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Re: News - Wednesday, September 11, 2013
13-20 - Cascabel Drilling 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. This report does not constitute a drilling
report as assays from mineralized core have not yet been received. All
figures and photographs from drill core related to this news release
can be seen at http://www.cornerstoneresources.com/i/pdf/NR13-20Figures.pdf.
Highlights:
- Drill Hole CSD-13-001 intersects visually identified porphyry copper
mineralization in two zones at Alpala Prospect.
- Upper main stockwork zone intersected over 112 metres downhole (from
51.5 m to 163 m) with variable copper sulphides (chalcopyrite,
chalcocite and bornite).
- Lower strongly sheeted and well-mineralized quartz vein zone
intersected over 60 metres downhole (from 225 m to 285 m) with visible
chalcopyrite and chalcocite.
- The presence of magnetite and potassium feldspar as alteration and
veins in relic windows suggests the presence of the upper parts of an
inner potassic alteration zone that is the core target of a porphyry
copper gold system.
SolGold Plc holds a 50% interest, and can earn up to 85% interest, in
Exploraciones Novomining S.A. ("ENSA"), the Ecuadorian subsidiary of
Cornerstone that holds 100% the Cascabel concession.
The Cascabel project is located in north-western Ecuador in an
under-explored northern section of the richly endowed Andean Copper
Belt, 60 km northeast of the undeveloped NI 43-101 compliant inferred
resource of 982 million tonnes at 0.89% Cu Junin copper project., the
3.1 billion tonne at 0.38% Cu Cobre Panama deposit located to the north
in Panama and the 905 million tonnes at 0.92 g/t Au La Colosa porphyry
deposit located to the north in Colombia, containing 26 million ozs of
gold.
The Alpala Prospect exhibits surface mineralization and alteration
patterns indicative of porphyry copper gold systems and has a similar
footprint to large porphyry systems around the world.
Drill Hole CSD-13-001 Intersects Visually Identified Porphyry Copper Mineralization
Hole CSD-13-001, the first hole to test the Alpala Prospect at the
Cascabel Project, has intersected porphyry copper mineralization across
two zones.
Hole CSD-13-001 supports the significance of the mineralized zones at
surface encountered during geological mapping, channel trenching and
sampling at the Alpala Prospect over the last six months. CSD-13-001
drilled beneath Trench 46 (TR 46), which encountered 45 m at 0.59% Cu
and 0.81 g/t Au (as reported on January 24, 2013).
Hole CSD-13-001 is characterized by abundant and complex fracturing,
variably strong quartz veining and copper sulphide mineralization
indicative of the upper parts of a copper gold porphyry system. The
drill core also exhibits overprinting by a late phase of strongly
mineralized sheeted quartz veins at depth. This phase is expected to
lift the copper and gold grades in the lower mineralized zone. It
should also be noted that gold is associated with the copper
mineralization in surface trench sampling.
Technical Summary of CSD-13-001
Drill hole CSD-13-001 was drilled at an inclination of 60 degrees below
trench TR46 at Alpala, towards an azimuth of 225 degrees and to a final
down-hole depth of 349 metres.
The hole visually identified two extensive intervals of porphyry stock
work veining from 51.5m to 163m and from 225m to 285m down hole. The
shallower 112m-long zone of stock work veining directly underlies the
area of trenching at surface and confirms continuity of veining and
alteration into the sub-surface. The deeper zone of sheeted and
stockwork veining was encountered at depths up to 240m vertically below
the western margin of the surface trenching at Alpala. The uppermost
and intervening intervals between the two mineralized zones in the
drill core also encountered stockwork veining albeit at lower levels of
intensity.
Visible copper sulphide minerals were encountered coinciding with the
two areas of more intense stockwork veining, and include veins
containing chalcopyrite, disseminations and aggregates of chalcocite
and visible bornite. The annotated photographic images show examples of
the copper sulphides and the sheeted and stockwork quartz veins
intersected in the upper and lower mineralized zones.
The dominant lithologies encountered in the hole were volcaniclastic
breccias that are cross-cut by narrow zones of hydrothermal breccia and
multiple generations of dyke-like intrusions of porphyritic rocks in
the deeper part of the hole. The alteration in the shallow part of the
hole is dominated by argillic (clay rich) alteration that coincides
with the uppermost stockwork zone. Intense argillic alteration was also
encountered deeper in the hole, coinciding with the zone of sheeted
porphyry quartz veins. Local areas of relic potassic alteration typical
of a copper gold porphyry system were encountered. The deeper part of
the hole increasingly intersected propylitic-altered (outer alteration
zone) rocks towards the southwest margin of the system.
Visual estimates of quartz vein intensities within the upper stockwork
zone vary between 2 and 10 percent quartz veining, and then increase to
around 45 percent quartz veining in the deeper sheeted vein zone.
These results are encouraging and confirm the extension of
mineralization at depth below surface sampling in Trench 46. The zone
of argillic or clay-rich alteration and porphyry stockwork quartz
veining appears open to extensions toward the east, northeast, north
and northwest of this first drill hole. The drill core will be cut and
sent to the lab for assay.
The mineral zonation encountered in hole CSD-13-001 suggests that the
core of the porphyry system lies to the east and may be coincident with
an extensive magnetic anomaly modeled in three dimensions as an
apophysis from a deeper intrusion sourcing metals to hydrothermal
fluids.
Future drill holes in the planned five hole, 2500 meter program are
targeted to test both the stockwork zone, the overprinted sheeted vein
system and the porphyry core modeled to the east. The rest of the holes
in the Stage 1 drill program are expected to be completed over the next
eight weeks. The rig will be moved to drill site CSD-13-002 which is
targeted to test beneath surface trench results being: 56.93 m @ 0.34%
Cu and 1.16 g/t Au. The company will also be considering extending the
drilling contract pending a review of results on completion of the
Stage 1 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 Wed Sep 11, 2013 at 5:05:00 AM Pacific Time
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ProfilIndicateurs de MarchéVALEUR : Projets & res.Communiqués de PresseRapport annuelRISQUE : Profile actifsContactez la cie |
Cornerstone est une société d’exploration minière basée au Canada. Cornerstone est en développement de projets d'uranium au Canada, et détient divers projets d'exploration au Canada, au Chili et en Equateur. Son principal projet en développement est AILLIK au Canada et ses principaux projets en exploration sont 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 et INDIAN ARM au Canada, MACARA, BELLA MARIA, MONTERREY et SIERRAMIN en Equateur et LA FORTUNA CHILE au Chili. Cornerstone est cotée au Canada, aux Etats-Unis D'Amerique et en Allemagne. Sa capitalisation boursière aujourd'hui est 185,0 millions (147,9 millions US$, 139,4 millions €). La valeur de son action a atteint son plus bas niveau récent le 04 mars 2016 à 0,02 , et son plus haut niveau récent le 18 septembre 2020 à 6,53 . Cornerstone possède 47 442 200 actions en circulation. |