Sep 1 2015
Cornerstone Capital Resources Inc. ("Cornerstone" or "the Company") announces additional results from the exploration program on its Caña Brava gold-silver-copper property located in south-central Ecuador, and a drill proposal to test high quality targets. Cornerstone has an option to earn a 100% interest in Caña Brava.
HIGHLIGHTS:
- 20 Trenches completed and 301 channel samples collected.
- Systematic spectrometry work on soil and rock samples confirms previous geological mapping and exploration targets.
- Two high priority / high potential targets proposed for drilling.
- Phase 1 drilling program prepared: 8 drill holes totaling 3300 metres to test the lower portion of a high sulphidation system transitional to well defined porphyry and relatively shallow porphyry Au-Cu targets.
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/NR15-19Figures.pdf
"We are pleased with the high quality of drill targets defined at Caña Brava" said Brooke Macdonald, CEO of Cornerstone. "Recent changes made by the Ecuador Government, reducing the overall tax burden on mining projects to a competitive level with most of the other South America mining jurisdictions, together with the planned simplification of mining regulations will make it easier to fund and implement exploration activities in the future. Cana Brava has never been drilled in the past and is available for joint venture".
The 1,150 hectares Caña Brava property is located in south central Ecuador near the community of Gualel in the province of Loja, approximately 35 km northwest of the provincial capital city of Loja (Figure 1). The project area is situated in the Ecuadorian Andes on the east side of the Cordillera Occidental at elevations ranging from 2,950 m to 3,650 m above sea level. Access from Loja (or from the city of Cuenca to the north) is provided by paved roads and a secondary gravel road to Gualel, from which trails provide access to the property (Figure 1).
The Caña Brava property is strategically located at the junction of two main trends: 1) in the southwestern (SW) part of a northeast (NE) oriented belt of epithermal precious metal and related mineralized porphyry prospects and deposits, including (from SW to NE) the Caña Brava, Fierro Urco, Cañicapa, Encrucijada, Mozo and Gima prospects, and 2) a northwest-southeast (NW-SE) oriented belt of intrusives and associated epithermal and porphyry mineralization (Figure 2).
Following the completion of a systematic and detailed exploration program including geological mapping, ground magnetic survey, soil and rock sampling, results were released on February 26, 2015 (News Release 15-04), a trenching program was completed (20 trenches, 599 metres, 301 channel samples), spectrometry (Terraspec) work carried out on soil samples (552), rock chips and channel samples (706) and a Phase 1 drill program has been prepared. This proposal includes eight diamond drill holes totaling 3300 metres (Figures 3 and 4). The Terraspec work confirmed previous geological mapping, detailed alteration facies and identified high temperature muscovite-sericite micas indicating the relative proximity of intrusive rocks interpreted as being the heat source that produced alteration of country rocks and deposition of metals.
Six holes are proposed to test the Quebrada Soroche target area hosting high temperature advanced argillic epithermal alteration and mineralization transitional to well defined porphyry Cu-Au-Mo style of alteration and mineralization at relatively shallow depth. The Quebrada Soroche target is characterized by highly anomalous gold, silver, copper and molybdenum in soils, in rock chip and channel samples, coincident with a magnetic anomaly interpreted to represent a causative intrusive at depth. Geological mapping evidenced a strong east-west structural control. Five 400m deep holes are planned to test the 700m by 600m central part of the target area (1.7km by 1 km overall size) and one (1) hole to test the eastern portion of the target area where controlling structures are northeast oriented, for a total of 2400m (Figures 5 and 6).
Two holes totaling 900m are proposed to test the Quebrada Caña Brava target area (1000m by 900m in size) which represents a lower portion of the transition zone to a potassic altered intrusive. The area is characterized by moderately anomalous gold, copper and molybdenum associated to high temperature argillic and phyllic alteration and to a potassic altered granodiorite intrusive to the east (Figures 7 and 8).
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.
Assaying
All samples were delivered by Cornerstone employees for preparation at Acme Analytical Laboratories (ACME) affiliate laboratory in Cuenca. Rock samples are prepared by crushing 1 kg to 80% passing 2 mm (10 mesh), splitting 250 g and pulverizing to 85% passing 0.06 mm (150 mesh) (ACME code PRP 80-250). Soil samples are prepared being dried at low temperature, sieved 100g to 80 mesh (ACME code SS80)
Prepared samples are then shipped to ACME in Vancouver, Canada where rock samples are assayed for gold (ACME code FA430: F.A., 30g, AAS finish) and a multi-element suite (ACME code AQ201: 15 g split, Aqua Regia digestion, ICP-MS finish). Soil samples are assayed for gold and a multi-element suite (ACME AQ201: 15 g split, Aqua Regia digestion, ICP-MS finish)
Quality Assurance / Quality Control (QA/QC)
The ACME affiliate preparation facility in Cuenca was audited by Cornerstone. ACME is an ISO 9001:2008 qualified assayer that performs and makes available internal assaying controls. Duplicates, certified blanks and standards are systematically used as part of Cornerstone's QA/QC program. Rejects and 100 g pulps for each rock sample are stored in Cuenca for future use and controls.