CPP)(FRANKFURT:C1J) provides an update on Induced Polarization (IP) geophysics presently in progress on the GAMA Prospect in Azuay Province, Ecuador. The project is being explored under an Option and Joint Venture agreement with Cornerstone Capital Resources Inc. (TSX VENTURE:CGP) who are the operators of the field program in Ecuador.
Results have been supplied to Coastport by the operator for 70 line-km of a 200 line-km IP and magnetic ground geophysical survey, currently in progress at the GAMA prospect, where quartz-alunite alteration typical of a high sulphidation epithermal gold system is exposed over 4 km (Ermitas and Boqueron zones) along the western slope of a broad plateau. The exploration target is mineralized silicic alteration hosted within the quartz-alunite lithocap below the plateau, similar to that found at Iamgold's 3.5 million ounce Quimsacocha gold deposit located 15 km east-southeast of GAMA.
The survey to date has focused on the quartz-alunite alteration lithocap at Boqueron. Additionally, 1.5 km long exposure of alteration at the Pimo Ledge Zone, 3.0 km to the south, has been partially surveyed.
In typical high sulphidation ore deposits, the quartz-alunite lithocap is proximal to and envelops ore-grade mineralization. The Boqueron zone is interpreted to be an extensive, lithologically controlled zone of quartz-alunite alteration that dips gently to the south. The exposed alteration zone has a coincident multi-element soil geochemical anomaly (Au, Mo, Cu) and occurs consistently at elevations between 3500 m and 3800 m. It is important to note that the nearby Quimsacocha deposit occurs at elevation of about 3600 m, approximately 200 m below surface, suggestive of a regional elevation control on this type of system.
Initial IP and ground magnetic data show two parallel east-west responses trending below the plateau indicative of the quartz-alunite alteration and interpreted silicic alteration (high resistivity) enveloping potential increased sulphide content (high chargeability). Well developed north-south trends are also indicated in association with the GAMA alteration lithocap exposed in the Boqueron cliff-face. The north-south trends also correlate with similarly oriented west-dipping faults. The trends are characterized by alternating elevated IP resistivity and chargeability values over a distance of 1.0 to 1.5 km by up to 500 m wide. The magnetic survey results show particularly low magnetic response in the west over the surface expression of the lithocap, consistent with this style of alteration and the destruction of magnetic minerals of the original host unit by the acidic hydrothermal fluids which produced the alteration lithocap.
In cross-section, the high resistivity values correlate with the surface expression of the quartz-alunite alteration lithocap and appear to extend to at least 200 m depth where chargeability increases, a feature indicating potential for increased sulphide mineralization hosted by shallowly dipping volcanic stratigraphy. Also, the resistivity results correlate well with geological mapping which indicate that the quartz-alunite system extends to the east. These results support the presence of a near-horizontal mineralized silicic layer(s) beneath the plateau to the east of the exposed lithocap analogous to Quimsacocha.
This interpretation of mineralization at depth below the plateau is also supported by the Ermitas breccia, a late hydrothermal breccia located on the plateau east of the Boqueron zone, that contains abundant silicic fragments, locally with pyrite-enargite mineralization. As previously reported, an individual mineralized clast from the breccia returned a grade of 3.0 g/t Au and the breccia matrix returned a grade of 5.7 g/t Au, providing indirect evidence that the breccia has sampled and carried gold mineralization hosted in a silicic zone at depth. These grades indicate potential for discovery of a buried, gold-mineralized, sulphide-bearing silicic zone(s) associated with the broader alteration below the plateau, typical of high sulphidation deposits, including Quimsacocha.
Pending completion of the field programs and receipt of drill permits, 8000 m of drilling is proposed at GAMA. This is part of a planned 15,000 m Diamond drill program on the entire Shyri Property (GAMA, Canaribamba and Vetas Grandes) that is expected to start on receipt of drill permits.
Maps and figures illustrating the results discussed here have been posted to the Coastport website at www.coastportcapital.com to accompany this press release.
The geophysical surveys and data processing are being completed by Val d'Or Geophysics, of Lima, Peru, utilizing a pole-dipole array for the IP. All rock samples reported in this release were collected by Cornerstone personnel, sealed on the property and shipped to Acme Laboratories in Cuenca, Ecuador, where they were prepared for analysis. Pulps were shipped to Vancouver for analysis of gold and trace elements by a hot multi-acid digestion and ICP/ES analysis of a 15 gram sample. Samples containing gold greater than 1 g/t and silver greater than 100 g/t are reanalyzed by a 1 ton fire assay with an ICP/ES finish. All soil samples were collected by Cornerstone personnel, sealed on the property and shipped to Acme Laboratories in Cuenca, Ecuador, where they were prepared for analysis for by multi-element ICP analysis. Quality control was maintained throughout the program by implementation of procedures involving check assaying and insertion of previously prepared standards, blanks and duplicates for each batch of 20 samples analyzed.
Mike Basha, P.Eng., P.Geo., Vice President of Exploration for Cornerstone, is the Qualified Person responsible for the technical information in this news release, as defined by National Instrument 43-101. George Smith, MA, is supervising field programs in Ecuador for Cornerstone.
On Behalf of the Board,
David Patterson, President, Coastport Capital Inc.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this news release.
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