PAYDAY11
12 years ago
Hi Relikwie, To comment on your vested due diligence, a reply to you...
I am convinced that this company, though their intent is noble, and though i can see that they have a stacked house of intelligent and respectable owners, along with field employees,
I just feel that... from the perspective of an investor, where is the element of intent?
Intent to appease the investor?
By enticing he or she into believing that this seek and find jr. mining company, will report whats there, and we keep it and mine it?
Not sell it, not have no intentions to ever mine it, and strictly sell it for their own gain, and not keep it and mine it for he shareholders gain. Hmmm !
Perhaps there should be a renaming of these companies that seek properties only to evaluate them, and perhaps they should stipulate their intentions, as in, we are not ever going to mine our resources, we will not extract the metals out of out of the ground, but we will tease and taunt you in what we found, hoping you buy more shares, and where as we can purchase more properties to do the same, and to sell.
FOR OUR OWN GAINS.. LOL
So investors please be wary, we will take your monies, buy properties, we will evaluate them, but never mine them, but will sell them from under you,,, we will only allow you to capture money on the hype of our news announcements, and of course that is telling you of what we actually found, but no intent in going to get it... lol
Hey look at what we found... Pretty goog huh ! But, we are only interested in selling it.. lol
Any mining company out there interested in purchasing our claim..?
And of course to all investors... please use discretion... if you are to invest , and if yes if,... you're lucky enough, you can earn money from your fellow comrades, other investor, who can't sell fast enough.... on the or during the hype of the news...
In short... we will pay ourselves from the selling of our finds...
And as long as this company is purchasing and evaluating, and selling their claims.. where is the interest to the investor?...
I would love anyone to step forward and make a decisive argument on this topic.
Honestly... many companies such as this one in question, though good people, should not be listed, they're only looking after self interests, in that, they are hired to evaluate properties,,, or they buy and evaluate their own claims,,,, and sell it all on the shareholders dime.
Exploratory mining companies, very rarely have the knowledge to mine the resources from the ground, nor the intent to mine.
Their profession is to seek and find and sell the properties, or J/V with another company who does mine.
Perhaps this company can adopt this strategy of J/V, ( team up with other mining companies,, retain their properties and mine them.. What a concept..
Then you would see the stock value jump.
The market would then be able to assess this company on its merits of what it owns... and what it extracts...
And that's what good mining companies do. They hang on to their claims, mine them, and keep expanding, and reward the shareholders.
Period...
Sorry for the typos, in the previous post...
This editor, seems to be finicky. lol
Cheers And yes its my own opinion. lol
PAYDAY11
12 years ago
Hi Relikwie, To comment on your vested due diligence, reply...
I feel i am just convinced that this company, though their intent is noble, and though i can see that they have a stacked house of intelligent and respectable owners, and employees, I just feel that, from the perspective of an investor, where is the element of intent to appease the investor in enticing he or she into believing that seek and find, but never follow through with actual mining is a viable investment.
In short, the company is looking after self interests, in that, they are hired or ofr self, find properties to investigate, on the shareholders dime, find the resources, and then provides their is precious metals only to market it in news, and then nothing ever comes to fruition of mining it. Where I ask is the value to gains in share value if only it results in promised hopes never to be mined.
I will tell you were the hopes lye.
It lies in the interest in the company itself. They promote their new find, only to sell it for their own profitable gain. Never does this property have the chance to be graded nor brought to production, in which the markets can commend in light of grading the company for the gauge, on the merits of growing and pulling the resources out of the ground.
This comapny, like many out their, are strictly in the JR. MINING business, to seek find and sell. I prefer mid tier companies that actually mine, was al I was stressing.
Exploratory mining companies, very rarely have the knowledge to mine the resources from the ground, nor the intent to mine.
Their profession is to seek and find and sell the properties, or J/V with another company who does mine.
Perhaps this company can adopt this strategy of J/V, for the sole purpose of rewarding the investors WHO DILIGENTLY WAIT, in expectation. Upon doing so, I then believe this stock would rise in price accordingly.
Cheers
warant
12 years ago
THR--News Out
This good news for CGP as now THR has the money to fund their portion of the drilling on Little Deer and Whalesback. Lets hope that we get the drilling started as soon as possible. They are drilling the Whalesback as we speak; I hope that they don't wait for that program to finish before they start Little Deer.
Thundermin Resources Inc.
TSX : THR
January 03, 2012 11:50 ET
Thundermin Completes $1,219,140 Flow Through Private Placement
TORONTO, ONTARIO--(Marketwire - Jan. 3, 2012) - Thundermin Resources Inc. ("Thundermin") (TSX:THR) announces that it has completed a non-brokered private placement financing for $1,219,140 (the "Offering") through the issuance of 9,378,000 flow-through units ("Units") at a price of $0.13 per Unit to accredited investors.
Each Unit consisted of one flow-through common share and one half of one common share purchase warrant ("Warrant"). Each whole Warrant will entitle the holder to purchase an additional common share of Thundermin at a price of $0.20 per share on or before June 24, 2013. Each warrant will be subject to an early call provision. In the event that Thundermin's shares trade at a weighted average price of $0.40 per share for a period of at least 20 consecutive trading days, Thundermin will have the right, upon giving notice in writing to the warrant holders, to accelerate the expiry date of the Warrants to the date that is 30 days from the date that notice was provided.
Thundermin paid a cash commission of $71,168 and issued 547,449 options (the "Finder's Options") with respect to the Offering. The Finder's Options can be exercised at a price of $0.13 per common share on or before June 24, 2013.
The proceeds of the Offering will be used to fund Thundermin's exploration projects in Canada that qualify as "Canadian exploration expenses" under the Income Tax Act (Canada). In particular, the funds will be used for on-going diamond drilling programs on the Little Deer and Whalesback Copper Deposits located approximately 10 km north of Springdale in north-central Newfoundland, for an initial diamond drilling program on Thundermin's Lebel gold property located in Kirkland Lake and for additional geophysical surveys and diamond drilling on Thundermin's Stirling zinc-lead-copper-silver-gold project on Cape Breton Island, Nova Scotia.
About Thundermin
Thundermin is a Canadian-based mineral exploration company focused on the exploration for and the discovery of economically viable base metal and gold deposits in Canada. Thundermin has an interest in, or the right to earn an interest in, 12 base metal and gold properties in Canada. The most significant of these is the Little Deer copper property in the Springdale area of Newfoundland where Thundermin and 50% joint venture partner Cornerstone Resources Inc. have outlined Indicated Mineral Resources of 1,911,000 tonnes grading 2.37% copper and Inferred Mineral Resources of 3,748,000 tonnes grading 2.13% copper. A positive Preliminary Economic Assessment that indicates that there is potential to develop the Little Deer Copper Deposit on an attractive economic basis at current metal prices was announced on November 1, 2011 and filed on SEDAR on December 15, 2011. Thundermin owns a 100% interest in the Lebel Township gold property, which is located on the Kirkland Lake Main Break in the prolific Kirkland Lake gold camp. Thundermin recently acquired the right to earn a 100% interest in eight exploration licenses covering a large portion of the Stirling volcanogenic massive zinc-lead-copper-silver-gold sulphide belt located on Cape Breton Island, Nova Scotia. Thundermin has royalty interests in 28 base metal and gold properties located in Manitoba, Saskatchewan, British Columbia and Quebec, the most significant being a 2.5% net smelter return royalty in the Pelletier Lake gold deposit which is under option to Alexis Minerals Corporation. Thundermin also has various shareholdings in thirteen other junior resource companies that are actively exploring for base metal, gold, chrome, vanadium-titanium and diamond deposits in Canada.
Forward-Looking Statements
This news release may contain "Forward-Looking Statements" that involve risks and uncertainties, such as statements of Thundermin'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 Thundermin 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 that can be viewed on the SEDAR website at www.sedar.com. For us, uncertainties arise from the behavior of financial and metals markets 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 Thundermin believes the facts and information contained in this news release to be as correct and current as possible, Thundermin 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.
Visit Thundermin's website at www.thundermin.com or the SEDAR website at www.sedar.com.
warant
12 years ago
News Out more drilling... drill baby drill
December 08, 2011
11-37 - Cornerstone and Thundermin Commence 3,800 Metre Diamond Drilling Program on the 100% Owned, Past-Producing, Whalesback Copper Mine
--------------------------------------------------------------------------------
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 commenced a diamond drilling program comprising approximately 3,800 metres in 13-15 holes at their 100% owned, past-producing, Whalesback Copper Mine ("Mine"). The Mine, which was in production from 1965-1972, is located approximately 10 km north of Springdale in north-central Newfoundland.
There is potential to outline significant copper resources at shallow depths adjacent to the Mine below and to the west of the old mine workings. The current drill program is designed to outline new copper resources which could, because of their proximity to the Little Deer Copper Deposit ("Deposit"), expand the total mineral resources available for mining and enhance the overall economics of establishing a new mining operation at Little Deer. At this time, the potential discovery of additional mineral resources at the Mine is conceptual in nature and it is uncertain whether further diamond drilling will result in the discovery of additional mineral resources.
Cornerstone and Thundermin own a 100% interest in the Deposit located approximately 800 m south of the Mine. Cornerstone and Thundermin have outlined significant copper resources at the Deposit since 2007 and the results of a Preliminary Economic Assessment ("PEA") for the Deposit, which was completed in October 2011, indicated that there is potential to develop the Deposit on an attractive economic basis at current metal prices. Information on the Deposit and the PEA is available in news releases issued between May 1, 2007 and November 1, 2011 and on Cornerstone's and Thundermin's respective websites and on SEDAR.
Whalesback Copper Mine
A digital compilation of 107 historical holes drilled in the mineralized zone below and to the west of the old mine workings suggests that there is excellent potential for establishing additional copper resources below and to the west of the areas previously mined. Significant results from the historical drill holes include 4.5% Cu over 6.1 m, 4.0% Cu over 3.4 m, 3.2% Cu over 5.5 m, 3.0% Cu over 4.3 m, 2.9% Cu over 8.4 m, 2.9% Cu over 6.1 m, 2.6% Cu over 4.6 m, 2.5% Cu over 5.3 m, 2.4% Cu over 9.1 m, 2.2% Cu over 5.8 m, 2.3% Cu over 3.1 m, 2.3% Cu over 3.4 m, 2.2% Cu over 8.5 m, 2.1% Cu over 13.1 m and 2.0% Cu over 8.5 m. These assay intervals all approach true widths as many of the holes were drilled from underground and others are of relatively shallow depth (see news release dated October 20, 2011 for additional information on the historical data recovered for the Mine).
Mineral Resource Estimate - Little Deer Copper Deposit
On June 22, 2011, Cornerstone and Thundermin reported an updated National Instrument 43-101 ("NI 43-101") compliant mineral resource estimate for the Deposit comprising Indicated Resources of 1,911,000 tonnes at an average grade of 2.37% Cu (99.8 million pounds of copper) and Inferred Resources of 3,748,000 tonnes at an average grade of 2.13% Cu (175.9 million pounds of copper) (see Cornerstone and Thundermin news releases dated June 22, 2011).
Qualified Persons
Mr. Andrew Hussey, P.Geo., Project Geologist and Lands Manager, Cornerstone Resources Inc., is the qualified person ("Q.P.") responsible for the compilation of all of the historical data on the Mine for the purposes of NI 43-101. Mr. Hussey is also the Q.P. that is responsible for supervising the drilling program on the property. Mr. Hussey has reviewed the contents of this news release for accuracy and approved its release.
The positive PEA and the updated NI 43-101 compliant mineral resource estimate for the Deposit were prepared under the supervision of Mr. Eugene J. Puritch, P. Eng., President of P&E. Mr. Puritch is an independent Q.P. in accordance with NI 43-101.
Little Deer Joint Venture
Under the terms of its joint venture agreement with Cornerstone, Thundermin 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.
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 Ecuador, Chile, and Atlantic Canada, 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.
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
warant
12 years ago
News out on THR,Raising money to drill Little Deer and Whalesback
CGP jv partner.
Thundermin Resources Inc.
TSX : THR
November 29, 2011 08:00 ET
Thundermin Announces Non-Brokered Private Placement of Up to $1,500,000
TORONTO, ONTARIO--(Marketwire - Nov. 29, 2011) - Thundermin Resources Inc. ("Thundermin") (TSX:THR) announces that it intends to raise, subject to regulatory approval and closing, up to $1,500,000 (the "Offering") in a non-brokered private placement.
The Offering will consist of up to $1,250,000 in flow-through units (the "FT Units") at a price of $0.13 per FT Unit and up to $250,000 in non flow-through units (the "Normal Units") at a price of $0.105 per Normal Unit. Each FT Unit will consist of one flow-through common share and one half of one non-transferable common share purchase warrant (the "Warrant"). Each Normal Unit will consist of one common share and one half of one non-transferable common share purchase warrant (the "Warrant"). Each whole Warrant will entitle the holder to purchase an additional common share of Thundermin at a price of $0.20 per share for a period of 18 months from the date of closing of the Offering. Each Warrant will be subject to an early call provision. In the event that Thundermin's shares trade at a weighted average price of $0.40 or more per share for a period of at least 20 consecutive trading days, Thundermin will have the right, upon giving notice in writing to the Warrant holders, to accelerate the expiry date of the Warrants to the date that is 30 days from the date that notice was provided.
Thundermin will pay a cash commission of 6% of the gross proceeds from the sale of the FT Units and the Normal Units to finders (the "Finders") on that portion of the Offering that is arranged by the Finders. On the closing of the Offering, the Finders will also be granted finders options (the "Finders Options") equal in number to 6% of the aggregate number of FT Units and Normal Units sold on that portion of the Offering arranged by the Finders. The Finders Options may be exercised at a price of $0.13 per common share at any time for a period of 18 months from the closing of the Offering.
The proceeds of the Offering will be used to fund Thundermin's exploration projects in Canada that qualify as "Canadian exploration expenses" under the Income Tax Act (Canada) and for general working capital purposes. In particular, the funds raised from the FT Units will be used to fund diamond drilling programs on the Little Deer and Whalesback Copper Deposits located approximately 10 km north of Springdale in north-central Newfoundland, for an initial diamond drilling program on Thundermin's Lebel gold property located in Kirkland Lake and for additional geophysical surveys and diamond drilling on Thundermin's Stirling zinc-lead-copper-silver-gold project on Cape Breton Island, Nova Scotia.
About Thundermin
Thundermin is a Canadian-based mineral exploration company focused on the exploration for and the discovery of economically viable base metal and gold deposits in Canada. Thundermin has an interest in, or the right to earn an interest in 12 base metal and gold properties in Canada. The most significant of these is the Little Deer copper property in the Springdale area of Newfoundland where Thundermin and 50% joint venture partner Cornerstone Resources Inc. have outlined Indicated Mineral Resources of 1,911,000 tonnes grading 2.37% copper and Inferred Mineral Resources of 3,748,000 tonnes grading 2.13% copper. A positive Preliminary Economic Assessment was announced for the Little Deer project on November 1, 2011. Thundermin also has royalty interests in a further 28 base metal and gold properties located in Manitoba, Saskatchewan, British Columbia and Quebec, the most significant being a 2.5% net smelter return royalty in the Pelletier Lake gold deposit which is under option to Alexis Minerals Corporation. Thundermin also has various shareholdings in thirteen other junior resource companies that are actively exploring for base metal, gold, chrome, vanadium-titanium and diamond deposits in Canada.
Forward-Looking Statements
This news release may contain "Forward-Looking Statements" that involve risks and uncertainties, such as statements of Thundermin'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 Thundermin 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 that can be viewed on the SEDAR website at www.sedar.com. For us, uncertainties arise from the behavior of financial and metals markets 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 Thundermin believes the facts and information contained in this news release to be as correct and current as possible, Thundermin 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.
For further information on Thundermin Resources Inc. please visit Thundermin's website at www.thundermin.com or the SEDAR website at www.sedar.com.
Contact Information
Thundermin Resources Inc.
John B. Heslop
President & CEO
(647) 344-1167
Thundermin Resources Inc.
James W. Gill
Chairman
(416) 450-1851
info@thundermin.com
www.thundermin.com
warant
12 years ago
News Out Phase 2 drilling
November 28, 2011 08:00 ET
Cornerstone Capital Resources Inc.: Phase 2 Drilling and Exploration Program Started at Gama Prospect in Ecuador
MOUNT PEARL, NEWFOUNDLAND--(Marketwire - Nov. 28, 2011) - Cornerstone Capital Resources Inc. ("Cornerstone") (TSX VENTURE:CGP) (FRANKFURT:GWN) (BERLIN:GWN) (OTCBB:CTNXF) and Intrepid Mines Limited ("Intrepid") (ASX:IAU) (TSX:IAU) today announced that a Phase 2 diamond drilling program and additional ground exploration surveys have commenced at the Gama prospect in southern Ecuador. Two 600 metre long (minimum) diamond drill holes will test copper-gold porphyry targets at depth near previous intersections in Phase 1 holes GAD 11-002 (101 metres at 0.41 g/t Au and 0.13% Cu, including 45 metres grading 0.71 g/t Au and 0.18% Cu) and GAD 11-011 (26 metres grading 0.45 g/t Au). See Cornerstone news releases dated May 31 and August 11, 2011 for details. Additional soil sampling (2,500+ samples), prospecting and a detailed ground magnetic survey (approximately 500 line km) will also be carried out to help define new drill targets. Intrepid has approved a budget of US$1.8 million for these exploration programs.
Phase 2 Drilling Program
Geological and geochemical data from Phase 1 drilling (holes GAD 11-001 to -011) have been reviewed and the mineralization model re-interpreted. The drilling defined a large (minimum 3 km north-south) high-sulphidation epithermal alteration system superimposed on deeper porphyry style alteration and mineralization. The distribution of base metal minerals and geochemical values, alteration patterns and structures suggest that molybdenum, copper and some gold may have been remobilized from a deeper mineralized tonalitic porphyry source. A map showing the location of targets and drill holes with respect to gold-in-soil anomalies and interpreted faults is provided here: http://www.cornerstoneresources.com/i/pdf/NR11-36Figure1.pdf.
Hole GAD 11-012 is located approximately 500 metres northwest of hole GAD 11-010 and 500 metres southwest of hole GAD 11-011, on the northern edge of target B. Ground geophysical surveys at target B have outlined a 2-km circular feature characterized by a magnetic low, interpreted to represent magnetite destruction associated with hydrothermal alteration, and a 2nd priority induced polarization (IP) chargeability anomaly. Holes GAD 11-010 and -011 intersected remobilized molybdenite along high-sulphidation epithermal feeder structures, as well as clasts of stockwork-veined mineralized tonalite porphyry within brecciated faults and structures. Sheeted porphyry "B" veins overprint the clasts and matrix in the breccias with molybdenite in-situ in the "B" veins. Hole GAD 11-012 is targeting the interpreted mineralized tonalitic porphyry at depth.
Proposed hole GAD 11-013 will be located in the northern part of target F, approximately 200 metres north of hole GAD 11-002 and close to the intersection of a northwest striking and two east-west oriented structures defined by ground magnetic data. Gold and copper mineralization in hole -002 is associated with porphyry stockwork transitional type "A-B" dominant veins. The high levels of remobilized molybdenite and the presence of gold suggest a possible mineralized tonalitic porphyry source at depth, which hole GAD 11-013 will be targeting.
"We are pleased that Intrepid has approved a Phase 2 program at Gama", said Brooke Macdonald, Cornerstone's President. "Information gathered from Phase 1 drilling will allow us to test the new porphyry targets at depth and to develop new drilling targets for both epithermal and porphyry styles of mineralization at Gama. Environmental permits required for drilling the Vetas Grandes and Cañaribamba prospects on the southern portion of the Shyri property are now expected to be received near the end of the first half of 2012. We had expected to receive these permits by the end of the first quarter, but community consultations are taking longer than anticipated."
Gama Prospect
The Gama prospect is one of four recognized thus far on the Shyri property, and comprises an extensive zone of high sulphidation (HS) epithermal alteration measuring a minimum of 8.5 km by 3 km. The alteration is strongly zoned and centered over two high level, porphyry-type intrusions at the 3,500 m to 3,800 m elevations. Gama is located 15 km to the west of Iamgold's Quimsacocha HS epithermal gold deposit.
Qualified Person
Yvan Crepeau, M.Ba., P.Geo, President of Cornerstone Ecuador SA and a qualified person in accordance with National Instrument 43-101, is responsible for supervising the Gama drilling program and has reviewed and approved the technical information contained in this news release.
Shyri Option Agreement
Intrepid Mines Limited ("Intrepid") is earning a 60% interest in the Shyri gold-silver-copper property under an option agreement signed with Cornerstone in January 2011. Under the terms of the Agreement, Intrepid has the ability to earn an initial 60% interest in the property by spending $US 6.0 million dollars over 5 years. Intrepid may earn an additional 20% in specific project areas up to 5,000 hectares each. Upon designation of a Project Area, Intrepid will make a $US 750,000 private placement in Cornerstone. To earn the additional interest, Intrepid will complete a bankable feasibility study or incur expenditures of $US 20 million, whichever comes first, and make a cash payment to Cornerstone of up to $US 5.0 million based on the gold equivalent ounces in the mineral reserve. There is no limit to the number of Project Areas Intrepid may designate within the property and each 'stand-alone' Project Area requires the same earn-in requirements (see news release dated Oct 29, 2009). Cornerstone is the project operator, and manages the exploration programs in close consultation and planning with Intrepid.
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 Ecuador, Chile, and Atlantic Canada, 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.
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 Corporate presentation is:
http://www.cornerstoneresources.com/i/pdf/Presentations_1111_CRICorporate.pdf
The link to a virtual tour of drilling at the Gama prospect, Shyri concession in Ecuador is:
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
Brooke Macdonald, President
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
warant
12 years ago
This has to proceed before we see any more work on the option agreement with VALE. All the work being done on properties with CGP is organized in Brazil.
.Boardroom chairs are being shifted at two large diversified mining companies, Vancouver-based Teck Resources and Brazilian powerhouse Vale SA, the world’s second largest miner.
Teck announced yesterday that Marcia Smith, Vice President, Corporate Affairs, will replace Doug Horswell as Senior Vice President, Sustainability and External Affairs. Horswell, staging into retirement, will work half-time in the company’s Zinc and Health program.
Mike Agg, a 32-year Teck veteran who is currently Vice President, Zinc, will retire next summer, to be replaced by Rob Scott, the current Vice President, Operational Excellence. Jim Utley, Vice President, Human Resources, steps down Dec. 1st after 20 years with the company. Utley will be replaced by Graham Foyle-Twining, who will join Teck from Walter Energy, where he was Global Head of Human Resources and Organizational Development. Ray Reipas, currently Vice President, Energy will become Senior Vice President, Energy.
Meanwhile, Vale announced that coming this Thursday, CEO Murilo Ferreira will submit to the Board of Directors a proposal for a new structure of the company’s Executive Board. Among the changes, the most high-profile is the replacement of CFO Guilherme Cavalcanti with Tito Martins, who currently runs Vale’s base metals division.
The composition of the new Executive Board, once approved by the Board of Directors, will be as follows:
Fertilizers and Coal – Eduardo Bartolomeo
Iron Ore and Strategy – José Carlos Martins
Logistics and Exploration – Humberto Freitas
Base Metals and IT – Peter Poppinga
Capital Projects Implementation – Galib Chaim
Finance – Tito Martins
HR, Health & Safety, Sustainability and Energy – Vania Somavilla
Read the full Vale press release below:
On November, 24, Vale’s CEO Murilo Ferreira will submit to the Board of Directors a proposal for a new structure of the company’s Executive Board. This restructuring seeks to establish an operational model with clearly defined roles and responsibilities for each business unit. Under this new model, each executive director will be responsible for Planning, New Business Development, Operations and Marketing & Sales. This model will help us reach our growth goals and consolidate our business, with the aim of further strengthening the company.
The composition of the new Executive Board, once approved by the Board of Directors, will be as follows:
Fertilizers and Coal – Eduardo Bartolomeo
Iron Ore and Strategy – José Carlos Martins
Logistics and Exploration – Humberto Freitas
Base Metals and IT – Peter Poppinga
Capital Projects Implementation – Galib Chaim
Finance – Tito Martins
HR, Health & Safety, Sustainability and Energy – Vania Somavilla
According to the proposal, the following professionals are leaving the Executive Board:
Mario Barbosa – Joined Vale as executive director for Fertilizers in June 2010, right after the acquisition of Fosfértil and of Bunge’s fertilizer assets. Among other things, his contribution to Vale’s entry in the fertilizer business in Brazil and abroad deserve particular relevance.
Eduardo Ledsham – Has worked in Exploration for Vale since 1998 and was named executive director for Exploration, Energy and Projects in June 2010. Some of his major contributions to the company include his leadership of iron ore, coal and copper exploration in Africa; copper and nickel exploration in Indonesia, and his role in the increase in value of Vale Inco’s assets. In iron ore, he participated in several acquisitions in Brazil.
Guilherme Cavalcanti – Joined Vale in September 2005 as the Corporate Finance director. In September 2010 he assumed the position of executive director for Finance and Investor Relations. Some of his major contributions include the raising of capital for the Inco acquisition, as well as the maintenance of cash-flow at an optimized and competitive capital cost.
The new proposed executive directors are:
Humberto Freitas – B.Sc. Metallurgical Engineering, with strong knowledge of and experience in Logistics. Humberto was CEO of Sepetiba Tecon from 1998 to 2003, CEO of Valesul from 2003 to 2007, director for Ports and Navigation at Vale between 2007 and 2009 and then Logistics Operations director also at Vale. Humberto has actively worked on the navigation implementation strategy and also coordinated the efforts to establish Vale’s own shipping fleet.
Galib Chaim – Graduated in Mining Engineering with a MBA in Business Management. Galib held the position of Alunorte Industrial director between 1994 and 2005. After that, he took the position of Coal Projects Departament director, in which he led projects in Mozambique, Australia, Indonesia and Zambia. Among his several contributions to the company, we highlight the excellence in the implementation of the Moatize Coal Project, from the feasibility studies to the start-up in August 2011.
Peter Poppinga – Graduated in Geology and Mining Engineering, with specialization in Geo-statistics. Before entering Vale, Peter worked for Samitri. In 2000, Peter joined our company as Iron Ore commercial director. He has worked in the USA, Belgium and Switzerland, where he took the position of Vale International CEO. Since 2007, Poppinga has contributed to several areas in the Nickel Business such as Strategy, HR, Sustainability, New Business Development and Mineral Technology. Since 2009, Poppinga has been the VP for Base Metals Operations in Asia Pacific.
warant
12 years ago
News out on Scoping Review>>> Great News<<<<
At this time for anyone interested in CGP & THR JV agreement on the Little Deer property in Newfie may be a time to seriously consider where the SP for both companies well be in the next couple of years; IMO I believe that it is going to be well worth the investment. So serious investores may want to take a closer look at this time.
November 01, 2011
11-35 - Cornerstone and Thundermin Announce a Positive Preliminary Economic Assessment for the Little Deer Copper Deposit
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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 P&E Mining Consultants Inc. ("P&E") of Brampton, Ontario has completed an independent, positive National Instrument 43-101 ("NI 43-101") Preliminary Economic Assessment ("PEA") for the Little Deer Copper Deposit ("Deposit"). The results of the PEA demonstrate the potential technical and economic viability of establishing a new, profitable copper mine on the Little Deer property which is located approximately 10 km north of Springdale in north-central Newfoundland.
PEA Highlights
Base Case Scenario (copper price of US$3.75/lb and an exchange rate of US$0.95 = C$1.00; all dollar amounts are expressed in Canadian dollars unless otherwise stated):
Mineral Resources: Indicated Resources of 1,911,000 t grading 2.37% Cu (99.8 million lbs of copper) and Inferred Resources of 3,748,000 t grading 2.13% Cu (175.9 million lbs of copper) and 20% mining dilution at zero grade with 90% extraction rate incorporated into the mine plan
Mining: 1,800 t/day underground mine with ramp and shaft access using long hole stoping method
Mine Life: 9.5 years
Conventional milling and flotation process with 97% copper recovery to a clean 28% copper concentrate
Initial Capital Cost: $110 million
Average Site Operating Cost: $47.32 per tonne of ore mined and milled ($1.16 per lb of copper)
Total Revenue: $829 million
Pre-tax Net Cash Flow: $237 million. After-tax Net Cash Flow: $166 million
Pre-tax Net Present Value at 6% Discount Rate: $130.4 million. After-tax Net Present Value at 6% Discount Rate: $86.7 million
Payback of Pre-production Capital: 3.5 years
Internal Rate of Return Pre-tax: 26.0%
Internal Rate of Return After-tax: 21.5%
Brooke Macdonald, President of Cornerstone, said "We are extremely pleased with the encouraging results of the Little Deer PEA, which demonstrate that the Deposit has the potential to be developed into a new profitable copper mine on a standalone basis. The recently recognized potential for adding further copper resources at the Whalesback Mine, that could result in an extended mine life, simply adds to our shared optimism with Thundermin."
Background
Cornerstone and Thundermin, operating on a 50/50 basis under the Little Deer Joint Venture ("LDJV") with Thundermin as operator, optioned the Deposit and certain adjoining lands from Weyburn Investments Limited ("Weyburn") in June 2007. Under the LDJV, Thundermin has the right to increase its interest in the Deposit and adjoining lands to 75% by completing a feasibility study and by arranging 100% of the necessary bank financing required to place the property into commercial production. Since June 2007, the LDJV has completed approximately 48,800 m of diamond drilling in 82 holes and has spent over $7,400,000 on the property, with over $5,000,000 having been spent on diamond drilling. The LDJV has also compiled a large amount of historical diamond drill hole data on the Deposit that was recovered from the archives of the Newfoundland and Labrador Department of Natural Resources in St. John's. This work confirmed the geological interpretation, grade and continuity of the Deposit and led to the commissioning of an updated NI 43-101 compliant Mineral Resource Estimate for the Deposit which was released on June 22, 2011 (see below). On July 12, 2011, Cornerstone and Thundermin exercised their option to earn a 100% interest in the Deposit and adjoining lands from Weyburn. The LDJV now owns a 100% interest in 276 mineral claims covering approximately 65.3 km² of favorable volcanic stratigraphy in the area, subject only to certain net smelter returns royalties. The LDJV also has a 100% interest in the adjacent, past-producing Whalesback Copper Mine where a recent digital compilation of historical diamond drill hole data suggests that there is excellent potential for establishing additional copper resources at the Whalesback Mine below and to the west of the areas mined by British Newfoundland Exploration Company ("BRINEX") between 1965 and 1972 (see news release dated October 20, 2011). Details on the Deposit and the terms of the agreement between Cornerstone and Thundermin can be found in numerous news releases between May 1, 2007 and June 22, 2011 and on Cornerstone's and Thundermin's respective websites and on SEDAR.
Financial Evaluations
Financial evaluations of the Deposit were calculated by P&E using a discounted cash flow analysis. On a 100% equity financing basis, the Base Case analysis shows that the pre-tax Internal Rate of Return ("IRR") is 26.0% and the Net Present Value ("NPV"), at a 6.0% discount rate, is $130.4 million. The pre-tax undiscounted cash flow for the project is $237 million and the payback of capital from the commencement of commercial production is approximately 3.5 years. The Base Case analysis shows that the after-tax IRR is 21.5% and the NPV, at a 6% discount rate, is $86.7 million. The after-tax uncounted cash flow for the project is $166 million. The Base Case scenario assumes initial capital costs of $110 million to advance the project to commercial production. The average operating costs for life-of-mine is estimated to be $47.32 per tonne of ore mined and milled. A projected 10-year average copper price of US$3.75 and exchange rate of US$0.95=C$1.00 was used in the Base Case financial analysis. The Base Case also includes the payment of certain underlying NSR royalties to third parties. The sensitivity of the project to copper prices is shown in Table 1.
Table 1: Sensitivity of the Little Deer Copper Deposit to Copper Price
Copper Price (US$/lb) 3.25 3.50 3.75 (Base Case) 4.00 4.25
Pre-tax IRR (%) 13.8 20.1 26.0 31.8 37.5
After-tax IRR (%) 11.1 16.3 21.5 26.6 31.7
Pre-tax NPV ($ million @ 6%) 47.6 89.0 130.4 171.8 213.1
After-tax NPV ($ million @ 6%) 27.4 57.1 86.7 116.3 146.0
Mineral Resources
A NI 43-101 compliant Mineral Resource Estimate, which was completed by P&E, was released on June 22, 2011. P&E estimated that the Deposit contains Indicated Resources of 1,911,000 tonnes at an average grade of 2.37% Cu (99.8 million lbs of copper) and Inferred Resources of 3,748,000 tonnes at an average grade of 2.13% Cu (175.9 million lbs of copper) (see Table 2).
A Technical Report and Mineral Resource Estimate titled "Technical Report and Resource Estimate Update on the Little Deer Copper Deposit, Newfoundland, Canada, August 5, 2011" by Mr. Eugene Puritch, P. Eng., President, P&E and Dr. Wayne Ewert, P. Geo., Vice President, P&E, independent Qualified Persons ("QPs") in accordance with NI 43-101 was filed on SEDAR on August 5, 2011.
Table 2: Summary of Little Deer Mineral Resources (P&E, June 20, 2011)
Resource Classification/Zone Tonnes (t) Copper (%) Cu lbs (M)
Indicated Mineral Resources
Little Deer Zone 1,911,000 2.37 99.8
Inferred Mineral Resources
Little Deer Zone 1,240,000 1.93 52.8
Footwall Zone 1,711,000 2.04 77.0
Footwall Zone Splay 797,000 2.64 46.2
Total Inferred Resources 3,748,000 2.13 175.9
Notes:
1) Mineral resources which are not mineral reserves do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.
2) The quantity and grade of reported Inferred Resources in this estimation are uncertain in nature and there has been insufficient exploration to define these Inferred Resources as an Indicated or Measured mineral resource and it is uncertain if further exploration will result in upgrading them to an Indicated or Measured mineral resource category.
3) The mineral resources in this press release were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by CIM Council.
4) Ordinary Kriging was used for Cu grade interpolation.
5) Grade capping of 15% Cu utilized on composites.
6) A variable bulk density based on numerous field measurements was used for tonnage calculations.
Production Plan
The PEA was undertaken using a production rate of 1,800 t/day (657,000 t/year), resulting in a 9.5 year mine life for the project. Underground access will be gained via a ramp, driven at 15%, and an 875 m production shaft. It is envisioned that production from approximately the upper 400 m of the Deposit will be via ramp and production from the lower part of the Deposit will be via the production shaft. Copper mineralization from the Deposit will be extracted using a long-hole mining method using mechanized trackless mining equipment (see Figure 1).
Copper mineralization from the Deposit will be processed in a new, state-of-the-art, environmentally friendly mill employing differential flotation to produce a high quality copper concentrate. 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 clean, high grade copper concentrate grading over 28% copper with 97% recovery can be produced from the Deposit. The use of a simple rougher-cleaner flowsheet, a common xanthate collector, pH control with lime and a relatively coarse primary grind for copper liberation from mineralization of medium hardness suggest that the mill operating costs should fall into the low range.
Approximately 46% of the tailings from the mill will be placed underground in cemented hydraulic backfill. The remainder of the tailings are expected to be submerged in the former Whalesback tailings impoundment facility which is located approximately 1.2 km north of the Deposit.
Approximately 389,000 t of copper concentrate will be produced during the life of the mine which equates to approximately 26 million lbs of copper on an annual basis. The concentrates are expected to be trucked to one of two deep water port sites within 25 km of the property for storage and loading onto oceangoing vessels for shipment to a custom smelter.
Capital and Operating Costs
The total initial capital cost to advance the project to commercial production is $110 million. This capital includes all new hoist, head frame, equipment, mill infrastructure, ramp, upper portion of the shaft and power line and transformers. It is anticipated that the mine/mill infrastructure will require approximately 16-18 months to complete from the date that all necessary permits are received and financing for the project has been completed.
The average life-of-mine operating cost per tonne of ore mined and milled is estimated at $47.32 which equates to approximately $1.16 per lb of copper.
In the PEA, P&E has identified a number of opportunities to potentially further enhance the economics of the project. These include the discovery of additional resources with further drilling at depth and along strike at Little Deer, the discovery of additional resources at the adjoining Whalesback Mine, improvement in metallurgical recoveries and concentrate grade, increase in mine production rates, further reductions in capital costs through the employment of refurbished equipment, project design optimization and the potential use of existing underground infrastructure, including vent raises, ramp access and pre-developed ore which exist on the Little Deer property.
Project Infrastructure
The Deposit is located on a brownfield site and is well situated to take advantage of Newfoundland's developed infrastructure. The Deposit lies approximately 16 km from the Trans-Canada Highway and is easily accessed by a 10 km network of paved and gravel roads north of Springdale, where there is an available skilled mining workforce. The site is approximately 8 km from a major power substation and there is a plentiful supply of fresh water in the area. The former tailings impoundment facility for the Whalesback Mine, which may be able to be upgraded and used to store additional tailings, is located only 1.2 km north of the Deposit. There is also good access to several deep water ports for any future shipment of copper concentrates.
The recovery of a substantial quantity of archived data has also given Cornerstone and Thundermin a better understanding of the underground infrastructure that exists on the property. This infrastructure dates from 1966 to 1972 and 1972 to 1974 when a portion of the upper part of the Deposit was developed and mined by BRINEX and Green Bay Mining Company ("Green Bay"), respectively. BRINEX accessed the Deposit from the adjoining Whalesback Mine and Green Bay accessed the Deposit via a ramp. Three ventilation raises and substantial lateral development in unmined copper mineralization are known to exist on the property. This existing infrastructure may potentially afford substantial cost savings for access underground for future definition drilling and mining.
Outlook
As a result of the positive PEA, Cornerstone and Thundermin intend to proceed with further evaluation of the Little Deer Project. This work will include additional drilling in the adjacent Whalesback Mine area to confirm the historical results and to possibly expand the copper resources to the west and at depth below the areas mined previously by BRINEX (see news release dated October 20, 2011). The discovery of additional economic grade copper resources at relatively shallow depths on the Whalesback property could be extremely important to an eventual decision to place the Deposit into commercial production. In addition, Cornerstone and Thundermin intend to undertake a substantial infill diamond drill program on the Deposit to upgrade existing resources from the Inferred to the Indicated Resource category prior to commencing a pre-feasibility study on the project. Details of these programs will be released in the coming weeks.
The Deposit and adjacent Whalesback Mine provide an excellent opportunity to re-establish the Springdale area of north-central Newfoundland as a significant copper producer. The general area has proven to be very prospective for volcanogenic massive sulphide deposits of the Cyprus type and the LDJV anticipates increased exploration activity on its large landholdings that may lead to additional discoveries.
Qualified Persons
The PEA was prepared under the supervision of Mr. Eugene J. Puritch, P. Eng., President of P&E. Mr. Puritch is an independent Q.P. in accordance with NI 43-101 and has reviewed and approved the contents of this news release. A NI 43-101 compliant PEA Technical Report is currently being prepared by P&E and will be filed on SEDAR by Cornerstone and Thundermin within 45 days of this news release.
Mr. Andrew Hussey, P.Geo., Project Geologist and Lands Manager, Cornerstone Resources Inc. and Q.P. has also reviewed and approved the contents of this news release.
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 Ecuador, Chile, and Atlantic Canada, 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.
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
Twitter
YouTube channel
Flickr
The link to a recent Corporate presentation is:
http://www.cornerstoneresources.com/i/pdf/Presentations_0711_CRICorporate.pdf
The link to a virtual tour of drilling at the Gama prospect, Shyri concession in Ecuador is:
http://www.youtube.com/watch?v=Ne8XSfgLwIM
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,
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.
You can view the Previous News item: Thu Oct 20, 2011, 11-34 - Cornerstone and Thundermin Identify Encouraging New Tonnage Potential at the Past-Producing Whalesback Copper Mine, Springdale Area, Newfoundland
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warant
13 years ago
News out more copper at the Whalesback when this is all said and done, the SP should reflect nicely.
October 20, 2011
11-34 - Cornerstone and Thundermin Identify Encouraging New Tonnage Potential at the Past-Producing Whalesback Copper Mine, Springdale Area, Newfoundland
--------------------------------------------------------------------------------
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 a recently completed digital compilation of historical diamond drill hole assay data from the 100% owned, past-producing, Whalesback Copper Mine suggests that there is excellent potential for establishing additional copper resources on the Whalesback property below and to the west of the areas mined by British Newfoundland Exploration Company ("BRINEX") between 1965 and 1972 (see Figure 1 and Table 1).
The Whalesback Copper Mine is located approximately 10 km north of Springdale in north-central Newfoundland and approximately 800 m north of the 100% owned Little Deer Copper Deposit where Cornerstone and Thundermin have outlined significant copper resources since June 2007 (see below). The two deposits are connected on the 800 foot (244 m) level by an approximately 800 m long drift and both deposits possess underground infrastructure that may be of use in any future mining operations (see Figure 2). Additional information on the Little Deer Copper Deposit is available in numerous news releases issued between May 1, 2007 and August 31, 2011 and on Cornerstone's and Thundermin's respective websites and on SEDAR.
Whalesback Copper Mine and Property
Diamond drill logs and assay data for 60 surface and 242 underground holes from the Whalesback Copper Mine were recovered from the archives of the Newfoundland and Labrador Department of Natural Resources in St. John's. Drill hole numbers and pierce points for 107 holes drilled in the mineralized zone below and to the west of the areas mined by BRINEX are shown on Figure 1. The corresponding assay results and assay widths, most of which approach true width, are presented in Table 1. Twenty four of the historical holes had copper intersections grading > 2.0% Cu, 49 had copper intersections grading between 1.0% and 2.0% Cu and 33 had copper intersections grading < 1.0% Cu. Only one of the historical holes did not intersect significant copper mineralization. Significant results from the historical drill holes include 4.5% Cu over 6.1 m, 4.0% Cu over 3.4 m, 3.2% Cu over 5.5 m, 3.0% Cu over 4.3 m, 2.9% Cu over 8.4 m, 2.9% Cu over 6.1 m, 2.6% Cu over 4.6 m, 2.5% Cu over 5.3 m and 2.4% Cu over 9.1 m (see Table 1). Underground hole 11-11 is the deepest hole drilled to date on the Whalesback Deposit. This hole, which intersected 1.7% Cu over 8.4 m at a vertical depth of approximately 565 m, has never been followed up with additional drilling.
H. Brooke Macdonald, President of Cornerstone said "We are very encouraged by results of the compilation of historical Whalesback Mine data. At this point the situation is reminiscent of Little Deer four years ago when we recognized the potential to significantly expand the copper resources, particularly at depth, around the former Little Deer Mine. Our drilling at Little Deer has confirmed that potential, and we're optimistic we can duplicate that success at the Whalesback Mine. Historically both mines have operated as a single unit, and identification of new copper resources at Whalesback will have a significant positive impact on project economics and an eventual production decision".
Table 1: Whalesback -- Historical Surface and Underground Drill Results
For Table 1 please see http://www.cornerstoneresources.com/i/pdf/NR11-34-Table1.pdf
The sulphide mineralization within the Whalesback Copper Mine consists predominantly of disseminated, stringer, semi-massive and massive pyrite-chalcopyrite-pyrrhotite within altered mafic volcanic rocks similar to that encountered within the adjacent Little Deer Copper Deposit. The historical drill hole data presented in Figure 1 and Table 1 demonstrates that there are existing copper resources already defined beneath and to the west of the area mined previously by BRINEX. In addition, the data suggests that there is excellent potential to further expand these resources with additional diamond drilling at relatively shallow depths. The adjacent Little Deer Copper Deposit is known to occur over a strike length of 1,050 m and to persist to a vertical depth of at least 1,000 m whereas the deepest intersection at Whalesback is at a vertical depth of approximately 565 m. It is believed that the copper mineralization at Whalesback could also continue further along strike to the west and to depth and cover an area at least comparable in size to the Little Deer Copper Deposit.
Cornerstone and Thundermin intend to undertake 3,800 m of diamond drilling in 9 holes on the Whalesback property commencing this fall. The purpose of this work is to confirm the historical results and to expand the copper resources to the west and at depth below the areas mined previously by BRINEX. The discovery of additional economic grade copper resources at relatively shallow depths in this area of the Whalesback property could be extremely important to an eventual decision to place the Little Deer Copper Deposit into commercial production.
The potential for establishing additional resources on the Whalesback property is conceptual in nature and it is uncertain whether further diamond drilling will be successful in defining additional resources of economic grade copper mineralization on the property.
Mineral Resources - Little Deer Copper Deposit
On June 22, 2011, Cornerstone and Thundermin reported a National Instrument 43-101 ("NI 43-101") compliant mineral resource estimate for the Deposit comprising Indicated Resources of 1,911,000 tonnes at an average grade of 2.37% Cu (99.8 million pounds of copper) and Inferred Resources of 3,748,000 tonnes at an average grade of 2.13% Cu (175.9 million pounds of copper). The mineral resource estimate was prepared under the supervision of Mr. Eugene J. Puritch, P. Eng., President of P&E Mining Consultants Inc. of Brampton, Ontario. Mr. Puritch is an independent Qualified Person ("Q.P.") in accordance with NI 43-101.
Qualified Person
Mr. Andrew Hussey, P.Geo., Project Geologist and Lands Manager, Cornerstone Resources Inc., is the Q.P. responsible for the compilation of all of the historical data on the Whalesback Copper Mine for the purposes of NI 43-101. Mr. Hussey has also reviewed the contents of this news release for accuracy.
Little Deer Joint Venture
Under the terms of its joint venture agreement with Cornerstone, Thundermin 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 Cornerstone can be found in numerous news releases between May 1, 2007 and June 22, 2011 and on Cornerstone's and Thundermin's respective websites and on SEDAR.
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 Ecuador, Chile, and Atlantic Canada, 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.
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
Twitter
YouTube channel
Flickr
The link to a recent Corporate presentation is:
http://www.cornerstoneresources.com/i/pdf/Presentations_0711_CRICorporate.pdf
The link to a virtual tour of drilling at the Gama prospect, Shyri concession in Ecuador is:
http://www.youtube.com/watch?v=Ne8XSfgLwIM
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,
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.
You can view the Previous News item: Wed Oct 12, 2011, 11-33 - Intrepid approves Phase 2 drilling at Gama prospect in Ecuador
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warant
13 years ago
News out 2nd round of drilling at Gama....
Cornerstone Capital Resources Inc.: Intrepid Approves Phase 2 Drilling at Gama Prospect in Ecuador
10/12/2011 8:00:07 AM - Market Wire
MOUNT PEARL, NEWFOUNDLAND, Oct 12, 2011 (Marketwire via COMTEX News Network) --
Cornerstone Capital Resources Inc. ("Cornerstone") (TSX VENTURE:CGP) (PINK SHEETS:CTNXF) (FRANKFURT:GWN) (BERLIN:GWN) announces that Intrepid Mines Limited (ASX-IAU) (TSX-IAU) has approved a Phase 2 diamond drilling program at Cornerstone's Gama prospect in Ecuador focusing on porphyry targets. The program will cost approximately $1.5 million and includes two 600 metre long holes, as well as additional soil sampling, re-interpretation of target models, induced polarization and ground electromagnetic and magnetic surveys. Further details of the program will be announced in the coming weeks.
The recently completed Phase 1 diamond drilling program at Gama confirmed a large alteration system containing anomalous copper, molybdenum and gold. Two holes intersected broad zones of gold enrichment in a porphyry system grading 0.71 g/t Au over 45 metres and 0.45 g/t Au over 26 metres in holes GAD-11-002 and GAD-11-011 respectively (see Cornerstone news releases dated May 31 and August 11, 2011 for details).
"We are pleased that Intrepid has approved a Phase 2 program at Gama", said Brooke Macdonald, Cornerstone's President. "This program will allow us to test the porphyry targets at depth and to develop new drilling targets for both epithermal and porphyry styles of mineralization on Gama. Environmental permits for drilling the Vetas Grandes and Canaribamba prospects on the southern portion of the Shyri concession are expected to be received toward the end of the first quarter of 2012."
Gama Prospect
The Gama prospect is one of three recognized thus far on the Shyri property, and comprises an extensive zone of high sulphidation (HS) epithermal alteration measuring a minimum of 8.5 km by 3 km. The alteration is strongly zoned and centered over two high level, porphyry-type intrusions at the 3500 m to 3800 m elevations. Gama is located 15 km to the west of Iamgold's Quimsacocha HS epithermal gold deposit.
Qualified Person
Yvan Crepeau, M.Ba., P.Geo, President of Cornerstone Ecuador SA and a qualified person in accordance with National Instrument 43-101, is responsible for supervising the Gama drilling program and has reviewed and approved the technical information contained in this news release.
Shyri Option Agreement
Intrepid Mines Limited ("Intrepid") is earning a 60% interest in the Shyri gold-silver-copper property under an option agreement signed with Cornerstone in January 2011. Under the terms of the Agreement, Intrepid has the ability to earn an initial 60% interest in the property by spending $US 6.0 million dollars over 5 years. Intrepid may earn an additional 20% in specific project areas up to 5,000 hectares each. Upon designation of a Project Area, Intrepid will make a $US 750,000 private placement in Cornerstone. To earn the additional interest, Intrepid will complete a bankable feasibility study or incur expenditures of $US 20 million, whichever comes first, and make a cash payment to Cornerstone of up to $US 5.0 million based on the gold equivalent ounces in the mineral reserve. There is no limit to the number of Project Areas Intrepid may designate within the property and each 'stand-alone' Project Area requires the same earn-in requirements (see news release dated Oct 29, 2009). Cornerstone is the project operator, and manages the exploration programs in close consultation and planning with Intrepid.
Other News
Cornerstone will be participating in the upcoming Latin Exploration 2011 Conference at the Sheraton Retiro Hotel Buenos Aires, Argentina, on October 17-18, 2011. Company president Brooke Macdonald, and Yvan Crepeau, President of Cornerstone Ecuador and Minera Cornerstone Chile will be presenting on October 17, and encourage all those interested to attend. Information on the conference is available at http://www.latinexploration.com.
About Cornerstone
relikwie
13 years ago
THUNDERMIN AND CORNERSTONE FILE NI 43-101 TECHNICAL REPORT ON SEDAR IN
SUPPORT OF AN UPDATED LITTLE DEER MINERAL RESOURCE ESTIMATE
Toronto, Ontario, August 9, 2011 …… Thundermin Resources Inc. (“Thundermin”) (THR:TSX)
and 50% joint venture partner Cornerstone Resources Inc. (“Cornerstone”) (CGP:TSX-V) announce
that a National Instrument 43-101 (“NI 43-101”) Technical Report, to support the updated mineral
resource estimate for the Little Deer Copper Deposit (“Deposit”) that was announced on June 22, 2011,
has been filed on SEDAR and posted on each company’s respective website.
The Technical Report and Mineral Resource Estimate entitled “Technical Report and Resource Estimate
Update on the Little Deer Copper Deposit, Newfoundland, Canada, August 5, 2011” was prepared by
Mr. Eugene Puritch, P. Eng., President, P&E Mining Consultants Inc. (“P&E”) and Dr. Wayne Ewert, P.
Geo., Vice President, P&E, independent Qualified Persons (“QP’s”) in accordance with NI 43-101.
As reported on June 22, 2011, P&E estimates that the Deposit contains a 66% increase in Indicated
Resources of 1,911,000 tonnes at an average grade of 2.37% Cu (99.8 million lbs of copper) and a
61% increase in Inferred Resources of 3,748,000 tonnes at an average grade of 2.13% Cu (175.9
million lbs of copper) (see Table 1).
John B. Heslop, President and CEO of Thundermin said “We are extremely pleased that we were able to
surpass our goal of outlining five million tonnes of potentially economic grade copper mineralization on
the Little Deer property. We now await the completion of an internal scoping review for the project
which P&E expects to have completed mid-August, 2011. This study will provide management with
information on the economic viability of developing a new copper mine at Little Deer”.
Table 1: Summary of Little Deer Mineral Resources (P&E, June 20, 2011)
Resource Classification/Zone Tonnes Cu% Cu lbs(M)
Indicated Mineral Resources
Little Deer Zone 1,911,000 2.37 99.8
Inferred Mineral Resources
Little Deer Zone 1,240,000 1.93 52.8
Footwall Zone 1,711,000 2.04 77.0
Footwall Zone Splay 797,000 2.64 46.2
Total Inferred Resources 3,748,000 2.13 175.9
Notes:
1) Mineral resources which are not mineral reserves do not have demonstrated economic viability. The estimate of mineral
resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or
other relevant issues.
2) The quantity and grade of reported Inferred resources in this estimation are uncertain in nature and there has been
insufficient exploration to define these Inferred resources as an Indicated or Measured mineral resource and it is
uncertain if further exploration will result in upgrading them to an Indicated or Measured mineral resource category.
3) The mineral resources in this press release were estimated using the Canadian Institute of Mining, Metallurgy and
Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM
Standing Committee on Reserve Definitions and adopted by CIM Council.
4) Ordinary Kriging was used for Cu grade interpolation.
5) Grade capping of 15% Cu utilized on composites.
6) A variable bulk density based on numerous field measurements was used for tonnage calculations.
7) A copper price of US$3.42/lb (May 31 2011 24 month trailing average) and an exchange rate of US$0.95=C$1.00 was
utilized to derive the 1% Cu cut-off grade. Mining costs were C$40/t, process costs were C$15/t and G&A was C$5/t.
Concentrate freight and smelter treatment charges were C$10/t mined. Concentrate mass pull was 7%, process recovery
was 97%, smelter payable was 96% and Cu refining was US$0.07/lb.
The Little Deer Copper Deposit is located approximately 10 km north of Springdale in north-central
Newfoundland. To date, the Deposit has been outlined to varying degrees of detail over a strike length
of approximately 1,050 m and to a vertical depth of approximately 1,000 m. The Deposit remains open
to the west and at depth and the potential for discovery of additional mineral resources is believed to be
high.
warant
13 years ago
News out-- We might have a slim chance if CGP can prove up some more drill holes around the same results as holes 23 to 25 all other grades are not even worth a second look in this area, but we do have a chance with the width as being the main factor right now.Grade is ok 3.15% because of the width,you can,t be much shallower than that to be profitable and as we can see by the market, they also agree!
Also I hope that they drill this again by them selves and not JV it. Hope that the next program don,t take to long to start, if the can get some drill targets now and in the fall winter drilling will be a snap.
August 03, 2011
11-24 - Cornerstone intersects 3.15 g/t Au over 3.2 m on the El Strato Gold Property in Newfoundland
--------------------------------------------------------------------------------
Mount Pearl, NL, Canada: Cornerstone Capital Resources Inc. ("Cornerstone") (TSXV-CGP) (F-GWN) (B-GWN) (OTC-CTNXF) announced today that it has completed a 1,160 metre, 10 hole diamond drilling program on the El Strato gold property in north-central Newfoundland. The program successfully intersected a new gold-bearing breccia zone grading 3.15 g/t Au over a core length of 3.2 m along the southwest portion of the Rocky Bottom trend (see Table 1 and Figure 1 for a summary of the results). This new mineralized zone is the widest drill intersection encountered on the property to date and is open in all directions.
Brooke Macdonald, President of Cornerstone, said "The discovery of a new gold-bearing zone grading 3.15 g/t Au over 3.2 m represents the first significantly wide gold intersection to date on the El Strato property, and confirms the potential for mineable widths. We are encouraged by these results and will be planning a follow-up exploration drilling program to further evaluate the extent of the gold mineralization."
The drilling program primarily tested near-surface anomalies generated by work completed in 2010 that included an Induced Polarization (IP) survey, soil geochemistry survey, prospecting and a follow-up mechanical trenching program. The IP survey identified the DD trend, a 1.25 km long IP chargeability anomaly and the Rocky Bottom trend, a 1.75 km long IP chargeability anomaly. Three holes (ES-11-20 to 22) tested the DD trend along 700 m of its strike length. Holes ES-11-20 & 21 encountered locally weakly anomalous gold values ranging from 5 to 220 ppb Au. Hole ES-11-22, the northernmost hole along the trend, intersected typically weakly anomalous gold values (5 - 112 ppb Au) including a high of 2.23 g/t Au over 0.3 m in mafic volcanic rocks with quartz-carbonate patches. Three holes (ES-11-23 to 25) were drilled along the Rocky Bottom trend and intersected significant gold grades. Hole ES-11-23 intersected 3.15 g/t Au over 3.2 m in a breccia and 14.23 g/t Au and 20.3 g/t Ag over 1.2 m in a narrow quartz vein that was drilled partially down dip. Hole ES-11-24 intersected 2.16 g/t Au over 1.6 m in a shear zone and hole ES-11-25 intersected 3.01 g/t Au over 0.8 m in a quartz-veined shear zone. A more detailed description of the DD and Rocky Bottom trends is provided in a news release dated October 4, 2010.
Hole ES-11-26 tested the Mega Vein, an approximately 8 m wide quartz vein exposed at surface. The hole intersected only weakly anomalous gold including 20 ppb Au over 0.9 m in a quartz vein. Hole ES-11-27 tested the Triple N showing, from which grab samples assayed up to 4.2 g/t Au. The hole intersected 2.28 g/t Au and 8.8 g/t Ag over 0.2 m and 1.16 g/t Au and 11.1 g/t Ag over 0.25 m in narrow zones of quartz veining.
The Arrowhead showing, a >1 m wide sub-cropping mineralized quartz vein that has returned values up to 54.3 g/t Au in grab samples, was tested by holes ES-11-28 and 29. Hole ES-11-28 intersected the Arrowhead quartz vein which returned 143 ppb Au over 0.4 m. Hole ES-11-29, collared 110 m to the southwest of ES-11-28, intersected 7.39 g/t Au over 0.8 m including the Arrowhead quartz vein which assayed 18.7 g/t Au and 8.4 g/t Ag over 0.3 m.
Gold intercepts noted above typically contain variable amounts of sulphide mineralization comprised of pyrite and/or sphalerite and/or galena and/or minor chalcopyrite. See website for additional information regarding the El Strato property (www.cornerstoneresources.com).
Table 1: El Strato Drill Results
Hole No. Drill Target Area Location (UTM NAD 27 Z21) Azimuth (o) Dip (o) Length (m) From (m) To (m) Interval* (m) Au (g/t)**
Easting Northing
ES-11-20 DD Trend 540,885 5,494,413 290.0 -44.1 131 locally weakly anomalous Au
(ranging from 5-80 ppb Au)
ES-11-21 DD Trend 540,918 5,494,518 295.6 -42.4 125 locally weakly anomalous Au
(ranging from 5-220 ppb Au)
90.35 91.85 1.5 191 ppb
ES-11-22 DD Trend 541,171 5,495,047 291.5 -44.0 131 typically anomalous Au (5-112 ppb Au)
78.8 79.1 0.3 2.23
ES-11-23 Rocky Bottom Trend 541,732 5,494,427 293.8 -42.5 125 92.8 94.0 1.20*** 14.23
96.4 99.6 3.2 3.15
ES-11-24 Rocky Bottom Trend 542,033 5,494,857 124.8 -42.6 95 72.0 73.6 1.6 2.16
92.57 92.77 0.2 3.62
ES-11-25 Rocky Bottom Trend 542,204 5,494,975 126.6 -42.3 110 55.0 55.8 0.8 3.01
ES-11-26 Mega Vein 541,837 5,495,284 291.9 -43.3 53 locally weakly anomalous Au
(ranging from 5-188 ppb Au)
26.5 27.4 0.9 20 ppb
ES-11-27 Triple N Trench 542,224 5,495,889 303.5 -43.2 140 37.15 37.35 0.2 2.28
48.4 48.65 0.25 1.16
ES-11-28 Arrowhead Showing 542,772 5,495,586 297.3 -43.1 140 63.2 63.6 0.4 143 ppb
74.7 75.55 0.85 234 ppb
ES-11-29 Arrowhead Showing 542,727 5,495,483 297.8 -43.0 110 42.3 43.1 0.8 7.39
77.5 77.9 0.4 1.21
Total= 1,160
* all lengths noted are core lengths as true thickness is unknown at this time
** gold grades are in grams per metric tonne (g/t) unless otherwise noted as parts per billion (ppb)
*** drilled partially down-dip
Qualified Person
Brad Dyke, P.Geo., Project Geologist for Cornerstone, is the Qualified Person in accordance with National Instrument ("NI") 43-101 responsible for supervising the diamond drilling program on the El Strato property. Mr. Dyke has reviewed and approved the technical contents of this news release. All holes drilled by Cornerstone are BQTK in size. Photographic logging of all drill core was performed systematically prior to assaying. The core is logged and select 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.
Junior Exploration Assistance Program
Cornerstone would like to acknowledge financial support from the Junior Exploration Assistance (JEA) Program of the Province of Newfoundland and Labrador in carrying out the 2011 diamond drilling program on the El Strato property.
Other News:
Proceeds of $937,500 have been received from the exercise of the Company's remaining outstanding warrants. On June 24, 2011, the Company gave notice to warrant-holders that it was accelerating the expiry date as per the terms of the warrant agreement and all 4,687,500 warrants were exercised by the warrant-holders.
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 Ecuador, Chile, and Atlantic Canada, 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.
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
Twitter
YouTube channel
Flickr
The link to a recent Corporate presentation with narration is:
http://rblcommunications.com/resources/CGP/1/CGPmay2011.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,
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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warant
13 years ago
Hi B402-- Rel coveres it pretty good. Dwek still has an option for aprox.. another 4 mill.
Also further on the JV with THR, it is impoprtant to remember that THR is the operator. We are waiting for the Scoping study to be announced and to see what option THR will take. To me right now it looks like they may mine it?? From THR web site, the deal with CGP.
Background
The Little Deer copper property, which is located approximately 10 km north of Springdale in north-central Newfoundland, consists of 276 mineral claims (65.3 km²) in four separate mineral licences. Three of the licences (44 mineral claims) in the eastern part of the property (the Little Deer, Duck Pond and East Licences) are subject to an option agreement with Weyburn Investments Limited (“Weyburn”) whereunder Thundermin and Cornerstone have the option to earn a 100% interest in the three licences by fulfilling certain work commitments and making certain payments in cash and/or shares over a four year period. All work commitments have been exceeded and all payments have been made to keep the option in good standing until July 12, 2011. In order to fully exercise the option on the Weyburn portion of the property, Thundermin and Cornerstone must make a minimum payment in cash and/ or shares to Weyburn of at least $1.5 million by July 12, 2011. The remainder of the Little Deer property (Licence 12196M - 232 claims), which covers the past-producing Whalesback mine, the Timber Pond zinc prospect, the Mine Brook gold prospect and a 165 m wide sliver of property between the Duck Pond and Little Deer Licences, which covers part of the Little Deer Copper Deposit, is jointly owned by Thundermin and Cornerstone.
The Little Deer Licence is subject to a 2.0% net smelter returns (“NSR”) royalty, 1.0% of which can be repurchased for $1,000,000. The Duck Pond Licence is subject to a 3.0% NSR royalty. The East Licence is subject to a 1.5% NSR royalty, 0.75% of which can be repurchased for $1,000,000. Licence 12196M is subject to a 2.0% NSR, 0.5% of which can be repurchased for $1,000,000.
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
It is also very important to remember one important thing (well I do any way) it all depends on the drill and nothing else, all the talk about, samples,being next to so and so means very little, and this deposit looks like such and such deposit. All of those things has to be taken with a grain of salt, it is a starting point only to help in the drilling.
So that is another reason why CGP SP is down they also don,t have any thing at this point in time, nothing to tie a dollar figure to.
warant
13 years ago
Little Deer 5.7 million Tonnes awsome news
June 22, 2011
11-21 - Cornerstone and Thundermin announce 66% increase in indicated and 61% increase in inferred NI 43-101 compliant mineral resources at the Little Deer Copper Deposit, Newfoundland
--------------------------------------------------------------------------------
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 the results of an updated mineral resource estimate for the Little Deer Copper Deposit ("Deposit") which is located approximately 10 km north of Springdale in north-central Newfoundland. The updated mineral resource estimate was prepared by P&E Mining Consultants Inc. ("P&E") of Brampton, Ontario, Canada and complies with National Instrument 43-101 ("NI 43-101") (see Table 1).
Highlights
66% increase in the Indicated Mineral Resource to 99.8 million lbs of copper
1,911,000 t grading 2.37% Cu
61% increase in the Inferred Mineral Resource to 175.9 million lbs of copper
3,748,000 t grading 2.13% Cu
Potential to further increase mineral resources with additional drilling below and to the west of the current resources remains strong.
Brooke Macdonald, President of Cornerstone, said "The updated mineral resource estimate represents a substantial increase, and we are very pleased to have met our goal of establishing five to six million tonnes of potentially economic grade copper mineralization. Results of the internal scoping review, also being carried out by P&E, are expected to be received by June 30th. This study is evaluating a range of potential mining and operating scenarios for the project and will provide management with preliminary information on the economic viability of developing a new copper mine at Little Deer".
Table 1: Summary of Little Deer Mineral Resources (P&E, June 20, 2011)
Resource Classification/Zone Tonnes (t) Copper (%) Cu lbs (M)
Indicated Mineral Resources
Little Deer Zone 1,911,000 2.37 99.8
Inferred Mineral Resources
Little Deer Zone 1,240,000 1.93 52.8
Footwall Zone 1,711,000 2.04 77.0
Footwall Zone Splay 797,000 2.64 46.2
Total Inferred Resources 3,748,000 2.13 175.9
Notes:
1) Mineral resources which are not mineral reserves do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.
2) The quantity and grade of reported Inferred resources in this estimation are uncertain in nature and there has been insufficient exploration to define these Inferred resources as an Indicated or Measured mineral resource and it is uncertain if further exploration will result in upgrading them to an Indicated or Measured mineral resource category.
3) The mineral resources in this press release were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by CIM Council.
4) Ordinary Kriging was used for Cu grade interpolation.
5) Grade capping of 15% Cu utilized on composites.
6) A variable bulk density based on numerous field measurements was used for tonnage calculations.
7) A copper price of US$3.42/lb (May 31 2011 24 month trailing average) and an exchange rate of US$0.95=C$1.00 was utilized to derive the 1% Cu cut-off grade. Mining costs were C$40/t, process costs were C$15/t and G&A was C$5/t. Concentrate freight and smelter treatment charges were C$10/t mined. Concentrate mass pull was 7%, process recovery was 97%, smelter payable was 96% and Cu refining was US$0.07/lb.
The updated mineral resource estimate for the Deposit is based on assay results from 48,432 m of drilling in 82 holes completed by Thundermin and Cornerstone since June 2007 and assay data from a total of 102 surface and 122 underground historical holes that were drilled by British Newfoundland Exploration Company ("BRINEX") between 1961 and 1970 and Mutapa Gold Corporation between 1998 and 2000. The historical information was recovered from the archives of the Newfoundland and Labrador Department of Natural Resources in St. John's, Newfoundland.
P&E undertook a new cross sectional interpretation on approximately 10 m centers for the entire Deposit and created a wireframe model of the 3-D solids in order to determine an overall shape and volume for the Deposit. Copper grade data for all samples assayed by Cornerstone and Thundermin from the 2007 to 2011 drill programs and all copper grade data recovered from the historical drilling were used to calculate copper grade estimates for the Deposit. Bulk density data collected by Cornerstone and Thundermin from the 2007 to 2011 drill programs was utilized for the calculation of bulk densities for the entire Deposit.
The substantial increase in tonnage in P&E's updated mineral resource estimate for the Deposit results from a reinterpretation of the sectional data for the Deposit, the inclusion of all of the historical assay data recovered from the archives, the inclusion of assay data for 25 holes drilled by Cornerstone and Thundermin since December 1, 2010 and the use of length-weighted bulk density data for individual assay samples that was not used previously.
Qualified Persons
The updated mineral resource estimate was prepared under the supervision of Mr. Eugene J. Puritch, P. Eng., President of P&E. Mr. Puritch is an independent Qualified Person ("Q.P.") in accordance with NI 43-101 and has reviewed and approved the contents of this news release. An NI 43-101 compliant Technical Report covering the updated mineral resource estimate is currently being prepared by P&E and will be filed on SEDAR by Cornerstone and Thundermin within 45 days of this news release.
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 Little Deer property for the purposes of NI 43-101. Mr. Hussey has also reviewed and approved the contents of this news release.
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.
Infrastructure
The Deposit is located on a brownfield site and is well situated to take advantage of Newfoundland's developed infrastructure. The Deposit lies approximately 16 km from the Trans Canada Highway and is easily accessed by a 10 km network of paved and gravel roads north of Springdale, where there is an available skilled mining workforce. The site is approximately 8 km from a major power substation and there is a plentiful supply of fresh water in the area. The former tailings impoundment facility for the Whalesback mine, which may be able to be upgraded and used to store additional tailings, is located only 1.2 km north of the Deposit. There is also good access to several deep water ports for any future shipment of copper concentrates. The Duck Pond base metal concentrator, which is owned by Teck Resources Inc., is located approximately 165 km by paved and gravel roads from the Little Deer site, 70 km of which is along the Trans Canada Highway and 65 km of which is on a secondary paved road.
The recovery of archived data has also given us a better understanding of the underground infrastructure that exists on the property. This infrastructure dates from 1966 to 1972 and 1972 to 1974 when a portion of the upper part of the Deposit was developed and mined by BRINEX and Green Bay Mining Company ("Green Bay"), respectively. BRINEX accessed the Deposit from the adjoining Whalesback Mine, which is also controlled by Cornerstone and Thundermin, and Green Bay accessed the Deposit via a ramp. This existing infrastructure may potentially afford substantial cost savings for access underground for future definition drilling and mining.
Little Deer Joint Venture
Cornerstone and Thundermin, the operator, have the option, on a 50/50 basis to earn a 100% interest in the 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 between May 1, 2007 and June 16, 2011 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.
Other News
In other news, Cornerstone wishes to remind its shareholders and the public that its upcoming Annual General Meeting will be held on Thursday, June 23rd at 11 A.M. (Newfoundland Standard Time) at the Johnson GEO CENTRE located at 175 Signal Hill Road, St. John's. All those interested are cordially invited to attend.
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
Twitter
YouTube channel
Flickr
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/resources/CGP/1/CGPmay2011.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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warant
13 years ago
Gama prospect NR
June 20, 2011
11-20 - Environmental license granted for Gama prospect in Ecuador
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Mount Pearl, NL, Canada: Cornerstone Capital Resources Inc. ("Cornerstone") (TSXV-CGP) (F-GWN) (B-GWN) (OTC-CTNXF) today announced that the Ministry of Environment (ME) of Ecuador has granted the formal environmental license for all portions of the Loma Quinuas, Aguarongos and Gama Norte concessions which constitute the Gama prospect on Cornerstone's flagship Shyri property. The license is valid for the 4-year advanced exploration phase of the 3 concessions. A phase 1 2,900 metre, 11 hole drilling program is currently ongoing on the Aguarongos concession (see below).
As previously announced on January 4, 2011, Cornerstone was authorized by the Ministry of Non-Renewable Natural Resources (MNRNR) to resume exploration activities (including diamond drilling) on the Loma Quinuas and Aguarongos concessions. Cornerstone's Environmental Impact Study (EIS) and an Environmental Management Plan (EMP) for Gama were both approved prior to January 2011. Under the transitional rules of the 2009 Mining Law and Regulations, Cornerstone was permitted to conduct exploration (including drilling) on Gama pending receipt of the formal environmental license. The formal environmental license was granted by ME following its approval in the first quarter of 2011 of an Environmental Compliance Audit (ECA) and an Environmental Feasibility Study (EFS) conducted on the 3 concessions. As a result of the issuance of this environmental license by the ME, no further approvals from the MNRNR are required to conduct drilling in the future on the 3 concessions.
The license does not cover the Vetas Grandes prospect (located on the Shyri NW and Shyri Norte concessions) or the Cañaribamba prospect (located on the Shyri Oeste and Shyri concessions), for which separate MNRNR and ME approvals are required.
"We are very pleased with the granting of this environmental license, which demonstrates our stewardship of the environment and our commitment to the communities in the area of our activities" said Brooke Macdonald, Cornerstone's President. "We designed and implemented a responsible Environmental Management Plan with the participation of the communities and of the environmental authorities that will ensure the sustainability of the project".
Phase 1 Drill Program
Cornerstone and Intrepid Mines Ltd (ASX-IAU, TSX-IAU) have approved an 11 hole, 2,900 metre diamond drilling program targeting both high sulphidation (HS) epithermal gold-silver and porphyry copper-molybdenum-gold mineralization on the Gama prospect. The drilling program and targets are described in news releases dated January 11 and March 8, 2011. Drilling results from the first five holes (GAD-11-001 to GAD-11-005), including a significant porphyry gold-copper mineralized intercept, were released on May 31, 2011. Phase 1 drilling should be completed in July.
A map showing the location of targets and drill holes with respect to gold-in-soil anomalies and interpreted faults is provided here: http://www.cornerstoneresources.com/i/maps/properties_GAMADDH0611.jpg.
Yvan Crepeau, M.Ba., P.Geo, President of Cornerstone Ecuador SA and a qualified person in accordance with National Instrument 43-101, is responsible for supervising the Gama drilling program and has reviewed and approved the information contained in this news release.
Shyri Option Agreement
Intrepid Mines Limited ("Intrepid") is earning a 60% interest in the Shyri gold-silver-copper property under an option agreement signed with Cornerstone in January 2011. Under the terms of the Agreement, Intrepid has the ability to earn an initial 60% interest in the property by spending $US 6.0 million dollars over 5 years, with a firm commitment of $US 1.0 million in the first year. Intrepid may earn an additional 20% in specific project areas up to 5,000 hectares each. Upon designation of a Project Area, Intrepid will make a $US 750,000 private placement in Cornerstone. To earn the additional interest, Intrepid will complete a bankable feasibility study or incur expenditures of $US 20 million, whichever comes first, and make a cash payment to Cornerstone of up to $US 5.0 million based on the gold equivalent ounces in the mineral reserve. There is no limit to the number of Project Areas Intrepid may designate within the property and each 'stand-alone' Project Area requires the same earn-in requirements (see news release dated Oct 29, 2009). Cornerstone is the project operator, and manages the exploration programs in close consultation and planning with Intrepid.
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
Twitter
YouTube channel
Flickr
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/resources/CGP/1/CGPmay2011.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,
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.
You can view the Next News item: Wed Jun 22, 2011, 11-21 - Cornerstone and Thundermin announce 66% increase in indicated and 61% increase in inferred NI 43-101 compliant mineral resources at the Little Deer Copper Deposit, Newfoundland
You can view the Previous News item: Thu Jun 16, 2011, 11-19 - Cornerstone and Thundermin report final drill results for the first half of 2011 at Little Deer and anticipate the completion of an updated NI 43-101 mineral resource estimate by June 30, 2011
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warant
13 years ago
another NR from CGP
June 16, 2011
11-19 - Cornerstone and Thundermin report final drill results for the first half of 2011 at Little Deer and anticipate the completion of an updated NI 43-101 mineral resource estimate by June 30, 2011
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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 a 25 hole, 12,690 m diamond drilling program that commenced on the Little Deer Copper Deposit ("Deposit") on December 1, 2010 was completed on May 28, 2011. Assay results for the last 10 holes of the program are presented in Table 1 (see below). Results for the first 15 holes of the program were presented in news releases dated January 20, March 22 and April 26, 2011. The Deposit is located approximately 10 km north of Springdale in north-central Newfoundland.
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-11-53 13817 4277 -54.5 326.6 596.5 597.0 0.5 3.3
and 603.7 605.2 1.5 1.7
and 628.9 629.8 0.9 3.4
LD-11-54 13754 4228 -55.6 324.2 782.2 786.9 4.7 1.0
and 817.7 823.2 5.5 0.9
LD-11-55 13517 4131 -55.6 337.3 973.8 977.9 4.1 1.1
LD-11-56 13754 4228 -55.8 332.2 728.1 729.6 1.5 1.3
LD-11-57 13517 4131 -56.2 326.5 nsv
LD-11-58 13765 4920 -42.0 154.8 149.9 150.5 0.6 2.5
and 173.0 175.9 2.9 3.5
LD-11-59 13812 4900 -44.7 134.2 178.0 179.0 1.0 3.0
and 185.1 191.1 6.0 2.1
incl. 189.0 190.1 1.1 8.6
LD-11-60 13881 4820 -42.4 100.4 abandoned
LD-11-61 13865 4832 -40.2 99.4 86.7 87.3 0.6 1.2
LD-11-62 13865 4832 -40.5 116.8 73.4 74.8 1.4 2.2
and 87.0 89.7 2.7 1.6
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 70 - 75% of core lengths.
2) Hole LD-11-58 also intersected 18.6 g/t Ag and 0.4 g/t Au over 2.9 m from 173.0 to 175.9 m.
3) nsv -- no significant values.
The primary purpose of the current drill program was to increase the estimated mineral resources 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 the recently completed exploration drilling will result in an expansion of this mineral resource.
Holes LD-11-53, 54, 55 and 56, which were drilled to further define the eastern margin of the Deposit, all intersected variable amounts of copper mineralization over varying widths. Hole LD-11-57, which was drilled at depth along the eastern margin of the Deposit, intersected an extensive chlorite alteration zone but failed to intersect any significant copper mineralization.
Holes LD-11-58, 59, 61 and 62, which were drilled approximately on the -100 m elevation to confirm historical drill data in the upper central portion of the Deposit, all intersected variable amounts of copper mineralization over varying widths. The best intersections were 3.5% Cu over a core length of 2.9 m in hole LD-11-58 and 2.1% Cu over 6.0 m, including 8.6% Cu over 1.1 m, in hole LD-11-59. Hole LD-11-60 was abandoned due to drilling difficulties.
Brooke Macdonald, President of Cornerstone, said "We are encouraged by the results of the recently completed drill program, which show the continuity of copper mineralization at grades similar to those in the existing mineral resource estimate, and confirm the historical drilling data for the shallow portion of the deposit. We anticipate completion of the updated National Instrument 43-101 ("NI 43-101") mineral resource estimate in the coming weeks."
P&E Mining Consultants Inc.
As announced on April 26, 2011, P&E Mining Consultants Inc. of Brampton, Ontario ("P&E") has been retained to complete an updated NI 43-101 compliant mineral resource estimate for the Deposit. This updated resource estimate will include results from 48,432 m of drilling in 82 holes completed by Cornerstone and Thundermin since June 2007 and 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. The historical holes were all drilled by British Newfoundland Exploration Company between 1961 and 1970. Additional details on the Deposit can be found in numerous Cornerstone and Thundermin news releases dated between May 1, 2007 and April 26, 2011 which are on each company's website and on SEDAR.
P&E has 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 Qualified Person ("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
Twitter
YouTube channel
Flickr
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/resources/CGP/1/CGPmay2011.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.
You can view the Next News item: Mon Jun 20, 2011, 11-20 - Environmental license granted for Gama prospect in Ecuador
You can view the Previous News item: Thu Jun 9, 2011, 11-18 - Cornerstone commences diamond drilling program on the El Strato Gold Property in Newfoundland
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relikwie
13 years ago
Drilling "El Strato" property in Newfoundland commenced.
Mount Pearl, NL, Canada: Cornerstone Capital Resources Inc.
("Cornerstone") (TSXV-CGP) (F-GWN) (B-GWN) (OTC-CTNXF) announced today that it has commenced a planned 1,100 metre, 10 hole, diamond drilling program on the El Strato gold property in north-central Newfoundland.
The drilling program is expected to take approximately 1 month to complete, and results will be announced once all assays have been received, compiled and interpreted.
The drilling program will primarily test near-surface anomalies generated by work completed in 2010 that included an Induced Polarization (IP) survey, soil geochemistry survey, prospecting and a follow-up mechanical trenching program. The IP survey identified the Rocky Bottom trend, a 1.75 km long IP chargeability anomaly and the DD trend, a 1.25 km long IP chargeability anomaly. The Rocky Bottom trend contains anomalous gold-in-soil over its entire strike length with some soil samples assaying 1,211 ppb, 1,453 ppb and 2,098 ppb Au in the southwest. The DD trend contains a single gold-in-soil anomaly but trenching in the area last year identified a thick till layer which may have impeded the mobility of gold from the underlying bedrock.
Trenching along the DD trend indentified a 55 m wide zone of iron carbonate alteration and quartz veining with assay results of 0.3 g/t Au over 1.0 m from channel samples and 1.4 g/t Au from grab sampling.
This alteration zone sits at the southwestern end of this newly discovered trend with no previous drilling. Other drill targets, developed from trenching and prospecting during 2010, include 0.6 g/t Au over 4.0 m from channel sampling and 61.7 g/t Au from grab sampling.
Additional drill targets to be evaluated are the Arrowhead gold showing which is a >1 m wide sub-cropping mineralized quartz vein that has returned values of 54.3 g/t Au in grab samples, the plunge extent of the 8.0 m wide Mega Vein and 4.2 g/t Au from grab sampling on the Triple N trench.
Historical assay results from the project area include 239.6 g/t Au (grab sample) and 17.5 g/t Au over 0.55 m (channel sample) from the El Strato showing and 79.1 g/t Au (grab sample) and 12.0 g/t Au over 0.5 m (channel sample) from the Voodoo showing. Some other significant grab sample assay results are 105.3 g/t Au, 72.0 g/t Au, 71.6 g/t Au, 70.9 g/t Au and 67.1 g/t Au. Previous drilling campaigns have tested only to a typical vertical depth of 100 m and have intersected mineralized quartz veins and alteration zones assaying 10.6 g/t Au over 1.13 m, 4.7 g/t Au over 0.9 m, 7.4 g/t Au over 0.45 m, 11.2 g/t Au over 0.3 m, 3.6 g/t Au over 0.67 m, 2.1 g/t over 1.41 m, 338 ppb Au over 7.1 m and 143 ppb Au over 17.55 m.
Brad Dyke, P.Geo., Project Geologist for Cornerstone, is the Qualified Person in accordance with National Instrument ("NI") 43-101 responsible for supervising the diamond drilling program on the El Strato property.
Mr. Dyke has reviewed and approved the technical contents of this news release.
Other News:
In other news, Cornerstone announces that ground exploration surveys have re-commenced on the Cascabel property located in northern Ecuador, approximately 120 km north of Quito. Cascabel is one of two Ecuadorian projects acquired through Cornerstone's March 2011 acquisition of Santa Barbara Copper and Gold S.A. ("SBCG"), a wholly-owned subsidiary of Santa Barbara Resources Limited (TSXV-SBL). The Cascabel property is underlain by Cretaceous -- Tertiary volcanic and sedimentary rocks which are intruded by a granodioritic stock. The property hosts porphyry and skarn-style mineralization with associated multi-element
(gold-copper-lead-zinc) stream sediment and rock geochemistry anomalies (see News Release dated February 17, 2011 for further details). Current exploration work will consist of a first phase reconnaissance geological mapping and sampling program designed to identify and characterize the source of the strong stream sediment anomalies. Second phase work will include gridding, detailed geological mapping and rock sampling, soil geochemistry sampling and ground geophysical surveys in the most prospective areas. Drill targets will be defined and tested during the first half of 2012.
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.
warant
13 years ago
News Out on drill results from Ecuador!!
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Cornerstone Capital Resources Inc.
TSX VENTURE : CGP
PINK SHEETS : CTNXF
FRANKFURT : GWN
BERLIN : GWN
May 31, 2011 08:00 ET
Cornerstone and Intrepid Intersect Gold-Copper Porphyry at Gama Prospect in Ecuador
MOUNT PEARL, NEWFOUNDLAND--(Marketwire - May 31, 2011) -Cornerstone Capital Resources Inc. ("Cornerstone") (TSX VENTURE:CGP) (FRANKFURT:GWN) (BERLIN:GWN)(PINK SHEETS:CTNXF) and Intrepid Mines Limited (ASX-IAU)(TSX-IAU) today announced that they have completed the first 6 holes of the 11-hole (2,900 metres) Phase 1 diamond drilling program on the Gama prospect, located in the northwestern part of the Shyri property in southern Ecuador. Drilling commenced on March 6th, 2011 and is ongoing. A summary of assay results for holes GAD-11-001 to GAD-11-005, all containing mineralization, is provided below in Table 1.
Highlights:
•Hole GAD-11-002 intersected 45 metres at 0.71 g/t gold and 0.18% copper within a broader zone of 101 metres at 0.41 g/t gold and 0.13% copper in a porphyry environment.
•Drilling results to date have confirmed the porphyry – high sulphidation epithermal deposit model developed earlier, the very large size and strong intensity of the hydrothermal alteration system present at Gama, and the widespread distribution of gold and copper within the lower, porphyry part of the system.
"The geology encountered in the first part of this scout drilling program is very encouraging," said Brooke Macdonald, Cornerstone's President. "The size, intensity and complexity of the hydrothermal systems are confirmed. Gold and copper are present over large areas and occur in multiple rock units. A significant mineralized gold-copper zone was intersected in the porphyry in hole -002, and this zone is open in all directions. We are now moving north and east into the epithermal part of the system, and are hoping to receive good results from this primary target".
Table 1: Summary of Gama Drill Results, Phase 1 Program
Hole No. Target Elevation (masl) Length
(m) From
(m) To
(m) Interval
(m)* Au
(g/t) Ag
(g/t) Cu
(ppm)** Mo (ppm)
GAD-11-001 F 3501 231.0 44.0 215.0 Multiple 1 to 5 m wide intercepts of 0.1 to 0.2 g/t Au
126.0 131.0 5.0 0.11%
136.0 137.0 1.0 0.47 762
215.0 217.0 2.0 37.9
GAD-11-002 F 3448 329.8 125.0 226.0 101.0 0.41 0.13%
Including 172.0 217.0 45.0 0.71 0.18%
GAD-11-003 E 3410 253.0 4.0 20.0 16.0 0.13 88
88.0 100.0 12.0 0.15 34
GAD-11-004 E 3461 187.5 16.0 42.0 26.0 0.15 52
84.0 159.0 75.0 0.26 415
175.0 187.45 12.45 0.19 331
GAD-11-005 D 3480 261.5 98.0 124.0 26.0 0.10
GAD-11-006 C 3690 244.0 Completed, assays pending
GAD-11-007 Ermita Breccia 3819 In progress
* The reported intervals are core lengths. At present the true thicknesses are uncertain due to the early stage of drilling.
** Copper reported in parts per million (ppm) except where indicated in %.
"Intrepid is encouraged by these results from the first drilling program at Gama Prospect. They confirm the geological model and have delivered some positive assay results. These first 5 holes have provided an excellent start to discovering a potentially significant gold-copper system" said Malcolm Norris, EGM Exploration and New Business at Intrepid Mines.
Gama Prospect
The Gama prospect is one of three recognized thus far on the Shyri property, and comprises an extensive zone of high sulphidation (HS) epithermal alteration measuring a minimum of 8.5 km by 3 km. The alteration is strongly zoned and centered over two high level, porphyry-type intrusions at the 3500 m to 3800 m elevations. Gama is strategically located between the Quimsacocha 3.4 Moz HS epithermal gold deposit 15 km to the east and the Chaucha porphyry copper deposit (216 Mt at 0.4% Cu) 10 km to the west.
Phase 1 Drill Program
As previously announced on March 8th, 2011, Cornerstone and Intrepid have approved an 11 hole, 2,900 metre diamond drilling program which is testing various targets defined on the basis of surface geochemistry (rock and soil samples), detailed geology, magnetics and 3-D interpretation of Induced Polarization (IP) geophysical data. The program is targeting both HS epithermal gold-silver and porphyry copper-molybdenum-gold mineralization over an area measuring approximately 3 km north-south by 2 km east-west. None of the Gama targets have been drill-tested previously.
A map showing the location of targets and drill holes with respect to gold-in-soil anomalies and interpreted faults is provided here: http://www.cornerstoneresources.com/i/maps/properties_GAMADDH0511.jpg.
Discussion
The Phase 1 drilling program is designed to test the mineralization model developed for Gama through the integration of exploration datasets. Drilling of the 6 individual targets will allow for the testing and further understanding of the multiple parts of the large size porphyry-epithermal systems as well as identifying the possible controls for the alteration and mineralization. The knowledge and results developed from this program will be used for the planning of the next drilling phases.
For logistical reasons, the drill program was started in the southernmost part of the Gama prospect area and then moved north, and metallogenically upward, from the lower porphyry system to the upper HS epithermal system. So far, drilling has primarily tested porphyry targets in the interpreted lower part of the system.
Drill holes GAD-11-001 and -002 tested the deeper parts of a HS epithermal system at target "F", proximal to the porphyry environment as evidenced by substantial Mo anomalism in soils in the region and the proximity to a mapped microdiorite body. Hole GAD-11-001 intersected a 135 m thick package of andesitic lapilli tuffs showing strong advanced argillic alteration with anomalous arsenic and containing 1-2% pyrite. This volcanic unit is intruded by an extensive microdiorite intrusion at depth showing relict potassic alteration overprinted by advanced argillic and phyllic - argillic alteration. The entire hole is weakly anomalous in gold (>0.01 g/t Au with a maximum of 0.47 g/t Au over 1 m). Anomalous copper (400-1247 ppm Cu) occurs just above the contact zone between the intrusion and overlying tuffs within a sheared / faulted zone. Hole GAD-11-002 was drilled approximately 230 m north of hole GAD-11-001. It intersected microdiorite with relict potassic alteration overprinted by argillic and advanced argillic alteration similar to that encountered in hole GAD-11-001. A gold-copper mineralized zone was intersected from 172.0 to 217.0 m which graded 0.71 g/t Au and 0.18% Cu over 45.0 m, within a broader zone which graded 0.41 g/t Au and 0.13% Cu over 101 m from 125.0 to 226.0 m. The distribution of vein types (A, D, M) and metals, combined with the distribution of alteration patterns, strongly suggest that this mineralization is of porphyry affinity.
Drill holes GAD-11-003 and -004 were drilled on the same section at target "E", approximately 700 m north of target "F", and similarly tested the deeper parts of a HS epithermal system, close to a porphyry environment. The upper part of hole GAD-11-003 down to 165 m intersected a microdiorite that displays intense advanced argillic alteration. This microdiorite is cross-cut by numerous hydrothermal breccias that constitute up to 30% of the total rock mass, indicating possible proximity to hydrothermal conduits in this region. The microdiorite is anomalous in molybdenum, averaging 70 ppm Mo from surface to 175 m. The lower part of the hole from 165 m to 253 m (end of hole) comprises crystal tuffs. Hole GAD-11-004 drilled 200 m west of hole GAD-11-003, and intersected a thick sequence of crystal and ash tuffs showing moderate to strong advanced argillic alteration in the upper part of the drill hole, cross-cut by numerous hydrothermal breccias. Several of the hydrothermal breccias contain significant (up to 25%) pyrite. The number and pervasiveness of these breccias suggest that large volumes of volatiles have circulated through the sequence, consistent with the large scale of advanced argillic and argillic alteration zones at Gama. The tuff sequence has been intruded by diorite dykes in the lower part of the hole from 120 m to the end of hole. Molybdenum is enriched in the upper part of the hole, averaging 48 ppm Mo from 4 to 78 m.
Drill hole GAD-11-005 tested target "D", approximately 650 m north of holes GAD-11-003 and GAD-11--004. As for holes GAD-11-001 thru -004, this hole tested the outer-upper fringes of a porphyry system. It intersected a potassic relict altered diorite with advanced argillic and argillic overprint as in previous holes. Silica-alunite-pyrite rich hydrothermal breccias were intersected over 37, 9 and 17 m wide intervals from 168 to 250m depth. This hole intersected weakly anomalous gold (0.10 g/t Au over 26.0 m from 98.0 to 147.0 m) and copper.
Drill hole GAD-11-006 tested a silver-in-soil anomaly partially coincident with discrete mercury, gold and bismuth soil anomalies. Rock outcrops in the surrounding area suggest the possible presence of massive sulphide veins and breccia remnants, related to the structural roots of an epithermal lithocap. The soil anomaly is coincident with a weak IP chargeability anomaly. The drill hole intersected a thick sequence of crystal and lapilli tuffs showing weak argillic alteration from surface to 210 m. From 210 m to the end of the hole at 244 m, the volcanic sequence is moderately to strongly silicified and contains up to 10% disseminated pyrite. The drill hole has been sampled, and assay results are pending.
Drill hole GAD-11-007 is in progress. The hole is targeting the Ermita Breccia, a late hydrothermal breccia that is interpreted to source a flat lying stratabound or stratigraphy-controlled disseminated HS epithermal mineralized zone at depth underneath the plateau.
Logging, sampling and assaying
All holes drilled by Cornerstone are collared using HTW core size (7.1 cm diameter) and then reduced to NTW size (5.6 cm diameter) down the hole. Geotechnical measurements such as core recovery, fracturing, rock quality designations (RQD's), hardness and photographic logging are performed systematically prior to assaying. The core is logged, magnetic susceptibility measured and key alteration minerals identified using an on-site portable spectrometer. Core is then systematically sawed in half at Cornerstone's core logging facility in Cuenca, Ecuador. Half of the core is delivered by Cornerstone employees for preparation at Acme Analytical Laboratories (ACME) facility in Cuenca. Core samples are prepared crushing 1 kg to 80% passing 2 mm (10 mesh), splitting 250 g and pulverizing to 85% passing 0.075 mm (200 mesh) (ACME code R200-250). Prepared samples are then shipped to ACME in Vancouver, Canada where samples are assayed for a multi-elements suite (ACME code 1E, 0.25g split, 4-acid digestion, ICP-ES finish). Gold is assayed using a 30 g split, Fire Assay (FA) and AA or ICP-ES finish (ACME code G601).
Quality assurance / Quality control (QA/QC)
The ACME preparation facility in Cuenca was audited by Cornerstone prior to the start of the drilling program and ACME is an ISO 9001:2008 qualified assayer that performs and makes available internal assaying controls. Duplicates, certified blanks and standards are systematically used as part of Cornerstone's QA/QC program. Rejects, a 100 g pulp for each core sample and the remaining half-core are stored in Cuenca for future use and controls.
Qualified Person
Yvan Crepeau, M.Ba., P.Geo, President of Cornerstone Ecuador SA and a qualified person in accordance with National Instrument 43-101, is responsible for supervising the Gama drilling program and has reviewed and approved the technical information contained in this news release.
Shyri Option Agreement
Intrepid Mines Limited ("Intrepid") is earning a 60% interest in the Shyri gold-silver-copper property under an option agreement signed with Cornerstone in January 2011. Under the terms of the Agreement, Intrepid has the ability to earn an initial 60% interest in the property by spending $US 6.0 million dollars over 5 years, with a firm commitment of $US 1.0 million in the first year. Intrepid may earn an additional 20% in specific project areas up to 5,000 hectares each. Upon designation of a Project Area, Intrepid will make a $US 750,000 private placement in Cornerstone. To earn the additional interest, Intrepid will complete a bankable feasibility study or incur expenditures of $US 20 million, whichever comes first, and make a cash payment to Cornerstone of up to $US 5.0 million based on the gold equivalent ounces in the mineral reserve. There is no limit to the number of Project Areas Intrepid may designate within the property and each 'stand-alone' Project Area requires the same earn-in requirements (see news release dated Oct 29, 2009). Cornerstone is the project operator, and manages the exploration programs in close consultation and planning with Intrepid.
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 the people listed below.
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 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/resources/CGP/1/CGPmay2011.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,
Brooke Macdonald, President
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.
warant
13 years ago
Update from CGP May 25/11
Brooke
26 Kyle Avenue
Mount Pearl, NL, A1N 4R5
Toll Free: 1-877-277-8377
1-709-745-8377
Email: info@cornerstoneresources.com
Website: www.cornerstoneresources.com
TSXV – “CGP”; F – “GWN”; B – “GWN”; OTC - “CTNXF”
May 25, 2011
EXPLORATION UPDATE
Dear Shareholder,
This letter will provide you with an update on some of our exploration projects in Ecuador, Chile and
Canada since our last letter on April 14th. Maps corresponding to these projects can be found at
http://www.cornerstoneresources.com.
ECUADOR
Shyri project – Phase 1 drilling at the Gama Prospect: To date, 6 holes of the planned 11 hole
(2,900 metres) drill program have been completed for a total of 1500 metres, and the rig is currently
being moved to drill site #7. These first holes were testing porphyry Cu-Mo-Au targets located in areas C,
D, E & F, in the Central and Southern part of the prospect area. The next holes will test stratabound or
stratigraphic-controlled disseminated high-sulphidation epithermal mineralization beneath and in the
vicinity of the La Ermita breccia. The target for holes #7 and #8 is a buried Quimsacocha deposit
analogue located beneath the plateau. We now estimate that Phase 1 drilling will be completed by the
end of June. Following receipt of additional assay results and their analysis and consultation with our
partner Intrepid Mines Limited, we expect to be in a position to issue a news release summarizing the
results of the first 5 holes of the program by May 31st or during the first week of June.
Shyri project – Vetas Grandes Prospect: This prospect is the next in line to be drill tested.
Preliminary meetings were held with local communities and authorities to inform them of our planned
activities and socio-environmental processes before initiating the required fieldwork necessary to
complete the Environmental Impact Study (EIS) which is a condition to drilling. We still estimate that
preparation and approval of the EIS will take about 6 months once fieldwork has begun.
Cascabel project: The exploration program on this project, which hosts porphyry and skarn type Cu-Au
mineralization within an extensive zone of highly anomalous gold detected in stream sediments, will begin
in early June.
La Encrucijada project: Exploration on this project, which hosts high sulphidation epithermal Au-Ag
mineralization, will begin in August.
CHILE
La Fortuna project: At La Fortuna we are targeting manto-type copper-silver and epithermal gold-silver
mineralization. As noted in the April 14th letter, the exploration program for this year will include
geological mapping, gridding, rock and soil sampling, ground geophysics (magnetometry and induced
polarization), trenching, data integration & modeling, drill target definition and possibly an initial drilling
program. So far, a 1:25,000 reconnaissance geological mapping and sampling has been completed. Rock
sampling (79 samples) indicates significant results for copper, and in a few cases for silver, lead (1.55%
Pb) and zinc (1.38 and 1.44% Zn), with 30 samples > 0.1% Cu, including 11 samples > 1% Cu, 19
2
samples > 10 g/t Ag, including 5 samples > 100 g/t Ag with a maximum of 628 g/t Ag. Quantitative reassaying
for total and leachable copper for over-limit copper results (> 1% Cu) is underway. It is
estimated that most of the copper from these surface samples is leachable as indicated in previous
surveys. Gold anomalous samples (5 > 0.1 g/t Au with a maximum of 0.258 g/t) are usually associated
with anomalous copper-silver or lead-zinc. Most of the anomalous samples are located in the northern
part of the property where field work has been concentrated so far and are distributed over an area of
about 5 km by 3 km. Detailed exploration work over the most prospective areas will start in June as soon
as data are compiled and targets defined.
Miocene project: The Miocene project covers a large area of 14,770 km2 located north and along
trend of the Maricunga magmatic belt and to the north of Kinross’ La Coipa gold-silver mine, where we
are targeting gold, silver and copper mineralization. Concession applications were submitted for a total of
43,500 hectares in the northern part of the Miocene Area of Interest (AOI). So far, eight targets have
been field-evaluated and data are currently being compiled. Following field evaluation, the concession
applications have been reduced to 32,500 hectares. Many third party submittals within the AOI have been
received recently and are being evaluated.
CANADA
Little Deer project: The current $1.6 million diamond drilling program on the Little Deer copper deposit
is nearing completion. The program has utilized two drill rigs, and to date approximately 12,100 m of
drilling has been completed with an additional 500 m of drilling remaining.
As announced on April 26th, Cornerstone and 50% joint venture partner Thundermin Resources Inc.
(“Thundermin”) have retained P&E Mining Consultants Inc. (“P&E”) of Brampton, Ontario to complete an
updated National Instrument 43-101 ("NI 43-101") compliant mineral resource estimate for the Little
Deer deposit once the current drill program has been completed. 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.
El Strato project: The planned diamond drilling program on the El Strato gold project in north-central
Newfoundland is scheduled to begin in early June. The program comprises 1,000 m of drilling in
approximately 8 to 10 holes, which will primarily test anomalies generated by work completed in 2010
that included an Induced Polarization (IP) survey, soil geochemistry survey, prospecting and a follow-up
trenching program.
Red Cliff and Deer Harbour projects: Vale Exploration Canada Inc. (“VEC”) has fulfilled all its
obligations in year 1 of the Red Cliff and Deer Harbour option agreement, and the option has now
entered into year 2. In late April, VEC made the requisite $25,000 cash payment to Cornerstone due on
the 1st anniversary date of the agreement and exploration expenditures totaling approximately $380,000
have been filed for the properties. Currently VEC is carrying out a thorough review of the 2010
exploration and diamond drilling results, and 2011 exploration work will depend on conclusions resulting
from that review.
Chaleur project: On May 3rd Great Western Minerals Group Ltd. (“Great Western”) informed
Cornerstone that it was dropping the option on the Chaleur rare earth element (REE) property in northern
New Brunswick. Mobile metal ion (MMI) soil geochemistry surveys carried out during 2010 had identified
several REE anomalies concentrated along the banks and flood plains of streams and brooks. However,
follow-up rock chip sampling of adjacent outcrops did not return significant REE values. As such the MMI
3
anomalies remain unsourced, and Great Western considers that they may in fact represent “false”
anomalies. Cornerstone will review Great Western’s report on the 2010 exploration work, which is
expected shortly, and will then determine what further work may be warranted.
Cautionary Notice:
Certain statements contained in this letter to shareholders 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.
To keep updated on news from Cornerstone please ensure that you are subscribed to our email alerts by
updating your profile at http://www.cornerstoneresources.com/s/SendMessage.asp. We also encourage
you to take the time to familiarize yourself with our other projects and our people by visiting our website.
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
Sincerely,
Brooke Macdonald
President
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