Cornerstone Capital Resources Inc. [CGP-TSXV; CTNXF-OTCXF; GWN1-FWB] released an update on its Bramaderos gold and copper joint venture in southern Ecuador, in which it has a 12.5% interest carried by JV (joint venture) partner and project operator Sunstone Metals Ltd. through to the start of commercial production.
Highlights include strong assay results received from six drill holes at Alba and four holes from the eastern end of the Brama system; Alba and Brama form part of the Bramaderos Project.
Broad zones of gold-copper mineralization have been intersected, including sub-zones of higher grade. Significant results include 49.45 metres at 0.60 g/t AuEq (gold equivalent) (0.37 g/t gold and 0.13% copper), from 392 metres in BMDD035 (Brama).
Hole BMDDD036 (Alba) returned 32 metres at 1.20 g/t AuEq (0.87 g/t gold and 0.20% copper), from 386 metres. Hole BMDD039 (Alba) returned 115 metres at 0.66 g/t AuEq (0.41g/t gold and 0.15% copper), from 12 metres, including 24.15 metres at 1.10 g/t AuEq (0.46 g/t gold and 0.38% copper), from 31.35 metres.
Hole BMDD043 (Alba) returned 69 metres at 0.61 g/t AuEq (0.36 g/t gold and 0.14% copper), from 21 metres.
Drilling for the initial Mineral Resource Estimate has been completed but mineralization is open in several areas beyond the planned initial resource boundary.
An Exploration Target will also be released in December to provide some guidance on opportunities to continue growing the scale of the Brama-Alba system.
Exploration drilling has commenced at nearby porphyry targets Melonal, Sandia and Limon; The first hole has been completed at Melonal; Logging of the Sandia and Melonal holes indicate that they are altered and mineralized consistent with Brama porphyry type systems.
Sunstone and Cornerstone are pleased to announce more wide intersections with grades of plus-1 g/t gold-equivalent which will further underpin the upcoming initial Mineral Resource Estimate (MRE) at their Brama-Alba porphyry discovery in southern Ecuador.
They are also pleased to announce the resumption of discovery drilling at three other porphyry targets within the Bramaderos concession and report drilling at two of those targets has returned visible copper mineralization.
All holes reported in this release for Brama-Alba intersected wide zones of gold-copper mineralization.
Sunstone Managing Director Malcolm Norris said: “These results are more evidence of the substantial widths of mineralization which will form part of the initial MRE.
“The MRE, which we expect to deliver in December will be the first step to building a significant inventory of gold and copper at Bramaderos. An Exploration Target will be estimated alongside the MRE to guide further drilling to increase the resource base at Bramaderos in 2023.
“In addition, the drilling of new targets to deliver further discoveries with the potential to significantly increase the resource base is now underway. We have a lot to deliver at Bramaderos during the remainder of 2022.”
Measuring 4,948 hectares, the Bramaderos project is ideally located immediately adjacent to the Pan American Highway, and close to available hydropower, supporting the economics of potential development opportunities. The project is 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. 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.