Cornerstone Capital Resources Inc. (“Cornerstone” or “the Company”) (TSXV:CGP) (Frankfurt:GWN) (Berlin:GWN) (OTC:CTNXF) is pleased to announce the following update on the exploration program at its Cascabel copper-gold porphyry joint venture exploration project in northern Ecuador, in which the Company has a 15% interest financed through to completion of a feasibility study, plus 10% of the shares of joint venture partner and project operator SolGold Plc, for a total direct and indirect interest in Cascabel of approximately 23%.
Figures referred to in 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/NR18-25Figures.pdf.
HIGHLIGHTS:
- Hole 41-D1-D2 (Alpala Central Infill Drilling):
- 582m (true width 233m) @ 1.18% copper equivalent (“CuEq”1) (0.64% Cu, 0.85g/t Au) (from 1048m depth), incl.
- 340m (true width 136m) @ 1.54% CuEq (0.78% Cu, 1.21g/t Au) (from 1172m depth.
- Hole 63 (Alpala Extension Drilling, Western lobe): thus far over 170m of copper sulphide mineralization. Drilling continues.
- Hole 58-D1 (Alpala Extension Drilling, NW margin): thus far over 640m of copper sulphide mineralization. Drilling continues.
- Hole 55R-D1 (Alpala Extension Drilling, NW margin): thus far over 480m of copper sulphide mineralization. Drilling continues.
- Hole 62 (Alpala Extension Drilling, East margin): approximately 400m of visible copper sulphide mineralization. Assay results pending.
- Hole 65 currently encountering strong mineralization from 762m depth to 832m depth on the Western lobe. Drilling continues.
FURTHER INFORMATION:
Cascabel is located in northwestern Ecuador in an under-explored northern section of the Andean Copper Belt, 60 km northeast of the undeveloped inferred resource of 982 million tons at 0.89% Cu Llurimaga (formerly Junin) copper project2 (Figure 1).
A maiden Mineral Resource Estimate (MRE) for the Alpala deposit, estimated from the initial 53,616m of drilling, was announced on January 3, 2018 (see Cornerstone news release 18-01 on that date) and the corresponding Technical Report prepared by SRK Exploration Services Ltd. and qualified persons James Gilbertson, Martin Pittuck, and John Willis in compliance with National Instrument 43-101 was filed at www.sedar.com on February 16, 2018 (http://www.cornerstoneresources.com/i/pdf/AlpalaMRE_0218.pdf), and indicates resources of: 430Mt @ 0.8% CuEq Indicated and 650Mt @ 0.6% CuEq Inferred (3.4 Mt CuEq Indicated 4.0 Mt CuEq Inferred) at 0.3% CuEq cut off, for a metal inventory of 2.3 Mt Cu and 6.0 Moz Au Indicated and 2.9 Mt Cu and 6.3 Moz Au Inferred, including a high-grade core of 70Mt @ 1.8% CuEq Indicated (1.2Mt CuEq) and 50Mt @ 1.8% CuEq Inferred (0.8 Mt CuEq) at a 1.1% CuEq cut off. A further 50 Mt @ 1.0% CuEq Indicated (1.0 Mt CuEq) and 50 Mt @ 1.0% CuEq Inferred (1.0 Mt CuEq) is added to the high grade core if a 0.9% CuEq cut off is used, giving a high grade core of 220 Mt at a weighted average grade of 1.44% CuEq.
A further 83,000m of drilling has been completed (of which assays are outstanding for approximately 7,800m) since development of the maiden MRE (Figure 2), and major resource growth is expected in a revised MRE. JV partner and project operator SolGold believes that assay results from infill and extension drilling at Alpala Central substantiate the existence of a larger and more robust high-grade core than estimated in the MRE. Recent drilling shows that early stage diorite and quartz diorite intrusions, relatively richer in copper and gold, are far more continuous than previously modeled.
Figure 3 is a core photo from Hole CSD-18-065 showing the intersection of a D10 Diorite containing moderate Act-propylitic alteration overprinted by weak Argillic alteration.
An updated Mineral Resource Estimate is expected to provide a significantly greater resource base for the project upon completion of approximately 17,000m of planned drilling.
SolGold is encouraged by mineralization, high grade being encountered in drilling across the western lobe of Alpala, lying in an elevated position, adjacent to the high grade core, while extension drilling along the northwest and east margins of the Alpala deposit continue to add growth to the overall extent of mineralization.
Drill hole assays have been received for 113,800m of a total 136,600m on the project. Approximately 7,800m of drilling has assays pending, with 15,000m accounted for as non-assayed top access holes.
Highlights of assay results expected to add to the existing MRE at Alpala are shown in the below table.
| Hole ID | DepthFrom m |
DepthTo m |
Interval m |
True width m |
Cu % |
Au g/t |
CuEq % |
Cut-off (CuEq%) |
Comment |
| CSD-17-030 | 658 | 1158 | 500 | 200.0 | 0.55 | 0.25 | 0.71 | 0.50 | |
| CSD-17-030 | 904 | 1048 | 144 | 57.6 | 0.72 | 0.33 | 0.93 | 0.70 | |
| CSD-17-033 | 736 | 1560 | 824 | 329.6 | 0.54 | 0.42 | 0.80 | 0.30 | Announced 824m @ 0.80% CuEq, incl. 576m @ 0.93% CuEq. |
| CSD-17-033 | 850 | 1426 | 576 | 230.4 | 0.61 | 0.51 | 0.93 | 0.40 | |
| CSD-17-033 | 1218 | 1388 | 170 | 68.0 | 0.81 | 1.07 | 1.48 | 0.70 | |
| CSD-17-033-D1 | 732 | 1336 | 604 | 241.6 | 0.51 | 0.34 | 0.73 | na | |
| CSD-17-033-D1 | 1040 | 1186 | 146 | 58.4 | 1.09 | 0.99 | 1.71 | 0.30 | |
| CSD-17-036 | 1398 | 2004.7 | 606.7 | 242.7 | 0.45 | 0.25 | 0.61 | 0.20 | bulk, halo |
| CSD-17-036 | 1490 | 1844 | 354 | 141.6 | 0.59 | 0.34 | 0.81 | 0.30 | |
| CSD-17-037 | 1380 | 2222 | 842 | 336.8 | 0.35 | 0.15 | 0.44 | 0.20 | |
| CSD-17-037 | 1644 | 1842 | 198 | 79.2 | 0.55 | 0.30 | 0.74 | 0.40 | |
| CSD-18-041-D1 | 998 | 1754 | 756 | 302.4 | 0.53 | 0.47 | 0.82 | 0.30 | |
| CSD-18-041-D1 | 1282 | 1668 | 386 | 154.4 | 0.70 | 0.79 | 1.19 | 0.50 | |
| CSD-18-041-D1 | 1346 | 1598 | 252 | 100.8 | 0.86 | 1.07 | 1.53 | 1.00 | |
| CSD-18-041-D1-D1 | 1017.9 | 1449 | 431.1 | 172.4 | 0.41 | 0.24 | 0.56 | 0.30 | |
| CSD-18-041-D1-D1 | 1202 | 1449 | 247 | 98.8 | 0.45 | 0.33 | 0.65 | na | open at depth |
| CSD-18-041-D1-D2 | 926 | 1779 | 853 | 341.2 | 0.52 | 0.62 | 0.91 | 0.20 | open at depth, results below 1438m pending |
| CSD-18-041-D1-D2 | 1048 | 1630 | 582 | 232.8 | 0.64 | 0.85 | 1.18 | 0.30 | open at depth, results below 1438m pending |
| CSD-18-041-D1-D2 | 1112 | 1630 | 518 | 207.2 | 0.68 | 0.93 | 1.27 | 0.40 | open at depth, results below 1438m pending |
| CSD-18-041-D1-D2 | 1172 | 1512 | 340 | 136.0 | 0.78 | 1.21 | 1.54 | na | |
| CSD-18-041-D1-D2 | 1310 | 1456 | 146 | 58.4 | 1.04 | 2.03 | 2.32 | 1.00 | open at depth, results below 1438m pending |
| CSD-18-042 | 448 | 1176 | 728 | 291.2 | 0.75 | 0.50 | 1.06 | 0.30 | |
| CSD-18-042 | 620 | 1124 | 504 | 201.6 | 0.92 | 0.58 | 1.28 | 0.40 | |
| CSD-18-042 | 718 | 1106 | 388 | 155.2 | 1.01 | 0.68 | 1.44 | 0.50 | |
| CSD-18-042 | 840 | 1094 | 254 | 101.6 | 1.23 | 0.81 | 1.78 | 0.70 | |
| CSD-18-042-D2 | 312 | 1110 | 798 | 319.2 | 0.32 | 0.24 | 0.47 | 0.10 | bulk, halo. |
| CSD-18-042-D2 | 312 | 614 | 302 | 120.8 | 0.45 | 0.50 | 0.76 | 0.20 | |
| CSD-18-042-D2 | 312 | 538 | 226 | 90.4 | 0.62 | 0.54 | 0.96 | na | |
| CSD-18-043 | 636 | 1534 | 898 | 359.2 | 0.51 | 0.40 | 0.76 | 0.30 | |
| CSD-18-043 | 932 | 1410 | 478 | 191.2 | 0.64 | 0.61 | 1.02 | 0.50 | |
| CSD-18-043 | 1090 | 1408 | 318 | 127.2 | 0.70 | 0.73 | 1.16 | 0.70 | |
| CSD-18-043 | 1108 | 1268 | 160 | 64.0 | 0.90 | 1.06 | 1.56 | 1.00 | |
| CSD-18-048 | 530 | 747.8 | 217.8 | 87.1 | 0.50 | 0.23 | 0.65 | 0.30 | open at depth |
| CSD-18-048 | 524 | 620 | 96 | 38.4 | 0.62 | 0.39 | 0.86 | 0.50 | |
| CSD-18-049 | 850 | 1700 | 850 | 340.0 | 0.49 | 0.28 | 0.66 | 0.10 | |
| CSD-18-049 | 872 | 1316 | 444 | 177.6 | 0.60 | 0.38 | 0.83 | 0.30 | |
| CSD-18-049 | 882 | 1150 | 268 | 107.2 | 0.77 | 0.56 | 1.12 | 0.60 | |
| CSD-18-049 | 890 | 1010 | 120 | 48.0 | 1.01 | 0.88 | 1.57 | 1.00 | |
| CSD-18-051 | 714 | 1408 | 694 | 277.6 | 0.43 | 0.28 | 0.61 | 0.20 | |
| CSD-18-051 | 826 | 1302 | 476 | 190.4 | 0.53 | 0.36 | 0.75 | 0.30 | |
| CSD-18-051 | 1084 | 1278 | 194 | 77.6 | 0.81 | 0.74 | 1.28 | 0.40 | |
| CSD-18-051 | 1226 | 1278 | 52 | 20.8 | 1.94 | 2.48 | 3.51 | 0.50 | |
| CSD-18-055R | 542 | 1790 | 1248 | 499.2 | 0.61 | 0.45 | 0.90 | 0.10 | |
| CSD-18-055R | 542 | 1604 | 1062 | 424.8 | 0.69 | 0.52 | 1.02 | 0.20 | |
| CSD-18-055R | 1042 | 1590 | 548 | 219.2 | 0.86 | 0.80 | 1.36 | 0.30 | |
| CSD-18-055R | 1306 | 1526 | 220 | 88.0 | 1.22 | 1.34 | 2.07 | 0.60 | |
| CSD-18-057 | 556 | 1388 | 832 | 332.8 | 0.72 | 1.10 | 1.41 | 0.30 | |
| CSD-18-057 | 814 | 1376 | 562 | 224.8 | 0.85 | 1.37 | 1.72 | 0.40 | |
| CSD-18-057 | 892 | 1196 | 304 | 121.6 | 1.15 | 2.18 | 2.52 | 1.00 | |
| CSD-18-057 | 1004 | 1186 | 182 | 72.8 | 1.49 | 3.14 | 3.46 | 1.50 | |
| CSD-18-058 | 722 | 1644 | 922 | 368.8 | 0.47 | 0.26 | 0.63 | 0.30 | |
| CSD-18-058 | 1040 | 1288 | 248 | 99.2 | 0.72 | 0.51 | 1.04 | 0.70 | |
| CSD-18-058 | 1140 | 1264 | 124 | 49.6 | 0.86 | 0.59 | 1.23 | 1.00 | |
| CSD-18-058 | 1270 | 1346 | 76 | 30.4 | 0.53 | 0.28 | 0.71 | 0.50 | |
| CSD-18-060 | 796 | 1122 | 326 | 130.4 | 0.84 | 0.37 | 1.08 | 0.10 | |
| CSD-18-060 | 802 | 996 | 194 | 77.6 | 1.28 | 0.54 | 1.61 | 0.30 | |
| CSD-18-060 | 814 | 976 | 162 | 64.8 | 1.45 | 0.61 | 1.84 | 0.50 | |
| CSD-18-060 | 886 | 976 | 90 | 36.0 | 1.97 | 0.89 | 2.53 | 1.00 | |
| Data Aggregation Method: Intercepts reported using copper equivalent cutoff grades with up to 10m internal dilution, excluding bridging to a single sample. Minimum intersection length 50m. Gold Conversion Factor of 0.63 calculated from a copper price of US$3.00/lb and a gold price US$1300/oz. True widths of downhole interval lengths are estimated to be approximately 25% to 50%. | |||||||||
Aguinaga Drilling Program
Aguinaga drilling is progressing with Hole 11 under way. The drilling program at Aguinaga is in its early stages. As drilling progresses, the geometry and extent of mineralization is becoming more apparent, and SolGold geologists believe potential exists for ongoing discoveries through further drilling.
A more detailed update on the Aguinaga drilling program will be forthcoming as assay results are received and initial interpretation work matures.
About the Cascabel Joint Venture with SolGold:
Exploraciones Novomining S.A. (“ENSA”), an Ecuadorean company owned by SolGold Plc 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. SolGold is funding 100% of the exploration at Cascabel and is the operator of the project. SolGold shall receive 90% of Cornerstone’s distribution of earnings or dividends from ENSA to which Cornerstone …read more
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