Nov 11 2014
Cornerstone Capital Resources Inc. announces the following project update for the Company's Cascabel copper-gold porphyry joint venture exploration project in northern Ecuador.
HIGHLIGHTS:
- Assays received for drill hole CSD-14-008 ("Hole 8"), 914.45m intersection from 396m to end of hole (EOH) at 1310.45m;
- A bulk intersection of 914.45m grading 0.41 % Cu and 0.44 g/t Au from 396m depth, which equates to 0.67 % Cu Eq.;
- Including the following intersections:
- 448.45m @ 0.56% Cu and 0.64 g/t Au from 862m to 1310.45m (EOH), which equates to 0.95 % Cu Eq. (definition for copper equivalent grade calculations below);
- 904m to 1186m, 282m @ 0.60 % Cu and 0.76 g/t Au (1.06% Cu Eq.)
- 1264m to 1310.45m (EOH), 46.45m @ 0.71% Cu and 0.58 g/t Au (1.05% Cu Eq.)
- Hole CSD-14-008 to be deepened;
- Hole CSD-14-009 ("Hole 9") commenced on October 28;
- Copper and Gold grade in the deep intersections at Alpala compare favourably with other operating and development underground block cave operations; and
- Alpala prospect indicating substantial size in three dimensions.
All reported intervals referred to in this news release are core lengths. At present the true thicknesses are uncertain due to the early stage of drilling.
References to figures, photographs and tables related to the version of this release on the Company's website (www.cornerstoneresources.com) or visible in PDF format by clicking the link below: www.cornerstoneresources.com/i/pdf/NR14-26Figures.pdf.
FURTHER INFORMATION
Hole 8
Hole 8 on the Cascabel concession was drilled at the Alpala porphyry copper-gold prospect (Figure 1). During September, the hole was sited from the same location as Hole 5 and drilled towards grid north at a dip of 85 degrees. Hole 8 was planned to test for the northeast extension of the high-grade mineralization that has been identified extending along a northwest trend from Hole 5 to Hole 7.
The bulk intersection from 396m to end of hole at 1310.45m is 914.45m grading 0.41 % Cu and 0.44 g/t Au (0.67 % Cu-equivalent). Mineralization in Hole 8 remains open at depth and is increasing in grade.
The intersections from Hole 8 are listed in Table 1. Table 2 shows all intersections from the Alpala project expressed as Cu-equivalent values. The intersection of 448.45m grading 0.56 % copper and 0.64 g/t gold establishes continuity of mineralization extending northeast-ward off the Alpala Footwall Structure by at least 175m at this depth. There is now demonstrated significant continuity of mineralization in the vertical dimension as well as the northwest and northeast directions.
Figure 2 shows a cross-section through holes 1, 2, 5 and 8 at Alpala. Hole 8 intersected extensive basaltic andesite and andesite volcanic lavas with lesser volcanic breccia from surface to 715m depth followed by several phases of intrusion that comprise microdiorite, diorite and quartz diorite from 715m to end of hole at 1310.45m.
Extensive lower grade copper and gold mineralization at shallow levels occurs within and around the interpreted early diorite and microdiorite intrusions and overlying volcanic host rocks, over a vertical extent exceeding 500 metres. These diorite and microdiorite intrusions are preserved in the northeast hanging wall to a quartz diorite intrusion that occurs at depth in Hole 8, and was widely intersected in Hole 5 (Figure 2).
High grade copper and gold mineralization occurs within the interpreted younger quartz diorite intrusion that was emplaced along the Alpala Footwall Structure (Figure 3). The high-grade copper-gold mineralization also extends into and overprints the early diorite body.
The quartz B-vein shell, that hosts much of the copper and gold mineralization in porphyry copper deposits, appears to be developed around both the shallow diorite intrusions and the quartz diorite intrusion, suggesting that both phases may have contributed metal to the Alpala deposit (Figure 2).
Copper sulphide mineralization in Hole 8 is dominated by chalcopyrite, with significantly lesser bornite and traces of molybdenite. Plates 1, 2 and 3 show the style of disseminated mineralization encountered near the bottom of Hole 8. Fine grained disseminated chalcopyrite mineralization picked up in intensity over the last 50 metres of the drill hole as it penetrated deeper into the broadening quartz diorite body.
Hole 8 was terminated on 11 October at a depth of 1310.45m. The drill hole intersected extensive high grade copper and gold mineralization from 862m to the end of hole at 1310.45m depth, yielding an intersection of 448.45m grading 0.56% copper and 0.64 g/t gold. This intersection equates to 448.45m at 0.95 % Cu-equivalent. Using a copper price of US$6614/tonne and a gold price of US$40/gram, the Cu-equivalent ("Cu-Eq.") grade is calculated by [Cu-Eq. = Cu% + (Au g/t x 0.6)].
Hole 9
Hole 9 is located 120m north of the Hole 5 drill pad and is being drilled with an 85 degree inclination towards 210 degrees UTM (Universal Transverse Mercator). Drilling commenced on October 28, and as of November 6 the hole was at 378 metres depth and progressing towards top of target at 860 metres downhole depth.