Cornerstone drills 0.37 g/t gold over 345.5 metres at Bramaderos, Ecuador
Cornerstone Capital Resources Inc. [CGP-TSXV; CTNXF-OTC; GWN-FSE] has provided an update on its Bramaderos gold and copper joint venture in southern Ecuador, in which it has a 12.5% interest carried by joint venture partner and project operator Sunstone Metals Ltd. [STM-ASX] through to the start of commercial production.
Drilling continues to return grades in line with or better than other porphyry gold-copper deposits demonstrating Alba is an outstanding gold-copper porphyry discovery with scale. Alba is interpreted to be a gold rich gold-copper porphyry deposit with significant vertical extent, and with an upper gold zone locally containing visible gold. It is one of a cluster of systems currently being tested with drilling at Bramaderos.
Results contain significant, consistent gold-copper intervals greater than 300 metres, with high-grade sub-intervals. Drill results include 345.5 metres at 0.37 g/t gold and 0.13% copper from 82.5 metres in hole BMDD022 including 24 metres at 0.70 g/t gold and 0.18% copper from 306 metres.
Hole BMDD025 returned 397 metres at 0.30 g/t gold and 0.10% copper from 102 metres, including 22 metres at 0.61 g/t gold and 0.14% copper from 159 metres.
BMDD024 intersected a gold zone of 2.8 metres at 1.21 g/t gold located 350 metres from the previously reported upper gold zone (7m at 27g/t) hence expanding this target area.All holes have intersected copper as chalcopyrite, bornite and covellite in variably veined stockwork porphyry. Local visible gold was identified in BMDD025.
Cornerstone VP Exploration, Yvan Crepeau, said: “With each set of assay results the Alba gold-copper porphyry grows in scale. We are now seeing a consistently well mineralized system with local higher grades of significant scale. The mineralization extends from surface to greater than 400m deep, where the system is wide open and untested. The grades are in line with or better than those seen in many gold-copper porphyries around the world.
“Current drilling is testing both the lateral extent and the vertical extent based on the recent results from an electrical geophysical survey which suggest a 1,000-metre vertical extent. Drill hole BMDD024 also intersected a narrow but significant gold zone located 350m away from the centre of the Alba porphyry. This could support the concept of high-grade roots of epithermal veins also over-printing the upper porphyry body.”
| Results from hole BMDD022 now include the extension of the original hole that ended in mineralization. The extension added an additional 106 metres down-hole of gold-copper mineralized rock. The hole was drilled at a low angle and therefore has significantly broadened the gold-copper porphyry deposit near surface. |
Measuring 4,948 hectares, the Bramaderos project is ideally located immediately adjacent to the Pan American Highway, and within reasonable distance of available hydropower, supporting the economics of potential development opportunities. The project is also supported by nearby commercial airports and significant cities (Loja) and enjoys strong community support.
The Bramaderos concession is owned by La Plata Minerales S.A. (PLAMIN), which in turn is owned 87.5% by Sunstone (project operator) and 12.5% by Cornerstone.
Cornerstone’s 12.5% interest is carried by Sunstone through to the start of commercial production and repayable at Libor plus 2% out of 90% of Cornerstone’s share of earnings or dividends from the Bramaderos project.