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Re: News - Wednesday, October 14, 2009
09-21 - Cornerstone acquires new Lithium and Rare Metals
properties
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Mount Pearl, NL, Canada: Cornerstone Capital Resources Inc. (TSXV-CGP)
(F-GWN) (B-GWN) (OTC-CTNXF) announces the staking of 676 mineral claims
(10,816 ha) in the New Ross area of western Nova Scotia. The New Ross
area is underlain by Late Devonian granite intrusions of the New Ross
Pluton and related smaller bodies of granite. The area is prospective
for hosting lithium (Li) and rare metal deposits of niobium (Nb),
tantalum (Ta) and beryllium (Be).
The 100%-owned Cornerstone claims cover several pegmatite, greisen and
vein type polymetallic prospects which are genetically related to
late-stage, highly evolved granites. The map-staked claims cover
approximately a 25 km long trend of the favourable, altered and
mineralized granites with at least a dozen known mineral occurrences.
Most of the prospects have been known since early in the 1900's but
none have received extensive modern exploration. Furthermore, the
historic exploration was typically focused on evaluating the associated
tin (Sn), tungsten (W) and molybdenum (Mo) mineralization and did not
examine the lithium or rare metals potential. Many of the prospects
have historic mention of lepidolite and amblygonite, ore minerals of
lithium, and/or the ore minerals columbite/tantalite (niobium and
tantalum) and/or beryl (beryllium).
Some examples of historic pegmatite prospects within the New Ross
property are:
Morleys -- Lepidolite and tantalite were reported from sampling shallow
pits and trenches in pegmatites during the early 1900's. There is no
record of drilling on the prospect.
Keddy -- In 2001 surface sampling of an area around the original pits
found an extensive area with columbite/tantalite mineralization and a
grab sample returned 2470 ppm Nb and 870 ppm Ta. There was no
subsequent exploration. Two short holes in the 1960's did not test the
columbite/tantalite mineralization.
Reeves -- Lepidolite, amblygonite and tantalite were reported from pits
in bedrock in the early 1900's. Three short holes were drilled in the
1960's but were not tested for lithium or rare metals.
The Nova Scotia government has completed regional till geochemistry
surveys throughout the area at nominal 2 km centres as well as regional
lithogeochemical sampling of the various granitic bodies. The till
samples were analyzed for tantalum, but not for other rare metals or
lithium. Two anomalous samples are located in the southwest part of the
new claims, in the vicinity of the Keddy and Reeves prospects. The
lithogeochemical survey, while not intended to sample mineralization,
found several samples of granite with anomalous background values of
lithium (e.g. 0.05% Li) associated with very high levels of fluorine
(0.4%) in the eastern part of the property. These anomalous values
occur within discrete plutons of highly evolved, fluid-rich granites
which have the potential to develop extensive bodies of pegmatite
and/or greisens with lithium and rare metal mineralization.
Cornerstone plans to complete a digital compilation of historical
exploration and government geoscientific data for the New Ross area. A
follow-up exploration program consisting of airborne magnetics and
radiometrics, till and soil geochemical surveys, and prospecting and
geological mapping is proposed. Cornerstone is inviting expressions of
interest from potential joint venture partners to carry out exploration
on the New Ross project.
Colin McKenzie, Cornerstone's President and CEO, commented
"Cornerstone's recent acquisition of rare earth element, rare metals
and lithium properties fits well with its business model of generating
quality early-stage projects across a range of commodities, which can
then be advanced through joint venture partnerships. Global demand for
the high-tech metals is expanding and recently supply concerns,
particularly for the rare earth elements, have been capturing
headlines. Our recent property acquisitions provide shareholders with
exposure to an emerging sector with tremendous upside."
This press release was prepared by Terry Brace, P.Geo., Cornerstone's
VP Exploration and a Qualified Person in accordance with National
Instrument 43-101.
About Cornerstone
Cornerstone Capital Resources Inc. is a mineral exploration company
based in Mount Pearl, Newfoundland and Labrador, Canada, with a
diversified portfolio of projects in Canada and Ecuador and a strong
technical team that has proven its ability to identify, acquire and
advance properties of merit. The company's business model is based on
generating exploration projects whose subsequent development is funded
primarily through joint venture partnerships
Cautionary Notice:
Certain statements contained in this press release may be considered as
forward-looking. Such forward-looking statements are subject to risks
and uncertainties that could cause actual results to differ materially
from estimated or implied results. 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.
On Behalf of the Board,
Colin B. McKenzie
President & CEO
Further information is available on the Cornerstone Web site at
www.cornerstoneresources.com; via e-mail at communications@crigold.com;
or toll free at 1-877-277-8377.
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.
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Copyright (c) 2009 CORNERSTONE CAPITAL RESOURCES INC. (CGP) All rights
reserved. For more information visit our website at
http://www.cornerstoneresources.com/ or send
mailto:info@cornerstoneresources.com
Message sent on Wed Oct 14, 2009 at 5:15:00 AM Pacific Time
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EN DÉVELOPPEMENT |
CODE : CGP.V |
ISIN : CA21922J2083 |
CUSIP : 21922J208 |
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ProfilIndicateurs de MarchéVALEUR : Projets & res.Communiqués de PresseRapport annuelRISQUE : Profile actifsContactez la cie |
Cornerstone est une société d’exploration minière basée au Canada. Cornerstone est en développement de projets d'uranium au Canada, et détient divers projets d'exploration au Canada, au Chili et en Equateur. Son principal projet en développement est AILLIK au Canada et ses principaux projets en exploration sont CHALEUR, ANAKTALIK, AUCOIN, LABRADOR TROUGH, VOISEY'S BAY PROPERTY, DEER LAKE PROJECT, DORCHESTER, GOSHEN, EL STRATO, LONG LAKE, NOTAKWANON LAKE, TRUE GRIT, CAPE RAY, COLCHESTER, CODROY PROJECT, LONG HARBOUR, OKAK, GARLAND, KAUK, KONRAD, NOEL PAUL'S BROOK, BOBBY'S POND, LITTLE DEER, CONEY ARM et INDIAN ARM au Canada, MACARA, BELLA MARIA, MONTERREY et SIERRAMIN en Equateur et LA FORTUNA CHILE au Chili. Cornerstone est cotée au Canada, aux Etats-Unis D'Amerique et en Allemagne. Sa capitalisation boursière aujourd'hui est 185,0 millions (147,9 millions US$, 139,4 millions €). La valeur de son action a atteint son plus bas niveau récent le 04 mars 2016 à 0,02 , et son plus haut niveau récent le 18 septembre 2020 à 6,53 . Cornerstone possède 47 442 200 actions en circulation. |