Cascabel Copper-Gold JV Exploration Updates
OTTAWA - Cornerstone Capital Resources Inc. reported an update for the Cascabel copper-gold porphyry joint venture exploration project in northern Ecuador, in which the Company has a 15% interest financed through to completion of a feasibility study. SolGold Plc is funding 100% of the exploration at Cascabel and is the operator of the project.
HIGHLIGHTS: Hole 17 has intersected mineralization from 641.3 m and bornite and chalcopyrite copper sulphide mineralization from 816.2 m to 999.2 m depth, and is extending the surface footprint of the Alpala target 100 m southwest and 300 m closer to surface at this position; Hole 17 (CSD-16-017) was drilling at a depth of 999.2m. Rig 1 is drilling Hole 17 to the southwest at a declination of -74 degrees, from the same drill site as Hole 16, towards a planned depth of 1400m; Hole 17 is targeting shallow extensions of the Alpala deposit to the west, along the interpreted continuation of copper and gold mineralization intersected in Holes 1, 5 and 12, which returned the following intersections: Hole 1: 302m @ 0.39 % Cu and 0.48 g/t Au (0.77% CuEq*) from 16m, including 100m @ 0.65 % Cu and 1.00 g/t Au (1.44% cuEq) from 222m; Hole 5: 1306m @ 0.62 % Cu and 0.54 g/t Au (1.05% CuEq) from 24m, including 552m @ 1.03m % Cu and 1.05 g/t Au (1.86% CuEq) from 778m; Hole 12: 1312m @ 0.67 % Cu and 0.63 g/t Au (1.17% CuEq) from 128m, including 576m @ 1.03m % Cu and 1.19 g/t Au (1.97% CuEq) from 844m; and Hole 17 passed into intrusion hosted, porphyry style copper sulphide mineralization from 641.3m depth, and has intersected over 350m of mineralization to date.
The intersection so far in Hole 17 has the effect of extending high grade envelopes in the project operator's 3D models to the southwest by 100 metres and upwards (shallower) by 300 metres. This is expected to enhance the interpreted copper cutoff tonnages in the vicinity of Hole 17.
Drill Hole 17 passed into bornite-chalcopyrite copper sulphide mineralization from 816.2m. Bornite and chalcopyrite are important copper ore minerals containing around 63% and 35% copper, respectively.
Rig 2 continues drilling Hole 15R2 towards a revised planned depth of 2000m, having intersected over 950m of intrusion hosted, porphyry style copper sulphide mineralization from 803.2m to the current depth of 1749.4m. Hole 15R2 is targeting extensions of the Alpala deposit to the north, and at depth, some 100m north of the deeper high-grade zone intersected in Hole 9, which returned 1050.8m @ 0.68% Cu and 0.92 g/t Au (1.42% CuEQ) , including 420m @ 1.00 % copper and 1.34 g/t gold (2.06% CuEq).