Cornerstone Capital Resources Inc. [CGP-TSXV; CTNXF-OTC; GWN1-FWB] provided an update on its Bramaderos gold and copper joint venture in southern Ecuador in which it has a 12.5% interest carried by JV partner and project operator Sunstone Metals Inc. through to the start of commercial production.
Significant intersections from the first follow-up drillhole (BMDD020) at Alba include 264.7 metres at 0.49 g/t gold and 0.13% copper, from 95 metres to end of hole; including 7.0 metres at 1.77g/t gold, from 126 metres; 9.1 metres at 0.91 g/t gold and 0.16% copper from 173 metres; 7.8 metres at 0.81 g/t gold and 0.15% copper from 185 metres; and 1.0 meter at 0.91 g/t gold and 0.17% copper from 203 metres.
Further follow-up drilling is underway with assays pending for three drillholes.
Hole BMDD020 is only the second hole drilled at the Alba gold discovery, returning a 193.7-metre porphyry intersection grading 0.5 g/t gold and 0.16% copper from 164 metres. Mineralization remains open at depth.
Hole BMDD020 was drilled below maiden hole BMDD012, which returned 111 metres at 2.3 g/t, including 7.2 metres at 26.88 g/t gold. Hole BMDD020 also intersected the Upper Gold Zone returning 7.0 metres at 1.77 g/t gold.
Results indicate the Alba discovery comprises a gold zone sitting above a well mineralized gold-copper porphyry that remains open and largely untested. The Upper Gold Zone is currently interpreted to be a structurally controlled epithermal system. A geological model is being developed for this system. Petrographic studies are underway.
Visible gold was identified in drill holes BMDD012 and 020, and importantly in BMDD020 it was observed in both the Upper Gold Zone and within the broader porphyry zone leading to the potential for future high-grade gold intervals.
Additional follow-up drill holes BMDD021 and 022 at Alba have been completed and hole BMDD023 is well advanced and are being sampled. All holes have intersected rock types and alteration similar to that documented in holes BMDD012 and 020. The drill holes appear to have drilled the equivalent of the Upper Gold Zone and well developed stockwork at depth with some visible copper sulphides representing the porphyry zone.
Cornerstone VP Exploration, Yvan Crepeau, said: “The latest results provide further indications that Alba is emerging as a major discovery, and demonstrate the presence of an Upper Gold Zone above a well-mineralized porphyry. These are some of the best porphyry gold-copper results we have seen in the broader Bramaderos Project. We are also seeing local visible gold within the porphyry system, which is highly encouraging.
“The Upper Gold Zone at Alba will be further defined as we undertake additional drilling. It is likely to be structurally controlled, and we are testing NE and N-S oriented structures from interpretation of magnetics. We are also undertaking detailed electrical geophysics to help map the distribution of the Upper Gold Zone, and the porphyry mineralization. We are getting hints that there is lateral continuity, and the target area is wide open.”
Visible gold was identified in drill hole BMDD013 and correlated with an interval of 2 metres at 2 g/t gold, located approximately 100 metres from the BMDD012 and BMDD020 Upper Gold Zone intervals.
An IP survey has been planned for the Alba target and is expected to commence late January.
The Bramaderos 4,948-hectare project is adjacent to the Pan American Highway, and within reasonable distance of available hydropower. There are nearby commercial airports and cities (Loja) and enjoys strong community support.
The Bramaderos concession is owned by La Plata Minerales S.A., which in turn is owned 87.5% by Sunstone (operator) and 12.5% by Cornerstone.