Cornerstone Capital Resources Inc.: Cascabel Exploration Update
MOUNT PEARL, NEWFOUNDLAND--(Marketwired - Jun 13, 2014) -
Cornerstone Capital Resources Inc. ("Cornerstone" or "the Company")
(TSX-VENTURE:CGP) (FRANKFURT:GWN) (BERLIN:GWN) (OTCBB:CTNXF)
announces the following project update for the Stage 2 drilling
program at the Alpala prospect within the Company's Cascabel
copper-gold porphyry joint venture exploration project in northern
Ecuador.
Highlights:
- Drill hole CSD-14-007 ("Hole 7") has intersected visual copper
sulphide mineralization from 540.7 to 960 metres.
- Hole 7 is still drilling and encountering copper sulphide
mineralization in potassic alteration including magnetite and
stockwork quartz veining.
- South East and North West targets are high priority areas that
are reinforced by the updated magnetic model and the intersection
of copper sulphides in Hole 7.
- Preliminary metallurgical testwork strategy defined and
laboratory selected.
All reported intervals referred to in this news release are core
lengths. At present the true thicknesses are uncertain due to the
early stage of drilling.
References to figures related to the version of this release on
the Company's website (www.cornerstoneresources.com) or visible in
PDF format by clicking the link below:
http://www.cornerstoneresources.com/i/pdf/NR14-15Figures.pdf.
"We are very pleased with the visual intercepts from the upper
part of hole CSD 14-007 and overall exploration results at Alpala",
stated Cornerstone's President & CEO, Brooke Macdonald. "The
exploration model gradually being refined indicates the potential
for this target to host a significant porphyry copper-gold deposit.
The technical success to date on the Cascabel property combined
with the recent (May 31) public declarations by Ecuadorean
President Rafael Correa stating that Ecuador has failed so far in
developing its mining sector and that it will make in the next few
months all necessary tax and regulatory changes for the country to
be competitive and to attract direct foreign investment, is a very
positive development both for the Cascabel joint venture and for
the 100%-owned Cornerstone properties we are currently
re-activating".
Hole CSD-14-007 ("Hole 7") Progress
Hole 7 is presently at a depth of 1079 metres and has
intersected significant intervals of visible copper sulphide
mineralization over a near-vertical interval of at least 418.70m,
from 541.3m to 960m down hole. Visible mineralization occurs in
association with quartz stockwork veins within a potassic-altered
diorite intrusion. Mineralization that is continuing below 960m
down hole is currently being assessed in the field. Hole 7 is
progressing towards a strong modeled magnetic target in the Central
Zone (Figure 1). Drilling has progressed smoothly to date.
Hole 7 intersected argillic and phyllic altered volcaniclastics,
dacite porphyry intrusions and minor andesite from surface to
567.1m depth and then intersected an extensive diorite intrusion
from 567.10 metres to at least 960 metres depth. This extensive
diorite intrusion is potassic altered with local zones of
overprinting phyllic alteration. Quartz veins are observed in the
upper part of the hole between 13.7m and 355.3m within the wall
rocks, and then reappear with greater intensity from 528.4m to 960m
and beyond. The quartz stockwork veins coincide with the appearance
of pervasive magnetite that typifies potassic alteration, and also
coincide with the appearance of visible copper sulphide minerals
that are dominated by chalcopyrite, bornite and chalcocite in
association with visible molybdenite.
Hole 7 will continue to be deepened to test the strongest part
of the modeled magnetic anomaly and the lower limit of visible
copper sulphide mineralization (Figure 1).
South East and North West Targets
The South East Target and the North West Target were further
defined in the second generation magnetic modeling (Figure 2). They
are extensive, semi-annular magnetic anomalies that directly
underlie highly acidic alteration cores to the lithocap at surface.
Importantly, these two large magnetic targets are partly contiguous
with the magnetic anomaly in the Central Zone which has been
demonstrated by Hole 5 to be strongly mineralized (see NR 14-10
dated 24th March 2014 for results of Hole 5) and further supported
by the Hole 7 intersection of visible copper sulphides.
The discovery of extensive peripheral (low-grade) copper
mineralization in Holes 3 and 6 provide robust additional
encouragement that the magnetic cores of the South East and (or)
North West Targets are mineralized.
Hole 3 drilled above the South East Target was terminated due to
hole collapse. It intersected 747.33m grading 0.11% Cu with grades
peaking near the bottom of the hole at 0.23% Cu and 0.14 g/t Au
over 128 metres.
In light of the recent 2nd Stage 3D magnetic inversion modeling
that highlighted the South East Target as a high priority for
high-grade copper and gold mineralization, the following comments
from NR 13-26 dated November 4, 2013 and NR 13-31 dated December
16, 2013 are worth re-iterating as they clarify the potential
significance of the South East Target:
NR - November 4, 2013: Hole 3 intersected increasing intensities
of porphyry-related quartz stockwork veining from surface (~0.5
veins per metre) to 713m depth (~18 veins per metre). The eastward
trend of increasing stockwork veining is consistent with the hole
drilling obliquely through the marginal halo of a porphyry system
whose centre may be located to the northwest or southeast. Porphyry
copper-gold-molybdenum deposits are typically surrounded by haloes
of lower grade mineralization (pyrite plus chalcopyrite +/- traces
of molybdenite and gold) that can extend hundreds of metres and up
to a kilometre from the centre of the porphyry deposit.
NR - December 16, 2013: The mineralization encountered
throughout hole CSD-13-003 is consistent with an extensive
low-grade copper halo that typically develops around the margins of
large porphyry copper-gold systems. The assays from hole CSD-13-003
confirm that mineralizing fluids have moved through extensive
volumes of rock at Alpala, further evidence for our confidence in
the potentially large size of the Alpala copper-gold porphyry
system.
The Company continues to interpret the large South East Target
as a mineralized potentially high-grade copper-gold porphyry
system, with Hole 3 skimming the upper margin.
Hole 6 drilled adjacent to the North West Target and the Central
Zone was terminated following receipt of the updated 2nd stage
magnetic model. It intersected 821.50m grading 0.14 % Cu and 0.10
g/t Au with peak grades in the lower half of the hole adjacent to
the North West Target and Central Zone.
These vertically extensive halo intersections (747.33 metres
long above the South East Target and 821.50 metres long adjacent to
the North West Target) reflect copper-bearing fluids interacting
with large volumes of rock, a feature characteristic of large
copper deposits.
The combination of two well mineralized holes within (i.e. Hole
5) or on the margins (i.e. Hole 7) of the Central Zone magnetic
high, and two peripheral holes with long runs of low-grade halo
copper mineralization above the South East Target magnetic high
(i.e. Hole 3) and adjacent to the North West Target magnetic high
(i.e. Hole 6), provides an increasingly solid understanding of the
likely geometry and locus of the Alpala porphyry system(s). The
assay evidence of high grades (Hole 5) and continued association of
visible copper sulphide mineralization with magnetic rocks in Hole
7 provide the Company confidence that it can begin to build a
significant resource at Alpala.
Preliminary Metallurgical Test-work Strategy
Preparation for preliminary metallurgical testwork on high-grade
copper and gold mineralization from Hole 5 has advanced
significantly. The Metallurgical Division of Inspectorate
Exploration and Mining Services Ltd of Richmond, British Colombia,
Canada ("Inspectorate") has been selected to conduct the initial
testwork.
The proposal and quotation from Inspectorate has been approved
and the intervals for metallurgical testwork selected following
acquisition of coarse reject sample weights from the sample
preparation laboratory that the Company uses in Cuenca,
Ecuador.
The next steps in the process is for the selected samples to be
riffle split, packaged and exported from Ecuador to Vancouver where
the testwork will be conducted.
The objective of this work is to conduct a preliminary
metallurgical test program, including hardness tests and flotation
tests, to study the recovery of copper and gold in three sample
composites that have been selected to represent the high-grade
intersection in Hole 5. In summary, the scope of work comprises
sample preparation, head assays, test grinds, rougher flotation and
cleaner flotation. The selected composites are listed in Table 1
with further details of the testwork listed in Table 2.
Table 1 - Metallurgical Composites |
Composite |
|
Comment |
Interval (metres) |
|
Sub-Samples |
Target Cu grade (%) |
|
Target Au grade (g/t) |
|
Target Mo grade (ppm) |
|
Target Weight (Kg) |
Composite 2 |
|
Intermediate Grade |
936-982 |
|
24 |
0.67 |
|
0.58 |
|
5.89 |
|
71.16 |
Composite 1 |
|
High Grade |
804-850 |
|
24 |
1.04 |
|
0.94 |
|
1.00 |
|
72.00 |
Composite 3 |
|
Very High Grade |
1098-1144 |
|
24 |
1.84 |
|
2.31 |
|
3.44 |
|
70.91 |
|
Table 2 - Metallurgical Testing Of Each Composite |
Test |
|
Details |
|
Comment |
Bond Mill Work Index |
|
Bico-Braun laboratory mill |
|
Hardness |
Test Grinds |
|
Three tests on each composite for varying grinding times |
|
Develop a grind time versus P80 sizing curve |
Rougher Flotation Kinetics |
|
Scoping level flotation tests on each composite at 3 grind sizes to
establish a grind versus recovery basis |
|
Products analyzed for Cu, Au, S |
Rougher Flotation Optimization |
|
Using optimum grind size and flotation times from the Kinetic
testing, 4 additional rougher tests to be conducted |
|
Using various Ph and reagent schemes |
Cleaner Flotation |
|
Using the optimum grind and rougher kinetics parameters, a 3 stage
cleaner circuit test with and without regrind |
|
Products analyzed for Cu, Au, S |
Size by Assay Analysis |
|
Rougher scavenger tailings to be screened to 7 size fractions and
undergo screen by assay |
|
Each fraction assayed for Cu, Au, S to calculate metal and mineral
distribution. |
Mineralogy |
|
Particle Mineral Association Study (PMA) using QEMSCAN (if
required) |
|
Mineral composition and deportment, associations, liberation
characteristics, effect of primary grind, and size elemental
mineral analysis. |
The results of the preliminary metallurgy testwork on Hole 5 are
anticipated during the September quarter.
About Cascabel
SolGold Plc owns 85% of the equity of Exploraciones Novomining
S.A. ("ENSA"), an Ecuadorean registered company that holds 100% of
the Cascabel concession in northern Ecuador. Cornerstone owns the
remaining 15% of ENSA, which also holds the rights to the La
Encrucijada gold-silver project. SolGold is funding 100% of the
exploration at Cascabel and is the operator of the project with
Cornerstone Ecuador S.A. providing some exploration and
administrative services. Cornerstone's 15% interest is financed
through completion of a feasibility study.
Cascabel is located in north-western Ecuador in an
under-explored northern section of the richly endowed Andean Copper
Belt, 60 km northeast of the undeveloped inferred resource of 982
million tons at 0.89% Cu Junín copper project. (Mineralization
identified at the Cu Junin copper project is not necessarily
indicative of the mineralization on the Cascabel Property).
Qualified Person:
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 and has reviewed and approved the
information contained in this news release.
Logging, sampling and assaying
Holes referred to in this release were or are being drilled
using HTW, NTW and NQ core sizes (respectively 7.1, 5.6 and 4.8 cm
diameter). Geotechnical measurements such as core recovery,
fracturing, rock quality designations (RQD's), specific density and
photographic logging are performed systematically prior to
assaying. The core is logged, magnetic susceptibility measured and
key alteration minerals identified using an on-site portable
spectrometer. Core is then sawed in half at Cornerstone's core
logging facility and half of the core is delivered by Cornerstone
employees for preparation at Acme Analytical Laboratories (ACME)
affiliate laboratory in Cuenca. Core samples are prepared crushing
1 kg to 80% passing 2 mm (10 mesh), splitting 250 g and pulverizing
to 85% passing 0.075 mm (200 mesh) (ACME code R200-250). Prepared
samples are then shipped to ACME in Vancouver, Canada where samples
are assayed for a multi-element suite (ACME code 1E, 0.25g split,
4-acid digestion, ICP-ES finish). Over limit results for Ag (>
100 g/t), Cu, Pb and Zn (each one > 1%) are systematically
re-assayed (ACME code 7 TD1 or 7 TD2, 4-acid digestion, ICP-ES
finish). Gold is assayed using a 30 g split, Fire Assay (FA) and AA
or ICP-ES finish (ACME code G601).
Quality assurance / Quality control (QA/QC)
The ACME affiliate preparation facility in Cuenca was audited by
Cornerstone prior to the start of the drilling program and ACME is
an ISO 9001:2008 qualified assayer that performs and makes
available internal assaying controls. Duplicates, certified blanks
and standards are systematically used (1 control sample every 15
samples) as part of Cornerstone's QA/QC program. Rejects, a 100 g
pulp for each core sample and the remaining half-core are stored
for future use and controls.
About Cornerstone:
Cornerstone Capital Resources Inc. is a well-funded mineral
exploration company based in Mount Pearl, Newfoundland and
Labrador, Canada, with a diversified portfolio of projects in
Ecuador and Chile, and a strong technical team that has proven its
ability to identify, acquire and advance properties of merit. The
company's business model is based on generating exploration
projects whose subsequent development is funded primarily through
joint venture partnerships. Commitments from JV partners constitute
significant validation of the strength of Cornerstone's
projects.
Further information is available on Cornerstone's website:
www.cornerstoneresources.com and on Twitter.
Cautionary Notice:
This news release may contain 'Forward-Looking Statements'
that involve risks and uncertainties, such as statements of
Cornerstone's plans, objectives, strategies, intentions and
expectations. The words "potential," "anticipate," "forecast,"
"believe," "estimate," "expect," "may," "project," "plan," 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 subsequent to 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 Macdonald, President and CEO
Further information is available on the Cornerstone Web site at
www.cornerstoneresources.com; via e-mail at
communications@crigold.com; or toll free at 1-877-277-8377.
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.
For investor, corporate or media inquiries, please
contact:Cornerstone Capital Resources Inc.Investor RelationsNorth
America toll-free: 1 (877)
277-8377ir@cornerstoneresources.cawww.cornerstoneresources.com
Cornerstone Capital Reso... (TSXV:CGP)
Gráfico Histórico do Ativo
De Mai 2024 até Jun 2024
Cornerstone Capital Reso... (TSXV:CGP)
Gráfico Histórico do Ativo
De Jun 2023 até Jun 2024