MOUNT PEARL, NEWFOUNDLAND--(Marketwire - Jan 11, 2013) - Cornerstone Capital Resources Inc. ("Cornerstone") (TSX VENTURE:CGP) (GWN.F) (GWN.BE) (CTNXF) today announced results of a Phase 3 diamond drilling program at the Gama prospect which is located in the northwestern part of the Shyri property in southern Ecuador. The project is strategically located 15 km west of the Quimsacocha high-sulphidation epithermal gold-silver-copper deposit, 15 km south of the Rio Blanco low-sulphidation gold-silver deposit and 10 km southeast of the Chaucha porphyry copper-molybdenum deposit.
The Phase 3 drilling commenced in mid-October 2012 and was completed in mid-December. The program comprised five (5) holes totaling 2,253.3 metres (m) which were drilled to test the Satoshuaycu porphyry copper-gold target. As noted in a news release dated September 27, 2012, Satoshuaycu forms a large (4 km x 1 km) target defined by a copper-gold-molybdenum soil anomaly coincident with induced polarization (IP) chargeability and magnetic high anomalies. Maps of the Satoshuaycu target area showing drill hole locations can be viewed at http://cornerstoneresources.com/i/pdf/NR13-01DDH.pdf.
The drill program tested the Satoshuaycu target over an area of approximately 1.5 km (north-south) by 0.75 km (east-west), and to a vertical depth of 450 m. The drill holes confirmed the presence of porphyry-style hydrothermal alteration; however, the system appears to be only weakly mineralized in the area tested. The mineralization observed in drill core is considered sufficient to explain the multi-element soil anomaly and IP chargeability and magnetic high anomalies. Assay results have been received from the first 3 holes of the program (GAD-12-014 to GAD-12-016). Holes GAD-12-017 and GAD-12-018 were logged and sampled but not assayed to avoid additional cost in light of the lack of any significant visible mineralization in the core. Table 1 below shows the most significant intercepts (> 20 m at greater than 200 ppm copper and/or greater than 200 ppm zinc, and/or greater than 15 ppm molybdenum) from the drilling program.
Table 1: Summary of Gama Phase 3 Drill Results, Satoshuaycu Target.
|Hole No.||Elevation (masl)||Length |
|Zn (ppm)||Mo (ppm)|
|GAD-12-015||3,433||496.8||No significant visible mineralization. 2 m core samples collected every 10 m. All results < 0.29 g/t Au, < 6.8 g/t Ag, < 560 ppm Cu. Nine individual samples assayed from 1,000 to 7,072 ppm Zn including 2 m at 1.67% Zn.|
|Hole No.||Elevation (masl)||Length |
|Zn (ppm)||Mo (ppm)|
|GAD-12-017||3,190||469.4||No significant visible mineralization - Not assayed|
|GAD-12-018||3,319||253.0||No significant visible mineralization - Not assayed|
* The reported intervals are core lengths. At present the true thicknesses are uncertain due to the early stage of drilling.
Despite significant efforts, Cornerstone has been unsuccessful in securing a partner to fund the second year option commitment on the La Fortuna copper-silver property located in central Chile. Consequently, the property has been returned to the underlying owner.
Yvan Crépeau, M.Ba., P.Geo., President Cornerstone Ecuador S.A. and a qualified person in accordance with National Instrument 43-101, is responsible for supervising the Gama exploration program and has reviewed and approved the technical information contained in this news release.
Logging, sampling and assaying
All holes completed by Cornerstone during Phase 3 were drilled using HTW core size (7.1 cm diameter). Geotechnical measurements such as core recovery, fracturing, rock quality designations (RQD''s), hardness 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 in Cuenca, Ecuador. Half of the core is delivered by Cornerstone employees for preparation at Acme Analytical Laboratories (ACME) facility 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). 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 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 20 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 in Cuenca for future use and controls.
Cornerstone Capital Resources Inc. is a mineral exploration company based in Mount Pearl, Newfoundland and Labrador, Canada, with a diversified portfolio of projects in Canada, 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 or for investor, corporate or media inquiries, please contact:
North America toll-free: 1 (877) 277-8377
The link to a recent Corporate presentation is: http://www.cornerstoneresources.com/i/pdf/Presentations_0912_CRICorporate.pdf
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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