TAM contains a maiden Mineral Resource Estimate (“MRE”) of 233.0Mt @ 0.23% Cu and 0.16 g/t Au (0.33% copper equivalent (CuEq)3) 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 (See Cornerstone news release 21-18 dated
Figures referenced in this news release can be viewed through the following link: https://cornerstoneresources.com/site/assets/files/5835/nr21-22figures.pdf.
HIGHLIGHTS
- A total of ~26,000m of diamond drilling from 33 drill holes has now been completed at the TAM deposit, equating to an additional ~4,000m of resource extension and geotechnical drilling completed since the recent release of the TAM maiden MRE.
- The ongoing drilling points to further potential resource growth, with final assay results from holes 19 to 24 extending mineralization potentially mineable by both open pit and underground bulk mining methods.
- Drilling continues at TAM utilizing four diamond drill rigs. The Cascabel project is still growing, and the additional resources being identified at TAM provide a strategic fit towards the development of the Cascabel property as a whole. Further updates to the Cascabel resource base are planned.
TABLE 1: SELECTED INTERCEPTS FROM DRILL HOLES 14 TO 24 AT TAM:
Hole ID | From m | To m | Interval m | Cu % | Au g/t | CuEq % | Cut-off (CuEq%) |
TAD-20-014 | 326 | 856.5 | 530.5 | 0.16 | 0.08 | 0.21 | 0.10 |
560 | 732 | 172 | 0.20 | 0.10 | 0.27 | 0.20 | |
578 | 648 | 70 | 0.25 | 0.14 | 0.34 | 0.30 | |
TAD-20-015 | 11 | 202 | 191 | 0.21 | 0.16 | 0.31 | 0.10 |
11 | 170 | 159 | 0.23 | 0.18 | 0.35 | 0.20 | |
11 | 130 | 119 | 0.25 | 0.21 | 0.38 | 0.30 | |
TAD-20-016 | 10.8 | 204 | 193.2 | 0.33 | 0.34 | 0.55 | 0.10 |
14 | 196 | 182 | 0.35 | 0.36 | 0.58 | 0.20 | |
14 | 166 | 152 | 0.39 | 0.41 | 0.65 | 0.30 | |
26 | 166 | 140 | 0.40 | 0.43 | 0.64 | 0.50 | |
TAD-20-017 | 98 | 444 | 346 | 0.19 | 0.16 | 0.29 | 0.10 |
202 | 292 | 90 | 0.29 | 0.19 | 0.41 | 0.20 | |
372 | 422 | 50 | 0.37 | 0.30 | 0.56 | 0.30 | |
TAD-20-018 | 202 | 388 | 186 | 0.16 | 0.17 | 0.28 | 0.10 |
226 | 342 | 116 | 0.21 | 0.25 | 0.36 | 0.20 | |
TAD-20-019 | 206 | 661.7 | 455.7* | 0.18 | 0.12 | 0.26 | 0.10 |
244 | 548 | 304 | 0.23 | 0.13 | 0.31 | 0.20 | |
486 | 534 | 48 | 0.31 | 0.19 | 0.43 | 0.40 | |
TAD-20-020 | 0 | 0 | 0 | 0.00 | 0.00 | 0.00 | na |
TAD-20-021 | 0 | 0 | 0 | 0.00 | 0.00 | 0.00 | na |
TAD-20-022 | 226 | 372 | 146 | 0.12 | 0.15 | 0.21 | 0.10 |
244 | 342 | 98 | 0.14 | 0.19 | 0.26 | 0.20 | |
TAD-20-023 | 214 | 370 | 156 | 0.18 | 0.29 | 0.37 | 0.10 |
274 | 322 | 48 | 0.43 | 0.77 | 0.92 | 0.20 | |
TAD-20-024 | 234 | 802 | 568 | 0.27 | 0.36 | 0.50 | 0.10 |
296 | 802 | 506 | 0.29 | 0.39 | 0.54 | 0.20 | |
300 | 520 | 220 | 0.32 | 0.61 | 0.71 | 0.30 | |
626 | 800 | 174 | 0.31 | 0.16 | 0.41 | 0.30 | |
300 | 518 | 218 | 0.32 | 0.62 | 0.71 | 0.50 | |
324 | 388 | 64 | 0.47 | 0.86 | 1.01 | 0.60 | |
Notes: | |||||||
1. Significant down-hole drill intercepts are reported using a data aggregation method based on copper equivalent (CuEq) cut-off grades with up to 10m internal dilution, excluding bridging to a single sample and with minimum intersection length of 50m. | |||||||
2. True width of down-hole intersections reported are expected to be approximately 35-90% of the down-hole lengths, depending on the attitude of the drill hole. Drill hole inclinations range from -15 to -80 degrees. | |||||||
3. Copper equivalency factor of 0.632 (whereby CuEq = Cu + Au x 0.632) is based on third party metal price research, forecasting of Cu and Au prices, and a cost structure from mining studies data available from a similar deposit. Costs include mining, processing and general and administration (G&A). Net Smelter Return (NSR) includes metallurgical recoveries and off-site realization (TCRC) including royalties and utilizing metal prices of Cu at | |||||||
4. nsi - no significant intersection. | |||||||
5. * - intersection remains open at depth. | |||||||
FURTHER INFORMATION
To date a total of ~26,000m of diamond drilling has been completed at the TAM deposit, with drill holes 30 to 33 currently underway utilizing four diamond drilling rigs (Figure 2). Assay results from Holes 25 to 33 are pending. An additional ~4,000m of resource extension and geotechnical drilling has been completed since the release of the TAM maiden MRE.
Holes 1 to 19 were drilled for resource definition in the central, north, and west portions of the deposit. Holes 20, 21, 22, 27, 30 and 32 were drilled specifically for geotechnical purposes, targeting the proposed west wall of the potential pit design. All remaining holes focus on resource extension to the growing underground resources.
The full size and tenor of the TAM system has not yet been tested. Mineralization 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.
Potentially open pittable Mineral Resources comprise
Mineral Resources potentially mineable by underground bulk mining methods comprise 32Mt @ 0.35% CuEq in the Indicated category, plus 135.2Mt @ 0.37% CuEq in the Inferred category, at a cut-off grade of 0.28% CuEq.
Mineral Resources potentially mineable by underground bulk mining methods include a higher-grade core, that remains open to the east, southeast and at depth, containing 16.4Mt @ 0.43% CuEq in the Indicated category, plus 70.4Mt @ 0.46% CuEq in the Inferred category, at a cut-off grade of 0.28% CuEq.
The estimation process followed the
Quality Assurance / Quality Control on Sample Collection, Security and Assaying
SolGold operates according to a rigorous Quality Assurance and Quality Control (QA/QC) protocol consistent with industry best practices.
Primary sample collection involves secure transport from Cascabel to the ALS certified sample preparation facility in
Samples are prepared and analyzed using 100g 4-Acid digest ICP with MS finish for 48 elements on a 0.25g aliquot (ME-MS61). Laboratory performance is routinely monitored using umpire assays, check batches and inter-laboratory comparisons between ALS certified laboratory in
In order to monitor the ongoing quality of its analytical database, SolGold’s QA/QC protocol encompasses standard sampling methodologies, including the insertion of certified powder blanks, coarse chip blanks, standards, pulp duplicates and field duplicates. The blanks and standards are Certified Reference Materials supplied by
SolGold’s QA/QC protocol also monitors the ongoing quality of its analytical database. SolGold’s protocol involves independent data validation of the digital analytical database including search for sample overlaps, duplicate or absent samples as well as anomalous assay and survey results. These are routinely performed ahead of Mineral Resource Estimates and Feasibility Studies. No material QA/QC issues have been identified with respect to sample collection, security and assaying.
Reviews of the sample preparation, chain of custody, data security procedures and assaying methods used by SolGold confirm that they are consistent with industry best practices and all results stated in this announcement have passed SolGold’s QA/QC protocol.
Qualified Person
Information in this news release relating to the exploration results is based on data reviewed by
Information in this news release relating to the Mineral Resource Estimate was reviewed by Dr.
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On Behalf of the Board,
President and CEO
Neither
________________________
1 The Alpala deposit comprises 2,663 Mt at 0.53% CuEq (see how calculated in next paragraph) in the Measured plus Indicated categories and contained metal content of 9.9 Mt Cu, 21.7
Alpala Copper Equivalency (CuEq) was calculated (assuming 100% recovery of copper and gold) using a Gold Conversion Factor of 0.613 (CuEq = Cu + Au x 0.613), calculated from a nominal copper price of
2 See “About Cornerstone” below.
3 TAM open pittable and underground resources were estimated using a Copper Equivalency (CuEq) calculated from estimated costs, including mining, processing and general and administration (G&A), whereby Net Smelter Return (NSR) includes metallurgical recoveries and off-site realization (TCRC) including royalties, and utilizing the updated nominal copper price of
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