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Re: News - Tuesday, April 13, 2010
10-06 - Cornerstone and Thundermin continue to intersect copper
mineralization at Little Deer
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Mount Pearl, NL, Canada: Cornerstone Capital Resources Inc.
(TSXV-CGP) (F-GWN) (B-GWN) (OTC-CTNXF) and Thundermin Resources Inc.
("Thundermin") (THR:TSX) announce that they continue to intersect
copper mineralization in diamond drilling on the Little Deer copper
deposit ("Deposit"), located approximately 10 km north of Springdale in
north-central Newfoundland. Approximately 2,600 m of drilling has been
completed during the current program by deepening three holes, wedging
of two holes and drilling one new hole from surface. This work is part
of an on-going $1,500,000 diamond drilling program comprising
approximately 11,000 m of drilling in 15 holes that commenced in early
February 2010. Assay results received to date from this program are
presented in Figure 1
(http://www.cornerstoneresources.com/i/maps/properties_nfld_littledeerlongsec.jpg) and in Table 1.
Table 1: Little Deer Drill Results
Hole No. East (m) North (m) Dip (o) Az (o) From (m) To (m) Interval (m)* Cu (%)
LD-00-12A 13,393 4,515 -65.4 323.0 697.3 706.9 9.6 1.8
incl 697.3 700.4 3.1 4.5
LD-09-21A 13,399 4,513 -68.1 319.3 865.0 871.8 6.8 1.2
LD-09-30A 13,399 4,514 -67.0 311.9 843.5 850.7 7.2 2.1
incl 848.5 850.7 2.2 4.2
LD-10-31 13,535 4,546 -71.8 330.1 687.3 689.0 1.7 6.0
725.3 749.5 24.2 2.0
incl 735.3 741.3 6.0 3.7
LD-08-16B 12,977 4,652 -72.9 319.5 783.8 809.0 25.2 1.4
incl 783.8 785.7 1.9 5.1
incl 801.3 807.6 6.3 2.0
846.3 850.2 3.9 1.9
891.1 893.7 2.6 2.8
1,050.9 1,053.6 2.7 2.2
1,062.7 1,066.1 3.4 1.3
LD-07-03A 13,620 4,548 -77.0 329.9 878.7 883.6 4.9 0.7
Notes:
.. * - Reported intervals 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 average approximately 70% -
75% of core lengths.
.. 12A -- historical hole deepened.
.. 21A, 30A -- previous Thundermin/Cornerstone holes deepened.
.. 16B, 03A -- wedge cuts from original pilot holes.
The primary purpose of the current drill program is to increase the
NI43-101 compliant mineral resources outlined to date (Indicated
Resources of 1,087,000 tonnes at an average grade of 2.9% Cu and
Inferred Resources of 1,950,000 tonnes at an average grade of 2.3% Cu)
to five to six million tonnes and to obtain fresh core samples for
metallurgical testing at SGS Lakefield Research Limited. The locations
of the holes that have been or are planned to be drilled during the
current program are presented on the attached composite longitudinal
section (see Figure 1). The potential increase of the current mineral
resource is conceptual in nature and it is uncertain whether further
exploration will result in an expansion of this mineral resource.
3-D modeling by Crone Geophysics & Exploration Ltd. ("Crone") of
borehole Pulse EM geophysical surveys that were conducted in numerous
drill holes in the Deposit suggested the presence of substantial
conductive plates lying east of hole LD-08-16A, below holes LD-09-23
and LD-09-21, and also below holes LD-09-25A and LD-09-20 further to
the east (see Figure 1). Crone's interpretation also suggested the
possibility of additional mineralization lying to the north of the main
zone copper mineralization in an area that had not been tested by the
drilling undertaken to date. Previously reported hole LD-08-09B that
was targeted to intersect the interpreted conductive plate east of hole
LD-08-16A, intersected a thick section of copper-bearing sulphides that
assayed 1.2% Cu over a core length of 26.8 m, including 1.7 % Cu over
9.8 m. The intersection in hole LD-08-09B occurs approximately 250 m
east of a similar intersection in hole LD-08-16A that assayed 1.5% Cu
over 23.3 m, including 3.1% Cu over 6.2 m and 1.9% Cu over 15.8 m, and
approximately 150 m below and west of hole LD-09-21 that assayed 2.1%
Cu over 6.3 m.
Holes LD-00-12, LD-09-21 and LD-09-30 were all deepened during the
current program to test for additional mineralization lying to the
north of the main copper zone. These holes all intersected significant
copper mineralization lying to the north of intersections previously
reported in these holes (see Table 1 and Figure 1). The exact extent
and distribution of this northern copper zone is unknown at the present
time and other holes may need to be extended in order to determine the
overall tonnage potential in this area of the Deposit.
Holes LD-10-31 and LD-08-16B were drilled to provide fresh core samples
for metallurgical purposes and to fill in large gaps in the database in
these areas of the Deposit. Hole LD-10-31 intersected 2.0% Cu over a
core length of 24.2 m, including 3.7% Cu over 6.0 m, approximately 50 m
west of hole LD-09-20, which intersected 2.5% Cu over 12.0 m, and
approximately 75 m below hole LD-98-07D, which intersected 2.2% Cu over
74.0 m. Hole LD-08-16B intersected 1.4% Cu over 25.2 m, including 2.0%
Cu over 6.3 m, approximately 80 m east of hole LD-08-10A, which assayed
2.2% Cu over 16.8 m, and approximately 100 to 125 m above holes
LD-08-16 and LD-08-16A.
Hole LD-07-03A is a wedge cut from original hole LD-07-03, which was
abandoned in 2007 due to drilling technical difficulties. Hole
LD-07-03A intersected a narrow chlorite alteration zone containing
stringer and disseminated pyrrhotite-pyrite-chalcopyrite at a vertical
depth of approximately 860 m that assayed 0.7% Cu over 4.9 m. Hole
LD-07-03A, however, also steepened and turned drastically to the east
and had to be abandoned. Similar mineralization has been seen elsewhere
in the Deposit when nearing the main copper zone and it is interpreted
that the current hole did not reach the main zone. The chlorite
alteration and minor copper mineralization intersected in this hole
suggest that the main copper zone may extend to depth in this area and
the Deposit remains open to the east. It is anticipated that a new hole
from surface will be drilled in this area later in the current program.
Little Deer Gold
A prospecting program undertaken in 2004 over claims held 100% by
Thundermin and Cornerstone led to the discovery of high grade gold in
float and outcrop over a 1.5 km long, southwest trending area located
800 m from the southwest end of the Deposit. Eleven of fifteen grab
samples collected over this area returned gold values ranging from 0.3
to 22.7 g/t Au with the five highest samples assaying 22.7, 21.7, 19.6,
10.9 and 10.4 g/t Au. Limited prospecting in the fall of 2009 confirmed
the high grade boulders but did not locate the source of the
mineralization in bedrock. A 9.2 km Induced Polarization geophysical
survey has recently been completed to help identify a possible source
for the high grade boulders and define potential drill targets for the
gold mineralization in this area of the property. The data from this
survey are currently being compiled and interpreted.
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 Little
Deer copper deposit and the terms of the agreement with Weyburn can be
found in earlier news releases and on Cornerstone's and Thundermin's
respective websites and on SEDAR.
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 on the property 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. Specific gravity 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, 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.
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.
Further information is available on Cornerstone's website:
www.cornerstoneresources.com or for investor, corporate or media
inquiries, please contact:
Martti Kangas,
Investor Relations
North America toll-free: 1 (877) 277-8377
Direct Line: 1 (647) 521-9261
Email: communications@crigold.com
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,
Colin B. McKenzie
President & CEO
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) 2010 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 Tue Apr 13, 2010 at 5:05:00 AM Pacific Time
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Cornerstone Capital Resources Inc
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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 1,2 milliards CA$ (934,1 millions US$, 880,3 millions €). La valeur de son action a atteint son plus bas niveau récent le 04 mars 2016 à 0,02 CA$, et son plus haut niveau récent le 18 septembre 2020 à 6,53 CA$. Cornerstone possède 299 560 000 actions en circulation. |