Newcrest withdraws from Option and Farm-in Agreement for the Caña Brava/Tioloma gold-copper Project in Ecuador
OTTAWA, Jan. 25, 2022 (GLOBE NEWSWIRE) -- Cornerstone Capital Resources Inc. (“Cornerstone” or “the Company”) (TSXV:CGP) (Frankfurt:GWN) (Berlin:GWN) (OTC:CTNXF) announces that
Newcrest International Pty Limited (“Newcrest”), a subsidiary of Newcrest Mining Limited (ASX: NCM) has notified Cornerstone and its subsidiary Cañabrava Mining S.A. that Newcrest intends to
withdraw from the option and farm-in Agreement Cornerstone’s Caña Brava and Tioloma properties in Ecuador (Figures 1 and 2) (the “Project”) targeting epithermal gold-silver and
porphyry gold-copper deposits in south central Ecuador (see news release 19-11 dated April 22, 2019).
Figures related to 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:
President and CEO Brooke Macdonald said:
"Newcrest is one of the largest gold mining companies in the world, operating mines in Australia, Papua New Guinea, and Canada, and we are disappointed they have decided to withdraw from the Project. They have spent approximately US$2.9 million on the Project to date, more than satisfying their minimum commitment of US$2 million, and have been an excellent partner. They have told us their withdrawal is as a result of the delays related to permitting, and the need to prioritize other projects where they can get drilling started sooner.
“Teams from both companies are liaising to define activities to be implemented in the following weeks to wind down activities at the Project until Cornerstone can secure another funding partner.
“Cornerstone remains optimistic about the still untested geological potential of the Project and appreciates the strong support received from the Gualel community.
“Newcrest continues its involvement at Cornerstone’s Miocene gold project in Chile where drilling is ongoing (see news release 21-19 dated November 17, 2021).”
About Caña Brava and Tioloma
Caña Brava - Gold/Copper - (Cornerstone has the right to earn 100%)
On February 26, 2015, the Company announced results from prospecting and geological mapping surveys carried out during 2014 on the Caña Brava property located in south-central Ecuador.
The surveys identified (1) two significant porphyry Cu-Au targets well defined by coincident geological, geochemical and ground magnetic anomalies, (2) an intermediate sulphidation, higher grade, epithermal Au-Ag-Cu veins-breccia system mapped on the northern margin of the porphyry targets, and (3) a high sulphidation epithermal Au-Ag system recognized in the northeast corner of the property. Subsequently, a trenching program was completed (20 trenches, 599 metres, 301 channel samples), spectrometry (Terraspec) work carried out on soil samples (552), rock chips and channel samples (706) and a Phase 1 drill program has been prepared.