Cornerstone Capital Resources Inc. (“Cornerstone” or “the
Company”) (TSXV:CGP) (OTC:CTNXF)
(FWB:GWN1) is pleased to provide a drilling update
for the Tandayama-Ameríca (“TAM”) porphyry copper-gold satellite
deposit located 3km north of the Alpala Deposit1 at its Cascabel
copper-gold porphyry joint venture project in northern Ecuador (see
Figure 1) 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%.
TAM contains a maiden Mineral Resource Estimate
(“MRE”) of 233.0Mt @ 0.23% Cu and 0.16 g/t Au (0.33% copper
equivalent (CuEq)3) containing 0.53Mt Cu and 1.20Moz Au in the
Indicated category, plus 197.0Mt @ 0.27% Cu and 0.20 g/t Au (0.39%
CuEq) containing 0.52Mt Cu and 1.24Moz Au in the Inferred category
(See Cornerstone news release 21-18 dated October 19, 2021:
https://cornerstoneresources.com/news-releases/cornerstone-announces-maiden-resource-at-tandayama-america-porphyry-copper-gold-deposit-cascabel-project-ecuador/).
Figures referenced in this news release can be viewed through
the following link:
https://cornerstoneresources.com/site/assets/files/5835/nr21-22figures.pdf.
HIGHLIGHTS
- A total
of ~26,000m of diamond drilling from 33 drill holes has now been
completed at the TAM deposit, equating to an additional ~4,000m of
resource extension and geotechnical drilling completed since the
recent release of the TAM maiden MRE.
- The
ongoing drilling points to further potential resource growth, with
final assay results from holes 19 to 24 extending mineralization
potentially mineable by both open pit and underground bulk mining
methods.
- Drilling continues at TAM
utilizing four diamond drill rigs. The Cascabel project is still
growing, and the additional resources being identified at TAM
provide a strategic fit towards the development of the Cascabel
property as a whole. Further updates to the Cascabel resource base
are planned.
TABLE 1:
SELECTED INTERCEPTS FROM DRILL HOLES 14 TO 24 AT
TAM:
Hole ID |
Fromm |
Tom |
Intervalm |
Cu% |
Aug/t |
CuEq% |
Cut-off(CuEq%) |
TAD-20-014 |
326 |
856.5 |
530.5 |
0.16 |
0.08 |
0.21 |
0.10 |
560 |
732 |
172 |
0.20 |
0.10 |
0.27 |
0.20 |
578 |
648 |
70 |
0.25 |
0.14 |
0.34 |
0.30 |
TAD-20-015 |
11 |
202 |
191 |
0.21 |
0.16 |
0.31 |
0.10 |
11 |
170 |
159 |
0.23 |
0.18 |
0.35 |
0.20 |
11 |
130 |
119 |
0.25 |
0.21 |
0.38 |
0.30 |
TAD-20-016 |
10.8 |
204 |
193.2 |
0.33 |
0.34 |
0.55 |
0.10 |
14 |
196 |
182 |
0.35 |
0.36 |
0.58 |
0.20 |
14 |
166 |
152 |
0.39 |
0.41 |
0.65 |
0.30 |
26 |
166 |
140 |
0.40 |
0.43 |
0.64 |
0.50 |
TAD-20-017 |
98 |
444 |
346 |
0.19 |
0.16 |
0.29 |
0.10 |
202 |
292 |
90 |
0.29 |
0.19 |
0.41 |
0.20 |
372 |
422 |
50 |
0.37 |
0.30 |
0.56 |
0.30 |
TAD-20-018 |
202 |
388 |
186 |
0.16 |
0.17 |
0.28 |
0.10 |
226 |
342 |
116 |
0.21 |
0.25 |
0.36 |
0.20 |
TAD-20-019 |
206 |
661.7 |
455.7* |
0.18 |
0.12 |
0.26 |
0.10 |
244 |
548 |
304 |
0.23 |
0.13 |
0.31 |
0.20 |
486 |
534 |
48 |
0.31 |
0.19 |
0.43 |
0.40 |
TAD-20-020 |
0 |
0 |
0 |
0.00 |
0.00 |
0.00 |
na |
TAD-20-021 |
0 |
0 |
0 |
0.00 |
0.00 |
0.00 |
na |
TAD-20-022 |
226 |
372 |
146 |
0.12 |
0.15 |
0.21 |
0.10 |
244 |
342 |
98 |
0.14 |
0.19 |
0.26 |
0.20 |
TAD-20-023 |
214 |
370 |
156 |
0.18 |
0.29 |
0.37 |
0.10 |
274 |
322 |
48 |
0.43 |
0.77 |
0.92 |
0.20 |
TAD-20-024 |
234 |
802 |
568 |
0.27 |
0.36 |
0.50 |
0.10 |
296 |
802 |
506 |
0.29 |
0.39 |
0.54 |
0.20 |
300 |
520 |
220 |
0.32 |
0.61 |
0.71 |
0.30 |
626 |
800 |
174 |
0.31 |
0.16 |
0.41 |
0.30 |
300 |
518 |
218 |
0.32 |
0.62 |
0.71 |
0.50 |
324 |
388 |
64 |
0.47 |
0.86 |
1.01 |
0.60 |
Notes: |
|
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1. 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. |
2. True width of down-hole intersections reported are expected to
be approximately 35-90% of the down-hole lengths, depending on the
attitude of the drill hole. Drill hole inclinations range from -15
to -80 degrees. |
3. Copper equivalency factor of 0.632 (whereby CuEq = Cu + Au x
0.632) is based on third party metal price research, forecasting of
Cu and Au prices, and a cost structure from mining studies data
available from a similar deposit. Costs include mining, processing
and general and administration (G&A). Net Smelter Return (NSR)
includes metallurgical recoveries and off-site realization (TCRC)
including royalties and utilizing metal prices of Cu at US$3.30/lb
and Au at US$1,700/oz. |
4. nsi - no significant intersection. |
5. * - intersection remains open at depth. |
|
FURTHER INFORMATION
To date a total of ~26,000m of diamond drilling
has been completed at the TAM deposit, with drill holes 30 to 33
currently underway utilizing four diamond drilling rigs
(Figure 2). Assay results from Holes 25 to 33 are
pending. An additional ~4,000m of resource extension and
geotechnical drilling has been completed since the release of the
TAM maiden MRE.
Holes 1 to 19 were drilled for resource
definition in the central, north, and west portions of the deposit.
Holes 20, 21, 22, 27, 30 and 32 were drilled specifically for
geotechnical purposes, targeting the proposed west wall of the
potential pit design. All remaining holes focus on resource
extension to the growing underground resources.
The full size and tenor of the TAM system has
not yet been tested. Mineralization remains open to the south and
east and at depth. Further surface geochemical anomalies to the
east of the current drilling area require drill testing.
Potentially open pittable Mineral Resources
comprise 201Mt @ 0.33% CuEq in the Indicated category, plus 61.8Mt
@ 0.44% CuEq in the Inferred category, at a cut-off grade of 0.16%
CuEq. Potentially open pittable Mineral Resources include a
higher-grade near-surface zone containing 10.6Mt @ 0.41% CuEq and
5.1Mt @ 0.45% CuEq that should support early cash flows and
accelerate pay back of initial pre-production capital for the
Cascabel Project.
Mineral Resources potentially mineable by
underground bulk mining methods comprise 32Mt @ 0.35% CuEq in the
Indicated category, plus 135.2Mt @ 0.37% CuEq in the Inferred
category, at a cut-off grade of 0.28% CuEq.
Mineral Resources potentially mineable by
underground bulk mining methods include a higher-grade core, that
remains open to the east, southeast and at depth, containing 16.4Mt
@ 0.43% CuEq in the Indicated category, plus 70.4Mt @ 0.46% CuEq in
the Inferred category, at a cut-off grade of 0.28% CuEq.
The estimation process followed the Canadian
Institute of Mining, Metallurgy and Petroleum (CIM) “Estimation of
Mineral Resources and Mineral Reserves Best Practice Guidelines”
(CIM, 2019). The Mineral Resource Estimate is stated in accordance
with CIM Definition Standards (CIM, 2014) and Canada’s National
Instrument 43-101.
Quality Assurance / Quality Control on
Sample Collection, Security and Assaying
SolGold operates according to a rigorous Quality
Assurance and Quality Control (QA/QC) protocol consistent with
industry best practices.
Primary sample collection involves secure
transport from Cascabel to the ALS certified sample preparation
facility in Quito, Ecuador. Samples are then air freighted from
Quito to the ALS certified laboratory in Lima, Peru where the
assaying of drill core, channel samples, rock chips and soil
samples is undertaken. SolGold utilises ALS certified laboratories
in Canada and Australia for the analysis of metallurgical
samples.
Samples are prepared and analyzed using 100g
4-Acid digest ICP with MS finish for 48 elements on a 0.25g aliquot
(ME-MS61). Laboratory performance is routinely monitored using
umpire assays, check batches and inter-laboratory comparisons
between ALS certified laboratory in Lima and the ACME certified
laboratory in Cuenca, Ecuador.
In order to monitor the ongoing quality of its
analytical database, SolGold’s QA/QC protocol encompasses standard
sampling methodologies, including the insertion of certified powder
blanks, coarse chip blanks, standards, pulp duplicates and field
duplicates. The blanks and standards are Certified Reference
Materials supplied by Ore Research and Exploration, Australia.
SolGold’s QA/QC protocol also monitors the
ongoing quality of its analytical database. SolGold’s protocol
involves independent data validation of the digital analytical
database including search for sample overlaps, duplicate or absent
samples as well as anomalous assay and survey results. These are
routinely performed ahead of Mineral Resource Estimates and
Feasibility Studies. No material QA/QC issues have been identified
with respect to sample collection, security and assaying.
Reviews of the sample preparation, chain of
custody, data security procedures and assaying methods used by
SolGold confirm that they are consistent with industry best
practices and all results stated in this announcement have passed
SolGold’s QA/QC protocol.
Qualified Person
Information in this news release 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.
Information in this news release relating to the
Mineral Resource Estimate was reviewed by Dr. Andrew Fowler, who is
a Chartered Professional Member of the Australasian Institute of
Mining and Metallurgy and has over 20 years’ experience in Mineral
Resource Estimation, open pit mining, underground mining and
mineral exploration. He is an independent Qualified Person for the
purposes of the relevant TSX Rules. Dr. Fowler 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
loveys@cornerstoneresources.ca, or:
Investor Relations: Mario Drolet; Email: Mario@mi3.ca; Tel.
(514) 904-1333
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others who were previously signed up to receive email updates and
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at http://www.cornerstoneresources.com/
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 (see how calculated in next paragraph) 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.
Alpala Copper Equivalency (CuEq) was calculated
(assuming 100% recovery of copper and gold) using a Gold Conversion
Factor of 0.613 (CuEq = Cu + Au x 0.613), calculated from a nominal
copper price of US$3.40/lb and a gold price of US$1,400/oz.
2 See “About Cornerstone” below.
3 TAM open pittable and underground resources
were estimated using a Copper Equivalency (CuEq) calculated from
estimated costs, including mining, processing and general and
administration (G&A), whereby Net Smelter Return (NSR) includes
metallurgical recoveries and off-site realization (TCRC) including
royalties, and utilizing the updated nominal copper price of
US$3.30/lb and a gold price of US$1,700/oz to produce a Gold
Conversion Factor of 0.632 (CuEq = Cu + Au x 0.632) for open
pittable resources and 0.654 (CuEq = Cu + Au x 0.654) for
underground resources.
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