Plus, drilling to test the Brama gold-copper porphyry target to start in two weeks
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 joint venture in southern Ecuador in which it has a 12.5% interest carried by JV partner and project operator Sunstone Metals Inc. (ASX: STM) through to the start of commercial production (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:
- Drilling at Espiritu has intersected more high-grade silver with gold, zinc and lead within a polymetallic epithermal system.
- Drill hole ESDD006 intersected 5 significant lodes of silver-gold-zinc-lead mineralization, including:
- 102.25m to 106m; 3.75m at 11.77g/t silver, 1.54g/t gold
- 172.75m to 173.15m; 0.4m at 355g/t silver, 0.36g/t gold, 3.55% zinc
- 206.15m to 206.65m; 0.5m at 187g/t silver, 1.44g/t gold
- 277.5m to 278.0m; 0.5m at 550g/t silver, 0.26g/t gold
- 313.0m to 313.5m; 0.5 at 93g/t silver, 0.68g/t gold, 2.45% zinc
- Hole ESDD008 was just completed at 359.97m, intersecting altered and silver-lead-zinc bearing zones, adding significant scale to the system with a strike extent now of over 200m. Hole ESD009 commenced.
- A significantly larger system at Espiritu is emerging based on mapping, soil sampling, interpretation of geophysics, and ongoing drilling. Narrow high-grade zones and intervening lower grade zones can be bulked and outline larger mineralized bodies.
- Drilling on the Brama gold-copper porphyry target is expected to commence the first week of February. The drill hole is targeting a magnetic anomaly below a mineralized breccia interpreted to represent a ‘pencil porphyry’ gold-copper target.
Assay results and geological interpretation from hole ESDD006 show multiple silver-gold bearing structures with various orientations (Table 1, Figures 1, 2, 3).
Drilling of hole ESDD008 has been completed at 359.97m and has intersected altered and mineralized intervals that indicate increasing confidence in the interpreted geometry and that the Espiritu discovery has the potential to be a large system with currently over 200m of strike containing local bonanza grades. On a gold or silver-equivalent basis, the intersections reported are significant.
Drill hole ESDD009 has been commenced and is targeting an area 250 south of ESDD008 (Figure 1).
Drilling to date has only tested to a depth of ~250m below surface in two locations at Espiritu. Evidence of multiple lodes means there are several opportunities to follow-up bonanza grades across the area drilled to date. Narrow high-grade zones and intervening lower grade zones can be bulked and outline larger mineralized bodies (Table 1). Both concepts are being explored – high grade narrow veins and larger lower grade systems.
Cornerstone Vice President Exploration, Yvan Crepeau, said:
“We are very encouraged by the results coming from Espiritu. The key take-aways here are that the system has the potential to deliver bonanza grades, it is likely to have significant scale based on the surface sampling, the vein orientations may be complex but with each drill hole a more robust model is being developed, and with on-going drilling Espiritu could present an early development opportunity while the search for large porphyry gold-copper systems continues at Brama, Limon and other targets.
Ongoing mapping and soil sampling are defining a large system potentially up to 1.2km x 800m and genetically related to the Brama porphyry system. This geological scenario is not surprising and significant examples can be found throughout Central and South America. Ongoing exploration is defining drill targets within this area and focusing on potential bonanza grade structural intersections, together with broader lower grade composite intervals with the potential for larger near-surface mineralized bodies.”
Table 1: Details of assay results from hole ESDD006 (see Table 2 in Figures for drill hole locations):
|From (m)||To (m)||Interval (m)||Au (g/t)||Ag (g/t)||Pb (%)||Zn (%)|
Porphyry Drilling at Brama target
Drilling of the Brama porphyry gold-copper system is expected to commence in early February 2021. The target at Brama is a ‘pencil porphyry’ as interpreted from 3-D modelling of magnetics data (Figures 4 and 5). The drill hole will test beneath a well-mineralized potassic altered high level intrusive breccia zone of the Brama porphyry intersected in earlier drilling and returning 98m at 0.61g/t gold and 0.11% copper in BMDD005 and 103.6m at 0.56g/t gold and 0.13% copper in CURI 13.
The drill hole will be drilled to 900-1000m and is expected to be completed in early March.
Measuring 4,948 hectares, the Bramaderos project is located approximately 130km from the Loja provincial capital in southern Ecuador. The project is easily accessible via the Pan American Highway that crosses the property.
The Bramaderos concession is owned by La Plata Minerales S.A. (“PLAMIN”), which in turn is owned 87.5% by Sunstone (the project operator) and 12.5% by Cornerstone. Cornerstone’s 12.5% interest is carried by Sunstone through to the start of commercial production and repayable at Libor plus 2% out of 90% of Cornerstone’s share of earnings or dividends from the Bramaderos project (see news release 20-01 dated January 7, 2020).
More information about the property can be found at www.cornerstoneresources.com.
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 the Cascabel gold-enriched copper porphyry joint venture in northwest Ecuador. Cornerstone has a 21.4% 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 7.5% 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:
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.
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
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.