MOUNT PEARL, NEWFOUNDLAND–(Marketwired – May 20, 2014) – Cornerstone Capital Resources Inc. (“Cornerstone” or “the Company”) (TSX VENTURE:CGP)(GWN.F)(GWN.BE)(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.
- Hole 6 assays received. Extensive halo mineralization encountered over 821.5 metres;
- Drilling underway with hole CSD-14-007 in the Central Zone;
- Extension of IP survey over the Aguiñaga Porphyry Cu-Au target in planning stage;
- Further magnetic modeling to be performed on Aguiñaga target; and
- Objective to define future drill sites at Aguiñaga.
Brooke Macdonald, Cornerstone’s President & CEO said: “Our understanding of the setting of mineralization on the Alpala target is increasing on a steady basis and the exploration model is being refined with powerful geophysical tools and detailed work by our geologists. Investors hoping that the Hole 6 assays would have been as spectacular as the Hole 5 assays (which included 672m grading 0.93% Cu and 0.91 g/t Au (from 658m), see news release dated May 2, 2014) should not be discouraged. The very extensive and continuous low-grade copper mineralization encountered over 821.5m in Hole 6 strongly supports our model and interpretations that Alpala hosts a major high-grade porphyry copper-gold system that has been intersected in Hole 5. We are still in the early days of exploring the Alpala target, and it will take several more drill holes to begin to understand the extent of this target.”
Quantec Geoscience, the geophysical contractor who will be conducting the 3D IP survey over Alpala, has been requested to design a grid to enable a 3D Orion IP survey to be conducted over the Aguiñaga target following completion of the Alpala survey. Gridding of the Aguiñaga area will commence within the next two weeks.
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