High Grade Porphyry Cu-Au Mineralisation in North-west Ecuador The Alpala Cu-Au Porphyry Discovery

Transcription

1 High Grade Porphyry Cu-Au Mineralisation in North-west Ecuador The Alpala Cu-Au Porphyry Discovery Bruce Rohrlach, GM Exploration, SolGold Plc. Osman Poma, Senior Geologist, Cornerstone Ecuador S.A. Bayardo Rosero, Senior Geologist, Cornerstone Ecuador S.A. Jose Silva, Senior Geologist, Cornerstone Ecuador S.A. Jason Ward, President, Exploraciones Novomining S.A. PACRIM 2015 Congress March 2015 (Hong Kong)

2 Alpala Porphyry System - Cascabel Project CSD : m 0.62% Cu, 0.54 g/t Au m 1.03% Cu, 1.05 g/t Au CSD : m 0.59% Cu, 0.77 g/t Au m 0.80% Cu, 1.19 g/t Au A New High Grade Au-rich porphyry system in Northwest Ecuador

3 Jurassic and Miocene Metallogenic Belts of Ecuador Miocene Belt Jurassic Belt Imbaoeste & Azuay Mineral District Pangui & Nambija Minerals Districts Alpala Junin: % Cu 0.04% Mo Mirador % Cu 0.19 g/t Au Mirador Norte % Cu 0.09 g/t Au Fruta Del Norte g/t Au

4 Imbaoeste District Geology British Geological Survey (BGS) - CODIGEM Regional Map ACCRETED TERRAIN Caribbean Plateau (Dagua-Pinon Terrain) Late Cretaceous Accretion Post Accretion Arcs Silante Arc Late Cretaceous Macuchi Arc Paleocene-Eocene San Juan De Lachas Arc Oligocene-M.Miocene Junin HOST ROCKS San Juan De Lachas Formation. Plag-phyric and hornblende-rich andesitic lavas and breccias. Oligocene to mid Miocene. Questions remain about timing of initiation of the San Juan De Lachas

5 Imbaoeste District Geology BGS-CODIGEM Regional Map

6 Imbaoeste District Geology BGS-CODIGEM Regional Map Submarine Macuchi Volcanics are transitional to the emergent San Juan De Lachas Volcanics Intrusives West of Toachi Fault Zone all Eocene age (7 age dates) Intrusives East of Toachi Fault Zone are Miocene age (16.5 to 6 Ma) Ages compiled by Cruz (2007) SolGold: A zircon U/Pb age (Prize - ANU): Intramineral dyke: /- 0.6 Ma Late Eocene. San Juan de Lachas Formation 6 reported ages 38.3 Ma to 16.7 Ma (incl. 2SD errors)

7 Events During the Late Eocene A Time of Transition Cruz (2007) PhD at ETH Zurich

8 Long History of Terrane Accretion An important aspect of district selection was use of a terrane accretion model (transient intra-arc compression) for development of Cu fertility Romeral Terrane (Cedial et al 2003): Timing of accretion poorly constrained. Dagua-Pinon Terrane (Cedial et al 2003): Late Cretaceous Gorgona Terrane (Cedial et al 2003): Mid-Eocene onset of collision Kerr and Tarney (2004) Carnegie Ridge: Late Miocene (8Ma) to Recent (Slab shoaling) Junin Re-Os ages: /- 0.02, / Ma.

9 Project History 1. INEMIN Belgium-Ecuadorian Mission (1980 s) Parambas Prospect 2. ODIN Mining Preliminary inspection (1980 s). 3. Initial Owners: Santa Barbara Copper and Gold S.A. (SBCG). 4. Cornerstone Capital Resources bought the property from SBCG in June-July Cornerstone conducted : Reconnaissance mapping Stream-Sediment & Pan-Con sampling Rock chip sampling (93 samples) Cu-Au-Mo + Pb-Zn-As Rock chip anomalies (3 km x 3 km). Cu-Mo-Au Stream sediment anomalies (5 km x 5 km). Copper consistently anomalous High proportion of rock samples with gold > 1 g/t.

10 3 km (Reconnaissance Mapping and Rock Chip Sampling) Reconnaissance Geology Initial Rockchip Sampling Cornerstone km Gold > 1.0 g/t Gold g/t Gold g/t

11 Conceptual Model from Initial Field Visit August 2012 Quebrada Moran Sheeted B-veins identified (O.Poma) in Alpala Ck (May 2012) Sheeted Vein Outcrops identified in Alpala Creek (May 2012)

12 Cascabel Copper Soil Geochemistry Comparible Footprint to the 1.9 Bt Tujuh Bukit Porphyry System (Indonesia) 20 km 2 grid soil program Tujuh Bukit Soil Copper Footprint Cascabel Soil Copper Footprint Same Cu Legend % Cu, 0.45 g/t Au Same Map Scale

13 Cascabel Molybdenum Soil Geochemistry Immobile elements (Mo) located above porphyry centres Tujuh Bukit Molybdenum Immobile in Soils 3 porphyry centres Associated with Mo at surface Cascabel Molybdenum Immobile in Soils 3 porphyry centres Associated with Mo at surface %Cu, 0.45 g/t Au

14 Elevated Bi and Te (and As) values define relative level above the Alpala porphyry system Bismuth (>0.2 ppm) Strongly enriched over Alpala Lithocap Tellurium (>0.2 ppm) Strongly enriched over Alpala Lithocap

15 Elevated Bi and Te (and As) values define relative level above the Alpala porphyry system Geochemical Model for the Ann Mason Deposit (Cohen 2011)

16 Depleted Zn and Mn values over the lithocaps Zinc Depleted (leached) over Alpala Lithocap Enriched peripheral to 3 porphyry systems Manganese Depleted (leached) over Alpala Lithocap and Tandayama-America and Aguinaga targets

17 Concession Wide Helimagnetic Survey December 2012 Geophysics GPR International Magnetic & Radiometric Data along 100m flight lines Complex magnetic signatures typical of Batholiths, Apical stocks, and Magnetite-destructive alteration. Alpala area of most interest: 3 km x 3 km complex annular high (batholith). Complex magnetic signature developed over a longwavelength magnetic high. Permissive of a deep magnetic batholith with shallow fault-controlled magnetite-destructive alteration.

18 TerraSpec Mineralogical Mapping On Soil Samples Pyrophyllite Dickite High-T Kaolinite Paragonite Muscovite Neutral-to-Acid Mineralogical Zonation Within the Lithocap Defined Vectors to more acid-stable parts of the lithocap. Mg Chlorite > FeMg Chlorite > Muscovite > Paragonite (illite) > Kaolinite > Dickite > Pyrophyllite

19 Channel Sampling along Alpala Creek Channel Sampling in Alpala Creek Significant Cu and Au grades identified at surface Significant channel sample intersections include: 0.34% Cu, 1.16 g/t Au 0.59% Cu, 0.81 g/t Au 0.25% Cu, 0.46 g/t Au First two drill holes at Alpala (Sept-Oct 2013) Significant Cu and Au grades from surface to ~300m CSD : m 0.39% Cu, 0.48 g/t Au m 0.65% Cu, 1.00 g/t Au CSD : m 0.37% Cu, 0.30 g/t Au

20 3D Magnetic Inversion Modeling Several Iterations of Magnetic Modelling were conducted whilst surface geochemical sampling and drilling were in progress Tujuh Bukit 3D Magnetic model Importance of apophyses above a deep batholith Magnetic Model 2 (UBC algorithms Industry Standard) Magnetic Vector Inversion Model (MVI algorithms) All modelling by C.Moore (Moore Geophysics)

21 3D Inversion Modeling of Alpala Magnetic Complex

22 Central Alpala Holes 1 and 9 CSD CSD S.Garwin CSD : m 0.62% Cu, 0.54 g/t Au CSD : m 0.59% Cu, 0.77 g/t Au 1.03% Cu, 1.05 g/t Au 0.80% Cu, 1.19 g/t Au

23 Cross-Section me

24 Main Mineralisation Stage Vein Generations B.Whistler, B.Poulson, S.Garwin Classified on descriptive criteria: morphology, mineralogy, texture and orientation Grouped by approximate age and from higher to lower temperatures AB: early quartz veins (minor to rare) M: magnetite veinlets Early and Hotter B1: quartz-coarse grained magnetite-chalcopyrite veins B2: quartz-(magnetite)-chalcopyrite-pyrite veins MCA: magnetite-chalcopyrite-pyrite-anhydrite veins C: chalcopyrite veins CD: chalcopyrite-pyrite veins with minor envelopes D: pyrite-(chalcopyrite) veins with major envelopes ANH: anhydrite veins CAL: BMV: calcite veins base metal veins (+ calcite and / or anhydrite) Late and Cooler Key points: Anhydrite is common over a wide temperature range. Many of later vein-stages re-open earlier vein stages. Early-stage A-type quartz veins are not recognized. AB veins are rare in the drill-holes completed to date. Inference that main causal intrusion has yet to be intersected in hole 9.

25 Typical Mineralisation

26 Plotted using data from Singer et al. (2005) High Au to Cu ratio

27 Quantec Geoscience Deep Earth Penetrating Orion 3DIP System

28 The Future of Alpala A Distinct Block Cave Opportunity with extensive near-surface blue sky potential

29 Thank you