10/15/2019 | Press release | Distributed by Public on 10/15/2019 06:08
Figures and plates 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:
'These latest results provide more evidence that we are closing in on a large porphyry system. This is just the third hole2 we have drilled at Limon, but the combination of this blanket mineralization, the large anomalies in multiple surface datasets and the discovery of mineralized porphyry clasts in breccias indicate a large porphyry system being present. It is still early days at Limon, but a very encouraging model is emerging.'
Bramaderos Project Update:
The results from Limon must also be considered in the context of the broader Bramaderos Project potential and presented in Cornerstone's news release dated August 27, 2019. While the Limon porphyry target is delivering a deeper than expected target zone, the Bramaderos Main target is an outcropping porphyry system with the potential to deliver a significant scale deposit. Drilling is focused on that definition of scale. Similarly, nearby porphyry targets Porotillo, Gangue, Melonal, and Playas all have a degree of mineralization at surface and require modern exploration and drill testing.
Immediate activities are:
Two broad zones of magmatic-hydrothermal breccia were intersected in the upper and middle parts of the hole (see Figure 4). They contain some clasts with porphyry-related quartz veins, indicating parts of a porphyry system lie at greater depth below the breccia.
Deeper in the hole the alteration intensifies to suggest increasing proximity to a porphyry system.
As concluded from the results of hole LMDD002, these results to strongly suggest we have drilled 'beside', and in close proximity to, a mineralized porphyry system.
Significant results within the top 222m of LMDD004 include:
Drill hole details for the Limon prospect:
Measuring 4,949 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 which crosses the property.
The Bramaderos concession is owned by La Plata Minerales S.A. ('PLAMIN'), which in turn is owned 51% by Sunstone and 49% by Cornerstone, Sunstone having earned its initial 51% interest by spending US$3.4 million over 3 years to complete a phase 1 drill program. Sunstone has 90 days (i.e., until November 27, 2019) to elect to earn an additional 19% to go to 70% by funding a bankable feasibility study within 5 years, and can go to 80% by financing 100% of the cost of construction of a mine and mill (see Cornerstone news releases dated April 10, 2017 and August 28, 2019).
Sunstone is the project operator.
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
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.
Cornerstone Capital Resources Inc. is a mineral exploration company with a diversified portfolio of projects in Ecuador and Chile, including in the Cascabel gold-enriched copper porphyry joint venture in north west Ecuador. Further information is available on Cornerstone's website: www.cornerstoneresources.com and on Twitter. For investor, corporate or media inquiries, please contact:
Mario Drolet; Email: [email protected]; Tel. (514) 904-1333
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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,
President and CEO
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1 True widths cannot be determined at this time from the limited number of holes drilled.
2 Three holes, LMDD001, 002, and 004. Hole LMDD003 was abandoned at 130.48m due to hole collapse and was not assayed due to poor sample recovery.