Cornerstone Capital Resources is pleased to provide an update on exploration work at its Miocene gold-copper project in Chile, which is subject to a farm-in agreement with Newcrest International, a subsidiary of Newcrest Mining.
Cornerstone Capital Resources Inc. (“Cornerstone” or “the Company”) (TSXV:CGP) (Frankfurt:GWN) (Berlin:GWN) (OTC:CTNXF) is pleased to provide an update on exploration work at its Miocene gold-copper project in Chile (the “Project”), which is subject to a farm-in Agreement with Newcrest International Pty Limited (“Newcrest”), a subsidiary of Newcrest Mining Limited (ASX: NCM) (see Cornerstone news release dated December 10, 2018).
Figures referred to in 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:
The Miocene project is located in the Regions of Atacama and Antofagasta of northern Chile (Figure 1), and is targeting epithermal gold-silver and porphyry gold-copper deposits along the interpreted northern extension of the Maricunga magmatic belt which hosts several world-class gold deposits. The Miocene claims were selected using a proprietary data base licensed exclusively to Cornerstone, and offer excellent potential for discovery. Significant epithermal mineralization has been discovered on neighboring properties along strike to the west of the Miocene property.
Exploration work carried out by Cornerstone previous to the agreement with Newcrest has consisted largely of geochemistry work (both soil and rock sampling), a ground magnetic survey, prospecting, geological mapping and spectrometry work to define and prioritize exploration targets to be drill-tested. Geology work shows two sub-parallel NW-SE oriented altered / anomalous regional trends affecting the volcanic units. Alteration minerals (native sulphur, alunite, vuggy and massive silica and some silica-clay in the peripheral parts) and 3D distribution patterns along this trend are typical of high sulphidation epithermal systems. Altered and geochemically anomalous areas up to 9km by 3km in size have never been trenched nor drill tested (Figure 2).
Following the signing of the farm-in agreement, Newcrest carried out detailed geochem sampling (60 rock and 272 soil samples), geological mapping, 6 E-W oriented CSAMT (Controlled Source Audio-frequency Magneto-Tellurics) geophysical survey lines, data integration and modelling to define a Phase 1 drilling program to test highest priority targets. Results are shown on Figures 2, 3, 4, and 5.
Drilling was scheduled to start in February-March of this year but was suspended due to the COVID -19 pandemic. Drilling is now scheduled to take place during the austral summer season between December 2020 and April 2021.
Cornerstone’s CEO, Brooke Macdonald, said: “We are very pleased to be partnering with Newcrest on the Miocene Project. High quality targets have been defined within a several km mineralized trend and will be drill-tested beginning later this year. They have been an excellent partner, and we look forward to progressing this exciting opportunity together”.
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 Miocene project for Cornerstone and has reviewed and approved the information contained in this news release.
Newcrest is one of the largest gold mining companies in the world, operating mines in Australia, Papua New Guinea, and Canada. Newcrest is also partnering with Cornerstone on the Caña Brava project in Ecuador (see Cornerstone news release dated April 22, 2019).
Cornerstone Capital Resources Inc. is a mineral exploration company with a diversified portfolio of projects in Ecuador and Chile, including a Strategic Exploration Alliance with Ecuador’s state mining company Enami EP, and 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.
Mario Drolet; Email: Mario@mi3.ca; Tel. (514) 904-1333
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On Behalf of the Board,
President and CEO
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