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Address:
26 Kyle Avenue Mount Pearl, NL Canada A1N 4R5 Telephone: (709) 745-8377 Fax: (709) 747-1183 Toll Free: (877) 277-8377 |
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Cornerstone Resources is exploring for gold, volcanogenic massive sulphide (VMS) copper and zinc, and Sediment-Hosted Stratiform Copper (SSC) deposits on the island of Newfoundland. Cornerstone's current focus on the island is its Little Deer Copper Property, a 50/50 joint venture with Thundermin Resources Inc. Up to the end of 2009, over 25,000 m of diamond drilling had been completed, and in July 2009 results of a National Instrument 43-101 compliant mineral resource estimate were announced. The Little Deer Deposit contains estimated Indicated Resources of 1,087,000 tonnes at an average grade of 2.9% Cu and an Inferred Resource of 1,950,000 tonnes at an average grade of 2.3% Cu. Exploration programs designed to expand the mineral resources and advance the project towards a scoping study are ongoing. In April 2010, Cornerstone optioned its Red Cliff and Deer Harbour SSC properties located in eastern Newfoundland to Vale Exploration Canada Inc. ("VEC"). VEC is the project operator and will be carrying out exploration programs designed to evaluate the potential of priority copper prospects and showings. In addition to the aforementioned joint venture and optioned properties, Cornerstone has 8 wholly owned gold and VMS base metal properties elsewhere on the island. Following with its business model, Cornerstone is actively seeking partners to advance these prospective projects. Click the map below for the location of all properties.
Little Deer - Copper (Thundermin) Red Cliff - SSC (VEC) Deer Harbour - SSC (VEC)
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VMS:
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Joint Venture PropertiesBobby's PondRelated News 07-15 - Cornerstone announces 4.7% Zinc intercept in drilling by Mountain Lake Resources Primary Target VMS (Base Metals) Location Bobby's Pond consists of 62 claims (15.5 km2) partially surrounding Mountain Lake Resources Bobby's Pond deposit, located 20 km west of Teck's Duck Pond mine. The property is under option to Mountain Lake. Property Information  The Bobby's Pond VMS deposit is reported to contain indicated resources of 860,000 tonnes of 0.93% Cu, 0.53% Pb, 6.30% Zn, 20.0 g/t Ag and 0.24 g/t Au and inferred resources of 480,000 tonnes of 1.07% Cu, 0.38% Pb, 6.36% Zn, 15.0 g/t Ag and 0.18 g/t Au (Mountain Lake Resources, February 7, 2007 news release; NI 43-101 compliant). Cornerstone's claims cover the potential northeast and southwest strike projections of the deposit's host geology. The property covers occurrences of VMS-style alteration and anomalous base metal sulphide mineralization. Initial work on the property, by Cornerstone, consisted of a detailed compilation of historical exploration work conducted over the property. Cape Ray PropertyPrimary Target Gold Location The Cape Ray property is located approximately 16 km north-northeast of the town of Channel-Port aux Basques on Newfoundland's southwest coast. Underlying Agreements and Interests Cornerstone holds a 100% interest in the Cape Ray property subject to a 1.75% net smelter return (NSR) royalty payable to a 3rd party. Cornerstone retains the right to repurchase a 1.0% NSR for $1 million, leaving the 3rd party with a 0.75% NSR. Property Information The Cape Ray property consists of a single 183-claim mineral licence which covers an area of 45.75 km2. The property covers a 20 km-long strike length of the Cape Ray Fault Zone ("CRFZ"), a major crustal-scale tectonic suture which has been described as one of the most significant gold-bearing structures in the Appalachians (Dubé and Lauzière, 1997). The northeast-trending CRFZ marks a zone of highly strained rocks which separates the Cape Ray Igneous Complex to the northwest (Dunnage Zone) from the Port aux Basques Gneiss to the southeast (Gander Zone). The Windsor Point Group, a series of bimodal volcanics and volcaniclastics with associated sedimentary rocks, lies between these two units approximately along the trace of the CRFZ. Several pre- to late-tectonic granitoid bodies intrude all these units. The most significant mineralization discovered to date along the CRFZ is the Cape Ray gold deposit ("CRGD") which comprises three mineralized zones (the #04, #41 and #51 zones) along a  2 km strike length. At the CRGD, gold (and silver) mineralization occurs mainly as electrum in galena- and chalcopyrite-rich, fault-fill quartz breccia veins within shear zones developed in schists of the Windsor Point Group. Elsewhere along the CRFZ, significant gold mineralized zones occur in pyrite-rich fault-filled quartz breccia veins (Big Pond prospect), in extensional subhorizontal quartz veins hosted by the Windowglass Hill Granite (Windowglass Hill prospect), and as fault-fill quartz veins in strongly pyritized, iron-rich sedimentary rocks at or close to the contact between the Cape Ray Igneous Complex and the Windsor Point Group (Isle aux Morts prospect). Cornerstone's Cape Ray property covers the # 51 zone of the CRGD and the Windowglass Hill prospect located 2.75 km to the southwest. In 1990, Dolphin Explorations Ltd. estimated drill-indicated in-situ "reserves" (non NI 43-101 compliant) at the # 51 zone of 153,785 short tons grading 0.401 oz/t gold using a 0.2 oz/t cut-off. The Windowglass Hill prospect consists of a series of flat-lying to shallowly dipping extensional quartz veins within the Windowglass Hill ("WGH") Granite. Shallow historical diamond drilling at the WGH prospect has intersected gold mineralization including 6.8 g/t Au over 7.5 m and 4.6 g/t Au over 12.5 m, the latter including 14.0 g/t Au over 4.0 m. Between 2003-2006, the Cape Ray property was subject to an option and joint venture agreement between Cornerstone and Thundermin Resources Inc. ("Thundermin" TSX: THR). Cornerstone and Thundermin carried out a digital compilation of historical exploration work, a fixed-wing horizontal gradiometer aeromagnetic survey, an orientation mobile metal ion (MMI) soil geochemistry survey, reconnaissance B-horizon soil and stream silt geochemistry surveys, geological mapping, prospecting and rock sampling, and 2,518.8 m of diamond drilling in 28 holes. Twenty-six of the holes (2,160.7 m) tested several targets within the WGH Granite including the Main zone, Camp zone, Area 1, Area 2, Area 3 and Area 4. The two remaining holes (358.1 m) tested interpreted down-plunge extensions of the #51 zone. Highlights of the WGH drilling included intersections of 7.54 g/t Au and 49.10 g/t Ag over 5.15 m in hole WGH-04-11 (97.10-102.25 m) and 2.33 g/t Au and 12.20 g/t Ag over 7.15 m in hole WGH-04-15 (39.50-46.65 m) on the Main Zone. Hole WGH-04-02 drilled on the Camp Zone intersected 3.15 g/t Au and 24.20 g/t Ag over 3.00 m (10.00-13.00 m). Other narrow high grade mineralized zones were also intersected including: 16.35 g/t Au and 81.80 g/t Ag over 0.40 m (32.80-33.20 m) in hole WGH-04-15 at the Main Zone; 18.37 g/t Au and 12.00 g/t Ag over 0.30 m (24.40-24.70 m) in hole WGH-04-07 at Area 1; 12.90 g/t Au and 114.10 g/t Ag over 0.95 m (1.50-2.45 m) in hole WGH-06-26 at Area 3; and 21.76 g/t Au and 3.70 g/t Ag over 0.50 m (8.95-9.45 m) in hole WGH-04-10 at Area 4. It is noteworthy that drill testing of the WGH targets has been limited to shallow depths, generally < 150 m vertical. The two holes drilled to test the interpreted down-plunge extension of the #51 zone did not encounter any significant mineralization. Late in 2006, Thundermin notified Cornerstone that it was withdrawing from the joint venture, leaving Cornerstone with a 100% in the property (see Underlying Agreements and Interests). No additional exploration work has been carried out on the Cape Ray property since 2006. Currently Cornerstone is seeking a joint venture partner to further evaluate the two advanced prospects (#51 zone and WGH prospect), as well as develop other targets for drill testing on the property. References: Dubé, B. and Lauzière, K. (1997). Gold metallogeny of the Cape Ray fault zone, southwestern Newfoundland. Geological Survey of Canada Bulletin 508, 90 pages. Maps
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Colchester Primary Target Gold and Copper Location  The Colchester property consists of 181 claims encompassing an area of 45.25 km2.Property Information Field programs have, to date, comprised geological mapping, prospecting and diamond drilling. A 7-hole, 1400 m diamond drill program was completed on the main Colchester Zone and adjacent sulphide targets. The drilling primarily targeted high-grade Au-rich massive sulphides, in follow-up to previously reported high-grade intersections. Highlights of the 2004 drill program include 5.6 m grading 2.97% Cu and 0.5 g/t Au, and 8.9 m grading 1.22% Cu. All drill holes intersected strong to intense chlorite and/or silica alteration, and stockwork stringer pyrite-chalcopyrite-pyrrhotite (+/- sphalerite) mineralization that returned anomalous copper, zinc and gold values. A deep-EM/magnetometer airborne survey was completed in October 2004 and was followed up by prospecting of magnetic anomalies in 2005. Cornerstone Resources currently controls 100% of the property and is actively seeking a joint venture partner to further its exploration program. Deer HarbourPrimary TargetSediment-Hosted Stratiform Copper (SSC) Location The Deer Harbour property is located on the east coast of Newfoundland on the western shore of Trinity Bay, approximately 200 road km west of St. John's. Project Operator Vale Exploration Canada Inc. Property Information The Deer Harbour property was staked by Cornerstone in January 2010, and currently consists of 90 mineral claims (22.5 km2) in seven licences. In May 2010, Cornerstone announced that it had signed an option agreement with Vale Exploration Canada Inc. ("VEC"), a wholly-owned subsidiary of Vale S.A. (NYSE-VALE) ("VALE"), on the Deer Harbour and Red Cliff (see Red Cliff project summary) copper properties. VEC will make an initial payment of C$25,000 and has committed to a minimum first year expenditure of C$165,000. Thereafter, VEC may elect to make further cash payments totaling C$75,000 over the first two years of the option and incur additional exploration expenditures totaling C$2,850,000 over three years in order to earn a 60% interest in the properties. The parties will then form a joint venture to further explore and develop mineral resources on the properties, with each party contributing to approved exploration programs as per their interest. VEC will operate the exploration programs during the option period in consultation with Cornerstone. The Deer Harbour property is underlain by moderately dipping sedimentary rocks of the Crown Hill and Rocky Harbour formations of the Late Neoproterozoic Musgravetown Group. The Crown Hill Formation is a red bed sequence comprising pebble and cobble conglomerates, coarse to fine grained sandstone and minor siltstone. Grey and green sandstone and siltstone beds within the red bed sequence represent reduced members, which commonly contain sediment-hosted stratiform copper (SSC) mineralization comprising finely disseminated, fracture filling and veinlet chalcocite ± secondary malachite. SSC mineralization on the Bonavista Peninsula was first recognized by Cornerstone Resources in late 1999. Exploration work carried out between 2000 and 2005 on the Deer Harbour property included lake sediment geochemistry surveys, prospecting and detailed geological mapping. This work resulted in the discovery of a number of new SSC copper showings within reduced members of the Crown Hill Formation, similar to those at the Red Cliff property 65 km to the north. Outcrop grab samples from the copper showings generally return between 0.1 and 1.6% Cu. The showings have received only limited prospecting, and none have been drill-tested. Given the existing level of exploration, Cornerstone feels the area continues to hold good potential for discovery of a significant SSC deposit. Related News 10-08 - Cornerstone options sediment-hosted stratiform copper projects in Newfoundland Maps
Photos
El StratoPrimary TargetGold (High-grade, shear-hosted mesothermal vein systems) Partner Actively seeking a joint venture partner. Location The El Strato property is located in north-central Newfoundland on the Baie Verte Peninsula, adjacent to provincial highway route 410. Property Information The El Strato property was originally acquired by Cornerstone in 2002 and currently consists of four mineral licences covering 30.75 km2 and comprising 123 mineral claims. The property is located immediately east of the Baie Verte Line, a major regional tectonic structure which along with subsidiary structures, has numerous associated gold showings and prospects. Since the late 1990's, several structurally controlled gold deposits have been developed in the Baie Verte region. These include the past-producing Nugget Pond (475,000 tons at 0.34 oz/ton) and Hammerdown (777,000 tons at 0.41 oz/ton) mines which were owned and operated by Richmont Mines Inc., and the currently producing Pine Cove mine (probable mineral reserves of 2,635,000 tonnes grading 2.07 g/t Au) owned by Anaconda Mining Inc. Mineralization on the El Strato property consists primarily of structurally controlled, high-grade gold in quartz ± carbonate veins and breccia zones ranging in width from centimetres to 8.0 m wide. Mineralized veins and breccias commonly contain pyrite, base metal sulphides and locally visible gold. Some of the more significant assay results acquired to date include 239.6 g/t Au in rock grab samples, 17.5 g/t Au over 0.55 m in channel samples and 10.6 g/t Au over 1.13 m and 3.15 g/t Au over 3.2 m in drill core samples. Drill testing has been limited to shallow depths (typically < 100 m vertical) and has focused primarily (90% of drilling) along 2.3 km of a > 10 km favourable strike length. Exploration work completed by Cornerstone in 2010 included an Induced Polarization (IP) survey and B-horizon soil geochemistry survey with follow-up prospecting and mechanical trenching. The IP survey identified two high chargeability and low apparent resistivity anomalies with significant strike lengths: 1) the Rocky Bottom trend measuring 1.75 km long; and 2) the DD trend measuring 1.25 km long. 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. Grid prospecting during 2010 identified auriferous quartz veins that assayed 20.3 g/t Au and 61.7 g/t Au from grab samples in two separate areas along the Rocky Bottom trend. The DD trend contains a single gold-in-soil anomaly but trenching in the area has identified a thick glacial till layer which may have limited the effectiveness of the survey in detecting the underlying bedrock mineralization. Furthermore, trenching along the DD trend exposed 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 southwest end of the 1.25 km long trend. Also of note, this area generally lies up ice from the un-sourced Voodoo quartz boulders which have assayed up to 79.1 g/t Au. The 2011 drilling program consisted of 1,160 m of diamond drilling in 10 holes and primarily tested near-surface anomalies generated by the exploration work completed in 2010. Three holes were drilled along a 700 m strike length of the 1.25 km long DD trend (ES-11-20 to 22) and intersected locally weakly anomalous gold values in holes ES-11-20 and 21 assaying between 5 to 220 ppb Au. Hole ES-11-22, the northernmost hole along the trend, intersected typically weakly anomalous gold values ranging from 5 to 112 ppb Au and assaying as high as 2.23 g/t Au over 0.3 m in a basalt with quartz-carbonate patches. Three holes were drilled along a portion of the 1.75 km long Rocky Bottom trend (ES-11-23 to 25) 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 quartz vein 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. Hole ES-11-26 tested the Mega Vein, an approximately 8 m wide quartz vein exposed at surface, and returned an assay of 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 over 0.4 m and assayed 143 ppb Au. 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 and intercept widths are core lengths as true thickness is unknown at this time. See Table 1 and the Micmac Lake Area Compilation Map for a summary of the 2011 drilling results. Overall 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 within the El Strato property and confirms the potential for mineable widths within the project area. Logistically the El Strato gold property is located in an excellent geographic area. The Baie Verte Peninsula has a strong mining culture and skilled labour force with experience in mineral exploration and hard rock mining. A paved highway and high voltage power line lie immediately west of the property and the Nugget Pond gold mill, which is owned and operated by Rambler Metals and Mining PLC, is located just 85 road km to the northeast. Additional information is available upon request. Related News 11-24 - Cornerstone intersects 3.15 g/t Au over 3.2 m on the El Strato Gold Property in Newfoundland 11-18 - Cornerstone commences diamond drilling program on the El Strato Gold Property in Newfoundland 11-05 - Cornerstone defers planned winter drilling program on the El Strato Gold Property in Newfoundland 10-20 - Cornerstone reports trenching results on the El Strato gold property in Newfoundland 10-13 - Cornerstone provides exploration update on the El Strato gold property in Newfoundland Maps
TablesTable 1: Summary of 2011 El Strato Drill Results Photos
Little DeerPrimary Target Copper Partner Thundermin Resources Inc. Location The Little Deer Copper Deposit ("Deposit") lies approximately 10 km north northeast of the town of Springdale. The property covers the past-producing Whalesback Mine and Little Deer Copper Deposit plus numerous other base metal and gold occurrences. Property Information The Little Deer property currently consists of four mineral licences covering 65.26 km2 and comprising a total of 276 mineral claims. The Little Deer volcanogenic massive sulphide ("VMS") copper deposit occurs within the Cambro-Ordovician Lushs Bight Group sequence of ophiolitic-like intermediate to mafic volcanic rocks. The main sulphide mineralization, which is comprised of disseminated, stringer, and semi-massive to massive pyrite, pyrrhotite and chalcopyrite with minor sphalerite, is hosted by chlorite and sericite altered basalts. Eight similar VMS "Cyprus" type copper deposits, also hosted by the Lushs Bight Group, occur in the region. The largest past-producing mines, Whalesback and Gullbridge, have historical resources of approximately 4.5 million tonnes each. The Little Deer Copper Deposit was discovered in 1952 by Falconbridge Nickel Mines Limited who conducted limited drilling and subsequently dropped the property. British Newfoundland Exploration Company ("BRINEX") started work on the property in 1955 and subsequently conducted extensive drilling and underground development. Copper ore was mined from the Deposit during two campaigns. The first extraction was conducted by BRINEX from 1970 to 1972. Access to the deposit was achieved via a 1,044 m long drift on the 244 m (800) level from the adjacent Whalesback Mine, which lies north of the Deposit. BRINEX ceased mining operations at Little Deer in 1972 with the closure of the Whalesback Mine. In 1973, Green Bay Mining Company ("Green Bay") leased the property and mined the Deposit via a 329 m decline. Green Bay ceased mining operations in 1974 due to low copper prices. The property lay dormant until exploration programs were carried out from 1997 to 2000 by Mutapa Gold Corp. ("Mutapa"). The programs consisted of geological mapping, surface and borehole geophysical surveys and 6,815 metres of diamond drilling in twelve holes. This work indicated the potential to outline a significant resource of economic grade copper mineralization below and along strike from the areas of the Deposit that were mined previously. In 2007, Cornerstone and Thundermin, after optioning several mineral licences from Weyburn Investments Ltd., including those covering the Little Deer Copper Deposit, formed the Little Deer Joint Venture ("LDJV") and with Thundermin as operator, initiated exploration on the Deposit. Details of the LDJV are available in several news releases on both companies' websites. Since June of 2007 Cornerstone and Thundermin have spent approximately CDN $7 million on exploration programs on the property, the bulk of which has been diamond drilling on the Deposit. Other work has included borehole Pulse-EM geophysical surveys, an airborne versatile time domain electromagnetic (VTEM) geophysical survey, an Induced Polarization (IP) geophysical survey, GPS surveying, Gyro surveying, research and compilation of historical work, line-cutting, prospecting, metallurgical test work and several resource estimates. Details of the various drill programs, drill results and other exploration work can be found in numerous news releases and technical reports available on both companies' websites. The most recent National Instrument 43-101 ("NI 43-101") compliant updated mineral resource estimate for the Deposit, completed by P&E Mining Consultants Inc. ("P&E") of Brampton, Ontario, 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 BRINEX between 1961 and 1970 and Mutapa between 1998 and 2000. The following table summarizes the current mineral resources outlined to date.
This new resource estimate represents a 66% increase in the Indicated Mineral Resources to 99.8 million lbs of copper (1,911,000 t grading 2.37% Cu) and a 61% increase in the Inferred Mineral Resources to 175.9 million lbs of copper (3,748,000 t grading 2.13% Cu) over the last resource estimate. It also indicates the potential to further increase mineral resources with additional drilling below and to the west of the current resources. 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. 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 Deposit also has some existing underground infrastructure dating from 1966 to 1972 and 1972 to 1974 when portions of the upper part of the Deposit were developed and mined by BRINEX and 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. Cornerstone and Thundermin recently announced the results of a positive Preliminary Economic Assessment ("PEA") for the Little Deer Copper Deposit (P&E, November 1, 2011) that was highlighted by:
Notes: Copper Price = US$3.75; Exchange Rate of US$0.95 = C$1.00; All dollar amounts expressed in C$ unless otherwise stated, Preliminary Economic Assessment carried out by P&E. Cornerstone and Thundermin also recently announced the results of a compilation which has highlighted encouraging new tonnage potential at the nearby historical Whalesback Mine. Diamond drill logs and assay data for 60 surface and 242 underground holes from the Whalesback Mine were recovered from the archives of the Newfoundland and Labrador Department of Natural Resources in St. John's. Of the 302 compiled drill holes, 107 holes were drilled in the mineralized zone below and to the west of the areas mined by BRINEX. 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. 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. The sulphide mineralization within the Whalesback 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 demonstrates that there are existing copper resources already defined below and to the west of the areas mined previously by BRINEX between 1965 and 1972. 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. Planned work to the end of 2012 includes substantial diamond drilling designed to: 1) upgrade existing resources at the Little Deer Copper Deposit from the Inferred to the Indicated Resource category prior to commencing a pre-feasibility study; and 2) confirm historical drilling and test for additional copper resources adjacent to the historical Whalesback Mine located 1 km to the northeast. Identification of new copper resources at Whalesback is expected to have a significant positive impact on project economics and an eventual production decision. 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. Related News 11-38 - Cornerstone and Thundermin File NI 43-101 Technical Report and Preliminary Economic Assessment for the Little Deer Copper Deposit 11-35 - Cornerstone and Thundermin Announce a Positive Preliminary Economic Assessment for the Little Deer Copper Deposit 11-34 - Cornerstone and Thundermin Identify Encouraging New Tonnage Potential at the Past-Producing Whalesback Copper Mine, Springdale Area, Newfoundland December 2011 - Little Deer Technical and Preliminary Economic Assessment December 2011 - Little Deer Consent Forms August 2011 - Little Deer Technical and Resource Estimate Update August 2011 - Little Deer Consent Forms Little Deer Long Section Photos
Long Lake Related News Cornerstone Provides Update on Joint Ventures in Newfoundland & Labrador Primary Target VMS (Base Metals) Location The Long Lake project consists of 33 claims covering an area of 8.25 km2. The project is located less than 60 km southwest of Aur's Duck Pond project where Aur is currently building a mine and mill complex to exploit reserves of 4.1 million tonnes at an average grade of 3.3% Cu, 5.7%, Zn, 59.3 g/t Ag and 0.86 g/t Au (Aur 2004 Annual report). Property Information The Long Lake property covers favourable felsic volcanics and sediments akin to those which host Falconbridge's Long Lake deposit, currently under joint venture to Messina Minerals, and comprising a high-grade, massive sulphide resource of 560,000 tonnes averaging 16.0% Zn, 2.2% Cu, 1.3% Pb, 38 g/t Ag and 0.9 g/t Au (Noranda, 1998; not NI 43-101 compliant). Falconbridge's Long Lake deposit hosts grades similar to mineralization recently discovered by Messina at its Boomerang and Domino prospects which are located 10 km west northwest of Cornerstone's Long Lake property.Cornerstone's property hosts an isolated, 1 km long, airborne electromagnetic conductor associated with an adjacent silica-sericite-pyrite alteration zone hosted by prospective felsic volcanics. A till geochemical survey completed over the conductor in 2005, detected a broadly coincident, open ended, base metal in till anomaly with metal values in till ranging up to 366 ppm Cu, 174 ppm Pb and 542 ppm Zn. In 2006, Cornerstone, together with Cogitore, completed a drilling program on this project. Noel Paul's Brook Primary Target VMS (Base Metals) Location  The Noel Paul's Brook property consists of 151 claims controlled 100% by Cornerstone that cover an area of 37.75 km2 located approximately 10 km south of Aur's Duck Pond deposit in central Newfoundland.Property Information The property immediately surrounds the Haven Steady VMS prospect (controlled by a third party) where previous explorers reported intersections of up to 0.83% Cu, 1.27% Pb, 6.19% Zn, 4.93 g/t Ag and 1.78 g/t Au over 3.0 m. The Cornerstone property covers the under explored southwest and northeast strike extensions to the host stratigraphy, including mineralized and altered felsic volcanics akin to those which host the Haven Steady prospect. Until recently, Cornerstone's property was under option to Inmet Mining and partner Woodruff Capital (February 2003 to February 2006) who together spent approximately $440,000 in exploration expenditures on the property. Their work included geological mapping, deep seeking TDEM geophysical surveys and diamond drilling of approximately 1,200 m in 4 holes. Favourable results returned by this work include identification of several deep conductors, of which some were tested by diamond drilling and yielded intersections of favourably altered and mineralized felsic volcanics. Several conductive targets remain to be tested including several off-hole anomalies detected by borehole PEM geophysical surveys. Cornerstone is seeking a new joint venture partner to advance this project and test remaining targets. Previous. All pages. Next. Page 1. Page 2 Previous. All pages. Next. Page 1. Page 2 |
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