MOUNT PEARL, NEWFOURNDLAND -- (Marketwire) -- 01/31/13 -- Cornerstone Capital Resources Inc. ("Cornerstone" or "the Company") (TSX VENTURE: CGP) (FRANKFURT: GWN) (BERLIN: GWN) (OTCBB: CTNXF) today provided an update on the status of key exploration projects in Ecuador, Chile and Canada.
On January 24th, the Company and partner SolGold Plc announced that recent channel sampling at the Alpala Prospect within the Cascabel Project in northern Ecuador has returned highly encouraging gold and copper assays and confirmed the presence of a significant outcropping gold-copper porphyry system. Channel TR46 returned 45.63 m at 0.81 g/t gold and 0.59% copper. Grades across the entire channel are very consistent, indicating the potential for a bulk mineralized porphyry system. Furthermore, the TR46 mineralized section is covered by scree and vegetation at both ends and is therefore completely open.
The Alpala Prospect is located within the T1 target which has been identified on the basis of geological and alteration mapping, a compelling magnetic signature and coincidence with strong surface geochemistry (copper, gold and molybdenum). The T1 target is roughly circular with a diameter of 2 km. Results of a follow-up soil geochemistry survey are expected in February and final data for the helicopter-borne magnetic and radiometric survey has been received and processed. Further modelling and targeting is underway, and areas for 3-D modelling have been identified. The permitting process in the lead up to drilling is progressing well, with initial drilling expected to begin in early Q2.
The Company has completed a thorough review of exploration results at the Gama prospect and is considering future plans for this northern portion of the Shyri property following Intrepid Mines Limited's decision to terminate the Shyri option agreement, which was announced on December 14th, 2012. Meanwhile, approvals which are required to commence Phase 1 drilling at both the Vetas Grandes and Canaribamba epithermal prospects located in the southern part of the property are expected to be received in Q2 following the Ecuadorian Presidential elections scheduled for mid-February. The Company will continue to seek a new partner to fund exploration on these targets, which are drill-ready and provide excellent opportunities for a significant discovery.
On December 20th, 2012, the Company announced results from prospecting and geological mapping surveys carried out on its wholly owned Cana Brava property located in south-central Ecuador. The surveys have identified two large high-sulphidation (HS) epithermal gold-silver zones defined by extensive hydrothermal breccia and silicic ribs developed within an advanced argillic alteration lithocap. The West Zone (Cana Brava Breccia) is developed over a 2.5 km by up to 2.0 km area and is coincident with a 3 km by 1 km multi-element soil geochemistry anomaly. The East Zone shows a similar HS system measuring 1.75 km by 1.0 km which is open in most directions. A porphyry gold-copper target has also been identified beneath the Cana Brava Breccia. The Company is continuing to seek a partner to fund more advanced exploration programs on the property.
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