Upgrades Porphyry Copper-Gold Deposit At Cascabel Project
Cornerstone Capital Resources Inc. (TSXV:CGP) (OTC:CTNXF) has released an independently verified update regarding a Mineral Resource Estimate (MRE) for its Tandayama-Ameríca (TAM) porphyry copper-gold deposit in northern Ecuador.
TAM is located three km north of the Alpala Deposit at the Cascabel copper-gold porphyry joint venture project 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, for a total direct and indirect interest in Cascabel of 20.8%.
The Total Mineral Resource is estimated at 233.0Mt @ 0.23% Cu and 0.16 g/t Au (0.33% copper equivalent (CuEq)) containing 0.53Mt Cu and 1.20Moz Au in the Indicated category, plus 197.0Mt @ 0.27% Cu and 0.20 g/t Au (0.39% CuEq) containing 0.52Mt Cu and 1.24Moz Au in the Inferred category.
- Potentially open pittable Mineral Resources comprise 201.0Mt @ 0.22% Cu and 0.16 g/t Au (0.33% CuEq) in the Indicated category, plus 61.8Mt @ 0.25% Cu and 0.30 g/t Au (0.44% CuEq) in the Inferred category, at a cut-off grade of 0.16% CuEq.
- Potentially open pittable Mineral Resources include a higher-grade near-surface zone containing 10.6Mt @ (0.26% Cu and 0.25 g/t Au (0.41% CuEq) and 5.2Mt @ 0.27% Cu and 0.28 g/t Au (0.45% CuEq).
- Mineral Resources potentially mineable by underground bulk mining methods comprise 32.0Mt @ 0.26% Cu and 0.14 g/t Au (0.35% CuEq) in the Indicated category, plus 135.2Mt @ 0.27% Cu and 0.15 g/t Au (0.37% CuEq) in the Inferred category, at a cut-off grade of 0.28% CuEq.
- Drilling continues and an update to the TAM resource base is planned.
“The TAM deposit adds further copper and gold mineralisation to Alpala’s large metal inventory at the Cascabel project. The resource offers optionality and the potential to generate economic ore earlier which will complement the high-grade Alpala underground ore,” Project Operator SolGold’s Interim CEO, Keith Marshall, said.
“The maiden MRE is based on assays from the first 18 holes. Drilling has continued at the TAM deposit during the estimation process and visual mineralisation from Holes 19-30 suggest potential for future resource growth in the southeast quarter of the open pit optimised shape and particularly in the east and southeast depth extensions of the underground optimised shape where the highest grade mineralisation encountered thus far remains open.”
The TAM deposit shares the same geological and structural setting as the Alpala deposit. Mineralization is hosted within a complex of middle to late-Eocene (Bartonian) hornblende-bearing diorites, quartz diorites and intrusive breccias that intrude volcanic host rocks to form a complex of stocks, dykes, and breccia pipes.
The trend of mineralisation throughout the TAM deposit is defined by a northwest (315○) trending intrusive complex inclined steeply (78○) towards the northeast. Surface mapping data was supported by structural measurements taken from orientated drill core provided data from 127 intrusive contacts and 3062 B-type quartz veins.
The full size and tenor of the TAM system has not yet been tested. Mineralisation remains open to the south and east and at depth. Further surface geochemical anomalies to the east of the current drilling area require drill testing.
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