Dec 3 2013
Cornerstone Capital Resources Inc. ("Cornerstone" or "the Company") reports partial visual results for drill hole CSD-13-005 at the Alpala prospect within the Cascabel Project, the Company's copper-gold porphyry exploration project in northern Ecuador (refer Figure 1). Assay results for this hole have not yet been received.
Highlights:
- Pervasive quartz veining and intermediate to strong copper sulphide mineralization has been observed in the upper part of hole CSD-13-005:
- 345m interval (75-420m) containing porphyry copper-gold-related quartz veining which is open at depth.
- Intermediate to well-mineralized chalcopyrite and bornite observed from 249m to 349m.
- Higher grade intervals expected to be associated with zones of more intense sheeted and quartz stockwork veining.
- Drill hole CSD-13-006 has been sited and the drill pad ready for mobilization of the drill rig once hole CSD-13-005 is complete.
Location map of Cascabel Project and showing major mineral deposits in Ecuador
References to figures and table 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/NR13-30Figures.pdf.
Drill Hole CSD-13-005 Visual Summary
Drill hole CSD-13-005 was sited to test the depth extension of the intersections previously obtained in the first drill hole at Alpala, CSD-13-001. Hole CSD-13-001 was drilled towards the southwest with a 60 degree dip angle, while hole CSD-13-005 is being drilled with the same azimuth but at a much steeper dip angle of 85 degrees. CSD-13-005 is being drilled to undercut the mineralized zones in hole CSD-13-001 (upper zone: 104m at 0,37% Cu and 0.38 g/t Au, including 34m at 0.46% Cu and 0.50 g/t Au; and lower zone: 100m at 0.65% Cu and 1.00 g/t Au, including 58m at 0.96% Cu and 1.67 g/t Au), and to provide a deeper test of the mineralized corridor that has been identified to trend through the Alpala Creek region.
The current planned depth for drill hole CSD-13-005 is 850m. As of Thursday November 28th the depth was 454.7m and a further drill hole length of 400m is envisaged, or further while the hole is in mineralization.
The geology in the interval 0-420m down hole has been reviewed on site during the past week, and the Company is pleased to announce the following observations:
- Various copper sulphide minerals (chalcopyrite, bornite and chalcocite) have been observed in the interval from surface to 420m depth, the current depth at which the core has been observed at the Rocafuerte site office.
- The interval from 75m depth to 420m depth exhibits significant intensities of stockwork and locally sheeted quartz veining, with logged vein densities varying from 2 to 35 veins per metre, and with average logged vein densities between 137.2m and 395.6m being over 10 quartz veins per metre (examples of some more highly veined intervals are shown in Figures 8, 9 and 10).
- Chalcopyrite is the most dominant observed copper-sulphide mineral, occurring as inclusions within many of the quartz veins as well as disseminations in the host diorite intrusion. Bornite and chalcocite (copper-sulphide minerals with 66% and 80% copper content respectively) are also observed in several zones (from 137.2m to 226m and from 256.9m to 349.6m).
- The interval from 75m to 420m is characterized by potassic alteration, with abundant magnetite relic in the drill core. The potassic alteration has been strongly overprinted by lower-temperature phyllic alteration that has converted magnetite to hematite and potassium feldspar to sericite micas.
- While grades are unknown at present, the Company is pleased with the visual results from hole CSD-13-005 to date.
Figure 3 is a northeast-southwest cross-section through holes CSD-13-001 and CSD-13-002 at Alpala and illustrates the concept and target that is being tested with hole CSD-13-005.
Present interpretations are that Mo soil anomalies in the Alpala Creek area, supported by more restricted Cu and Au soil anomalies, define an approximately 300m-wide north-west trending structural corridor that appears to be mineralized at shallow levels. In the present area of drilling at Alpala, there appears to be at least two, and may be several more, steep zones of sheeted porphyry quartz veins that exhibit higher grade, with the intervening areas being characterized by less-aligned and more stockwork-like veins. These steep zones of sheeted veins and their envelopes of stockwork veins are likely controlled by northwest-trending structures and collectively define a 300m-wide mineralized corridor at shallow levels (see Figure 3) that may extend over a strike length of around 600m at surface based on the strike extent of a major associated molybdenum soil anomaly.
The mineralized corridor exhibits strong molybdenum (Mo) anomalism in surface soil samples since Mo is a relatively immobile element in the soil profile (Figure 3).
The northwest-trending faults and sheeted sets of well-mineralized porphyry quartz veins are interpreted to tap into an inferred larger body of mineralization at depth that is the principal target for the current hole (CSD-13-005) and the next hole (CSD-13-006) that will be sited north of holes 1 and 5 and which will test a coincident molybdenum and gold anomaly at surface (Figure 2).
Other high quality targets exist on the southeastern, northeastern and northwestern parts of the magnetic complex.
About Cascabel
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 tons 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.
Brooke Macdonald, President of Cornerstone, commented, "This year we have re-focused Cornerstone exclusively on our Ecuadorean and Chilean projects, which we believe have the potential to deliver superior returns to our shareholders. Changes earlier this year to the Mining Law in Ecuador, to cap government royalties and to clarify that the windfall profits tax applies only after mine payback, have removed a large obstacle to investment in the mining sector. The potential geological endowment of Ecuador remains unknown due to under exploration but may be unparalleled."
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 and has reviewed and approved the information contained in this news release.
Logging, sampling and assaying
Hole CSD 13-005 was drilled using HTW and NTW core sizes (respectively 7.1 and 5.6 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 Cornerstone's core logging facility and half of the core is delivered by Cornerstone 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.