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Bunker Hill Announces Mineral Resource Update, Including 59% Increase in M&I to 1.1 Billion Zinc Eq Pounds at Higher Grades

Bunker Hill to Host a Webinar on Wednesday, December 1 @ 2:00pm ET / 11:00am PTHIGHLIGHTS:   Measured & Indicated (“M&I”) Resource of…



Bunker Hill to Host a Webinar on Wednesday, December 1 @ 2:00pm ET / 11:00am PT


  • Measured & Indicated (“M&I”) Resource of 6.6 million tons at a zinc equivalent (“ZnEq”) grade of 8.4%, equating to 1.1 billion ZnEq pounds, a 59% increase vs. the March 2021 published Indicated Resource
  • M&I increase reflects 50% more tons, higher grades for all metals, and a 124% increase in silver ounces
  • Inclusion of a Measured category for the first time with conversion of 2.2 million tons
  • Inferred Resource increases 17% to 1.2 billion ZnEq pounds with higher grades for all metals
  • CEO Sam Ash and CFO David Wiens to host live interactive 6ix virtual investor event on Wednesday, December 1st at 2:00PM ET / 11:00AM PT.  Investors are invited to register for this event at: [LINK]

TORONTO, Nov. 30, 2021 (GLOBE NEWSWIRE) — Bunker Hill Mining Corporation (the “Company”) (CSE: BNKR; OTCQB: BHLL) is pleased to announce the completion of an updated Mineral Resource Estimate (“MRE”) for the Bunker Hill Mine.

Sam Ash, CEO, stated, “We are pleased to report an updated Mineral Resource Estimate for the Bunker Hill Mine.  Most significantly, the Measured and Indicated category has increased 59% to 1.1 billion zinc equivalent pounds with higher grades for all reported metals, including a 124% increase in silver ounces and the conversion of material to the Measured category for the first time. These results reflect the excellent work by our geology team over the last few months to incorporate the final results of our Phase 2 drill program, advance the detailed digitization of historical data, and reflect a more refined geologic interpretation of Bunker Hill’s mineralization. This allows us to further optimize mine planning and engineering studies, concurrent with the finalization of our project finance process.”

In addition to preparing for the restart of mining in the upper part of the mine, the Company continues to refine its plans to explore the high-grade silver potential at depth and those new areas of interest that may be highlighted by its recent geophysical survey.

The updated MRE, effective November 29, 2021, is summarized in Table 1 below.  The previous MRE, effective March 22, 2021, is summarized in Table 2 below.  Zinc equivalent pounds (as referenced in the Highlights above) in the new Mineral Resource Estimate, effective November 29, 2021, is calculated utilizing data as presented in Table 1, as follows: (K tons) * (1000 tons / K ton) * (ZnEq % Grade) * (2000 pounds/ton). ZnEq % Grade is calculated as described in Footnote 4 of Table 1.  Utilizing the same calculation methodology with data in Table 2, zinc equivalent pounds for the previous Mineral Resource Estimate, effective March 22, 2021, are calculated as 0.7 billion ZnEq pounds in the Indicated category, and 1.0 billion ZnEq pounds in the Inferred category.

Table 1. Updated Mineral Resource Estimate – Effective November 29, 2021

      Grades   Contained Metal
  K Tons   ZnEq
Measured (M) 2,229   8.39% 1.04 2.51% 5.52%   2,309 111,975 246,046
Indicated (I) 4,385   8.42% 1.02 2.42% 5.63%   4,484 212,519 493,902
Total M&I 6,614   8.41% 1.03 2.45% 5.59%   6,793 324,495 739,948
Inferred 6,749   8.58% 1.54 2.91% 5.01%   10,410 392,757 669,358

(1) The Qualified Person for the above estimate is Scott Wilson, C.P.G., SME; effective November 29, 2021
(2) Measured, Indicated and Inferred classifications are based on the 2014 CIM Definition Standards.  The Company has chosen to no longer classify Mineral Resources as “ZnAg Resources” or “PbAg Resources”, as was done for the Mineral Resource Update effective March 22, 2021 as shown in Table 2
(3) Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability
(4) Net smelter return (NSR) is defined as the return from sales of concentrates, expressed in US$/t, ie: NSR = (Contained metal) * (Metallurgical recoveries) * (Metal Payability %) * (Metal prices) – (Treatment, refining, transport and other selling costs).  For the Mineral Resource Estimate, NSR values were calculated using updated open-cycle metallurgical results including recoveries of 92%, 82% and 88% for Zn, Ag and Pb respectively, and concentrate grades of 54.7% Zn in zinc concentrate, and 59.7% Pb and 14.18 oz/ton Ag in lead concentrate.  All other relevant assumptions are as described in Table 16-1 of the Company’s Preliminary Economic Assessment technical report filed on SEDAR on November 3, 2021
(5) The Qualified Person for the above metallurgical data is Deepak Malhotra, SME of Pro Solv LL
(6) Mineral Resources are estimated using a zinc price of $1.15 per pound, silver price of $20.00 per ounce, and lead price of $0.90 per pound.  Zinc equivalent grade (“ZnEq (%)”) is calculated as: ((Zn klbs) + (Ag koz) * (20.00/1.15) + (Pb klbs) * (0.90/1.15)) / (K tons)
(7) Historic mining voids, stopes and development drifting have been accounted for in the mineral resource estimate
(8) Columns may not add up due to rounding

Table 2. Previous Mineral Resource Estimate – Effective March 22, 2021

      Grades   Contained Metal
  K Tons   ZnEq
Indicated Mineral Resources                    
ZnAg Resources 4,410   7.92% 0.69 2.00% 5.52%   3,033 176,771 487,185
Inferred Mineral Resources                    
PbAg Resources 1,050   12.47% 4.28 7.56% 1.50%   4,497 158,815 31,419
ZnAg Resources 4,569   7.96% 0.83 1.67% 5.66%   3,796 152,878 517,403
Total Inferred 5,618   8.80% 1.48 2.77% 4.88%   8,294 311,693 548,821

(1) The Qualified Person for the above estimate is Scott Wilson, C.P.G., SME; effective March 22, 2021
(2) Measured, Indicated and Inferred classifications are based on the 2014 CIM Definition Standards
(3) Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability
(4) Mineral Resources are estimated using a zinc price of $1.00 per pound, silver price of $23.00 per ounce, and lead price of $0.80 per pound
(5) Cutoff grades for ZnAg resources were reported using a 3.3% Zn cutoff grade and PbAg resources reported using a 3.3% Pb cutoff grade
(6) Zinc equivalent grade (“ZnEq (%)”) was not previously reported for the Mineral Resource Estimate effective March 22, 2021, however has been calculated for presentational purposes in this news release as: ((Zn klbs) + (Ag koz) * (23.00/1.00) + (Pb klbs) * (0.80/1.00)) / (K tons)
(7) Columns may not add up due to rounding

Both the Quill-Newgard and UTZ zones of the previous MRE were re-evaluated during the MRE update.  New geologic domain models were constructed based on continued digitization of development and geologic maps as well as additional drill data within the modeled area resulting in a more constrained estimated volume.

The UTZ zone was split into 2 main zones of mineralization – one in the hanging wall of the Cate fault, and the other in the foot wall, to better reflect historical development.  The Quill-Newgard zone now includes additional historic drilling from the 8-level of the mine and a more continuous shape was built to incorporate hanging wall mineralization above the 10-level.  Modeled domains were subsequently built using Maptek’s Vulcan software.  Modelled dimensions for blocks in the Quill-Newgard zone are 5’x5’x5’, as compared to 5’x5’x2.5’ in the UTZ zone, to better reflect the shallow-dipping nature of the UTZ zone’s mineralized area. 

Grade estimations were performed on each metal (Ag, Pb, Zn) across the block models independently, incorporating flagged mineral domain identifiers and constraining within their respective geologic domains.  Using detailed statistical analysis on each of the zone’s data sets, creation of domain-specific variograms was possible to assist in determining optimal search parameters.  Combined with updated CDF grade plots to identify capping values and cell de-clustering of spatially biased data, this allowed for an inverse distance cubed (ID3) estimation to be carried out on all zones with a high level of confidence.  Visual inspections, nearest-neighbor model comparisons, and weighted composites vs estimated block analysis show the model to reflect sampled grade values well.

With additional drill data, statistical analysis and completion of updated open-cycle metallurgical recovery test work, it was determined that a substantial portion of the Bunker Hill resource should be classified under the “Measured” category.  With the data density and well-correlated variograms along the geologic trend of mineralization, much of the mineralized material was estimated using numerous composites from multiple drill holes and channels.  Further optimization runs on resource classification definitions show that the selected criteria are consistent with the sampled data and adhere to the geologic model.

A cut-off of $70 per ton on a net smelter return (NSR) basis was selected, which the Company believes is consistent with the reasonable prospect of economic extraction.  This also leads to a reported zinc grade, that is similar to the average mined grade in the Preliminary Economic Assessment (filed on November 3, 2021), which results in minimal effect on mining parameters used in previous work-flow models.  Further locked-cycle metallurgical testing and optimization may affect NSR cut-offs applied in future resource updates.

Sensitivity of the Mineral Resource Estimate to metal price fluctuations is illustrated Table 3 below.  The same technical parameters used in Table 1 were used in this analysis.

Table 3. Sensitivity of Domain-Constrained Mineralization Inventory at Metal Prices +/-20% vs. MRE Assumptions

  Contained Metal
      K Tons   ZnEq
MRE Prices -20%
Zn: $0.92/lb
Ag: $16.00/oz
Pb: $0.72/lb
  Measured (M) 1,303   10.20% 1.27 3.06% 6.71%   1,653     79,608   174,765
  Indicated (I) 2,605   10.18% 1.28 2.94% 6.77%   3,323 153,355 352,604
  Total M&I  3,908   10.19% 1.27 2.98% 6.75%   4,976 232,963 527,369
  Inferred 5,359   9.33% 1.75 3.21% 5.29%   9,397 344,093 567,114
MRE Prices
Zn: $1.15/lb
Ag: $20.00/oz
Pb: $0.90/lb
  Measured (M) 2,229   8.39% 1.04 2.51% 5.52%   2,309 111,975 246,046
  Indicated (I) 4,385   8.42% 1.02 2.42% 5.63%   4,484 212,519 493,902
  Total M&I 6,614   8.41% 1.03 2.45% 5.59%   6,793 324,495 739,948
  Inferred 6,749   8.58% 1.54 2.91% 5.01%   10,410 392,757 669,358
MRE Prices +20%
Zn: $1.38/lb
Ag: $24.00/oz
Pb: $1.08/lb
  Measured (M) 2,975   7.40% 0.91 2.20% 4.89%   2,708 131,115 290,867
  Indicated (I) 5,854   7.43% 0.89 2.13% 4.99%   5,219 248,812 584,465
  Total M&I 8,828   7.42% 0.90 2.15% 4.96%    7,927 379,927 875,332
  Inferred 7,722   8.03% 1.42 2.70% 4.76%   10,935 417,307 723,683

Note: MRE metal price sensitivity figures calculated using identical cutoff ($70/ton) of updated MRE effective November 29, 2021. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral resource estimates do not account for mineability, selectivity, mining loss and dilution.  These mineral resource estimates include inferred mineral resources that are normally considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves. There is also no certainty that these inferred mineral resources will be converted to measured and indicated categories through further drilling, or into mineral reserves, once economic considerations are applied.


Mr. Scott E. Wilson, CPG, President of Resource Development Associates Inc. and a consultant to the Company, is an independent “Qualified Person” as defined by NI 43-101 and is acting as the Qualified Person for the Company. He has reviewed and approved the technical information summarized in this news release.

The Qualified Person has verified the information disclosed herein, including the sampling, preparation, security and analytical procedures underlying such information, and is not aware of any significant risks and uncertainties that could be expected to affect the reliability or confidence in the information discussed herein.


The Phase 1 and Phase 2 diamond drilling programs used HQ-size core. Bunker Hill followed standard QA/QC practices to ensure the integrity of the core and sample preparation through delivery of the samples to the assay lab. Drill hole collar locations were surveyed using modern survey techniques to provide positioning of each sample in three-dimensional space.  The drill core was stored in a secure facility, photographed, logged, split into halves (upon geologist discretion), and sampled based on lithologic and mineralogical interpretations. Standards of certified reference materials, field duplicates and blanks were inserted as samples shipped with the core samples to the lab.

ALS USA Inc (ALS) was used to provide drill assay analytical services and all results comply with both NI 43-101 and industry standards. ALS holds an industry standard ISO 17025:2017 (Vancouver) and ISO 17025:2005 (Reno) accreditation, specifying general requirements for laboratory performance.

Metallurgical testing was conducted by Resource Development Inc. of 11475 w. I-70 Frontage Rd, North Wheatridge, CO 80033.  Florin Analytical Services (FAS) of 7950 Security Circle, Reno, NV 89506 was utilized for Head Assay data.  The Mineral Lab of 12929 #100 w. 26th Ave, Golden, CO 80401 was utilized for Whole Rock XRF analysis.  Hazen Research Inc (Hazen) of 4601 Indiana St. Golden, CO 80403 was utilized for Bond Abrasion Index testing. 


Under new Idaho-based leadership the Bunker Hill Mining Corp, intends to sustainably restart and develop the Bunker Hill Mine as the first step in consolidating a portfolio of North American precious-metal assets with a focus on silver.  Information about the Company is available on its website,, or within the SEDAR and EDGAR databases.

For additional information contact:

David Wiens, CFA
CFO & Corporate Secretary
+1 208 370 3665
[email protected]


Certain statements in this news release are forward-looking and involve a number of risks and uncertainties. Such forward-looking statements are within the meaning of that term in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, as well as within the meaning of the phrase ‘forward-looking information’ in the Canadian Securities Administrators’ National Instrument 51-102 – Continuous Disclosure Obligations. Forward-looking statements are not comprised of historical facts. Forward-looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management’s expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the Company’s intentions regarding its objectives, goals or future plans and statements. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to: the ability to predict and counteract the effects of COVID-19 on the business of the Company, including but not limited to the effects of COVID-19 on the price of commodities, capital market conditions, restriction on labour and international travel and supply chains; failure to identify mineral resources; failure to convert estimated mineral resources to reserves; the inability to complete a feasibility study which recommends a production decision; the preliminary nature of metallurgical test results; the Company’s ability to restart and develop the Bunker Hill Mine and the risks of not basing a production decision on a feasibility study of mineral reserves demonstrating economic and technical viability, resulting in increased uncertainty due to multiple technical and economic risks of failure which are associated with this production decision including, among others, areas that are analyzed in more detail in a feasibility study, such as applying economic analysis to resources and reserves, more detailed metallurgy and a number of specialized studies in areas such as mining and recovery methods, market analysis, and environmental and community impacts and, as a result, there may be an increased uncertainty of achieving any particular level of recovery of minerals or the cost of such recovery, including increased risks associated with developing a commercially mineable deposit with no guarantee that production will begin as anticipated or at all or that anticipated production costs will be achieved; failure to commence production would have a material adverse impact on the Company’s ability to generate revenue and cash flow to fund operations; failure to achieve the anticipated production costs would have a material adverse impact on the Company’s cash flow and future profitability; delays in obtaining or failures to obtain required governmental, environmental or other project approvals; political risks; changes in equity markets; uncertainties relating to the availability and costs of financing needed in the future; the inability of the Company to budget and manage its liquidity in light of the failure to obtain additional financing, including the ability of the Company to complete the payments to the Lessor and the U.S. EPA pursuant to the terms of the agreement to acquire the Bunker Hill Mine Complex; inflation; changes in exchange rates; fluctuations in commodity prices; delays in the development of projects; capital, operating and reclamation costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry; the cost, timing and ability to implement ESG initiatives which may not be technically successful or economically viable;  and those risks set out in the Company’s public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.  No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

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Patriot Battery Metals Announces Aggressive Follow-up Drill Campaign at the CV5-6 Pegmatite, Corvette-FCI Property, James Bay, Quebec

VANCOUVER, British Columbia, Jan. 20, 2022 (GLOBE NEWSWIRE) — Patriot Battery Metals Inc. (the “Company” or “Patriot”) (CSE: PMET) (OTCQB: RGDCF)…

VANCOUVER, British Columbia, Jan. 20, 2022 (GLOBE NEWSWIRE) — Patriot Battery Metals Inc. (the “Company” or “Patriot”) (CSE: PMET) (OTCQB: RGDCF) (FSE: R9GA) is pleased to announce its 2022 exploration plans for the Corvette-FCI Property (the “Property”) located in the James Bay Region of Quebec. The exploration will focus on delineation of the spodumene pegmatite occurrences on the Property, and specifically target the CV5-6 spodumene pegmatite where the first drill hole by the Company on the Property returned 0.93% Li2O and 114 ppm Ta2O5 over 146.8 m (CF21-001). Core sample assays for the remaining three drill holes that targeted the CV5-6 Pegmatite during the 2021 program are pending receipt from the lab.

The Company is currently planning a 15,000 to 20,000 m two-drill rig campaign to aggressively follow-up on the success of the 2021 drill program. The 2022 drill campaign will be completed in two phases – winter/spring and summer/fall. The winter/spring phase is expected to begin in late February and will target the areas northeast and along strike of CV5-6, beneath a shallow lake, and extend to the CV1-2 pegmatites outcropping on the opposite shore. The primary objective will be to test for mineralized pegmatite along strike, potentially connecting CV5-6 with CV1-2, as well as testing the mineralization at depth. The summer/fall phase will focus on continued land-based infill and step-out drilling around CV5-6 and CV1-2.

The Company also intends to drill test several other spodumene pegmatite occurrences on the Property as well as complete follow-up drilling along the Maven Copper-Gold-Silver Trend. The Company completed 1,177 m over ten (10) drill holes at the Maven Trend in 2021 with core sample analysis for all holes yet to be received.

In addition to the drill campaign, the Company intends to complete LiDAR and/or satellite imagery acquisition over the core areas of the Property, as well as geological mapping to aid in regional exploration and geological modelling. Regional prospecting over a recently acquired claim block, located contiguous to the eastern claims of the Property, will also be completed.

In late 2021, the Company completed a strategic financing, securing $11M in flow-through to fund significant work programs on the ground at Corvette-FCI. The Company is well funded in both, flow-through dollars and hard dollars and is now in a strong position to focus on aggressively advancing this new lithium pegmatite discovery with an overarching objective of building an initial mineral resource estimate by the end of 2022.

As previously noted, core sample assays have yet to be received for the remaining drill holes of the 2021 program (CF21-002 through CF21-014). Analytical laboratories in the industry continue to be constrained, which has dramatically impacted turn-around times on the order of weeks to months. The Company is in close contact with the lab and expects final geochemical results to be issued for the next batch of holes over the next 4 -6 weeks.

Qualified Person

Darren L. Smith, M.Sc., P. Geo., Vice President of Exploration for the Company and Qualified Person as defined by National Instrument 43-101, supervised the preparation of the technical information in this news release.

About Patriot Battery Metals Inc.

Patriot Battery Metals Inc. is a mineral exploration company focused on the acquisition and development of mineral projects containing battery, base, and precious metals.

The Company’s flagship asset is the Corvette-FCI Property which includes the wholly owned Corvette claim block, and the FCI East and West claim blocks held under Option from O3 Mining Inc., located in the James Bay Region of Québec. The claim blocks are contiguous, and host significant lithium potential highlighted by the assay results of the first drill hole (CF21-001) completed by the Company on the Property, which returned a 146.8 m interval of near continuous pegmatite, assaying 0.93% Li2O and 114 ppm Ta2O5, including 1.09% Li2O and 108 ppm Ta2O5 over 73.0 m, and 1.04% Li2O and 145 ppm Ta2O5 over 54.6 m. Additionally, the Property hosts the Golden Gap Trend with grab samples of 3.1 to 108.9 g/t Au from outcrop and 10.5 g/t Au over 7 m in drill hole, and the Maven Trend with 8.15% Cu, 1.33 g/t Au, and 171 g/t Ag in outcrop.

The Company also holds the Freeman Creek Property in Idaho, which hosts two prospective gold prospects – the Gold Dyke Prospect with a 2020 drill hole intersection of 4.11 g/t Au and 33.0 g/t Ag over 12 m, and the Carmen Creek Prospect with surface sample results including 25.5 g/t Au, 159 g/t Ag, and 9.75% Cu.

The Company’s other assets include the Pontax Lithium-Gold Property, QC; the Golden Silica Property, BC; and the Hidden Lake Lithium Property, NWT, where the Company maintains a 40% interest, as well as several other assets in Canada.

For further information, please contact us at [email protected] Tel: +1 (778) 945-2950 , or visit

On Behalf of the Board of Directors,

Blair Way, President & Director Adrian Lamoureux, CEO & Director

Disclaimer for Forward-Looking Information

Statements included in this announcement, including statements concerning our plans, intentions, and expectations, which are not historical in nature are intended to be, and are hereby identified as, “forward-looking statements”. Forward-looking statements may be identified by words including “anticipates”, “believes”, “intends”, “estimates”, “expects” and similar expressions. The Company cautions readers that forward-looking statements, including without limitation those relating to the Company’s future operations and business prospects, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements.

The Canadian Securities Exchange has not approved nor disapproved the contents of this news release

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Kutcho Copper Appoints New Director

VANCOUVER, British Columbia, Jan. 20, 2022 (GLOBE NEWSWIRE) — Kutcho Copper Corp. (TSXV: KC) (OTC: KCCFF) (“Kutcho Copper” or the “Company”)…

VANCOUVER, British Columbia, Jan. 20, 2022 (GLOBE NEWSWIRE) — Kutcho Copper Corp. (TSXV: KC) (OTC: KCCFF) (“Kutcho Copper” or the “Company”) is pleased to announce the appointment of Mark Forsyth to the Company’s board of directors.

Mark has over 30 years’ experience in commodity trading and is a seasoned and successful leader with a proven history of building and managing large-scale businesses, including extended tenures with Trafigura and MRI before establishing his own trading and consulting company, Cliveden Trading. Mark has built a strong reputation for meeting personal and organizational growth objectives by providing strategic direction and positive management, with an extensive global network covering miners, smelters, trading companies, funds and banks. He has a background that stretches across all aspects of the nonferrous trading spectrum, including operations, shipping, hedging, marketing as well as debt and equity raising for Junior Miners.

Vince Sorace, President & CEO of Kutcho Copper stated: “We welcome Mark’s experience and expertise to the board of directors as we move forward through the next phase of the Company’s growth. We believe Mark will be a great addition to the team helping identify and navigate through strategic opportunities in the coming year and beyond.”

In addition, the Company announces the grant of an aggregate of 2,200,000 stock options to directors, senior officers and consultants of the company, with each option exercisable at a price of $0.90 cents per share for a period of five years. Certain stock options may be subject to vesting requirements, as determined by the board of directors. The options have been granted in accordance with the terms of the company’s current stock option plan.

Vince Sorace
President & CEO, Kutcho Copper Corp.

For further information regarding Kutcho Copper Corp., please email [email protected] or visit our website at

Cautionary Note Regarding Forward-Looking Statements

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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Well mineralized Gold-Copper Porphyry intersected below Alba gold discovery, Bramaderos Project, Ecuador

OTTAWA, Jan. 20, 2022 (GLOBE NEWSWIRE) — Cornerstone Capital Resources Inc. (“Cornerstone” or “the Company”) (TSXV:CGP; OTC:CTNXF; FWB:GWN1)…

OTTAWA, Jan. 20, 2022 (GLOBE NEWSWIRE) — Cornerstone Capital Resources Inc. (“Cornerstone” or “the Company”) (TSXV:CGP; OTC:CTNXF; FWB:GWN1) is pleased to provide an update on its Bramaderos gold and copper joint venture in southern Ecuador (see Figures 1 and 2) in which it has a 12.5% interest carried by JV partner and project operator Sunstone Metals Inc. (ASX: STM) through to the start of commercial production (see “About Bramaderos”, below).

Figures related to this news release can be seen in PDF format by accessing the version of this release on the Company’s website ( or by clicking on the link below:


  • Significant intersections from the first follow-up drillhole (BMDD020) at Alba include:

    264.7m1 at 0.49g/t gold and 0.13% copper, from 95m to end of hole; including:

    • 7.0m at 1.77g/t gold, from 126m;
    • 9.1m at 0.91g/t gold and 0.16% copper from 173m;
    • 7.8m at 0.81g/t gold and 0.15% copper from 185m; and
    • 21.0m at 0.91g/t gold and 0.17% copper from 203m.

  • Further follow-up drilling is underway, and assays are pending for 3 drillholes.

Hole BMDD020 is only the second hole drilled at the Alba gold discovery, returning a 193.7m porphyry intersection grading 0.5g/t gold and 0.16 per cent copper from 164m. Mineralization remains open at depth.

Hole BMDD020 was drilled below maiden hole BMDD012, which returned 111m at 2.3 g/t, including 7.2m at 26.88 g/t (see Cornerstone news release 21-20 dated November 18, 2021). Hole BMDD020 also intersected the Upper Gold Zone returning 7.0m at 1.77g/t gold.

The results indicate that the Alba discovery comprises a gold zone sitting above a well mineralized gold-copper porphyry that remains open and largely untested. The Upper Gold Zone is currently interpreted to be a structurally controlled epithermal system. A geological model is being developed for this system, but the current understanding is shown graphically in Figures 3 and 4. Petrographic studies are underway.

Visible gold was identified in drill holes BMDD012 and 020 (Figure 2), and importantly in BMDD020 it was observed in both the Upper Gold Zone and within the broader porphyry zone leading to the potential for future high grade gold intervals.

Additional follow-up drill holes BMDD021 and 022 at Alba have been completed, and hole BMDD023 is well advanced (Figures 3 and 4) and are being sampled for laboratory submission. All holes have intersected rock types and alteration similar to that documented in holes BMDD012 and 020. The drill holes appear to have drilled the equivalent of the Upper Gold Zone (significant anhydrite veining), and well developed stockwork at depth with some visible copper sulphides representing the porphyry zone.

Cornerstone VP Exploration, Yvan Crepeau said:

“The latest results provide further indications that Alba is emerging as a major discovery, and demonstrate the presence of an Upper Gold Zone above a well-mineralized porphyry.

“These are some of the best porphyry gold-copper results we have seen in the broader Bramaderos Project. We are also seeing local visible gold within the porphyry system, which is highly encouraging.

“The Upper Gold Zone at Alba will be further defined as we undertake additional drilling. It is likely to be structurally controlled, and we are testing NE and N-S oriented structures from interpretation of magnetics.

“We are also undertaking detailed electrical geophysics to help map the distribution of the Upper Gold Zone, and the porphyry mineralization. We are getting hints that there is lateral continuity, and the target area is wide open.”


Assay results to date from Alba include:

Drill Hole From (m) To (m) Interval (m) Au (g/t) Cu (%) Mo (ppm) Ag (g/t)
BMDD012 93 353.4 260.40 1.11 0.08 24.0 1.2
  93.00 204.00 111.00 2.35 0.07 40.6 0.9
  106.80 136.00 29.20 7.68 0.05 35.5 0.7
  116.80 134.00 17.20 12.45 0.05 28.0 0.8
  124.80 132.00 7.20 26.88 0.04 16.9 0.8
  154.00 188.00 34.00 0.61 0.10 64.6 1.2
BMDD013 107.00 180.45 73.45 0.32 0.13 14.6 0.8
  165.00 167.00 2.00 2.02 0.07 81.0 0.5
BMDD020 95 359.73 264.73 0.49 0.13 29.0 1.3
incl 119 139 20.00 0.91 0.04 32.6 0.51
and 126 133 7.00 1.77 0.05 27.1 0.7
incl 164 357.7 193.70 0.5 0.16 29.5 1.51
and 173.3 338.8 165.50 0.52 0.16 29.8 1.6
and 173.3 182.4 9.10 0.91 0.16 31.7 1.4
and 185.25 193 7.75 0.81 0.15 41.3 1.36
and 203 224 21.00 0.91 0.17 42.1 1.5

* The reader is cautioned that there has been insufficient exploration to define a mineral resource at Bramaderos and it is uncertain if further exploration will result in the target being delineated as a mineral resource.

Visible gold was also identified in drill hole BMDD013 and correlated with an interval of 2m at 2g/t gold, located approximately 100m from the BMDD012 and BMDD020 Upper Gold Zone intervals.

The Upper Gold Zone is currently interpreted as a late-stage gold-rich event superimposed over a broad and deeper gold-copper porphyry mineralized system. The grades in the porphyry system in BMDD020 are some of the best seen at Bramaderos since project operator Sunstone commenced drilling. This is very encouraging as exploration is advanced across the broader Alba target.

Planned Geophysics

A conventional IP survey comprising 6 x 1,600m long lines has been planned for the Alba target and is expected to commence in late January. A 3-D Magnetotellurics (MT) survey will also be undertaken over the Alba target. MT is a geophysical method which uses natural time variations of the Earth’s magnetic and electric fields to measure the electrical resistivity of the sub-surface. Application of MT in exploration for porphyry systems has advanced significantly over the last several years and it is anticipated that the combination of MT and conventional IP will deliver multiple drill targets for both porphyry gold-copper mineralization and overprinting epithermal systems, as currently interpreted at Alba.

About Bramaderos

Measuring 4,948 hectares, the Bramaderos project is ideally located immediately adjacent to the Pan American highway, and within reasonable distance of available hydropower, supporting the economics of potential development opportunities. The project is also supported by nearby commercial airports and significant cities (Loja) and enjoys strong community support.

The Bramaderos concession is owned by La Plata Minerales S.A. (“PLAMIN”), 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 (see news release 20-01 dated January 7, 2020).

More information about the property can be found at

Qualified Person:

Yvan Crepeau, MBA, P.Geo., Cornerstone’s Vice President, Exploration and a qualified person in accordance with National Instrument 43-101, is responsible for supervising the exploration program at the Bramaderos project for Cornerstone and has reviewed and approved the information contained in this news release.

Sampling and Assaying

Surface and drill core samples from Brama were sent to the LAC y Asociados Cia. Ltda. Sample Preparation Facility in Cuenca, Ecuador for sample preparation. The standard sample preparation for drill core samples (Code PRP-910) is: Drying the sample, crushing to size fraction 70% <2mm and splitting the sample to a 1000g portion by riffle or Boyd rotary splitter.  The 1000g sample is then pulverised to >85% passing 75 microns and then sent to the MSALABS in Langley, BC, Canada for gold and base metal analysis.

PLAMIN uses a fire assay gold technique for Au assays (FAS-111) and a four acid multi element technique (IMS-230) for a suite of 48 elements. FAS-111 involves Au by Fire Assay on a 30-gram aliquot, fusion and atomic absorption spectroscopy (AAS) at trace levels. IMS-230 is considered a near total 4 acid technique using a 0.25g aliquot followed by multi-element analysis by ICP-AES/MS at ultra-trace levels. This analysis technique is considered suitable for this style of mineralization.

Standards, blanks and duplicates are inserted ~1/28 samples. The values of the standards range from low to high grade and are considered appropriate to monitor performance of values near cut-off and near the mean grade of the deposit. The check sampling results are monitored and performance issues are communicated to the laboratory if necessary.

Sample security was managed through sealed individual samples and sealed bags of multiple samples for secure delivery to the laboratory by permanent staff of the joint venture. MSALABS is an internationally accredited laboratory that has all its internal procedures heavily scrutinized in order to maintain their accreditation. MSALABS is accredited to ISO/IEC 17025-2017 Accredited Methods and certified to ISO 9001-2015.

PLAMIN’s sampling techniques and data have been audited multiple times by independent mining consultants during various project assessments. These audits have concluded that the sampling techniques and data management are to industry standards. All historical data has been validated to the best degree possible and migrated into a database.

Rock samples are collected by PLAMIN’s personnel, placed in plastic bags, labeled and sealed, and stored in a secure place until delivery by PLAMIN employees to the LAC y Asociados ISO 9001-2015 certified sample preparation facility in Cuenca, Ecuador.

Rock samples are prepared crushing to 70% passing 2 mm (10 mesh), splitting 250 g and pulverizing to 85% passing 75 microns (200 mesh) (MSA code PRP-910). Prepared samples are then shipped to MSALABS, an ISO/IEC 17025-2017 Accredited Method company and ISO 9001-2015 laboratory in Langley, BC, Canada, where samples are assayed for a multi-element suite (MSA code IMS-136, 15.0 g split, Aqua Regia digestion, ICP-AES/MS finish) and gold by Fire Assay (MSA code FAS-111, 30 g fusion, AAS finish). Over limit results for Cu (>1%) are systematically re-assayed (MSA code ICF-6Cu, 0.2 g, 4-acid digestion, ICP-AES finish). Gold is assayed using a 30 g split, Fire Assay (FA) and AAS finish (MSA code FAS 111).  Over limit results for Au (>10 g/t) are systematically re-assayed (MSA code FAS-415, FA, 30g., gravimetric finish).

Soil samples are dried at low temperature, screened to 80 mesh (MSA code PRP-757); a 15 grams portion is then assayed for a multi-elements suite (MSA code IMS-136, Aqua Regia digestion, ICP-AES/MS finish).

Quality Assurance / Quality Control (QA/QC)

MSALABS is a qualified assayer that performs and makes available internal assaying controls. Duplicates, certified blanks and standards are systematically used (1 control sample every 20-25 samples) as part of PLAMIN’s QA/QC program. Rejects, a 100 g pulp for each rock sample, are stored for future use and controls.

About Cornerstone

Cornerstone Capital Resources Inc. is a mineral exploration company with a diversified portfolio of projects in Ecuador and Chile, including the Cascabel gold-enriched copper porphyry joint venture in northwest Ecuador. Cornerstone has a 20.8% direct and indirect interest in Cascabel comprised of (i) a direct 15% interest in the project financed through to completion of a feasibility study and repayable at Libor plus 2% out of 90% of its share of the earnings or dividends from an operation at Cascabel, plus (ii) an indirect interest comprised of 6.86% of the shares of joint venture partner and project operator SolGold Plc. Exploraciones Novomining S.A. (“ENSA”), an Ecuadoran company owned by SolGold and Cornerstone, holds 100% of the Cascabel concession. Subject to the satisfaction of certain conditions, including SolGold’s fully funding the project through to feasibility, SolGold Plc will own 85% of the equity of ENSA and Cornerstone will own the remaining 15% of ENSA.

Further information is available on Cornerstone’s website: and on Twitter. For investor, corporate or media inquiries, please contact:

Investor Relations:
Mario Drolet; Email: [email protected]; Tel. (514) 904-1333

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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 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.

On Behalf of the Board,
Brooke Macdonald
President and CEO

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

1 The true width of downhole intersections cannot be determined at this time due to insufficient drilling.

solgold plc

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