Cornerstone Capital Resources Inc. [CGP-TSXV; CTN-OTC] reported drill results from the Cascabel copper-gold porphyry joint venture exploration project in northern Ecuador. Cornerstone has a 15% interest financed through to completion of a feasibility study. SolGold Plc is funding 100% of the exploration at Cascabel and is the operator of the project.
Figures, table and photographs referred to in this news release can be seen in PDF format by accessing the version of this release on the company’s website (www.cornerstoneresources.com) or by clicking on the link below:
- Drillhole CSD-16-15R2 (Hole 15R2) returned assays over 1,338 metres (true width 803m) grading 0.49% copper and 0.36 g/t gold (for 0.81% copper equivalent or CuEq) from a depth of 394m at the Alpala Prospect.
- Higher grade sections within this envelope include:
- 344m (true width 216m) grading 0.86 % copper and 0.68 g/t gold (1.47% CuEq) from 1294m, and
- 750m (true width 450m) of 0.67 % copper and 0.50 g/t gold (1.12% CuEq) from 890m
- Alpala remains open in all directions.
- Hole 15R2 extends Alpala mineralized zone by 100m at depth, and 100m to the north and northeast.
- Hole 17 results testing shallow south westerly extensions of the deposit are expected within 10 days.
The Alpala deposit has now been intersected in 17 of 18 drill holes for a total of 23,000 metres of drilling. The deposit lies over a 700-metre strike extent, oriented northwesterly and up to 400 metres wide with a drill intersected vertical extent of 1,800 metres. Drill hole 15R2 was located approximately 100 metres north of hole 7
SolGold Plc owns 85% of the equity of Exploraciones Novomining S.A. (ENSA), an Ecuadorean company that holds 100% of the Cascabel concession in northern Ecuador. Cornerstone owns the remaining 15% of ENSA, which also holds the rights to the La Encrucijada gold-silver project. SolGold is funding 100% of the exploration at Cascabel and is the operator of the project. Cornerstone’s 15% interest is financed through completion of a feasibility study.