|By Marketwired .||
|January 24, 2013 08:02 AM EST||
MOUNT PEARL, NEWFOUNDLAND -- (Marketwire) -- 01/24/13 -- Cornerstone Capital Resources Inc. ("Cornerstone") (TSX VENTURE:CGP) (FRANKFURT:GWN) (BERLIN:GWN) (OTCBB:CTNXF) today announced that channel sampling at the Alpala Prospect within the Cascabel Project in Ecuador has returned highly encouraging gold and copper assays and confirmed the presence of a significant gold-copper porphyry system. The 5,000 hectare Cascabel Project is optioned to SolGold Plc (AIM code: SOLG), which is earning a 65% initial interest in the Project by spending $7.8 million over 4 years. SolGold is directing the exploration program and Cornerstone is implementing the program.
Channel sampling was undertaken across an outcropping window of the gold-copper porphyry system which is exposed along Alpala Creek. The mineralized dacite porphyry intrusive exhibits stockwork and sheeted quartz veins containing copper sulphides comprising chalcopyrite, bornite and chalcocite (see Figure 2 at http://www.cornerstoneresources.com/i/pdf/NR13-02Cascabel.pdf). The outcropping zone is covered by scree and vegetation at both ends and so mineralization is open.
-- 45.63 m at 0.81 g/t gold and 0.59% copper in channel TR46 -- Last 2 m sample at northern end contains 0.15 g/t gold and 0.4% copper -- Last 2 m sample at southern end contains 0.53 g/t gold and 0.48% copper -- Peak 1 m interval returned a gold assay of 6.89 g/t, and a copper assay of 1.7% -- Average grade of 0.66 g/t gold and 0.56% copper with the peak intersection removed - this underscores the potential for a bulk mineralized porphyry system
A nearby channel (TR49) also returned 22 m at 0.16 g/t gold and 0.3% copper, and another (TR47) returned 5.48 m at 0.75 g/t gold (see Figure 1 in link above and Table 1 below for complete results).
The Alpala Prospect is located within the T1 target which has been identified on the basis of geological and alteration mapping, a compelling magnetic signature and coincidence with strong surface geochemistry (copper, gold and molybdenum). The T1 target is roughly circular with a diameter of 2 km signature (refer to News Release on December 20, 2012).
Stockwork veining has been observed in reconnaissance exploration in the general Alpala area up to 200 m away from the current area of channel sampling. Ongoing exploration will focus on mapping and sampling of these other areas where the porphyry system is exposed.
Table 1. Assay results for 6 channel sampling areas at the Alpala Prospect.
Channel No. Width (m) Gold (g/t) Copper (%) ---------------------------------------------------------------------------- TR46 45.63 0.81 0.59 ---------------------------------------------------------------------------- TR47 5.48 0.75 0.06 ---------------------------------------------------------------------------- TR48 13.22 0.06 0.08 ---------------------------------------------------------------------------- TR49 22.39 0.16 0.30 ---------------------------------------------------------------------------- TR50 9.98 0.10 0.04 ---------------------------------------------------------------------------- TR51 24.13 0.04 0.03 ----------------------------------------------------------------------------
Brooke Macdonald, President of Cornerstone, said "The latest channel sampling results are very encouraging and point to a large outcropping mineralized gold-copper porphyry system. The target areas have received only cursory previous exploration and have never been drilled-tested. We are continuing to work through the permitting process required for drilling, which we expect to begin during the second quarter".
Other Project Activities
The initial phase of follow-up soil sampling has been completed with total coverage of approximately 20 km2. Targeted areas have now been sampled on a 100 m x 100 m grid. Assay results are expected in early February.
The final data for the helicopter-borne magnetic and radiometric survey has been received and processed. Further modelling and targeting is underway, and areas for 3-D modelling have been identified.
The permitting process in the lead up to drilling is progressing well. There is good community support and aspects of the water permitting and drilling Environmental Impact Assessment (EIA) are tracking as planned. It is still expected that drilling will commence in early Q2.
Assaying, Quality Assurance/Quality Control (QAQC)
Samples were delivered in sealed bags by Cornerstone employees to the ACME preparation laboratory in Cuenca. Rock samples are prepared (ACME code R200-250) and assayed by the ACME-Vancouver laboratory (www.acmelab.com) for gold (ACME code G601, F.A., 30 g) and multi-elements (ACME code 1E, 4 Acid digestion ICP-ES finish). All over limits results for precious and base metals were systematically re-assayed (ACME codes G6Gr and 7TD). Stream sediment samples are prepared (ACME code SS80) and assayed for gold (ACME code G601, F.A., 30 g) and multi-elements (ACME code 1EX, 4 acid digestion, ICP-MS finish).
ACME is an ISO 9001:2008 qualified assayer that performs and makes available internal assaying controls. Certified blanks and standards are systematically inserted every 25 samples as part of Cornerstone's QA/QC program.
Yvan Crepeau, M.Ba., P.Geo., General Manager of Cornerstone Ecuador S.A. and a qualified person in accordance with National Instrument 43-101, is responsible for supervising the exploration program at the Cascabel project and has reviewed and approved the information contained in this news release.
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:
Email: [email protected]
North America toll-free: 1 (877) 277-8377
The link to a recent Corporate presentation is:
Investors can also access Cornerstone on Twitter.
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
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.
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