The Alpala Project Team and the Project Committee, chaired by Interim CEO
The Alpala deposit comprises 2,663 Mt at 0.53% CuEq in the Measured plus Indicated categories and contained metal content of 9.9 Mt Cu, 21.7
The Company is confident that this revised approach being studied from that which was previously considered is much more beneficial for Cornerstone and
Key considerations that suggest the superiority of the revised approach currently being studied for the development of the Project include: much earlier access to the resource with shortest time to potential first production; a more selective mining approach, without sterilizing the remaining resource, reducing dilution without compromising metal extraction; optimal size and orientation of an underground footprint with the potential for two extraction levels to minimize dilution and upfront development Capex and mining of higher head grades in the earlier years of potential production.
The Company is optimistic that the revised mine plan currently being studied as part of the PFS process could deliver similar metal production while mining significantly less material. This could result in potentially significant cost savings. The crushing, processing and waste storage requirements are also expected to be reduced accordingly as would, in this potential scenario, the upfront capex associated with these installations.
Anticipated benefits of the revised approach being studied include lower expected execution risks, lower expected pre-production capital and significantly reduced time to first potential production.
A number of proof-of-concept level studies on these options have been initiated beginning with geotechnical and mining options. These are being followed with more detailed studies and are expected to be included in the designs for downstream processes and infrastructure. These studies are on track for the delivery of the PFS in late 2021.
The Company is of the view that the Alpala resource is one of the most significant copper-gold porphyry discoveries of the last decade. It has the potential to become a key source of future copper supply amid an expected growing medium-term market deficit, reflecting limited new project development, a declining base production and growing demand supported by the shift towards electrification and decarbonization.
Commenting on today's PFS update,
We are now studying a plan that would introduce an upper extraction level that may offer earlier access to high grade material. We are also considering dual access, through shafts and a decline which might be developed from both ends concurrently. Through the study of the revised approach, we are hopeful of arriving at a plan that will not sterilize any of the resource, furthering
I am very encouraged with the progress of the study of this revised approach and I am confident that it should offer a robust but flexible solution to the development of a mine at Alpala.'
About Cornerstone
Contact:
Tel: (514) 904-1333
Email: Mario@mi3.ca
Cautionary Notice
This news release may contain 'Forward-Looking Statements' that involve risks and uncertainties, such as statements of Cornerstone's beliefs, plans, objectives, strategies, intentions and expectations. The words 'potential,' 'anticipate,' 'forecast,' 'believe,' 'estimate,' 'intend', 'trends', 'indicate', 'expect,' 'may,' 'should,' 'could', 'project,' 'plan,' or the negative or other variations of these words and similar expressions are intended to be among the statements that identify 'Forward-Looking Statements.' Although Cornerstone believes that its expectations reflected in these 'Forward-Looking Statements' are reasonable, such statements may involve unknown risks, uncertainties and other factors disclosed in our regulatory filings, viewed on the SEDAR website at www.sedar.com. For us, uncertainties arise from the behaviour of financial and metals markets, predicting natural geological phenomena and from numerous other matters of national, regional, and global scale, including those of an environmental, climatic, natural, political, economic, business, competitive, or regulatory nature. These uncertainties may cause our actual future results to be materially different than those expressed in our Forward-Looking Statements. Although Cornerstone believes the facts and information contained in this news release to be as correct and current as possible, Cornerstone does not warrant or make any representation as to the accuracy, validity or completeness of any facts or information contained herein and these statements should not be relied upon as representing its views after the date of this news release. While Cornerstone anticipates that subsequent events may cause its views to change, it expressly disclaims any obligation to update the Forward-Looking Statements contained herein except where outcomes have varied materially from the original statements.
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