Properties

Joint Venture Properties:

Trough - Copper (Altius)

Available for Option
100% Cornerstone Properties:

Aillik - Uranium

Anaktalik - Nickel

Aucoin - Gold

Garland - Nickel

Kâuk - Nickel

Konrad - Nickel

Notakwanon - Nickel

Okak - Nickel

Voisey's Bay - Nickel

Aillik

Primary Target
Uranium

Location
The Aillik property consists of 162 claims (40.5 km²) located in Eastern Labrador. It is situated outside the area of the moratorium imposed on Labrador Inuit Lands.

Property Information
The Aillik property is tied onto Aurora Energy Resources' (AXU:TSXV) holdings in the Central Mineral Belt of Labrador (Click here for map). The property has been mapped by the Newfoundland and Labrador Geological Survey as being underlain by volcanic rocks of the Upper Aillik Group, the same rocks which are known to host Aurora's Michelin deposit located 27 km west of Cornerstone's property. Aurora estimates the Michelin deposit to contain a 43-101 compliant Measured and Indicated Resource of 22.2 million pounds U₃O₈ with an additional Inferred Resource of 13.4 million pounds U₃O₈.

The Labrador Central Mineral Belt has become a major focus for uranium exploration in Canada. Aurora is entirely engaged in exploring the Michelin deposit and other uranium prospects in the Upper Aillik Group. That group of rocks underlies an area of some 10 by 50 km, which, with the exception of a property controlled by Monster Copper Corporation (MNS:TSXV) and the property acquired by Cornerstone, is almost entirely controlled by Aurora. Cornerstone's Aillik property is located less than 4 km south and 3 km east of Aurora's Jacques Lake and Otter Lake uranium prospects. Aurora has reported favourable drilling results in ongoing exploration on those prospects.

Cornerstone's Aillik property (red outline) displayed in reference to airborne radiometric anomalies detected by Aurora Energy Resources Inc. (link: http://www.aurora-energy.ca/files/2006-NEIOct24-Final.pdf)

Anaktalik

Primary Target
Nickel

Location
The Anaktalik property consists of 157 claims (39.25 km²) located in Northern Labrador.

Property Information
Anaktalik, covers a 2 by 3 km body of troctolite previously explored by Inco subsidiary Voisey's Bay Nickel Limited. Voisey's Bay Nickel conducted airborne and ground based geophysical surveys over the property and tested the troctolite with a single drill hole. This vertical hole cut 400 m of troctolite before reaching basement, suggesting the intrusion may have significant size and exploration potential at depth. The body has potential to host a mineralized conduit or feeder and Cornerstone considers the intrusion to have outstanding exploration potential.

Aucoin

Primary Target
Gold

Location
The Aucoin property consists of 80 claims (20 km²) located in eastern Labrador.

Property Information
This 100% Cornerstone owned project is targeting high grade mesothermal gold systems. The property is underlain by Archean granitic gneisses of the Nain Province intruded by Proterozoic mafic intrusive rocks. Mineralization includes visible gold hosted by quartz veins at the Aucoin showing. This showing was discovered in 1995 by a junior company while exploring for nickel during the exploration boom that ensued after the discovery of Voisey' Bay. Further exploration completed in 1996 and 1997 included line-cutting, prospecting, geological mapping, geochemical surveys, magnetometer-VLF geophysical surveys and diamond drilling.

The showing was staked by a prospector in 2002 and optioned to Cornerstone in 2003. Initial prospecting conducted by the prospector and Cornerstone included re-sampling of the Aucoin showing and returned grab sample assays of up to 49.1 g/t Au. In 2004, Cornerstone completed additional work in the area which

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yielded additional high grade grab sample assays of up to 477.46 g/t Au and >100,000 ppb Ag from the Aucoin showing. Favourable results were also returned from a newly discovered, partially exposed quartz vein located more than 600 m south of the Aucoin showing. At this location a partially exposed vein with minimum dimensions of 1 x 2 m returned an assay of 0.91 g/t Au. Given that the vein was potentially much larger than veins at the Aucoin Showing, it was decided that further work should be undertaken to better expose the vein. In 2005, an attempt was made to expose the vein by hand trenching and extended the vein's minimum dimensions to 2.5 x 7 m, though the vein's contacts were still not exposed. Grab samples collected across the new exposure also returned anomalous assay results of up to 3.1 g/t Au.

Work completed on the property by Cornerstone and previous operators suggest the property may host a system of gold-bearing quartz veins occurring over a large area (300 x 750 m) associated with a large, untested, coincident gold in soil geochemical anomaly. It is speculated that gold mineralization within this system may occur in significant amounts and grades to yield a significant gold discovery of potential economic significance in this frontier area. To date, only a limited portion of the anomaly has been tested by diamond drilling and has yielded results that include drilled intersections assaying up to 2.07 g/t Au over 12.4 m, including 12.43 g/t Au over 1.05 m. Cornerstone is actively seeking a joint venture partner to advance this property to discovery.


Garland

Primary Target
Nickel

Location
The 52.5 km² Garland property is located approximately 30 km south of Voisey's Bay. It consists of three licences covering the on-strike extensions of a series of AMT anomalies detected by an Inco Audio-magnetotelluric (AMT) survey completed in 2000. It is 100% owned by Cornerstone.

Property Information
In 2000, Inco completed AMT surveys over the area including areas covered by the current Cornerstone property. This work identified anomalies defined as a series of zones of higher conductivity interpreted to lie at a depths greater than 800 m. Reports filed by Inco with the Government of Newfoundland & Labrador in 2001 indicate areas surrounding the AMT anomalies are locally underlain by troctolitic rocks considered favourable for hosting Voisey's Bay style Ni sulphide mineralization. Cornesrtone acquired the current property in 2005 in

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advance of Inco staking more than 1,700 km2 south of Voisey's Bay which surrounds Cornerstone's property. Inco's staking is considered an endorsement of the exploration potential of the area, which has been highlighted by several public statements made by Inco executives about the Garland area. Cornerstone, together with Inco and former joint venture partner Celtic Minerals, completed an airborne gravity gradiometry survey over the project during the first half of 2006.

The AGG survey was undertaken to detect high density zones (gravity highs) reflective of underlying troctolitic rocks similar to those which host the nearby Voisey's Bay deposit. Results for the survey have identified a series of gravity anomalies potentially associated with buried troctolitic rocks, including an east-west elongated gravity high measuring 1.5 km x 2.5 km on the northern claim block; and a 3 km x 2 km anomaly on the southern claim block, straddling the joint venture's southern boundary with Inco claims. Click here to view the AMT map and here for Gravity section. Magnetotelluric (MT) geophysical surveys over the two gravity anomalies were completed in early July.



Kâuk

Primary Target
Nickel

Location
This 16.25 km² property consists of one licence owned 100% by Cornerstone. The property is located 80 km northwest of the Voisey's Bay mine.

Property Information
The Kâuk property covers a discrete body of troctolite mapped by the Geological Survey of Newfoundland & Labrador. The troctolite body, which has a minimal surface exposure of 1 km², has not been systematically explored, although parts of it were included in separate properties explored by three junior companies in the rush that immediately followed the discovery of the Voisey's Bay deposits in 1994. As with the Notakwanon project, discrete bodies of troctolitic to olivine gabbroic rocks are considered rare in the region but are recognized to be an essential host rock to Voisey's Bay style mineralization


Konrad

Primary Target
Nickel

Location
The Konrad property consists of 2 licences covering an area of 116.25 km² located less than 30 km west of the Voisey's Bay mine.

Property Information
The area is underlain by a possible extension to the troctolitic host rocks at Inco's Voisey's Bay mine. Upon confirming the area was largely unexplored; the property was joint ventured to Falconbridge Limited from August 2004 to December 2005. During this option period the project was explored by limited geological mapping and prospecting as well as airborne and limited ground geophysical surveys. While results of the geophysical surveys failed to identify conductive targets within favourable troctolitic rocks, geological and geochemical evidence suggest the depth potential of the troctolitic intrusions remain excellent as the bodies are interpreted as representing a feeder dyke complex analogous to Voisey's Bay. These troctolitic rocks, which extend over a strike of more than 19 km, have also been demonstrated to possess geochemical similarities with the troctolitic rocks at Voisey's Bay.


Labrador Trough

Related News
08-23 - Cornerstone and Altius form alliance to explore for copper in the Labrador Trough

Primary Target
Copper, Uranium

Location
The Labrador Trough Property is located in western Labrador, 50 km northeast of Schefferville. The Property consists of 4247 claims covering an area of 1032 km².

Property Information
The Labrador Trough (or New Quebec Orogen) represents a 1600 km long by 160 km wide linear fold belt that comprises predominantly meta-sedimentary and volcanic rocks originally deposited in an Early to Middle Proterozoic continental-rift environment, the ideal geological setting for SSC, IOCG and other deposit types. The Labrador Trough represents one of the least explored SSC opportunities within this type of environment in the world today. Numerous copper occurrences throughout the property support the geological model for SSC-type deposits and indicate the potential for discovery of new mineralization is high.

The property covers a 100 km strike length of favourable stratigraphy considered highly prospective for hosting SSC-type deposits.


Notakwanon

Primary Target
Nickel

Location
The Notakwanon property consists of one licence, covering an area of 20 km². The property is located 90 km southwest of the Voisey's Bay mine.

Property Information
The Notakwanon property is 100% Cornerstone controlled. It covers a 3.5 x 7 km body of olivine gabbro; which Cornerstone considers to be highly prospective, as discrete bodies of olivine gabbro are particularly rare in the region and include troctolite and olivine gabbro at Voisey's Bay. The results of previous exploration work on the intrusive body are being compiled as the first step in evaluating the potential of the property.


Okak

Primary Target
Nickel

Location
The Okak property consists of 1 licences, covering 18 km² located 100 km north of the Voisey's Bay mine.

Property Information
The property covers several showings of Ni-bearing magmatic sulphides hosted by anorthosite and pyroxenites, with the sulphides interpreted to be potentially related to an unexplored and previously unrecognized pyroxenite intrusive body that occurs less than a kilometre northwest of the main showings. Results from drilling completed by previous explorers include assays up to 1.98% Ni, 1.03% Cu, 0.16% Co over 2.28 m including 2.03% Ni, 1.05% Cu and 0.17% Co over 0.57 m from an intersection of semi-massive to massive sulphides at a vertical depth of less than 20 m below surface. Mineralization of this type was intersected by the previous workers at shallow depths over an area measuring more than 500 m by 2 km. Both the depth and strike potential of the mineralization are considered excellent. Cornerstone currently controls 100% of the Okak property and is actively seeking to joint venture the project to further its exploration program.

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