Cornerstone Capital Resources Inc. (TSXV:CGP) (OTC:CTNXF) has confirmed that Newcrest International Pty Limited will begin a reverse circulation drill programme at Cornerstone’s Miocene gold-copper project in Chile in January.
- Two sizeable (8 by 1.5km) prospective target areas defined
- Three individual drill targets outlined at the Cerros Bayos target area
- Base camp established in the vicinity of the Project area
- Newcrest is operator of the Project and has retained Major Drilling who will be mobilising a drill rig to site
- Drilling of the first hole MIO0001 expected to begin in January
Results of the first hole will determine the location of subsequent holes (three holes are planned initially)
The Project is in the Regions of Atacama and Antofagasta of northern Chile, about 230km south of the city of Antofagasta at 4000 masl and is targeting High Sulfidation (HS) epithermal gold-silver and porphyry gold-copper deposits along the interpreted northern extension of the Maricunga magmatic belt which hosts several world-class gold deposits (up to 90 Moz gold). T
he Miocene claims were selected using a proprietary data base licensed exclusively to Cornerstone, and offer excellent potential for discovery. The property has never been drilled. Significant epithermal mineralization has been discovered on neighbouring properties along strike to the west of the Miocene property.
On December 7, 2018, Newcrest and Cornerstone signed a farm-in agreement granting Newcrest the option to earn up to a 75% interest in the Project in stages.
Exploration work carried out by Cornerstone previous to the Farm-In Agreement consisted largely of geochemistry work (both soil and rock sampling), a ground magnetic survey, prospecting, geological mapping and spectrometry work to define and prioritise exploration targets to be drill-tested.
Geology work shows two sub-parallel NW-SE oriented altered / anomalous regional trends affecting the volcanic units. Alteration minerals (native sulphur, alunite, vuggy and massive silica and some silica-clay in the peripheral parts) and 3D distribution patterns along this trend are typical of high sulphidation epithermal systems. Altered and geochemically anomalous areas up to 9km by 3km in size have never been trenched nor drill tested.
Following the signing of the Farm-In Agreement, Newcrest carried out geochem sampling (69 rock and 272 soil samples), 1:5,000 geological mapping, 6 E-W oriented CSAMT (Controlled Source Audio-frequency Magneto-Telluric) geophysical survey lines, petrography and spectrometry work on rock and soil samples, age dating, data integration and modelling, redefining the two previously identified, sub-parallel prospective zones: Cerros Bayos and Llano Blanco, to a minimal size of 8 by 1.5 km.
Further detailed work will focus on the Cerros Bayos target area, outlining three individual zones: Bloque Oeste, Bloque Central and Bloque Este, separated by NE oriented normal faults. Preliminary drill targets are defined on each of these blocks, to test blind precious and metals mineralization at relatively shallow depth (150-300m).
Targeting is made based on geology (presence of felsic domes and breccias) and structures, size, type and intensity of epithermal alterations, presence of pathfinder elements, and resistivity zones mapped at depth by CSAMT survey. Bloque Este will be drilled first.
Newcrest has completed its initial minimum work commitment of US$1.1 million at the Project and elected to exercise its option to advance to Stage 1 under the Farm-in Agreement.
For further information please visit: https://cornerstoneresources.com/