Cornerstone Capital Resources has secured the approval of an Environmental Impact Assessment (EIA) from the Ecuadorian Ministry of Environment for its Bramaderos gold and copper project.
Cornerstone noted that the project needed to have received the EIA to later receive an Environmental Licence, the permit which actually enables diamond drilling at the project.
The Environmental Licence is expected to be issued next week once an environmental bond has been posted.
The Bramaderos project measures 4,949ha and is located about 130km from the Loja provincial capital.
Following the receipt of the approval, Cornerstone and its joint venture funding partner Sunstone Metals plan to mobilise a drill rig at the Bramaderos site, with drilling expected to commence within the next two to three weeks.
Drilling is set to start at the Limon target where surface trenching has delivered 97.6m at 0.71g/t gold and 0.23% copper. Cornerstone plans for the drilling work to cover 5,000m, and drill holes at Bramaderos main to follow-up on historical drilling work.
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The company is expecting first assay results in late May or early June.
Cornerstone subsidiary La Plata Minerales owns the Bramaderos concession, and the company has signed a binding letter of intent with Sunstone, whereby the latter has the right to earn a 51% interest in the project by investing $3.4m over three years to complete a Phase I drill programme.
If the first option is earned, Sunstone can earn a 70% interest by funding a bankable feasibility study and can go to 80% by financing 100% of the construction cost of a mine and mill.