Feb 3 2015
Cornerstone Capital Resources Inc. ("Cornerstone" or "the Company") 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.
HIGHLIGHTS:
- CSD-15-010 ("Hole 10") commences drilling at Alpala Cu-Au target.
- Hole 10 targets high-grade Cu-Au zones intersected in Hole 9.
- High-grade Cu-Au zones in Hole 9 open to northwest and southeast.
- Hole 10 to extend northern strike test of high grade target 300 m long 1000 m vertically and composite 100 m thick previously intersected in two zones on holes 5 and 9
- Hole 9 terminated at 1757.35m.
- Abstract of Technical presentation by Dr. Bruce Rohrlach, SolGold GM Exploration, at RoundUp Conference in Vancouver, January 28, on website.
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:
http://www.cornerstoneresources.com/i/pdf/NR15-03Figures.pdf
FURTHER INFORMATION
Drilling of Hole 10 commenced on January 26, 2015. On February 1, 2015 the hole was at a depth of 131 metres.
Hole 10 is being drilled from the Hole 9 pad with an azimuth of 260 degrees UTM (Universal Transverse Mercator) and an inclination of -85 degrees. Hole 10 is targeted to intersect the northwest strike extension of the high grade copper - gold zones intersected in Hole 9 (Hole 9 assays released to market on January 12, 2015). The interpreted intersection of these high grade zones in Hole 10 is approximately 80 metres northwest of the high grade zones intersected in Hole 9 (Figure 1).
Hole 9 was terminated on January 12, 2015 at a depth of 1757.35m due to poor ground conditions. After attempts (and days) to try and continue with the hole were unsuccessful, it was decided that the best course of action was to terminate the hole and commence Hole 10.
Assays from 1700.80m to 1757.35m depth have been received from Hole 9. The two intervals with updated intersections for Hole 9 are:
From 430 to 1757.35m: 1327.35m grading 0.57% Cu, 0.74 g/t Au (1.01% Cu-Eq.) True width 796.4m
From 650 to 1738m: 1088.00m grading 0.66% Cu, 0.89 g/t Au (1.19% Cu-Eq.) True width 652.8m
RoundUp Conference, Vancouver, Canada
Dr Bruce Rohrlach, SolGold GM Exploration gave a technical presentation at the Exploration RoundUp Conference in Vancouver on January 27. An abstract of his presentation is on the company's website.
About Cascabel
SolGold Plc owns 85% of the equity of Exploraciones Novomining S.A. ("ENSA"), an Ecuadorean registered 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 with Cornerstone Ecuador S.A. providing some exploration and administrative services. Cornerstone's 15% interest is financed through completion of a feasibility study.
Cascabel 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 inferred resource of 982 million tons at 0.89% Cu Junin copper project (0.4% Cu cutoff 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.
Logging, sampling and assaying
Holes referred to in this release were or are being drilled using HTW, NTW, NQ and BQ core sizes (respectively 7.1, 5.6, 4.8 and 3.7 cm diameter). Geotechnical measurements such as core recovery, fracturing, rock quality designations (RQD's); specific density and photographic logging are performed systematically prior to assaying. The core is logged, magnetic susceptibility measured and key alteration minerals identified using an on-site portable spectrometer. Core is then sawed in half at the core logging facility of Exploraciones Novomining S.A., the Ecuadorean company owned 85% by SolGold Plc and 15% by Cornerstone ("ENSA"), and half of the core is delivered by ENSA employees for preparation at Acme Analytical Laboratories (ACME) affiliate laboratory in Cuenca. Core samples are prepared crushing 1 kg to 80% passing 2 mm (10 mesh), splitting 250 g and pulverizing to 85% passing 0.075 mm (200 mesh) (ACME code R200-250). Prepared samples are then shipped to ACME in Vancouver, Canada where samples are assayed for a multi-element suite (ACME code 1E, 0.25g split, 4-acid digestion, ICP-ES finish). Over limit results for Ag (> 100 g/t), Cu, Pb and Zn (each one > 1%) are systematically re-assayed (ACME code 7 TD1 or 7 TD2, 4-acid digestion, ICP-ES finish). Gold is assayed using a 30 g split, Fire Assay (FA) and AA or ICP-ES finish (ACME code G601).
Quality assurance / Quality control (QA/QC)
The ACME affiliate preparation facility in Cuenca was audited by Cornerstone prior to the start of the drilling program and ACME is an ISO 9001:2008 qualified assayer that performs and makes available internal assaying controls. Duplicates, certified blanks and standards are systematically used (1 control sample every 15 samples) as part of Cornerstone's QA/QC program. Rejects, a 100 g pulp for each core sample and the remaining half-core are stored for future use and controls.
Other News
The Board of Directors has approved the granting of annual stock options totaling 2,360,000 to directors, officers, consultants and employees of the Company effective January 29, 2015. These options have been priced at $0.10 and have an expiry date of January 29, 2020. As per the Company's approved Stock Option Plan, these options vest in three equal tranches over an eighteen month period from the date of issue.