Apr 13 2016
Cornerstone Capital Resources Inc. 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. SolGold Plc is funding 100% of the exploration at Cascabel and is the operator of the project.
HIGHLIGHTS:
- Porphyry style mineralization discovered on surface 100m south of the surface projection of Alpala Structural Zone (ASZ), defining a new target area, Alpala South.
- 1:500 scale geological mapping progresses and upgrades the Hematite Hill Prospect.
- Detailed geological mapping continues as rock-saw channel sampling begins over both Hematite Hill and Alpala South areas.
Figures, photographs and tables referred to in this news release can be seen in PDF format by accessing the version of this release on the Company's website (www.cornerstoneresources.com) or by clicking on the link below:
http://www.cornerstoneresources.com/i/pdf/NR16-07Figures.pdf.
DETAILED INFORMATION:
Cascabel Project
The Cascabel Project is located within the northern portion of the Andean copper belt (refer Figure 1 Regional Setting). The project is located on a sealed multi-lane national highway at a low elevation with abundant water, labour, hydroelectric power, and a short 80km distance to a Pacific deep water port site at San Lorenzo and 180kms to an established deep water port at Esmeraldas (refer Figure 2 Location Map).
Field Work Update
Ongoing expansion of 1:500 scale geological mapping and rock-saw channel sampling across the growing Cascabel porphyry field has led to another discovery of porphyry copper-gold mineralization in outcrop, along the northern and southern slopes of the newly discovered Alpala South prospect, which lies 400m due south of Hole 5 at Alpala Central (Figure 3). The extent of outcropping mineralization at Alpala South and Hematite Hill has not yet been defined, as mapping continues over the ridges that separate Alpala Central and Alpala Southeast (Figure 4).
The prospective centres at Alpala South and Hematite Hill occur within an area of elevated magnetic response within part of the complex magnetic signature that occurs over the wider Alpala area, known as the Alpala Magnetic Complex (Figure 5).
These new prospects occur along either side of the south-eastern extension of the surface projection of Alpala Structural Zone ("ASZ"). The ASZ is a deep seated regional north‐west trending structure inferred to be a zone of crustal weakness tapping into copper and gold rich intrusions at Alpala Central.
The presence of a discrete copper / zinc soil anomaly, supports a preserved porphyry centre characterized by higher temperatures of mineralization. This geochemical signature is typical of the metal zonation around many global porphyry copper‐gold deposits. The occurrences of more distinct copper / zinc anomalies further south of Alpala South, and at Alpala Southeast are priority areas for the ongoing reconnaissance field inspection (Figure 6).
The outcrops at Alpala South contain porphyry style quartz - iron oxide veins, the fresh sulphides having been leached from the weathering environment. The veining occurs within volcanic host rocks in a sheeted form, with veins orientated along a WNW trend, and dipping steeply towards the NNE (Figures 7 and 8).
The Alpala South discovery, like the recent finds of outcropping copper and gold mineralization at Aguiñaga and Trivino, highlights the fertility and potential of the broader porphyry copper-gold system at Cascabel.