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:
- Assays received from drill
hole BMDD012 at the new ‘Alba’ gold target include:
111m1 of 2.35g/t gold,
- 7.2m at 26.9g/t
Assay results for hole BMDD012 include:
Cornerstone VP Exploration, Yvan Crepeau,
“These are strong
assays. This has long been an area where we were keen to advance
our exploration program, but we lacked the clear definition of
drill targets. This result now allows us to undertake follow-up
drilling and define additional conceptual targets for overprinting
high grade gold.”
Drillhole BMDD012 was drilled towards the
north-west and targeted a magnetic anomaly on the south-eastern
flank of the prominent topographic feature Bramaderos Hill, in a
target area now referred to as ‘Alba’. Alba is located north-west
of, and adjacent to the Brama target where drilling is ongoing
It is highly encouraging that the mineralization
was intersected at a relatively shallow depth of ~65m from surface
and remains open up and down dip and along strike.
The drill rig on site at Bramaderos is currently
completing a hole at Brama and will be moved to Alba next week.
Follow-up drilling will initially involve testing the depth extent
of the intersection in BMDD012 and will then test the lateral
extent. At this stage, it is thought that the gold system trends
The high gold zone is currently interpreted as a
‘later’ gold-rich event over a broad and deeper gold-copper
porphyry mineralized system. The high-grade core to this zone
contains visible gold (Figure 5).
There has been no significant historical
drilling at Alba. Hole CURI-11 was drilled (in 2002 by Ecuanor
S.A.) from the south and intersected a point 250m below the BMDD012
gold intersection (Figure 4) but has not tested
the interpreted Alba target horizon. Hole BMDD013, designed to test
the northern extent of the Brama target (results pending) drilled
away to the north-east from the same pad as BMDD012 and BMDD006
drilled away from the Alba target towards the south-east, again to
test the Brama Target (Figure 3).
* The reader is cautioned that there
has been insufficient exploration to define a mineral resource at
Bramaderos and it is uncertain if further exploration will result
in the target being delineated as a mineral resource.
Measuring 4,948 hectares, 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 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
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
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
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
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
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
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
Investor Relations: Mario Drolet; Email: Mario@mi3.ca; Tel.
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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.
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