Cascabel Exploration Update
Assay results show continued growth along the Alpala trend
Cascabel drilling fleet expands to 12 diamond drill rigs
Maiden Mineral Resource Estimate nearing completion
OTTAWA, Dec. 22, 2017 (GLOBE NEWSWIRE) -- Cornerstone Capital Resources Inc. (“Cornerstone” or “the Company”) (TSXV:CGP) (Frankfurt:GWN) (Berlin:GWN) (OTC:CTNXF) announces the following update on the Alpala drilling program and Maiden Mineral Resource Estimate at the Cascabel copper-gold porphyry joint venture exploration project in northern Ecuador.
Figure referred to in 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:
http://www.cornerstoneresources.com/i/pdf/NR17-49Figures.pdf.
HIGHLIGHTS:
- Hole 26-D2 (Alpala NW) returned 453.7m1 @ 0.53 % CuEq2 (open-ended), incl. 229.7m @ 0.75 % CuEq. Hole 26-D2 ended in mineralization at 1333.65m due to reaching limits of drilling capabilities in that hole.
- Hole 26-D3 (Alpala NW) intersected approximately 1136m of sulphide mineralization (936-2072m), and ended in mineralization due to limit of drilling capabilities. Assay results are pending.
- Hole 29-D2 (Alpala East) returned 484m @ 0.49 % CuEq, incl. 146m @ 0.74 % CuEq.
- Hole 30 (Alpala Central) returned 772m @ 0.62 % CuEq, incl. 500m @ 0.71 % CuEq.
- Hole 33 (Alpala Central) intersected approximately 977m of sulphide mineralization (585-1562m). Assay results are pending.
- Cascabel drilling fleet currently 11 drill rigs and expanding to 12 drills. Rig 12, large track mounted drilling rig arriving in the last week of December 2017.
FURTHER INFORMATION:
Over 63,000m of diamond drilling have been completed at Alpala (Figure 1). Another 120,000m of drilling is planned for 2018. The drilling program has so far drill tested 5 of 15 copper-gold targets delineated in the 50km2 tenement with a focus on Alpala. The remainder of the targets are scheduled for testing in 2018, subject to ongoing technical assessment, following completion of the Alpala maiden Mineral Resource Estimate (MRE) which is planned for release shortly, and completion of ground magnetic modelling and Spartan Orion deep IP surveys.
Recent assay results received from ALS laboratories in Lima, Peru for drilling at Alpala returned the following results (Table 1). Detailed summary of the progress of current drill holes at Alpala are shown below (Table 2).
| Hole ID | Depth From m | Depth To m | Interval m | Cu % | Au g/t | CuEq % | Cut-off (CuEq%) | Comment |
| CSD-17-026-D2 | 880 | 1333.65 | 453.65 | 0.40 | 0.20 | 0.53 | 0.10 | bulk halo, open ended |
| CSD-17-026-D2 | 974 | 1333.65 | 359.65 | 0.46 | 0.23 | 0.60 | 0.30 | open ended |
| CSD-17-026-D2 | 1104 | 1333.65 | 229.65 | 0.56 | 0.31 | 0.75 | 0.50 | open ended |
| CSD-17-026-D2 | 1262 | 1333.65 | 71.65 | 0.61 | 0.46 | 0.90 | 0.70 | open ended |
| CSD-17-029-D2 | 1148 | 1632 | 484 | 0.36 | 0.20 | 0.49 | 0.30 | bulk halo |
| CSD-17-029-D2 | 1184 | 1330 | 146 | 0.51 | 0.37 | 0.74 | 0.50 | |
| CSD-17-030 | 532 | 1304 | 772 | 0.48 | 0.22 | 0.62 | 0.30 | bulk halo |
| CSD-17-030 | 606 | 1292 | 686 | 0.50 | 0.22 | 0.64 | 0.40 | |
| CSD-17-030 | 658 | 1158 | 500 | 0.55 | 0.25 | 0.71 | 0.50 | |
| CSD-17-030 | 904 | 1048 | 144 | 0.72 | 0.33 | 0.93 | 0.70 | |
| CSD-17-030-D1 | 532 | 1074 | 542 | 0.37 | 0.22 | 0.51 | 0.20 | |
| CSD-17-030-D1 | 532 | 784 | 252 | 0.44 | 0.31 | 0.64 | 0.30 | |
| CSD-17-030-D1 | 622 | 782 | 160 | 0.53 | 0.30 | 0.72 | 0.50 | |
| CSD-17-031 | 1050 | 1349.8 | 299.8 | 0.27 | 0.10 | 0.33 | 0.20 | |
| CSD-17-031 | 1210 | 1342 | 132 | 0.38 | 0.16 | 0.48 | 0.30 | |
| CSD-17-031-D1 | 1160 | 1386 | 226 | 0.28 | 0.09 | 0.34 | 0.30 | |
| CSD-17-031-D1 | 1252 | 1372 | 120 | 0.31 | 0.11 | 0.38 | 0.40 | |
| CSD-17-032 | 952 | 1436 | 484 | 0.28 | 0.10 | 0.34 | 0.20 | |
| CSD-17-032 | 1116 | 1214.22 | 98.22 | 0.32 | 0.09 | 0.37 | na | |
| Data Aggregation Method: Intercepts reported using copper equivalent cutoff grades with up to 10m internal dilution, excluding bridging to a single sample. Minimum intersection length 50m. Gold Conversion Factor of 0.63 calculated from a copper price of US$3.00/lb and a gold price US$1300/oz. True widths of downhole interval lengths are estimated to be approximately 25% to 50%. | ||||||||
Table 1: Recent assay results from drilling at Alpala.
| Hole ID | Rig # | Status | Start Depth | Current Depth | Planned Depth | Visual Intercept | True Width (30-50%) | Target |
| CSD-17-026-D3 | 4 | Results Pending | 763.00 | 2177.40 | 2100 | 1136 | 284-568m | Alpala NW |
| CSD-17-029 | 5 | In Progress | 0.00 | 1023.73 | 1800 | In Progress | In Progress | Deep Alpala East |
| CSD-17-029-D3 | 5 | Results Pending | 914.40 | 1645.01 | 1720 | 243 | 61-122m | Alpala East |
| CSD-17-032-D1 | 2 | Results Pending | 1223.75 | 1626.55 | 1900 | 65 | 16-33m | Alpala East and SE |
| CSD-17-032-D2 | 2 | In Progress | 449.85 | 503.96 | 1950 | In Progress | In Progress | Alpala East |
| CSD-17-033 | 6 | Results Pending | 0.00 | 1626.33 | 1400 | 977 | 244-489m | Alpala Central western edge towards surface |
| CSD-17-033-D1 | 7 | In Progress | 320.30 | 831.00 | 1150 | In Progress | In Progress | Alpala Central western edge towards surface |
| CSD-17-034 | 7 | In Progress | 0.00 | 1717.95 | 1850 | 65 | 16-33m | Alpala West and Carmen |
| CSD-17-035 | 1 | In Progress | 0.00 | 767.00 | 2400 | In Progress | In Progress | Alpala SE |
| CSD-17-036 | 8 | In Progress | 0.00 | 624.32 | 1650 | In Progress | In Progress | Alpala NW |
| CSD-17-037 | 9 | In Progress | 0.00 | 680.00 | 2300 | In Progress | In Progress | Alpala NW |
| CSD-17-038 | 10 | In Progress | 0.00 | 720.00 | 2100 | In Progress | In Progress | Alpala East |
| CSD-17-039 | 3 | In Progress | 0.00 | 156.30 | 1700 | In Progress | In Progress | Alpala SE |
| Rig Move | 4 | In Progress | 0.00 | 0.00 | 1800 | In Progress | In Progress | Alpala SE |
| Rig Move | 11 | In Progress | 0.00 | 0.00 | 1800 | In Progress | In Progress | Alpala East |
| Mobilizing | 12 | In Progress | 0.00 | 0.00 | 2700 | In Progress | In Progress | Alpala NW and Trivino |
| * Completed Drill Hole, * Hole in Progress (in italics), * True widths of downhole interval lengths are estimated to be approximately 25% to 50% | ||||||||
Table 2: Progress of current drill holes at Alpala.
Hole 26-D2 (Alpala NW) returned 453.7m @ 0.53 % CuEq (open-ended), incl. 229.7m @ 0.75 % CuEq. Hole 26-D2 ended in mineralization at 1333.65m, due to reaching limits of drilling capabilities in that hole.
Hole 26-D3 (Alpala NW) intersected approximately 1136m of sulphide mineralization (936-2072m), and ended in mineralization due to limit of drilling capabilities. Assay results are pending. Hole 26-D3 confirms major extension to the northwest, along the Alpala trend, and represents the deepest strongly mineralized, open-ended intercept on the project to date.
Hole 29-D2 (Alpala East) returned 484m @ 0.49 % CuEq, incl. 146m @ 0.74 % CuEq. Hole 29-D3 (Alpala East) intersected approximately 243m of copper sulphide (949-1192m). Assay results are pending.
Holes 29-D2, and 29-D3 support the potential for further extensions of the Alpala deposit, deeper and to the east. Parent Hole 29, currently underway, is planned to test deep a Alpala East target, along the deeper, open eastern edge of the deposit.
Hole 30 (Alpala Central) returned 772m @ 0.62 % CuEq, incl. 500m @ 0.71 % CuEq, representing a 120m extension of the deposit towards the south. Hole 30-D1 returned 542m @ 0.51 % CuEq, including 252m @ 0.64 % CuEq, extending the Alpala Central deposit approximately 120m towards surface. Further drilling with Rig 1 is expected to further extend the deposit towards surface along the open western edge of the deposit.
Hole 31 (Alpala SE) returned 299.8m @ 0.33 % CuEq, incl. 132m @ 0.48 % CuEq. Hole 31-D1 (Alpala SE) returned 226m @ 0.34 % CuEq, incl. 120m @ 0.38 % CuEq. Further drilling with Rig 3 will target extensions to the Alpala SE mineralization southeast of Holes 24 and 24-D1.
Hole 32 (Alpala East) returned 484m @ 0.34 % CuEq, incl. 98.2m @ 0.37 CuEq. Hole 32-D1 intersected approximately 65m of copper sulphide mineralization (1270-1335m). Assay results are pending.
Hole 33 (Alpala Central) intersected approximately 977m of sulphide mineralization (585-1562m). Assay results are pending. Hole 33-D1 (Alpala Central) has intersected approximately 208m of copper sulphide mineralization thus far (617-825m). Drilling continues.
Hole 34 (Alpala West) intersected approximately 65m of sulphide mineralization (395-457m). Assay results are pending. Hole 34 passed over the top of the Alpala trend, and confirmed mineralization approximately 250m northwest of hole 13, extending the known strike length of the Alpala Deposit to approximately 1500m.
Drill holes 35, 36, 37, 38 and 39 are in progress, and Hole 40 is set to commence following completion of rig move to Alpala SE.
Further drill testing will focus on:
- Extending and infilling the Alpala Central area with Rigs, 1, 6 and 5.
- Expanding the system at Alpala Northwest and Trivinio with Rigs 8,9,10,11, and 12.
- Testing extensions of the system at Alpala Southeast with Rigs 2,3, and 4.
- Testing geochemical and magnetic targets at Alpala West and Carmen with Rig 7.
There are currently 11 drilling rigs active at Alpala. The Cascabel drilling fleet will expand to 12 drills with the arrival of a large track mounted drill rig (Rig 12) during the last week of December 2017.
About Cascabel:
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.
Cascabel is in northwestern Ecuador in an under-explored northern section of the Andean Copper Belt, 60 km northeast of the undeveloped inferred resource of 982 million tons at 0.89% Cu Llurimaga (formerly Junin) copper project (0.4% Cu cut-off grade; Micon International Co. Ltd. Technical Report for Ascendant Exploration SA, August 20, 2004, pages 28 & 29). Mineralization identified at the Llurimaga 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 for Cornerstone and has reviewed and approved the information contained in this news release.
Logging, sampling, assaying and reporting
Holes referred to in this release were or are being drilled using HTW, NTW, NQ and BQ core sizes (respectively 7.1, 5.6, 4.8 and 3.7 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 the ENSA core logging facility, and half of the core is delivered by ENSA employees for preparation at ALS Minerals Laboratories (ALS) sample preparation facility in Quito. Core samples are prepared crushing to 70% passing 2 mm (10 mesh), splitting 250 g and pulverizing to 85% passing 75 microns (200 mesh) (ALS code CRU-31, SPL21 and PUL-32). Prepared samples are then shipped to ALS in Lima, Peru where samples are assayed for a multi-element suite (ALS code ME-MSP61, 1g split, 4-acid digestion, ICP-MS finish). Over limit results for Ag (> 100 g/t) and Cu, (> 1%) are systematically re-assayed (ALS code Ag-AA62, 4-acid digestion, AAS finish). Gold is assayed using a 30 g split, Fire Assay (FA) and AA finish (ALS code Au-AA23).
Drill hole intercepts are calculated using a data aggregation method, defined by copper equivalent cut-off grades and reported with up to 10m internal dilution, excluding bridging to a single sample. Copper equivalent grades are calculated using a gold conversion factor of 0.63, determined using an updated copper price of USD3.00/pound and an updated gold price of USD1300/ounce. Copper equivalent calculation assumes 100% recoveries of copper and gold.
Quality assurance / Quality control (QA/QC)
The ALS 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 15-20 samples). 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 mineral exploration company with a diversified portfolio of projects in Ecuador and Chile, and a proven ability to identify, acquire and advance properties of merit.
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
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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 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,
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.
1 Not true width - All intercepts announced in this news release and cited previous news releases are down-hole intercepts. True widths are estimated at 30% to 50% of the drill hole intersection.
2 All % copper equivalent (CuEq) in this news release are defined using a Gold Conversion Factor of 0.63 calculated from a copper price of US$3.00/lb and a gold price of US$1300/oz.