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 and repayable out of Cornerstone’s share of project earnings,
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 currently contains a 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/).
The TAM MRE was estimated from a dataset including drill holes
1-23, plus 458m of rock-saw channel assays across hard-rock surface
outcrops.
Figures referenced in this news release can be viewed through
the following link:
https://cornerstoneresources.com/site/assets/files/5845/nr22-08figures.pdf.
HIGHLIGHTS
- A total
of 30,925m of diamond drilling, in 41 drill holes, has now been
completed at TAM deposit, including a total of 29,632m of final
assay results.
-
Additional resources being identified at TAM continue to
provide a strategic fit towards the development of the Cascabel
property as a whole. A TAM deposit MRE update is currently
underway, assessing additional drill holes 19-40, equating to an
additional 15,065.6m of final assays results received since the
release of the maiden MRE in October 2021.
- Assay
results from holes 19-40 extend mineralization potentially mineable
by both open pit and underground bulk mining methods and suggest
capacity for resource growth. Mineralization remains open both
along strike north and south, and at depth in the
southeast.
-
Highlights of intersections4
achieved from holes 25-40 include:
- Hole
26: 769.9m5 @
0.23% Cu and 0.14g/t Au (0.32% CuEq) (from 608m, open at depth),
incl. 382m @ 0.29% Cu and 0.21g/t Au (0.43% CuEq) (from 824m) and
80m @ 0.30% Cu and 0.48g/t Au (0.61% CuEq) from
1120m.
- Hole
28: 588.0m @ 0.28% Cu and 0.20 Au (0.41% CuEq)
from 440m, incl. 140m @ 0.49% Cu and 0.47g/t Au (0.80% CuEq) from
602m and 74m @ 0.72% Cu and 0.72g/t Au (1.18% CuEq) from
666m.
- Hole
32: 902.0m @ 0.22% Cu and 0.09g/t Au (0.28% CuEq)
from 676m, incl. 190m @ 0.33% Cu and 0.13g/t Au (0.41% CuEq) from
900m and 56m @ 0.46% Cu and 0.18g/t Au (0.57% CuEq) from
1,016m.
- Hole
35: 334.0m @ 0.27% Cu and 0.23g/t Au (0.42% CuEq)
from 442m, incl. 168m @ 0.44% Cu and 0.37g/t Au (0.68% CuEq) from
592m and 80m @ 0.63% Cu and 0.61g/t Au (1.03 CuEq) from
622m.
- The best
drilling results achieved at the TAM deposit to date (previously
announced on September 10 and December 2,
20216) include:
- Hole
13: 1,010m @ 0.30% Cu and 0.34g/t Au (0.55% CuEq)
from 194m, incl. 392m @ 0.42% Cu and 0.68g/t Au (0.93% CuEq) from
246m and 132m @ 0.48% Cu and 0.81g/t Au (1.09% CuEq) from
498m.
- Hole
24: 506m @ 0.29% Cu and 0.39g/t Au (0.55% CuEq)
from 324m, incl. 220m @ 0.32% Cu and 0.61g/t Au (0.72% CuEq) and
62m @ 0.47% Cu and 0.88g/t Au (1.05% CuEq) from 326m.
- Drilling
continues with hole 41 at a current depth of 500m, testing
extensions to open mineralization in the southeast quarter of the
deposit. Hole 41 has so far intersected visible copper sulphide
mineralization from 381.7m to its current depth.
TABLE 1:
SELECTED INTERCEPTS FROM DRILL HOLES 24 TO 40 AT
TAM7:
Hole ID |
From m |
To m |
Interval m |
Cu % |
Au g/t |
CuEq % |
Cut-off (CuEq%) |
TAD-21-024 |
236 |
802 |
566.0 |
0.27 |
0.36 |
0.51 |
0.10 |
296 |
802 |
506.0 |
0.29 |
0.39 |
0.55 |
0.20 |
300 |
520 |
220.0 |
0.32 |
0.61 |
0.72 |
0.30 |
626 |
800 |
174.0 |
0.31 |
0.16 |
0.41 |
0.30 |
300 |
518 |
218.0 |
0.32 |
0.62 |
0.73 |
0.40 |
302 |
448 |
146.0 |
0.35 |
0.60 |
0.74 |
0.50 |
326 |
388 |
62.0 |
0.47 |
0.88 |
1.05 |
0.70 |
TAD-21-025 |
276 |
678 |
402.0 |
0.17 |
0.21 |
0.30 |
0.10 |
322 |
598 |
276.0 |
0.21 |
0.27 |
0.39 |
0.20 |
322 |
558 |
236.0 |
0.22 |
0.30 |
0.42 |
0.30 |
TAD-21-026 |
608 |
1,377.9* |
769.9* |
0.23 |
0.14 |
0.32 |
0.10 |
824 |
1,206 |
382.0 |
0.29 |
0.21 |
0.43 |
0.20 |
860 |
1,000 |
140.0 |
0.29 |
0.10 |
0.36 |
0.30 |
1120 |
1,200 |
80.0 |
0.30 |
0.48 |
0.61 |
0.30 |
TAD-21-027 |
13.26 |
55.14* |
41.9* |
0.19 |
0.14 |
0.28 |
0.10 |
TAD-21-028 |
440 |
1028 |
588.0 |
0.28 |
0.20 |
0.41 |
0.10 |
488 |
968 |
480.0 |
0.31 |
0.23 |
0.46 |
0.20 |
602 |
742 |
140.0 |
0.49 |
0.47 |
0.80 |
0.30 |
784 |
936 |
152.0 |
0.34 |
0.18 |
0.45 |
0.30 |
634 |
740 |
106.0 |
0.58 |
0.56 |
0.94 |
0.40 |
666 |
740 |
74.0 |
0.72 |
0.72 |
1.18 |
0.50 |
TAD-21-029 |
702 |
1,162 |
460.0 |
0.13 |
0.06 |
0.17 |
0.10 |
750 |
916 |
166.0 |
0.17 |
0.08 |
0.22 |
0.20 |
TAD-21-030 |
6.7 |
98 |
91.3 |
0.12 |
0.13 |
0.20 |
0.10 |
6.7 |
82 |
75.3 |
0.13 |
0.14 |
0.22 |
0.20 |
TAD-21-031 |
13.88 |
97.3 |
83.4 |
0.17 |
0.17 |
0.28 |
0.10 |
13.88 |
92 |
78.1 |
0.18 |
0.17 |
0.29 |
0.20 |
TAD-21-032 |
676 |
1,578 |
902.0 |
0.22 |
0.09 |
0.28 |
0.10 |
782 |
1,156 |
374.0 |
0.28 |
0.11 |
0.34 |
0.20 |
1,302 |
1,526 |
224.0 |
0.26 |
0.08 |
0.32 |
0.20 |
900 |
1,090 |
190.0 |
0.33 |
0.13 |
0.41 |
0.30 |
1,016 |
1,072 |
56.0 |
0.46 |
0.18 |
0.57 |
0.40 |
TAD-21-033 |
nsi |
nsi |
nsi |
0.00 |
0.00 |
0.00 |
na |
TAD-21-034 |
nsi |
nsi |
nsi |
0.00 |
0.00 |
0.00 |
na |
TAD-21-035 |
442 |
776 |
334.0 |
0.27 |
0.23 |
0.42 |
0.10 |
592 |
760 |
168.0 |
0.44 |
0.37 |
0.68 |
0.20 |
606 |
748 |
142.0 |
0.49 |
0.42 |
0.76 |
0.30 |
616 |
732 |
116.0 |
0.54 |
0.48 |
0.85 |
0.50 |
622 |
702 |
80.0 |
0.63 |
0.61 |
1.03 |
0.70 |
TAD-21-036 |
nsi |
nsi |
nsi |
0.00 |
0.00 |
0.00 |
na |
TAD-21-037 |
572 |
1,030 |
458.0 |
0.22 |
0.12 |
0.30 |
0.10 |
594 |
778 |
184.0 |
0.19 |
0.16 |
0.29 |
0.20 |
616 |
774 |
158.0 |
0.19 |
0.17 |
0.31 |
0.30 |
818 |
1,006 |
188.0 |
0.30 |
0.11 |
0.37 |
0.30 |
TAD-21-038 |
nsi |
nsi |
nsi |
0.00 |
0.00 |
0.00 |
na |
TAD-21-039 |
nsi |
nsi |
nsi |
0.00 |
0.00 |
0.00 |
na |
TAD-21-040 |
nsi |
nsi |
nsi |
0.00 |
0.00 |
0.00 |
na |
FURTHER INFORMATION
30,925.2m of diamond drilling has been completed
at TAM, with drill hole 41 currently in progress at a depth of 500m
(Figure 2). Assay results from hole 41 are
pending.
Modelled geological and grade shell
interpretations show an intimate spatial relationship between
intrusive phases and subsequent copper and gold mineralization
(Figure 3).
All holes were drilled for resource definition
of the TAM deposit, except drill holes 20, 27, 30-31, 33-34, 36,
39, and 40 which were drilled specifically for geotechnical
purposes, targeting the proposed west wall of a potential open pit
design. The current hole 41 focuses on resource extension in the
southeast quarter of the deposit footprint.
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 also require drill testing.
An updated TAM MRE#2 is currently underway with
a dataset that comprises 30,925.2m of diamond drilling from holes
1-41, 458m of surface rock-saw channel assays from 72 outcrops and
a total of 29,631.6m of final assay results from holes 1-40.
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:
Investor Relations: Mario Drolet; Email: Mario@mi3.ca; Tel.
(514) 904-1333
Due to anti-spam laws, many shareholders and
others who were previously signed up to receive email updates and
who are no longer receiving them may need to re-subscribe
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 anti-mining sentiment in
certain regions of Ecuador, or 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 (Alpala “MRE#3”). 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 MRE#3 was reported at a cut-off grade of
0.21% copper equivalent (CuEq) using a copper equivalency factor of
0.613 (whereby CuEq = Cu + Au x 0.613). Cut-off grades and copper
equivalency used for reporting were based on third party metal
price research, forecasting of Cu and Au prices, and a cost
structure from mining studies data available at the time. 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
utilising metal prices of Cu at US$3.40/lb and Au at
US$1,400/oz.
2 See “About Cornerstone” below.
3 Cut-off grades have been developed
independently for open pit mining methods and underground bulk
mining methods. Cut-off grades and copper equivalency used for
reporting were based on third party metal price research,
forecasting of Cu and Au prices, and a cost structure from mining
studies data available at the time. 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, and a copper equivalency
factor of 0.654 (whereby CuEq = Cu + Au x 0.654). The cut-off grade
for potentially open pittable material has been calculated at 0.16%
CuEq, while the cut-off grade for material potentially mineable by
a bulk underground mining method such as block caving has been
calculated at 0.28% CuEq.
4 Significant down-hole drill intercepts at TAM
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.
5 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.
6
https://cornerstoneresources.com/news-releases/drill-hole-13-at-tandayama-america-porphyry-copper-gold-target-cascabel-intersects-1-010m-0.55-cueq-from-194m-depth-including/https://cornerstoneresources.com/news-releases/21-22-drilling-update-assay-results-of-holes-14-to-24-at-tandayama-america-porphyry-copper-gold-deposit-cascabel-project-ecuador/
7 Notes: “*” = intersection remains open at depth. “nsa” = no
significant intersection.
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