Exploration Program Planned at Bella Maria Gold-Copper project (Ecuador)
OTTAWA, Sept. 17, 2020 - Cornerstone Capital Resources Inc. (“Cornerstone” or “the Company”) (TSXV-CGP) (F-GWN) (B-GWN) (OTC-CTNXF) is pleased to provide an update on its wholly-owned Bella Maria gold and copper project in El Oro province, southwest Ecuador.
Figures 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:
- Detailed exploration program to follow up on previously defined targets
- Drilling program scheduled for 2021 to test most prospective targets and anomalies
Yvan Crepeau, Cornerstone’s Vice President, Exploration, said: “The Bella Maria gold project borders the NE corner of Lumina Gold’s Greater Cangrejos gold property, where Lumina has announced a resource of 10.4 m oz Au in the indicated category and 6.3 m oz. Au in the inferred category (*Mineralization hosted on adjacent and/or nearby properties is not necessarily indicative of mineralization hosted on the Company’s property). Bella Maria, which has never been drilled, has exceptionally anomalous gold in stream sediments draining the property as shown on accompanying figures. The soil sampling program carried out over the years has defined a 3 km by 2 km gold-copper +/- molybdenum anomaly located in the central part of the property.”
“An Environmental Registration was granted by the Ministry of Environment of Ecuador in January 2020. Under this registration surface exploration work is allowed on the entire property. Following the planned exploration programs described below in this news release to define drill targets to test the most prospective targets and anomalies, Cornerstone will apply to amend the environmental registration to allow for scout drilling in 2021.”
Bella Maria property
The 1,401-hectare Bella Maria property is located in southwestern Ecuador, in El Oro province along the western foothills of the Andes, some 30 km southeast of the port city of Machala at elevations ranging from 100 m to 800 metres above sea level (masl). Access is good via paved roads from either Guayaquil, a major port city located approximately 200 km by road to the northwest of the property, or from Santa Rosa to the southwest and then by a paved road crossing the central part of the property. The area is characterized by tropical climate and vegetation. Bella Maria borders the NE corner of the Cangrejos property of Lumina Gold Corporation.
The project area is underlain by Paleozoic age metamorphic rocks including quartz-biotite orthogneisses, quartz-biotite schists and chlorite schists (La Victoria Formation) which form part of the El Oro Metamorphic Complex. The metamorphic rocks are intruded by Tertiary age granodiorite (Biron Batholith) and quartz diorite. The Oligocene age Saraguro Formation (andesitic to rhyolitic flows and pyroclatics) lies to the east and southeast.
The Bella Maria property is located in the southern part of a NNE oriented Late Oligocene - Early Miocene Porphyry Belt hosting the Gaby-Papa Grande (NI 43-101 compliant resource of 308 Mt at 0.63 g/t Au) and Cangrejos (NI 43-101 compliant resource of 10.4 Million Ounces Gold in the indicated category and 6.3 Million Ounces Gold in the inferred category) porphyry systems. Further to the SW, Challenger Exploration Ltd intersected similar type of porphyry Au-Cu mineralization at its Guayabo and Colorado V projects located at the southern contact zone of the Biron Batholith (Figure 1). These two projects along with Cangrejos and Bella Maria are located within a partly eroded circular feature cross-cut by NE oriented district scale structures (Figure 2 and 3). (*Mineralization hosted on adjacent and/or nearby properties is not necessarily indicative of mineralization hosted on the Company’s property).
Within this belt several intrusive complexes host low-grade gold-copper (typically <1 g/t Au and <0.5% Cu) mineralization. Higher-grade gold-copper mineralization occurs in hydrothermal breccias adjacent to porphyry bodies and located along and/or at the intersection of district scale structures. Epi-mesothermal gold deposits (Bella Rica, San Gerardo and several other small prospects) in the region are commonly associated with the porphyry systems. A total of 69.000 ounces of gold has been recovered by Odin Mining and Exploration Ltd (Now Lumina Gold Corp.) from its Biron alluvial gold mine located 10 km SW of Bella Maria. The San Agustin alluvial deposit lie 1 km north of the property.
Property geology and mineralization
Geological mapping and data compilation from previous surveys indicate that the property is located within the northern contact zone between the Biron Batholith to the south and Paleozoic age, basement rocks part of the El Oro Metamorphic Complex.
This contact zone is characterized by multiphase intrusions varying from granitic to dioritic in composition intruding metasedimentary and metavolcanic rock units (schist, gneiss and orthogneiss). Metamorphic foliation generally strikes NW-SE (N300?E) and systematically dip 55? to 60? to the north.
Faults, fractures and magnetic lineaments from airborne magnetic surveys generally strike NNE to NE with a secondary, less developed set to the NW. Minor fractures and mineralized veinlets systems associated to intrusives and breccias are generally NNE oriented (N01?E to N25?E). District scale circular features evident in topographic maps and magnetic survey suggest that the Bella Maria property could possibly be located on the northeastern edge of a 15 to 17 km wide collapsed caldera which center would be Cangrejos intrusive complex to the SW.
District scale geological mapping and aerial geophysical data suggests that the mineralization patterns relates to underlying NE trending structures. Three types of mineralization have been outlined on the Bella Maria property: lower grade gold-copper-molybdenum porphyry style mineralization associated to quartz veinlets stockworks; higher grade, gold-copper mineralization associated to breccias; and, mesothermal quartz-tourmaline-gold-arsenic veins. Breccias are commonly associated to and controlled by faults and regional structures. Porphyry and breccia types of mineralization are located in the NE extension of and are very similar to significant gold-copper mineralization discovered by Newmont Exploration ("Newmont") and Odin on their Cangrejos property bordering the Bella Maria property to the south. Hole C99-14 by Newmont intersected 204m grading 1.6 g/t Au from surface at the Trinchera-Paloma target.
A total of seven mineralized prospects/areas have been identified on the Bella Maria property and area briefly described below (refer to may 11, 2012 news release for a detailed description of the prospects and assay results from these prospects). Three of them have been discovered in the recent field program.
- Las Pavas Breccia (LPB): 400m by 700m area. Series of N-S oriented, fault controlled, metric size wide hydrothermal breccias with silicified and tourmaline rich matrix. Small scale miners sporadically exploit higher-grade gold mineralization. Medium priority target.
- Vega Rivera Porphyry (VRP): 800m by 800m area. Located in the central part of the property along the Q. Cardenas stream. At this location, gold and copper mineralization is associated with stockworks of B type quartz veinlets developed within silicified and potassic altered granodiorite and quartz-feldspar porphyry units. Pyrite, chalcopyrite, pyrrhotite and occasionally some molybdenite and bornite are present within quartz veinlets and as coatings along fractures. High priority target.
- Vega Rivera Breccia (VRB): 200m by 350m area. This breccia is located at the northern contact of the VRP with metamorphic rocks and possibly at the intersection of NW-SE and NNE-SSW structures. It shows sub-angular to sub-rounded fragments of metamorphic rocks and quartz within a silicified and pyritic matrix. High priority target.
- Tourmaline Breccia (TB): 200m by 500m area. Located to the SE contact of the VRP and developed along a NE-contact between the VRP intrusive and metamorphic rocks. This breccia is composed of metamorphic rock fragments within a tourmaline-pyrite matrix. High priority target.
- Central Breccia (CB): 200m by 900m area. Hydrothermal breccia located in the south central part of the property along an NE-SW oriented fault. The breccia is composed of angular fragments of metamorphic, intrusive and breccia rocks within a silicified matrix containing 1-5% pyrite and traces of chalcopyrite, bornite, covellite and chalcocite. Sulphides are disseminated and associated with late quartz and quartz-tourmaline veinlets. The breccia is approximately 60m wide. Assay results from rock chip sampling is highly variable but channel sampling returned an intercept of 30m at 1.2 g/t Au. High priority target.
- Eastern sector (ES): 1000m by 1200m area. Presence of several sub-metric width, NNE-SSW oriented, mesothermal(?) quartz veins and veinlets. Low priority target.
- Southeast Breccia (SEB): 150m by 1300m area. This target area is located in the southeastern part of the property at the contact between a N-S oriented, 40m thick, quartz-diorite dyke and schist units. The intrusive rock shows quartz-pyrite-pyrrhotite-chalcopyrite-molybdenite veinlets stockworks. The prospect is being exploited worked by small scale minors. Medium priority target.
Planned exploration programs:
A follow-up, detailed exploration program has been designed (Figure 4). It includes a 192 line-kilometre ground magnetic survey, 3D magnetic data processing, extensive 50m by 50m soil sampling program, detailed geology and rock sampling on the Las Pavas Breccia (LPB), Tourmaline Breccia (TB), Vega Rivera Porphyry (VRP), Vega Rivera Breccia (VRB) y Central Breccia (CB) targets, trenching and channel sampling, data integration and modeling. The objective of this program is to define drill targets to test the most prospective targets and anomalies. This program will be implemented later this year or in early 2021, depending on corporate priorities, and last 3 to 6 months. Bella Maria never has been drilled before.
More information about the property can be found at www.cornerstoneresources.com.
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
Cornerstone 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.
Cornerstone’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 Cornerstone’s personnel, placed in plastic bags, labeled and sealed, and stored in a secure place until delivery by Cornerstone 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 Cornerstone’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 the Cascabel gold-enriched copper porphyry joint venture in northwest Ecuador. Cornerstone has a 21.4% direct and indirect interest in Cascabel comprised of (i) a direct 15% interest in the project financed through to completion of a feasibility study and repayable at Libor plus 2% out of 90% of its share of the earnings or dividends from an operation at Cascabel, plus (ii) an indirect interest comprised of 7.6% of the shares of joint venture partner and project operator SolGold plc Exploraciones Novomining S.A. (“ENSA”), an Ecuadoran company owned by SolGold 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.
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: Mario@mi3.ca; Tel. (514) 904-1333
Due to anti-spam laws, many shareholders and others who were previously signed up to receive email updates and who are no longer receiving them may need to re-subscribe at http://www.cornerstoneresources.com/s/InformationRequest.asp
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
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.