Cornerstone Capital Resources Inc.(TSXV-CGP) has provided a timely update on its Bramaderos gold and copper joint venture in southern Ecuador in which it has a 12.5% interest carried by JV partner and project operator Sunstone Metals Inc. through to the start of commercial production.
“Espiritu is a promising discovery, and we are improving our understanding of the geometry of the vein system with every hole,” Cornerstone VP Exploration, Yvan Crepeau, said.
“We are also pleased to be drilling at Brama based on our new geophysical model. The target is robust, we are within a mineralised porphyry system, and we are drilling for grade.”
At Espiritu, drill holes ESDD008 and 009 have been completed and assays are expected within four weeks.
Hole ESDD010 has commenced, and ESDD011 is planned with drill pad preparation underway. All drill holes are targeting both the high-grade silver-gold-polymetallic veins and the thicker lower grade intervals. Mineralisation has been defined from drilling to date over a strike length of 600m. ESDD011 will be drilled to the northwest of, and below holes ESDD005 and 006 to map the vertical extent of high-grade zones intersected in these holes and to drill additional near surface mineralized positions.
Drill holes are also planned to test the significant silver anomalies in surface sampling located 800m south-east of the initial Espiritu drill holes. Field mapping has identified northeast trending veins with copper, zinc and lead minerals, comparable to trench and surface outcrops at Espiritu.
At Brama, drilling has commenced on hole BMDD008 targeting a pencil porphyry gold-copper target. The target was identified based on 3D modelling of magnetics and sits below a well mineralised gold-copper intrusive breccia domain. Drilling will extend into March and assay results are expected in late April.
Measuring 4,948 hectares, the Bramaderos project is located approximately 130km from the Loja provincial capital in southern Ecuador. The project is easily accessible via the Pan American Highway that crosses the property.
The Bramaderos concession is owned by La Plata Minerales S.A., which in turn is owned 87.5% by Sunstone (the 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.