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Re: News - Tuesday, April 26, 2011
11-15 - Cornerstone and Thundermin continue to intersect high
grade copper over mineable widths at Little Deer and retain P&E
Mining Consultants Inc. to complete an updated NI 43-101
compliant mineral resource estimate and internal scoping review
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Mount Pearl, NL, Canada: Cornerstone Capital Resources Inc.
("Cornerstone") (TSXV-CGP) (F-GWN) (B-GWN) (OTC-CTNXF) and 50% joint
venture partner Thundermin Resources Inc. ("Thundermin") (TSX-THR)
announce that they have intersected additional high grade copper
mineralization over mineable widths in drilling on the Little Deer
Copper Deposit ("Deposit") which is located approximately 10 km north
of Springdale in north-central Newfoundland. Assay results for five
recently completed holes are presented in Table 1 and on Figure 1 --
http://www.cornerstoneresources.com/i/pdf/properties_LD_11-15Section.pdf.
Table 1: Little Deer Drill Results (2011)
Hole No. East (m) North (m) Dip (o) Az (o) From (m) To (m) Interval (m)* Cu (%)
LD-11-49 13,943 4,337 -63.0 314.5 620.9 623.6 2.7 5.7
LD-11-50 13,749 4,530 -59.6 326.8 365.3 368.7 3.4 3.5
LD-11-51 13,749 4,530 -60.7 351.0 372.7 374.7 2.0 2.5
LD-11-52 13,943 4,337 -50.8 330.2 443.4 447.1 3.7 2.0
LD-09-18A 13,518 4,133 -48.0 329.4 nsv
LD-11-53 13,817 4,277 -54.5 326.6 assays pending
LD-11-54 13,754 4,228 -55.6 324.2 assays pending
Notes:
1) * The reported copper intersections are core lengths. The true
thicknesses of the various copper intersections are highly variable due
to the stringer nature of the mineralization. Management, however,
believes that the true thicknesses of the drill intercepts of the
reported holes average approximately 65% - 75% of core lengths.
2) Hole LD-11-52 also intersected 3.9% Zn and 4.5 g/t Au over 1.3 m
from 506.5 to 507.8 m.
3) nsv -- no significant values.
Approximately 8,774 m of drilling in 17 holes has been completed to
date as part of an on-going, $1,600,000 diamond drilling program on the
Deposit employing two drills that commenced on December 1, 2010. See
news release dated March 22, 2011 for assay results for the first 10
holes. Six additional holes are planned for the current drill program.
Three shallow in-fill holes will be drilled on the -100 m elevation to
confirm historical drill data from the upper portion of the Deposit,
two holes will be drilled on the -750 m to -850 m elevation to
potentially expand resources at depth and one hole will be drilled on
the -575 m elevation to define the eastern edge of the Deposit. The
primary purpose of the current drill program is to increase the
estimated mineral resources outlined to date in the Deposit to the five
to six million tonne range and to confirm the continuity of the copper
mineralization in certain areas of the Deposit. The potential increase
of the current mineral resources is conceptual in nature and it is
uncertain whether further exploration drilling will result in an
expansion of this mineral resource.
Hole LD-11-49, which intersected 5.7% Cu over a core length of 2.7 m
before it was cut off by a mafic dyke, was drilled outside the current
mineral resource area. Hole LD-11-52, which intersected 2.0% Cu over
3.7 m and 3.9% Zn and 4.5 g/t Au over 1.3 m, was drilled along the
eastern edge of the current mineral resource area. Holes LD-11-50 and
LD-11-51 were in-fill holes that were drilled on the -300 m elevation
to confirm the continuity of the copper mineralization in the upper
central portion of the Deposit. Hole LD-11-50 intersected 3.5% Cu over
3.4 m and hole LD-11-51 intersected 2.5% Cu over 2.0 m. These copper
grades are consistent with the grades intersected in other wide-spaced
drill holes in this area of the Deposit. Hole LD-09-18A, originally
drilled to evaluate a VTEM airborne anomaly, was deepened to test the
Little Deer Zone and intersected weakly mineralized, chlorite altered
basalt returning a best assay of 0.5% Cu over 1.0 m.
The Deposit has been outlined by drilling over a strike length of 1,050
m and to a vertical depth of 1,000 m. Note that Figure 1 presented here
shows only the upper eastern portion of the Deposit and the actual
pierce points for holes LD-11-49, LD-11-53, LD-11-54 and LD-09-18A plot
below the bottom of Figure 1 (see the longitudinal section accompanying
the news release dated July 29, 2010 for a view of the complete
Deposit). Additional details on the Deposit can be found in numerous
Cornerstone and Thundermin news releases dated between May 1, 2007 and
March 22, 2011 which are on each company's website and on SEDAR.
P&E Mining Consultants Inc.
P&E Mining Consultants Inc. of Brampton, Ontario ("P&E") have been
retained to complete an updated National Instrument 43-101 ("NI
43-101") compliant mineral resource estimate for the Deposit once the
current drill program has been completed. This resource estimate will
include all assay information from a total of 86 surface and 122
underground historical drill holes that were recovered from the
archives of the Newfoundland and Labrador Department of Natural
Resources as well as all data from the current drill program. The
historical holes were all drilled by British Newfoundland Exploration
Company between 1961 and 1970. Most of the assay results from the
historical surface and underground drill holes, all of which occur
approximately above the -300 m elevation, can be found in news releases
dated February 5, 2009 and January 20, 2011.
P&E have also been retained to complete an internal scoping review for
the Little Deer project. This review will evaluate a range of potential
mining and operating scenarios for the project and provide the
management of Cornerstone and Thundermin with preliminary information
on the economic viability of developing a new copper mine at Little
Deer.
Mineral Resource Estimate
On October 13, 2010, Cornerstone and Thundermin announced that an
updated NI 43-101 compliant mineral resource estimate had been
completed by Scott Wilson RPA under the supervision of Mr. Reno
Pressacco, M.Sc. (A), P.Geo., Senior Geologist for Scott Wilson RPA and
an independent Q.P. in accordance with NI 43-101. Scott Wilson RPA
estimated that the Deposit contains Indicated Resources of 1,150,500 t
at an average grade of 2.8% Cu within the Little Deer Zone and
additional Inferred Resources of 1,227,300 t at an average grade of
2.2% Cu within the Little Deer Zone and 1,108,200 t at an average grade
of 1.9% Cu within the Footwall Zone. An NI 43-101 compliant Letter
Report entitled "Mineral Resource Update for the Little Deer Project"
dated September 30, 2010, to support the updated mineral resource
estimate, is available on Cornerstone's and Thundermin's websites.
Metallurgy
On October 19, 2010, excellent metallurgical results from scoping level
test work on core samples from the Deposit were announced. This work,
which was undertaken at SGS Lakefield Research Limited ("Lakefield") of
Lakefield, Ontario, indicates that a saleable, high grade copper
concentrate grading over 28% copper with over 97% recovery and free of
any deleterious elements can be produced from the Deposit.
Qualified Person
Mr. Andrew Hussey, P.Geo., Project Geologist and Lands Manager,
Cornerstone Resources Inc., is the Q.P. responsible for supervising the
drilling program and the compilation of all of the historical data on
the Deposit for the purposes of NI 43-101. Mr. Hussey has also reviewed
the contents of this news release for accuracy. All holes drilled by
Cornerstone and Thundermin are NQ in size. Bulk density measurements,
rock quality designations and photographic logging of significant
mineralized intersections are performed systematically prior to
assaying. The core is logged and the mineralized sections, where
appropriate, are sawn in half at a core logging facility in Springdale.
Half of the core is submitted for analyses to Eastern Analytical
Limited, an independent and qualified assayer located in Springdale,
Newfoundland and the remaining half of the core is kept for future
reference. Blanks, duplicates and standards are routinely used as part
of the assay procedures.
Little Deer Joint Venture
Thundermin, the operator, and Cornerstone have the option, on a 50/50
basis to earn a 100% interest in the Little Deer Copper Deposit and
adjacent property from Weyburn Investments Ltd. Thundermin, under its
joint venture agreement with Cornerstone, has the right to increase its
interest in the Little Deer property to 75% by completing a feasibility
study and by arranging 100% of the necessary bank financing required to
place the property into commercial production. Details on the Deposit
and the terms of the agreement with Weyburn can be found in numerous
news releases and on Cornerstone's and Thundermin's respective websites
and on SEDAR.
Junior Exploration Assistance Program
Cornerstone and Thundermin would like to acknowledge the financial
support received from the Junior Exploration Assistance (JEA) Program
of the Province of Newfoundland and Labrador in carrying out a portion
of their work on the Little Deer property.
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, Ecuador and Chile, 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. The company is
well funded and commitments from JV partners constitute significant
validation of the strength of Cornerstone's projects.
Further information is available on Cornerstone's website:
www.cornerstoneresources.com or for investor, corporate or media
inquiries, please contact:
Investor Relations:
Email: communications@crigold.com
North America toll-free: 1 (877) 277-8377
Martti Kangas - Direct Line: 1 (647) 521-9261
Paul Benwell / Pat Kairns - Direct Line: 1 (514) 904-1333
Investors can access and join the following Cornerstone social media
channels:
Facebook (http://www.facebook.com/cornerstoneresourcesinc)
Twitter (http://twitter.com/Cornerstone_cgp)
YouTube channel (http://www.youtube.com/user/CornerstoneResource)
Flickr (http://www.flickr.com/photos/cornerstoneresources)
The link to a recent CEO video interview is:
http://www.cornerstoneresources.com/i/media/SHCornerstone.asx
The link to recent CEO audio interviews is:
http://www.cornerstoneresources.com/s/Interviews.asp
The link to a recent Corporate presentation with narration is:
http://rblcommunications.com/webcasts/Cornerstone/CGPmarch2011/CGPmarch2011.html
Cautionary Notice:
This news release may contain 'Forward-Looking Statements' that involve
risks and uncertainties, such as statements of Cornerstone's plans,
objectives, strategies, intentions and expectations. The words
"potential," "anticipate," "forecast," "believe," "estimate," "expect,"
"may," "project," "plan," 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 www.sedar.com. 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 subsequent to 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,
H. Brooke Macdonald
President
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) 2011 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 Tues Apr 26, 2011 at 5:15:00 AM Pacific Time
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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. |