CTNXF - Cornerstone Gets Environmental Green Light for Bramaderos
Cornerstone Capital Resources (TSXV:CGP,OTC Pink:CTNXF) has had the Environmental Impact Assessment for its Bramaderos gold-copper project approved by Ecuadorian officials.
Required in order to be issued an environmental license for diamond drilling, Cornerstone announced the approval from Ecuador’s Ministry of Environment on Thursday (March 14). The company expects the environmental license to be issued next week after an environmental bond is posted.
With the fresh approval now under its belt, Cornerstone and joint-venture partner Sunstone Metals (ASX:STM) plan to mobilize a drill rig to Bramaderos’ site. Drilling is docketed to start in the next two to three weeks, with first assay results expected by late May or early June.
The initial drill program is expected to be approximately 5,000 meters and is set to begin at the Limon target, where surface trenching has returned results of 97.6 meters at 0.71 grams per tonne (g/t) gold and 0.23 percent copper.
Drilling will also include holes at the Bramaderos Main prospect, which the company says is to follow up on historical drilling that intersected 248 meters at 0.56 g/t gold and 0.14 percent copper, along with recent surface trenching that showed 615 meters at 0.52 g/t gold and 0.11 percent copper.
Spanning just less than 5,000 hectares, Bramaderos is located in southwestern Ecuador’s Loja province. The asset is owned by Cornerstone subsidiary La Plata Minerales SA, which has signed a letter of intent with Sunstone to collaborate on the concession.
Sunstone has the ability to earn a 51-percent interest in Bramaderos if it contributes US$3.4 million over three years to complete a phase 1 drill program. Should that program be completed, Sunstone can boost its interest to 70 percent by funding a bankable feasibility study, and again to 80 percent by financing the construction of a mine and mill in full.
As of Wednesday, March 13, copper was trading at US$6,527 per metric tonne on the London Metal Exchange.
Cornerstone’s share price took a small dip on the TSXV on Thursday, dropping 1.52 percent to C$0.32 by 3:32 p.m. EST. Meanwhile, Sunstone’s share price skyrocketed 25 percent on the ASX, ending the day of trading at AU$0.04 per stock.
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Securities Disclosure: I, Olivia Da Silva, hold no direct investment interest in any company mentioned in this article.