Cornerstone Capital Resources Inc. (“Cornerstone” or “the
Company”) (TSXV-CGP) (F-GWN) (B-GWN) (OTC-CTNXF) is
pleased to provide an update on its Bramaderos gold and copper
joint venture in southern Ecuador in which it has a 12.5% interest
carried by JV partner and project operator Sunstone Metals Inc.
(ASX: STM) through to the start of commercial production (see
“About Bramaderos”, below).
Figures related to 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/NR20-10Figures.pdf.
HIGHLIGHTS:
- Individual surface rock chip samples return up to
11.6g/t gold and 2960g/t silver (see Table 1,
below)
- Espiritu outlined over an 800m strike with multiple
interpreted lodes
- Mapping of the distribution of clay alteration, quartz
veining, barite and metal values (gold-silver-lead-zinc-copper)
indicate multiple parallel lodes
- Further sampling, trenching and mapping followed by
drilling will take place as soon as Ecuador’s COVID-19 restrictions
allow
FURTHER INFORMATION:
The Espiritu target (Figure 1)
was developed based on soil geochemical results and structural
interpretations from field mapping and detailed ground magnetic
data.
Results have been received from exploration
undertaken prior to the temporary suspension of activities in
Ecuador due to the Covid-19 pandemic. The exploration has included
geological mapping, surface rock chip sampling and some trenching
to test outcropping mineralization.
The results include high gold and silver assays
from rock chip samples of quartz-barite veining associated with
argillic alteration. Other samples are highly anomalous in
epithermal related pathfinder elements such as lead, zinc, and
copper (Figures 2 and 3). These related elements
can be detected using handheld XRF analysis which provides a guide
for further detailed sampling and laboratory analysis.
The Espiritu trench, ES-01, is partially
complete and some samples are awaiting analysis at the laboratory.
The handheld XRF analyses shown in Figure 2 for
zinc are used as a guide only to identify areas of alteration with
the potential to host gold and silver, to be confirmed once
laboratory assays are completed.
Data so far suggests a north-north-east trend to
the anomalous gold and pathfinder elements and this trend
corresponds with linear breaks in the ground magnetic imagery. An
800m strike extent to mineralization has been defined by work to
date (Figure 2) and this could double to 1,600m
based on early stage reconnaissance that has identified scattered
gold anomalous samples along the north-north-east trend
(Figure 3). This will be followed up once field
work resumes.
Cornerstone VP Exploration, Yvan Crepeau,
said:
“These are new and very encouraging results. Espiritu sits
within the previously defined ‘epithermal corridor’ that extends to
the south-west where it incorporates the 2 million-ounce epithermal
Dynasty Goldfield. In light of these high-grades and the extensive
strike length, we will resume sampling and trenching as soon as
possible with a view to drilling at Espiritu at the first
opportunity.”
Sample ID |
Easting |
Northing |
Elevation |
Sample Type |
Sample Method |
Rock Type |
Au (ppm) |
Ag (ppm) |
As (ppm) |
Cu (ppm) |
Pb (ppm) |
Zn (ppm) |
111112 |
632340 |
9550548 |
1111 |
Float |
Grab |
Altered Rock |
11.63 |
2962 |
287.1 |
134320 |
>10000 |
5428 |
51481 |
632271 |
9550531 |
1086 |
Float |
Grab |
Altered Zone |
3.698 |
26.67 |
22.7 |
58.1 |
723.8 |
264 |
CUFS03112 |
632002 |
9550861 |
1107 |
Outcrop |
Chip |
Vein |
1.833 |
27.3 |
741 |
15 |
248 |
23 |
51356 |
632232 |
9550396 |
|
Float |
Chip |
Altered Zone |
1.801 |
181 |
73.3 |
3658.5 |
>10000 |
751 |
110301 |
632002 |
9550858 |
1105 |
Outcrop |
Grab |
Hydrothermal Breccia |
1.615 |
38.62 |
1048.9 |
15 |
1594.6 |
22 |
111314 |
631842 |
9550341 |
951 |
Outcrop |
Chip |
Altered Rock |
1.229 |
22.61 |
131.6 |
69.7 |
2638.1 |
81 |
111308 |
632239 |
9550433 |
1032 |
Float |
Chip |
Andesitic Tuff |
0.835 |
634 |
224.1 |
9626.3 |
190890 |
2619 |
111338 |
632225 |
9550145 |
945 |
Float |
Chip |
Altered Zone |
0.826 |
13.24 |
27.4 |
27.4 |
519.5 |
181 |
111336 |
632178 |
9550328 |
997 |
Float |
Chip |
Altered Zone |
0.558 |
161 |
295.9 |
250.2 |
15300 |
106 |
111332 |
631904 |
9550440 |
1016 |
Sub-Outcrop |
Chip |
Altered Zone |
0.48 |
6.18 |
334.8 |
217.6 |
1482.1 |
617 |
CUEA030157 |
632137 |
9550160 |
838 |
Trench |
2m Channel |
Andesitic Breccia |
0.442 |
4.3 |
43 |
47 |
171 |
655 |
111330 |
632047 |
9550558 |
1083 |
Outcrop |
Chip |
Altered Rock |
0.416 |
3.6 |
2775.1 |
26.6 |
9.4 |
27 |
CUEA030163 |
632270 |
9550275 |
838 |
Trench |
0.1m Channel |
Vein |
0.368 |
25.9 |
132 |
275 |
1880 |
521 |
111303 |
632069 |
9550412 |
976 |
Outcrop |
Chip |
Hydrothermal Breccia |
0.315 |
5.11 |
204.1 |
9.7 |
70.8 |
8 |
111309 |
632263 |
9550486 |
1065 |
Float |
Chip |
Altered Rock |
0.267 |
51.44 |
23.7 |
91.2 |
1488.8 |
81 |
111064 |
632962 |
9551475 |
1009 |
Float |
Grab |
Altered Zone |
0.236 |
3.18 |
852.3 |
61.4 |
179.9 |
148 |
111335 |
631992 |
9550373 |
984 |
Outcrop |
Chip |
Altered Zone |
0.232 |
3 |
16.5 |
8.6 |
44.7 |
25 |
111339 |
632343 |
9550080 |
927 |
Outcrop |
Chip |
Andesitic Tuff |
0.216 |
11.6 |
146.3 |
26.6 |
791.7 |
27 |
111213 |
632346 |
9550580 |
1134 |
Subcrop |
Chip |
Altered Zone |
0.214 |
10.34 |
74.2 |
434.4 |
197 |
326 |
111341 |
632326 |
9550125 |
967 |
Sub-Outcrop |
Chip |
Hydrothermal Breccia |
0.213 |
6.9 |
70.8 |
9.9 |
108.7 |
70 |
111333 |
632213 |
9550351 |
1011 |
Sub-Outcrop |
Chip |
Hydrothermal Breccia |
0.209 |
5.23 |
142.4 |
10.1 |
80.5 |
20 |
111337 |
632169 |
9550311 |
984 |
Float |
Chip |
Altered Zone |
0.208 |
30.55 |
190.1 |
69.1 |
3329.8 |
71 |
Table 1: Rock chip assay data
from Espiritu target.
Update on Suspension of Field Activities
in Ecuador
Exploration activities at the Bramaderos Project
have been temporarily suspended in line with the COVID-19
directives of the Ecuadorian government. Cornerstone and joint
venture partner and project operator Sunstone Metals are
maintaining communication with all employees and stakeholders in
Ecuador. Desktop activities, primarily in Australia, are ongoing as
we interpret data to move target areas towards being drill-ready
when the suspensions are lifted.
About Bramaderos
Measuring 4,948 hectares, the Bramaderos project
is located approximately 130km from the Loja provincial capital in
southern Ecuador. The project is easily accessible via the Pan
American Highway that crosses the property.
The Bramaderos concession is owned by La Plata
Minerales S.A. (“PLAMIN”), which in turn is owned 87.5% by Sunstone
(the project operator) and 12.5% by Cornerstone. Cornerstone’s
12.5% interest is carried by Sunstone through to the start of
commercial production and repayable at Libor plus 2% out of 90% of
Cornerstone’s share of earnings or dividends from the Bramaderos
project (see news release 20-01 dated January 7, 2020).
More information about the property can be found
at www.cornerstoneresources.com.
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 Bramaderos project for Cornerstone and
has reviewed and approved the information contained in this news
release.
Sampling and assaying
PLAMIN uses a fire assay gold technique for Au
assays (FAS-111) and a four acid multi element technique (IMS-230)
for a suite of 48 elements. FAS-111 involves Au by Fire Assay on a
30-gram aliquot, fusion and atomic absorption spectroscopy (AAS) at
trace levels. IMS-20 is considered a near total 4 acid technique
using a 20g aliquot followed by multi-element analysis by
ICP-AES/MS at ultra-trace levels. This analysis technique is
considered suitable for this style of mineralization.
Standards, blanks and duplicates are inserted
~1/28 samples. The values of the standards range from low to high
grade and are considered appropriate to monitor performance of
values near cut-off and near the mean grade of the deposit. The
check sampling results are monitored and performance issues are
communicated to the laboratory if necessary.
Sample security was managed through sealed
individual samples and sealed bags of multiple samples for secure
delivery to the laboratory by permanent staff of the joint venture.
MS Analytical is an internationally accredited laboratory that has
all its internal procedures heavily scrutinized in order to
maintain their accreditation. MS Analytical is accredited to
ISO/IEC 17025 2005 Accredited Methods.
PLAMIN’s sampling techniques and data have been
audited multiple times by independent mining consultants during
various project assessments. These audits have concluded that the
sampling techniques and data management are to industry standards.
All historical data has been validated to the best degree possible
and migrated into a database.
Rock samples are collected by PLAMIN’s
personnel, placed in plastic bags, labeled and sealed, and stored
in a secure place until delivery by PLAMIN employees to the LAC y
Asociados ISO 9001-2008 certified sample preparation facility in
Cuenca, Ecuador.
Rock samples are prepared crushing to 70%
passing 2 mm (10 mesh), splitting 250 g and pulverizing to 85%
passing 75 microns (200 mesh) (MSA code PRP-910). Prepared samples
are then shipped to MS Analytical Services (MSA), an ISO 9001-2008
laboratory in Langley, BC, Canada, where samples are assayed for a
multi-element suite (MSA code IMS-136, 15.0 g split, Aqua Regia
digestion, ICP-AES/MS finish) and gold by Fire Assay (MSA code
FAS-111, 30 g fusion, AAS finish). Over limit results for Cu
(>1%) are systematically re-assayed (MSA code ICF-6Cu, 0.2 g,
4-acid digestion, ICP-AES finish). Gold is assayed using a 30 g
split, Fire Assay (FA) and AAS finish (MSA code FAS 111).
Over limit results for Au (>10 g/t) are systematically
re-assayed (MSA code FAS-415, FA, 30g., gravimetric finish).
Soil samples are dried at low temperature,
screened to 80 mesh (MSA code PRP-757); a 15 grams portion is then
assayed for a multi-elements suite (MSA code IMS-136, Aqua Regia
digestion, ICP-AES/MS finish).
Quality assurance / Quality control
(QA/QC)
The MSA Analytical Laboratory is a qualified
assayer that performs and makes available internal assaying
controls. Duplicates, certified blanks and standards are
systematically used (1 control sample every 20-25 samples) as part
of PLAMIN’s QA/QC program. Rejects, a 100 g pulp for each rock
sample, are stored for future use and controls.
About Cornerstone
Cornerstone Capital Resources Inc. is a mineral
exploration company with a diversified portfolio of projects in
Ecuador and Chile, including the Cascabel gold-enriched copper
porphyry joint venture in northwest Ecuador. Cornerstone has a
22.2% direct and indirect interest in Cascabel comprised of (i) a
direct 15% interest in the project financed through to completion
of a feasibility study and repayable at Libor plus 2% out of 90% of
its share of the earnings or dividends from an operation at
Cascabel, plus (ii) an indirect interest comprised of 8.5% of the
shares of joint venture partner and project operator SolGold Plc.
Exploraciones Novomining S.A. (“ENSA”), an Ecuadoran company owned
by SolGold and Cornerstone, holds 100% of the Cascabel concession.
Subject to the satisfaction of certain conditions, including
SolGold’s fully funding the project through to feasibility, SolGold
Plc will own 85% of the equity of ENSA and Cornerstone will own the
remaining 15% of ENSA.
Further information is available on
Cornerstone’s website: www.cornerstoneresources.com and on
Twitter. For investor, corporate or media inquiries, please
contact:
Investor Relations: Mario Drolet; Email: Mario@mi3.ca; Tel.
(514) 904-1333
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at http://www.cornerstoneresources.com/s/InformationRequest.asp
Cautionary Notice:This news
release may contain ‘Forward-Looking Statements’ that involve risks
and uncertainties, such as statements of Cornerstone’s beliefs,
plans, objectives, strategies, intentions and expectations.
The words “potential,” “anticipate,” “forecast,” “believe,”
“estimate,” “intend”, “trends”, “indicate”, “expect,” “may,”
“should,” “could”, “project,” “plan,” or the negative or other
variations of these words and similar expressions are intended to
be among the statements that identify ‘Forward-Looking
Statements.’ Although Cornerstone believes that its
expectations reflected in these ‘Forward-Looking Statements’ are
reasonable, such statements may involve unknown risks,
uncertainties and other factors disclosed in our regulatory
filings, viewed on the SEDAR website at www.sedar.com. For
us, uncertainties arise from the behaviour of financial and metals
markets, predicting natural geological phenomena and from numerous
other matters of national, regional, and global scale, including
those of an environmental, climatic, natural, political, economic,
business, competitive, or regulatory nature. These
uncertainties may cause our actual future results to be materially
different than those expressed in our Forward-Looking
Statements. Although Cornerstone believes the facts and
information contained in this news release to be as correct and
current as possible, Cornerstone does not warrant or make any
representation as to the accuracy, validity or completeness of any
facts or information contained herein and these statements should
not be relied upon as representing its views after the date of this
news release. While Cornerstone anticipates that
subsequent events may cause its views to change, it expressly
disclaims any obligation to update the Forward-Looking Statements
contained herein except where outcomes have varied materially from
the original statements.
On Behalf of the Board, Brooke Macdonald President and CEO
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
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