Oct 9 2013
Cornerstone Capital Resources Inc. announces an update on recent developments at the Cascabel copper-gold Project in northern Ecuador. This report does not constitute a drilling report as assays from mineralized core have not yet been received.
"We are very pleased with the visual intercepts from holes CSD 13-001 and 13-002" stated Cornerstone's President & CEO, Brooke Macdonald. "Geology, alteration and mineralization are supportive of the exploration model developed on this project. The next few holes will test what we believe is the core of this potentially very large porphyry system".
SolGold Plc holds a 50% interest, and can earn up to an 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 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.
Regional Target Area
The Alpala prospect comprises porphyry copper-gold mineralization outcropping in erosional gullies along the Alpala drainage system, where surface trenching has identified mineralized sheeted and stockwork quartz veins bearing the copper sulphide minerals chalcocite, covellite, bornite and chalcopyrite.
In the broader context, the area of outcropping porphyry copper-gold mineralization at Alpala lies beneath a 2.5 km by 1 km zone of intense acid alteration at higher elevations on the northwest and southeast margins of the Alpala drainage system. This zone of acid alteration defines a 'lithocap' (a capping zone of acid clay and silica hydrothermal alteration that typically forms at shallow levels overlying porphyry copper-gold deposits; Figures 1a and 1b).
The lithocap is centred over a 2.5-km-long by 1-km-wide magnetic high anomaly (Figure 1a), which defines the broader extent of the Alpala target, and is associated with widespread geochemical anomalism (copper, gold, molybdenum) in soil samples. Within this broader zone of magnetic rocks, there is a modeled magnetic core, which forms an interpreted 'apophysis' (a tapering offshoot from a larger igneous intrusive mass) located under the southeast lobe of the lithocap (Figure 1b). Deeper and more subtle magnetic apophyses lie under the northwest lobe of the lithocap. These apophyses are yet to be drill tested in the broader Alpala region.
Drill Hole CSD-13-002 Intersects Visually Identified Porphyry Copper Mineralization
Completed drill holes at Alpala, CSD-13-001 and CSD-13-002, were drilled in the area of outcropping sheeted and stockwork veins. The visual results from drill hole CSD-13-001 were reported on the 11th September and assay results are expected in mid-October.
Drill hole CSD-13-002 commenced drilling on 15 September and was terminated at 547.42 metres depth on 3 October. The hole was drilled with an azimuth of 090 degrees and a dip of 60 degrees. The drill hole was centred in the area of mineralized trenches at Alpala and drilled to test the extension of porphyry stockwork mineralization at depth to the east of hole CSD-13-001 (Figure 2).
This second drill hole at Alpala encountered an extensive zone of phyllic alteration (quartz-sericite-pyrite) in the upper part of the hole before transecting alternating zones of argillic, propylitic and phyllic alteration in the lower part of the hole (Figure 2). The drill hole intersected a number of zones of visible copper-sulphide minerals within diorite intrusives and volcanic country-rock, extending from near surface to near the bottom of the hole (Figure 2). Visible fine-grained and coarse-grained bornite and/or chalcopyrite were observed in these intervals. Photos from core samples of some of the better-mineralized examples can be seen along with the figures and down-hole locations of samples are plotted on Figure 2. The presence of bornite and chalcopyrite through substantial sections of the latest drill hole, in conjunction with the interpreted position of the hole at high levels on the margin of the mineralizing system at Alpala, suggest that the hole was drilled within an extensive halo to the main prophyry zone. The next three holes of the Phase 1 drill program will progressively step further afield and test a number of magnetic targets that collectively make up the regional magnetic anomaly.
At this early stage, several particularly encouraging features of hole CSD-13-002 are:
- Clasts of potassic-altered diorite (i.e. containing potassium feldspar and magnetite) were observed around 205m depth and build confidence that the potassic core to porphyry mineralization is associated with parts of the extensive magnetic anomaly to the southeast or northwest as plotted (Figure 1a).
- Long intercepts of mineralization in hole CSD-13-002 (whose grade is yet to be determined by assay) suggest that the hole lies within a broad regional halo of copper mineralization. The Company believes this may surround a central body of porphyry copper-gold mineralization that is the principal target for ongoing drilling.
- The lateral area tested by holes CSD-13-001 and CSD-13-002 comprises a small portion of the extensive target area defined by surface geochemistry (stream sediment, soil and rockchip samples), magnetics and alteration mapping at Alpala.
Hole CSD-13-003 Underway
Drill hole CSD-13-003 commenced drilling on October 6th. This hole is targeted to test the main magnetic body under the southeast lobe and has a planned depth of 750 metres.