Cornerstone Capital Resources Inc. [CGP-TSXV; CTNXF-OTC; GWN-Berlin, FSE] announced the following drilling update on its Tandayama-America (TAM) porphyry copper-gold-mineralized target located 3 km north of the Alpala deposit at its Cascabel copper-gold porphyry joint venture project in northern Ecuador in which Cornerstone has a 15% interest financed through to completion of a feasibility study plus 6.86% of the shares of joint venture partner and project operator SolGold PLC [SOLG-TSX; LSE AIM; SLGGF-OTC] for a total direct and indirect interest in Cascabel of 20.8%.
Highlights of drill hole assays received from Hole 13 at TAM include encouraging results comprising the best intersections to date and intervals above 1% copper equivalent (CuEq):
1,010 metres of 0.55% CuEq from 194 metres depth, including 824 metres of 0.63% CuEq from 194 metres; 736m of 0.69% CuEq from 246m; 392m of 0.93% CuEq from 246m; 72m of 1.20% CuEq from 314m; and 132m of 1.09% CuEq from 498m.
Hole 13 results indicate the potential for significant depth extensions amenable to bulk underground mining methods at TAM. Mineralization forms a northwest trending corridor, occupying an area approximately 1,200 metres long, up to 750 metres wide, and extending from surface to a depth of over 1,200 metres. The TAM target remains open to the south and east and at depth.
Highlights of drill hole assays received from Holes 8-12 at TAM include Hole 11 with 234 metres of 0.48% CuEq (from 494m), including 96 metres of 0.87% CuEq (from 498m) and 54 metres of 1.18% CuEq (from 502m). Hole 12 returned 566 metres of 0.32% CuEq (from 730m), including 228 metres of 0.53% CuEq (from 780m).
Assay results from drill holes 14-23 are pending and drilling of Holes 24-27 is currently underway. Drilling to date totals >18,500 metres with a further 9,200 metres planned through the end of the year using the existing four diamond drill rigs.
Hole 24 is currently drilling approximately 160 metres northwest and 160 metres deeper than Hole 13 and has encountered intense mineralization from 507 metres depth in an early quartz diorite intrusion.
This zone is interpreted as an extension of the strong mineralization encountered in Hole 13 and includes up to 85% B-type quartz-chalcopyrite veining with approximately 2% visible chalcopyrite and trace visible gold mineralization.
The geological character of the porphyry stocks / dykes encountered through drilling to date indicate a well-preserved porphyry system and the full size and strength of the TAM system has not yet been tested. Additional surface geochemical anomalies (A1 and A2) to the east of the current drilling area require drill testing for deeper portions of the system (Figure 2).
A NI 43-101 compliant Maiden Mineral Resource Estimate is underway and is planned for release later in 2021.
In early trading, Cornerstone shares gained $0.28 to $4.04 on a volume of 81,000 shares traded.