Bramaderos Project Update - Drilling Target Definition and Permitting
OTTAWA, Ontario, Dec. 14, 2017 (GLOBE NEWSWIRE) -- Cornerstone Capital Resources Inc. (“Cornerstone” or “the Company”) (TSXV:CGP) (Frankfurt:GWN) (Berlin:GWN) (OTC:CTNXF) announces the following update on its Bramaderos project in Ecuador.
The Bramaderos concession exploration targets and figures referred to in this 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:
http://www.cornerstoneresources.com/i/pdf/NR17-46Figures.pdf.
Highlights:
- Drilling permit (i.e., environmental license plus water use permit) process is progressing
- Drilling permit, when received, will allow drilling throughout the concession not just in specific areas
- Other exploration activities are delivering very good results and will improve the quality of drill targeting
Cornerstone Vice President, Exploration, Yvan Crepeau, said: “The Ministry of Environment (ME) has approved the carrying out of the community consultation process which is currently underway and will be completed before the end of the year. We were hoping to get the actual environmental license and water use permit by end of December but as government agencies shut down for the Xmas/New Year vacations it is looking as though this will run over into January 2018. Due to the increased number of exploration projects in Ecuador, the ME and SENAGUA (Water Agency) are short staffed and taking longer to issue permits so it is hard to give an exact date for the drilling permit to be granted, but we certainly expect it sometime in Q1 2018 and we are doing everything possible to make that happen. Since the inception of the exploration program in July of this year, we are adding excellent surface exploration results every month and are defining prime targets to be drill tested. 2018 will be an exciting year at Bramaderos.”
Drill Permitting (EIA and Water Use Permit)
A drilling permit is required prior to commencement of drilling. The permit application process requires the execution of an environmental impact study (“EIS” - including stakeholder consultation of the drilling program with local communities, authorities and landowner groups), and receipt of a water use permit. The water use permit application was submitted and technically pre-qualified by the administrating authority (SENAGUA) in September. This application entered the formal stakeholder feedback phase at the beginning of December, with 20 days allowed for comment. It is SENAGUA’s responsibility to then designate a site inspector and deliver a site inspection report in January 2018 prior to issuing the permit.
The EIA baseline studies and draft EIA reports were also completed in October 2017. It was formerly usual practice to then present the draft EIA report to the Ministry of Environment for consideration of the Terms of Reference before the Social Participation Process (“SPP”) phase. Unfortunately, a recent change of environmental code regulations saw this process change in late 2018 to requiring the SPP phase to be conducted first. Accordingly, the SPP was initiated with field work (interviews and stakeholder mapping) in November and the opening of an Information Centre at the beginning of December. The Public Information Meeting is scheduled for December 17 and the Information Centre is required to remain open for one week after this meeting. The final EIA report must include the feedback from this period and then submit to the Ministry of Environment for approval. The Ministry has then one month to consider the application and request additional information where required. Assuming the Ministry does not require additional information, the EIA could be approved in early 2018.
The drill permit, once received, will allow drill anywhere within the concession, and as such will allow efficient testing of the multiple porphyry and epithermal targets that are currently being defined as well as providing flexibility to test additional targets on the concession in the future.
Detailed Heli-Magnetics Survey
A detailed heli-magnetics (and radiometrics) survey has been planned for some time. The survey is about 3 months late due to heavy demands on the survey contractor from the extremely active exploration environment in Ecuador, and due to delays caused by poor weather in the north of Ecuador.
Current timing puts the survey commencement at Bramaderos to immediately prior to Christmas, with data processing to occur during January 2018.
The heli-magnetics data is an extremely important component to the exploration program. The results will be used to map structure, alteration, and intrusive events, and have been applied successfully by the Sunstone team to previous porphyry copper-gold and epithermal gold discoveries in the past.
Bramaderos Main Trenching
A trenching program is currently in progress at Bramaderos Main with assay results to come in December and Q1 2018. The trenching is proving to be extremely useful in defining areas of increasing vein density and with that increasing gold and copper grade. A decision has been made to go to more detailed trenching to strengthen the definition of drill targets.
The significance of defining outcropping porphyry systems cannot be underestimated in terms of ongoing effective exploration, and if successful, future development opportunities.
Extension of soil sampling coverage
Soil sampling is currently in progress covering the northern and western extensions to the Limon target, and testing the area to the north, south and east of the West Zone epithermal gold target, and the north of Bramaderos Main.
Delivery of detailed alteration Mapping (and vectors to potential mineralization)
A detailed assessment of the geology of the Bramaderos Main and Limon targets with a focus on the alteration of the host rocks has been undertaken. This work allows for vectoring towards areas of a porphyry system that are considered more likely to host mineralisation. This approach has been applied previously by the Sunstone team during other discoveries. The results from Bramaderos will now be integrated with other datasets and influence the selection of drill targets.
About Bramaderos
The Bramaderos concession is owned by Cornerstone subsidiary La Plata Minerales S.A. (“PLAMIN”), which has signed a binding letter of intent 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).
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
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 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.
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 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 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,
Hugh Brooke Macdonald
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.