Cornerstone Capital Resources Inc. (“Cornerstone” or “the
Company”) (TSXV:CGP; OTC:CTNXF; FWB:GWN1) is pleased to
provide an update on its Bramaderos gold and copper joint venture
in southern Ecuador (see
Figures 1 and 2) 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:
https://cornerstoneresources.com/site/assets/files/5827/nr21-17figures.pdf.
HIGHLIGHTS:
- Strong assay results
received for holes BMDD009, 010, and 011 at the Brama
prospect:
- BMDD009:
185.3m1 at 0.4g/t gold, 0.15%
copper, (0.64g/t gold equivalent
AuEq2) from 116.8m
- BMDD010: 170.65m at 0.46g/t
gold and 0.15% copper. (0.7g/t AuEq) from 311.75m,
including
- 69.6m at 0.65g/t gold, 0.2%
copper, (0.97g/t AuEq) from 347m
- BMDD011: 404.8m at 0.32g/t
gold, 0.09% copper, (0.46g/t AuEq) from surface, including
- 51.3m at 0.54g/t gold,
0.07% copper (0.65g/t AuEq) from surface
- BMDD009 and 010 have
further defined the gold-copper mineralized porphyry and intrusive
breccia
- BMDD011 has extended the
gold-copper mineralized domain to the northwest, below well
mineralized trench sampling
- A detailed 3-D geological
model has been built for Brama and will underpin a Mineral Resource
Estimate (MRE) to be undertaken in early 2022
- Drilling is ongoing with
six more holes planned as part of the maiden Mineral Resource drill
program
FURTHER INFORMATION:
The results from holes BMDD009, 010 and 011
further highlight the potential for Brama to host a substantial
gold-copper porphyry system (Figure 3).
In light of these results Sunstone has defined a
drill program to continue through to December 2021, after which all
data will be compiled and an initial Mineral Resource Estimate
undertaken in early 2022.
Cornerstone VP Exploration, Yvan Crepeau,
said:
“We are very pleased with the latest round of results which
provide more firm evidence that Brama has the potential to be a
large gold-copper mineralized porphyry. Importantly, we are seeing
good gold-copper grades from surface.
“An initial Mineral Resource Estimate is a logical next step for
the Brama target. Drilling is being guided by robust 3D geological
modeling to continue to define the Brama system. In parallel we are
re-visiting other targets such as Limon, Playas and Melonal (see
Figure 2) with a view to defining additional resources.
“Our plan is to grow the scale of the opportunity at the
Bramaderos Project via exploration and mineral resource definition
across several porphyry systems.”
The Bramaderos Project is ideally located
immediately adjacent to the Pan American highway, and within
reasonable distance of available hydropower, supporting the
economics of potential development opportunities. The project is
also supported by nearby commercial airports and significant cities
(Loja) and enjoys strong community support.
* The reader is
cautioned that there has been insufficient exploration to define a
mineral resource at Brama and it is uncertain if further
exploration will result in the target being delineated as a mineral
resource.
Discussion of Results
Drill hole BMDD009 was drilled in the east and
central parts of the main Brama porphyry system (Figures 4
& 5) and intersected a veined porphyry system hosted
by diorite. The drill hole further strengthened the interpretation
of geology and mineralization between holes BMDD001 and 002.
Drill hole BMDD010 (Figures 4 &
5) intersected the main Brama porphyry stockwork style
mineralization and the deeper northern part of the intrusive
breccia intersected in BMDD008. The hole drilled orthogonal (at
right angles) to previously drilled holes BMDD001, 002 and 005 and
has better defined the higher-grade mineralization reported from
BMDD001 and historical hole CURI-03, and from the intrusive breccia
in hole BMDD005. Hole BMDD010 was drilled at a shallow dip of -300
and therefore the intersections are between 200m and 300m below
surface.
Drill hole BMDD011 was drilled towards the
northwest from the collar of hole BMDD008 (Figures 4 &
5) and was sited to test the northwest up-dip continuation
of the mineralized intrusive breccia body that was intersected at
depth in BMDD008, and to test below well mineralized trench
intervals of 70m at 0.68g/t gold and 0.16% copper, and 63m at
0.77g/t gold and minor copper.
Assays are pending for holes BMDD012 and 013.
Both holes have tested magnetic anomalies to the northwest of the
Brama area and have intersected mineralization.
BMDD014 has recently been completed and hole
BMDD015 is in progress. Both are testing areas of limited drilling
within the higher-grade intrusive breccia.
Drill Hole |
From (m) |
To (m) |
Interval (m) |
Au (g/t) |
Cu (%) |
Mo (ppm) |
Ag (g/t) |
AuEq (g/t) 3 |
|
|
|
|
|
|
|
|
|
BMDD009 |
49.70 |
546.00 |
496.30 |
0.29 |
0.12 |
6.4 |
1.3 |
0.48 |
|
67.70 |
310.00 |
242.30 |
0.37 |
0.14 |
4.1 |
1.5 |
0.59 |
|
116.80 |
302.10 |
185.30 |
0.4 |
0.15 |
3.2 |
1.6 |
0.64 |
|
|
|
|
|
|
|
|
|
BMDD010 |
|
|
|
|
|
|
|
|
|
311.75 |
482.40 |
170.65 |
0.46 |
0.15 |
5.0 |
1.4 |
0.70 |
including |
347.00 |
416.60 |
69.60 |
0.65 |
0.20 |
2.0 |
2.3 |
0.97 |
including |
347.00 |
363.00 |
16.00 |
0.98 |
0.24 |
1.2 |
2.6 |
1.36 |
including |
381.70 |
397.30 |
15.60 |
0.77 |
0.24 |
2.1 |
3.1 |
1.15 |
|
524.00 |
559.00 |
35.00 |
0.24 |
0.1 |
28.1 |
1.5 |
0.40 |
|
|
|
|
|
|
|
|
|
BMDD011 |
|
|
|
|
|
|
|
|
|
0.20 |
405.00 |
404.80 |
0.32 |
0.09 |
20.0 |
1.3 |
0.46 |
including |
0.20 |
51.50 |
51.30 |
0.54 |
0.07 |
18.0 |
1.5 |
0.65 |
including |
0.20 |
13.30 |
13.10 |
0.93 |
0.11 |
11.0 |
2.0 |
1.11 |
|
102.00 |
166.80 |
64.80 |
0.54 |
0.08 |
57.0 |
1.4 |
0.67 |
|
243.50 |
405.00 |
161.50 |
0.22 |
0.12 |
1.5 |
1.2 |
0.41 |
|
|
|
|
|
|
|
|
|
Table 1: Summary of mineralized
intersections in Brama drill holes BMDD009, 010 and 011.
* Gold equivalent
values are included in Table 1 to enable comparison, in general
terms in an early-stage exploration context, to other large
lower-grade gold systems, and to other porphyry systems that are
often reported in metal-equivalent terms and are invariably gold
and copper deposits, with both metals being targeted by
exploration.
Exploration Program at Brama for the
Remainder of 2021
Drilling will continue at the Brama target with
1 drill rig through to December 2021. During that period an
additional 6 holes for 2,300m are planned to be completed.
This drilling program will form the basis for an
maiden (initial) Mineral Resource Estimate (MRE) to be undertaken
in early 2022. The goal of this MRE is to establish an initial near
surface resource estimate that can then be expanded as exploration
continues at Brama and the other nearby targets such as Limon and
Melonal (Figure 2). At Brama the >0.4g/t gold
equivalent domain is shown in Figure 3 extending
from surface to a depth of ~500m as currently modeled and is open
at depth. The domain is a plunging ovoid shape with dimensions of
460m (plunge) x 350m (long) x 220m (width).
Planning is also underway for an electrical
geophysical survey over the Limon target in late 2021 to early
2022. It is expected that this program will define anomalies for
further drill testing in areas where alteration has compromised the
magnetic signature of the porphyry systems. The drill targets to be
defined will be followed up in 2022. If the results of the survey
are promising, then additional surveys may be undertaken at Brama
Hill and other targets (Figure 2).
About Bramaderos
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.
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 Bramaderos project for Cornerstone and
has reviewed and approved the information contained in this news
release.
Sampling and assaying
Surface and drill core samples from Brama were
sent to the LAC y Asociados Cia. Ltda. Sample Preparation Facility
in Cuenca, Ecuador for sample preparation. The standard sample
preparation for drill core samples (Code PRP-910) is: Drying the
sample, crushing to size fraction 70% <2mm and splitting the
sample to a 250g portion by riffle or Boyd rotary splitter. The
250g sample is then pulverised to >85% passing 75 microns and
then split into two 50g pulp samples. Then one of the pulp samples
was sent to the MS Analytical Laboratory in Vancouver (Unit 1,
20120 102nd Avenue, Langley, BC V1M 4B4, Canada) for gold and base
metal analysis.
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.
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 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 true width of downhole intersections cannot be determined
at this time due to insufficient drilling.
2 AuEq is calculated on a gold and copper basis
only using metals prices at August 30th 2021, being US$1,814/oz
gold, US$4.36/lb copper using the formula: (gold grade in g/t) +
1.6 * (Cu grade in %). No metallurgical recoveries have been
applied to exploration results.
3 See footnote 2 above.
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