Welcome!

Agile Computing Authors: Elizabeth White, Liz McMillan, Jeev Trika, Karyn Jeffery, Yakov Fain

News Feed Item

Cornerstone Capital Resources Inc.: Cascabel Exploration Update

MOUNT PEARL, NEWFOUNDLAND -- (Marketwired) -- 05/02/14 -- Cornerstone Capital Resources Inc. ("Cornerstone" or "the Company") (TSX VENTURE:CGP)(FRANKFURT:GWN)(BERLIN:GWN)(OTCBB:CTNXF) announces the following project update for the Stage 2 drill program at the Alpala prospect within the Cascabel Project at the Company's copper-gold porphyry joint venture exploration project in northern Ecuador.

Highlights:


--  Expansion, deepening and further refinement to magnetic modeling
    confirms multiple, large targets northwest, west and southeast of the
    current drilling at Alpala; 
    
--  Hole 6 completed to final depth of 1401.5 metres. Final Assays expected
    by mid May; 
    
--  Hole 7 location confirmed between 5 and 6 and drilling south-west; 
    
--  Planning for metallurgical tests underway for Hole 5 mineralization; 
    
--  Quantec "Orion" IP survey expected to commence within 2 weeks 

Brooke Macdonald, Cornerstone's President & CEO said: "New geological information provided by Hole 6 and re-processing of the magnetic data are helping us to refine the overall exploration model at Alpala and, more importantly, clearly demonstrate the enormous size potential of this porphyry target. It is important to note that while Alpala is the most advanced target at Cascabel, it is only one of several targets still to be fully explored and drill tested on this 50 km2 concession".

References to figures related to the version of this release on the Company's website (www.cornerstoneresources.com) or visible in PDF format by clicking the link below:

http://www.cornerstoneresources.com/i/pdf/NR14-12Figures.pdf.

3D Inversion Magnetic Modeling

The initial 3D inversion magnetic model at Alpala - which maps the distribution of magnetic rocks often associated with mineralized zones of porphyry systems - extended from surface to around 1100 metres depth. The initial model was created to assist in identifying targets that might be amenable to open-pit exploitation.

Following the recent discovery of high-grade copper and gold in Hole CSD-13-005 ("Hole 5") below the depth of the initial magnetic model, a refined and greatly expanded model was created for the Alpala region by Chris Moore of Moore & Associates (Aust) Pty. Ltd. This work is ongoing. The new magnetic model is extended to 2500 metres depth to identify high-grade targets that might be amenable to deeper block-cave underground mining. The new model is also being extended further to the west, to cover a larger area of the Alpala magnetic region. The result of this new modeling is not only a significant refinement in model accuracy, but it also allows SolGold to view the entire magnetic domain in three dimensions rather than just the shallow eastern domain.

Previous representations of the magnetic bodies at Alpala were constrained to areas less than 1100 metres in depth, and optimized for areas shallower than 600 metres, and mostly east of the area of current drilling where a magnetic apophyse was identified.

The new modeling is revealing a deeper and much more magnetic westward extension to these eastern anomalies. The new deeper model allows us to see previously unrecognized but more intense magnetic anomalies to the west and northwest of Hole 5. Very significantly, the high-grade porphyry copper-gold mineralization in Hole 5, which occurred in association with magnetite and high magnetic susceptibility readings in drill-core, now correlate well with the refined magnetic model (see Figure 2).

On Section 1 (Figure 2), the magnetic anomaly that coincides with the principal 688-metre-long high grade copper-gold intersection in Hole 5 extends and thickens markedly down-plunge towards the southwest. Significant volumes of magnetic rock are modeled in this region, and based on the results of Hole 5 are interpreted to be mineralized zones of magnetite-rich potassic alteration and which are potentially copper-gold bearing.

On Section 2 (Figure 3), located approximately 150m further to the northwest, a parallel vertical slice through the magnetic model shows a very similar geometry, with a thick wedge of modeled magnetic rock covering a significant and equivalent cross-sectional area as on Section 1.

Figures 4 and 5 present views of selected iso-surfaces from the new and refined inversion model, and illustrate the overall geometry of the magnetic bodies at Alpala. The robustness of this model is confirmed, not only, by the grade-model correlation in Figure 2, but also by the location of halo mineralization in Hole 3 just above the Southeast magnetic target, and similar halo grades at surface in the Quebrada Moran trenches which lie proximal to and above the Northwest magnetic target.

Figure 6 shows a northwest-southeast oriented long-section through the new Alpala magnetic model (see Figure 1 for long-section location).

It is apparent that the vertically extensive and high-grade copper-gold intersection in Hole 5 coincides well with the modeled, gently-dipping magnetic anomaly that lies at depths of around 800m to 1800m and that spans a strike length of over three kilometres.

Hole CSD-14-006 Update

Hole CSD-14-006 ("Hole 6") was terminated on the 20th April at 1401.5 metres depth. The location of Hole 6 is shown in Figures 1, 4 and 5.

The hole intersected a thick sequence of volcaniclastic breccias which were argillic-altered from surface to 471 metres depth, propylitic-altered from 471 to 965.5 metres depth, phyllic altered from 965.5 to 1111.5 metres depth and then potassic-altered with variable phyllic and propylitic overprint from 1111.5 to 1395.4 metres, before ending in intense phyllic alteration to end of hole. Looking at Figures 4 and 5 it is clear that Hole 6 drilled on the margins and to the east of the Central Zone.

Final assays are expected to be received by the Company by mid-May.

Hole CSD-14-007 Position Selected and Drill Rig Being Mobilized

The location for drill hole CSD-14-007 ("Hole 7") has been selected and the drill pad is currently being cleared. The hole is being collared to test the same magnetic anomaly in which Hole 5 intersected 1346m grading 0.61% Cu and 0.53 g/t Au from 24m depth and 688m grading 0.92% Cu and 0.90g/t Au from 658m depth.

The Hole 7 position will test the shallow northwest-trending mineralized structural zone (encountered in surface trenches and in Holes 1 and 5) about 150m northwest of Hole CSD-13-005 ("Hole 5"), and then continue deeper to test the magnetic body, which was highly mineralized in Hole 5. Hole 7 will be drilled sub-parallel to Hole 5, but at a location around 150 metres to the northwest, midway between Holes 5 and 6.

The location of Hole 7 relative to Hole 5 and the other holes at Alpala is shown on Figures 1 and 3-7.

Metallurgical Testing

Cornerstone's joint venture partner on the project, SolGold Plc, is planning to undertake preliminary metallurgical flotation testing on composites of mineralization from drill Hole 5, and a testing strategy and agreement with a commercial metallurgical laboratory will be finalized shortly.

Induced Polarization (IP) Survey

Equipment for the Orion DCIP-MT survey at Alpala has arrived in Quito, Ecuador, and is currently undergoing clearance in customs. When the approximately 4 tonnes of equipment has been cleared, it will be transported to the Rocafuerte field office in preparation for commencement of surveying.

Gridding, in preparation for the survey, is well advanced, with all required 108 line kilometres of gridding completed. An additional 10-12 days is required for final quality control on some grid-points prior to the survey being ready to commence.

A team of 13 Quantec expatriate personnel is expected to arrive in Ecuador during May to commence the survey. The setting up and running of the survey is anticipated to take 27 days to complete and is expected to be completed in June with final processed data products due during July.

Whilst conventional IP systems typically see to depths of around 400m, the Orion system can read chargeability to potential depths of 800m, and beyond if ground conditions are ideal. The Orion system can also read resistivity-chargeability data to potential depths of 2 kilometres using magneto-telluric measurements. The Orion system is a very sophisticated survey technique and will be used to map sulphide distribution across the entire recognized extent of the lithocap and magnetic anomalies at Alpala. The Orion system will provide a quantum leap in data density over conventional IP systems that are the industry norm.

About Cascabel

SolGold Plc owns 85% of the equity of Exploraciones Novomining S.A. ("ENSA"), an Ecuadorean registered company that holds 100% of the Cascabel concession in northern Ecuador. Cornerstone owns the remaining 15% of ENSA, which also holds the rights to the La Encrucijada gold-silver project. SolGold is funding 100% of the exploration at Cascabel and is the operator of the project with Cornerstone Ecuador S.A. providing some exploration and administrative services. Cornerstone's 15% interest is financed through completion of a bankable feasibility study.

Cascabel is located in north-western Ecuador in an under-explored northern section of the richly endowed Andean Copper Belt, 60 km northeast of the undeveloped NI 43-101 compliant inferred resource of 982 million tons at 0.89% Cu Junin copper project.

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 and has reviewed and approved the information contained in this news release.

Logging, sampling and assaying

Holes referred to in this release were or are being drilled using HTW, NTW and NQ core sizes (respectively 7.1, 5.6 and 4.8 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 Cornerstone's core logging facility and half of the core is delivered by Cornerstone employees for preparation at Acme Analytical Laboratories (ACME) affiliate laboratory 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). Over limit results for Ag (greater than 100 g/t), Cu, Pb and Zn (each one greater than 1%) are systematically re-assayed (ACME code 7 TD1 or 7 TD2, 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 affiliate 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 15 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 for future use and controls.

About Cornerstone:

Cornerstone Capital Resources Inc. is a well-funded mineral exploration company based in Mount Pearl, Newfoundland and Labrador, Canada, with a diversified portfolio of projects in 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 and on Twitter. For investor, corporate or media inquiries, please contact:


Investor Relations:                                                         
Email: [email protected]                                           
North America toll-free: 1 (877) 277-8377                                   

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 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.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

@ThingsExpo Stories
Companies can harness IoT and predictive analytics to sustain business continuity; predict and manage site performance during emergencies; minimize expensive reactive maintenance; and forecast equipment and maintenance budgets and expenditures. Providing cost-effective, uninterrupted service is challenging, particularly for organizations with geographically dispersed operations.
SYS-CON Events announced today that BMC Software has been named "Siver Sponsor" of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2015 at the Javits Center in New York, New York. BMC is a global leader in innovative software solutions that help businesses transform into digital enterprises for the ultimate competitive advantage. BMC Digital Enterprise Management is a set of innovative IT solutions designed to make digital business fast, seamless, and optimized from mainframe to mo...
SoftLayer operates a global cloud infrastructure platform built for Internet scale. With a global footprint of data centers and network points of presence, SoftLayer provides infrastructure as a service to leading-edge customers ranging from Web startups to global enterprises. SoftLayer's modular architecture, full-featured API, and sophisticated automation provide unparalleled performance and control. Its flexible unified platform seamlessly spans physical and virtual devices linked via a world...
The IoT is changing the way enterprises conduct business. In his session at @ThingsExpo, Eric Hoffman, Vice President at EastBanc Technologies, discuss how businesses can gain an edge over competitors by empowering consumers to take control through IoT. We'll cite examples such as a Washington, D.C.-based sports club that leveraged IoT and the cloud to develop a comprehensive booking system. He'll also highlight how IoT can revitalize and restore outdated business models, making them profitable...
IoT generates lots of temporal data. But how do you unlock its value? How do you coordinate the diverse moving parts that must come together when developing your IoT product? What are the key challenges addressed by Data as a Service? How does cloud computing underlie and connect the notions of Digital and DevOps What is the impact of the API economy? What is the business imperative for Cognitive Computing? Get all these questions and hundreds more like them answered at the 18th Cloud Expo...
SYS-CON Events announced today that EastBanc Technologies will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. EastBanc Technologies has been working at the frontier of technology since 1999. Today, the firm provides full-lifecycle software development delivering flexible technology solutions that seamlessly integrate with existing systems – whether on premise or cloud. EastBanc Technologies partners with p...
SYS-CON Events announced today that Commvault, a global leader in enterprise data protection and information management, has been named “Bronze Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Commvault is a leading provider of data protection and information management...
In his session at 18th Cloud Expo, Bruce Swann, Senior Product Marketing Manager at Adobe, will discuss how the Adobe Marketing Cloud can help marketers embrace opportunities for personalized, relevant and real-time customer engagement across offline (direct mail, point of sale, call center) and digital (email, website, SMS, mobile apps, social networks, connected objects). Bruce Swann has more than 15 years of experience working with digital marketing disciplines like web analytics, social med...
SYS-CON Events announced today that Tintri Inc., a leading producer of VM-aware storage (VAS) for virtualization and cloud environments, will exhibit at the 18th International CloudExpo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, New York, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
SYS-CON Events announced today Object Management Group® has been named “Media Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
SYS-CON Events announced today that ContentMX, the marketing technology and services company with a singular mission to increase engagement and drive more conversations for enterprise, channel and SMB technology marketers, has been named “Sponsor & Exhibitor Lounge Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York City, New York. “CloudExpo is a great opportunity to start a conversation with new prospects, but what happens after the...
The IoTs will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform. In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, will demonstrate how to move beyond today's coding paradigm and share the must-have mindsets for removing complexity from the development proc...
What a difference a year makes. Organizations aren’t just talking about IoT possibilities, it is now baked into their core business strategy. With IoT, billions of devices generating data from different companies on different networks around the globe need to interact. From efficiency to better customer insights to completely new business models, IoT will turn traditional business models upside down. In the new customer-centric age, the key to success is delivering critical services and apps wit...
Join us at Cloud Expo | @ThingsExpo 2016 – June 7-9 at the Javits Center in New York City and November 1-3 at the Santa Clara Convention Center in Santa Clara, CA – and deliver your unique message in a way that is striking and unforgettable by taking advantage of SYS-CON's unmatched high-impact, result-driven event / media packages.
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, will provide an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life ...
As cloud and storage projections continue to rise, the number of organizations moving to the cloud is escalating and it is clear cloud storage is here to stay. However, is it secure? Data is the lifeblood for government entities, countries, cloud service providers and enterprises alike and losing or exposing that data can have disastrous results. There are new concepts for data storage on the horizon that will deliver secure solutions for storing and moving sensitive data around the world. ...
SYS-CON Events announced today that MobiDev will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. MobiDev is a software company that develops and delivers turn-key mobile apps, websites, web services, and complex software systems for startups and enterprises. Since 2009 it has grown from a small group of passionate engineers and business managers to a full-scale mobile software company with over 200 develope...
WebRTC is bringing significant change to the communications landscape that will bridge the worlds of web and telephony, making the Internet the new standard for communications. Cloud9 took the road less traveled and used WebRTC to create a downloadable enterprise-grade communications platform that is changing the communication dynamic in the financial sector. In his session at @ThingsExpo, Leo Papadopoulos, CTO of Cloud9, will discuss the importance of WebRTC and how it enables companies to fo...
SYS-CON Events announced today that MangoApps will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. MangoApps provides modern company intranets and team collaboration software, allowing workers to stay connected and productive from anywhere in the world and from any device. For more information, please visit https://www.mangoapps.com/.
SYS-CON Events announced today TechTarget has been named “Media Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. TechTarget is the Web’s leading destination for serious technology buyers researching and making enterprise technology decisions. Its extensive global networ...