Ottawa, ON, Canada: 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 project in southern Ecuador, which it is exploring together with ASX listed Sunstone Metals Inc. under a farm-in agreement (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:
- Initial assay results from the upper portion of the first hole (BMDD001) drilled at the Bramaderos Main prospect indicate a well mineralized porphyry system and include:
- 164m1 at 0.77g/t gold equivalent (from 11.45m downhole) comprising 0.52g/t gold, 0.16% copper including,
- 96.6m at 0.90 g/t gold equivalent (from 78.8m downhole) comprising 0.61g/t gold, 0.18% copper
- 54m at 0.80 g/t gold equivalent (from 301m downhole) comprising 0.50g/t gold, 0.19% copper
- Gold equivalents are based on gold and copper assays only and using metal price assumptions as shown in the note to Table 1 below
- 164m1 at 0.77g/t gold equivalent (from 11.45m downhole) comprising 0.52g/t gold, 0.16% copper including,
- The assay results support and extend the historical results from drill hole CURI-03 which was mineralized from 9m to 257m (end of hole) and returned 248m at 0.56g/t gold and 0.14% copper and is located approximately 50m from BMDD001
- Assays for the remaining intervals from BMDD001 are expected in August
The first hole at the outcropping Bramaderos Main porphyry target, BMDD001, was completed at 669.49m depth (Figures 1 & 2). Assays received to date are for the upper portion of the drill hole only and are provided in Table 1. Assay results for the complete hole are expected to be released in August.
BMDD001 was drilled approximately 50m below the historical intersection of 248m at 0.56g/t gold and 0.14% copper obtained from near-surface in hole CURI-03 (drilled to a depth of 257.24m in November-December 1999 by Paragon del Ecuador for Ecuanor) and below a surface longitudinal trench that delivered 615m at 0.52g/t gold and 0.11% copper (see Cornerstone news release dated May 9, 2018).
Cornerstone Vice President, Exploration, Yvan Crepeau said:
"This is a strong result on several levels. It shows we have drilled into a well mineralized porphyry system and it supports the historical results from hole CURI-03. Importantly, the geometry of the mineralized system appears to be correlating well with the 3-D magnetic model, which has a vertical extent of at least 1,000m. The combination of these latest assays, the historical results and the large extent of the mineralized system as outlined by the surface trenching and magnetic model is extremely promising in terms of both grade and scale."
Table 1: Significant intersections BMDD001
|Hole ID||From||To||Interval||Au (g/t)||Cu (%)||Au_Equiv||Ag|
Note: The gold equivalent grade was calculated using the following formula: Au Equiv g/t = Au g/t + (1.55 * Cu %). Gold equivalent has been calculated using a copper price of $US 2.96/lb, a gold price of $US 1305/oz, and assuming 100% recovery for both gold and copper.
Hole BMDD002 is in progress at approximately 640m and is located ~150m to the south of BMDD001 to test the interpreted down-plunge geometry of the porphyry system. The expected end of hole depth for BMDD002 is ~800m.
The overall Bramaderos Project Phase 1 drilling program across the three targets of Limon, Bramaderos Main and West Zone is anticipated to be ~5,000m (See Figure 3 for target/prospect locations). Drilling at the West Zone target, where surface trenching has delivered 15.6m at 6.1g/t gold, is expected to follow later in the program (see Cornerstone news release dated November 8, 2017).
The Bramaderos concession is owned by Cornerstone subsidiary La Plata Minerales S.A. ("PLAMIN"), which has signed a binding letter agreement with Sunstone Metals Ltd. (formerly Avalon Minerals Ltd.) (ASX: STM), whereby Sunstone has the right to earn a 51% interest in the project by spending US$3.4 million over 3 years to complete a phase 1 drill program. If this first option is earned, Sunstone can go to 70% by funding a bankable feasibility study, and can go to 80% by financing 100% of the cost of construction of a mine and mill (see news release 17-08 dated April 10, 2017).
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.
Cornerstone Capital Resources Inc. is a mineral exploration company with a diversified portfolio of projects in Ecuador and Chile, including in the Cascabel gold-enriched copper porphyry joint venture in north west Ecuador. 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 Plc is funding 100% of the exploration at Cascabel and is the operator of the project. Cornerstone's carried interest through to completion of the feasibility study is repayable at Libor plus 2% out of 90% of its share of the earnings or dividends from an operation at Cascabel.
Further information is available on Cornerstone's website: www.cornerstoneresources.com and on Twitter. For investor, corporate or media inquiries, please contact:
Mario Drolet; Email: Mario@mi3.ca; Tel. (514) 904-1333
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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,
President and CEO
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