Cornerstone Capital Resources Inc. (“Cornerstone” or “the
Company”) (TSXV:CGP) (Frankfurt:GWN1) (Berlin:GWN1)
(OTC:CTNXF) is pleased to announce the following drilling
update on its Tandayama-America (TAM) porphyry copper-gold
mineralized target located 3km north of the Alpala Deposit1 at its
Cascabel copper-gold porphyry joint venture project in northern
Ecuador in which Cornerstone has a 15% interest2 financed
through to completion of a feasibility study plus 6.86% of the
shares of joint venture partner and Project operator SolGold Plc,
for a total direct and indirect interest in Cascabel of 20.8%.
Figures referenced in this news release can be viewed through
the following link:
https://cornerstoneresources.com/site/assets/files/5816/nr21-12figures.pdf.
Highlights
-
Drilling at the Tandayama-America Porphyry Copper-Gold target at
Cascabel has intersected significant copper and gold
mineralization.
- Selected
highlights of drill hole assays received from Holes 1 to 7 include:
- Hole 1: 531m @ 0.30% copper
equivalent (CuEq)3 (from 220m), including 272m @ 0.44% CuEq (from
350m)
- Hole 3: 1,040m @ 0.33% CuEq (from
252m), including 350m @ 0.45% CuEq (from 632m)
- Hole 5: 426m @ 0.37% CuEq (from
218m), including 342m @ 0.43% CuEq (from 230m)
- Hole 7: 522m @ 0.38% CuEq (from
230m), including 230m @ 0.44% CuEq (from 276m)
- Assay results
from drill holes 8-10 are pending, and drilling of Holes 9 and 10
is continuing.
- Mineralization
at TAM forms a northwest trending corridor, occupying an area 750m
long x 500m wide extending from surface to a depth of over 1,200m.
Further drilling aims at defining the extent mineralization towards
the northwest, the southeast and at depth where the mineralization
remains open.
- Due to the
significance of results achieved thus far at TAM, additional
diamond drill rigs are to be mobilized to expedite drilling, ahead
of a planned National Instrument 43-101 compliant Maiden Mineral
Resource Estimate later in 2021.
SolGold Executive Board Member and ENSA
President, Jason Ward, commented on the results at TAM:
“Significant copper and gold mineralization at
the TAM target will add to the already impressive metal inventory
at Alpala. The recent drilling results at TAM are indicative of a
significant prospective resource that appears amenable to bulk
surface mining methods. This seems likely to have a major
beneficial impact on the development of the Cascabel property as a
whole and the further upside of a potentially significant deep
target beneath TAM is certainly adding excitement to the growing
possibilities at Cascabel.”
* The reader is cautioned that there has been
insufficient exploration to define a mineral resource at TAM and it
is uncertain if further exploration will result in the target being
delineated as a mineral resource.
Further
Information
The TAM target lies approximately 3km north of
the Alpala Deposit, located on the Cascabel concession within
Imbabura Province in northern Ecuador. The project area lies
approximately 100 km north of the capital city of Quito and
approximately 50 km north-northwest of the provincial capital,
Ibarra
(Figure
1).
Selected highlights of drill hole assays
received from Holes 1 to 7 include4:
Hole
ID |
Fromm |
Tom |
Intervalm |
Cu% |
Aug/t |
Cu.Eq% |
Cut-off(CuEq%) |
Comments |
TAD-20-001 |
220 |
751 |
531 |
0.20 |
0.13 |
0.30 |
0.10 |
Open at Depth |
330 |
624 |
294 |
0.28 |
0.19 |
0.42 |
0.20 |
|
350 |
622 |
272 |
0.29 |
0.19 |
0.44 |
na |
|
TAD-20-002 |
21 |
100 |
79 |
0.11 |
0.15 |
0.22 |
0.10 |
|
202 |
690 |
488 |
0.12 |
0.10 |
0.20 |
0.10 |
Open at Depth |
TAD-20-003 |
252 |
1,292 |
1,040 |
0.24 |
0.11 |
0.33 |
0.10 |
|
502 |
1,214 |
712 |
0.28 |
0.13 |
0.37 |
0.20 |
|
632 |
982 |
350 |
0.34 |
0.15 |
0.45 |
0.30 |
|
TAD-20-004 |
690 |
1,054 |
364 |
0.21 |
0.08 |
0.28 |
0.10 |
|
742 |
1,054 |
312 |
0.23 |
0.09 |
0.30 |
0.20 |
|
TAD-20-005 |
218 |
644 |
426 |
0.25 |
0.16 |
0.37 |
0.10 |
|
230 |
572 |
342 |
0.29 |
0.19 |
0.43 |
0.30 |
|
328 |
566 |
238 |
0.31 |
0.17 |
0.44 |
0.40 |
|
TAD-20-006 |
76 |
434 |
358 |
0.19 |
0.13 |
0.29 |
0.10 |
|
200 |
360 |
160 |
0.32 |
0.22 |
0.49 |
0.20 |
|
232 |
352 |
120 |
0.36 |
0.27 |
0.56 |
0.40 |
|
TAD-20-007 |
230 |
752 |
522 |
0.26 |
0.16 |
0.38 |
0.10 |
|
276 |
506 |
230 |
0.28 |
0.22 |
0.44 |
0.30 |
|
524 |
722 |
198 |
0.29 |
0.14 |
0.40 |
0.30 |
|
Selected examples of mineralization encountered
at TAM to date are provided in Figure 2.
Drilling at TAM continues with three diamond
drill rigs and further expansion of the TAM drilling fleet is
planned (Figure 3).
Cross sections through the centre of the target
are provided in Figure 4.
The intersection of noteworthy porphyry
stockwork mineralization encountered in Hole 9 in the deeper
portions of the drilling area contains high abundance of B-type
quartz-chalcopyrite veining (Figure 5). This
intense mineralization hosted within a pre-mineral intrusive
breccia host rock suggests that a fluid-rich source intrusion may
be intersected through further drilling at depth, and indicates the
potential for a deeper bulk underground target that may lie beneath
the current drilling area. Further drilling is planned to test for
the potential of a deep-rooted porphyry system.
Mineralization at TAM forms a northwest trending
corridor, occupying and area 750m long x 500m wide extending from
surface to a depth of over 1,200m. The TAM target lies open is
several directions:
- to the northwest and shallow
- to the southeast from surface to
unknown depth, and
- at depth below the area of current
drill testing
The 2021 proposed drilling program focuses on
three main factors:
- drilling to define the northwest
and southeast limits of mineralization amenable to bulk surface
mining methods, and
- drilling to define the depth extent
and character of mineralization with potential amenability to bulk
underground mining methods, and
- resource infill drilling to
increase drill density and geological confidence.
Qualified Person
Information in this report relating to the
exploration results is based on data reviewed by Jason Ward ((CP)
B.Sc. Geol.), the Chief Geologist of SolGold Plc, the Project
operator. Mr. Ward is a Fellow of the Australasian Institute of
Mining and Metallurgy, holds the designation FAusIMM (CP), and has
in excess of 20 years’ experience in mineral exploration and is a
Qualified Person for the purposes of National Instrument 43-101.
Mr. Ward consents to the inclusion of the information in the form
and context in which it appears.
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.
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
20.8% 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 6.86% 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
ir@cornerstoneresources.ca, or:
Investor Relations: Mario Drolet; Email: Mario@mi3.ca; Tel.
(514) 904-1333
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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 MacdonaldPresident 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.
________________
1 The Alpala deposit comprises 2,663 Mt at 0.53%
CuEq in the Measured plus Indicated categories and contained metal
content of 9.9 Mt Cu, 21.7 Moz Au and 92.2 Moz Ag. The deposit
measures approximately 900m in height and 500m diameter. See
“Cascabel Property NI 43-101 Technical Report, Alpala Porphyry
Copper-Gold-Silver Deposit - Mineral Resource Estimation, January
2021” with an Effective date: 18 March 2020 and Amended Date:
15 January 2021 (the “Amended Technical Report”), filed at
www.Sedar.com on January 29, 2021:
https://cornerstoneresources.com/site/assets/files/5574/2101_cascabel_mre3.pdf.
2 See “About Cornerstone” below.
3 Copper Equivalent is currently calculated
(assuming 100% recovery of copper and gold) using a Gold Conversion
Factor of 0.751 (CuEq = Cu + Au x 0.751), calculated from a current
nominal copper price of US$3.30/lb and a gold price of
US$1,700/oz.
4 Significant down-hole drill intercepts are reported using a
data aggregation method based on copper equivalent (CuEq) cut-off
grades with up to 10m internal dilution, excluding bridging to a
single sample and with minimum intersection length of 50m.
True width of down-hole intersections reported are expected to
be approximately 35-95% of the down-hole lengths, depending on the
attitude of the drill hole.
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