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Properties |
Newfoundland |
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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)
Gold:
VMS:
Gold:
Copper:
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Uranium:
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 Gold Related News Cornerstone Provides Update on Joint Ventures in Newfoundland & Labrador
2006 Drilling Map
Click here for detailed information on the 2004 work program. Cornerstone with former joint venture partner Thundermin Resources Inc. completed a 1060 m drill program on the Windowglass Hill prospect on June 25, 2006. 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
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El Strato Related News Cornerstone provides exploration update on the El Strato gold property in Newfoundland
2006 Drilling Map
Click here for detailed information on the 2005 work program. In July 2005, Cornerstone signed a Joint Venture Agreement with Agnico-Eagle Mines Ltd. for exploration of the El Strato property. Click here for the related press release. Little DeerRelated News 10-16 - Cornerstone and Thundermin intersect 2.3% Cu over 18.0 m, including 4.2% Cu over 5.5 m, in deepest intersection to date at Little Deer 10-16 - Long Section Little Deer Technical Report Consent Form Little Deer Mineral Resource Technical Report Primary Target Copper Location The Little Deer property consists of 310 claims (7750 ha) comprising the Little Deer and Duck Pond Mineral Licenses (10215M and 10214M), four additional Mineral Licenses located east of the Little Deer License and Cornerstone's former Green Bay Au property (Mineral License 12196M), collectively called the "LDJV Property." The LDJV property, located 10 km north of Springdale, NL, covers the past-producing Whalesback Mine and Little Deer copper deposit plus the Duck Pond Zn-Au showing and other base metal and gold occurrences. Property Information  The Little Deer volcanogenic massive sulphide ("VMS") copper deposit occurs within the Cambro-Ordovician Lush's Bight Group sequence of ophiolitic-like intermediate to mafic volcanic rocks. The main sulphide mineralization consists of disseminated, stringer, and semi-massive to massive pyrite, pyrrhotite and chalcopyrite with minor sphalerite. The main copper-bearing horizon dips approximately 75° to the south. Eight similar VMS "Cyprus" type copper deposits occur in the region and are also hosted by the Lush's Bight Group. They have reported resources, of which the past-producing Whalesback and Gullbridge mines are the largest, at approximately 4.5 million tonnes. Seventeen such deposits are known in Cyprus with similar characteristics to those occurring in the Lush's Bight Group with the largest being Mavaravouni at approximately 25Mt.Historic exploration work at the Little Deer deposit indicates that there is the potential to outline a significant resource of economic grade copper mineralization below and along strike from the area of the Little Deer deposit that was mined previously. Four holes, drilled between 1998 and 2000, each intersected significant copper mineralization over mineable widths over a distance of approximately 450 m on the -550 m elevation. An 1,800 meter long, strong DEEPEM geophysical conductor correlates well with the known Little Deer Cu mineralization intersected to date. Approximately 700 m of this DEEPEM conductor remains untested by drilling, extending southwest to the Duck Pond Zn-Au showing. Shallow historical drilling completed at Duck Pond intersected 1.1% Zn over 3.0 m, plus 1.5% Zn and 2.5 g/t Au over 1.4m, which may represent a shallow, more zinc-gold rich portion of the main Little Deer VMS horizon. 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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The Cape Ray Gold property is divided into two advanced prospects: The Windowglass Hill prospect, and the 51 Zone deposit. The Windowglass Hill prospect comprises gold-bearing, base metal sulphide-rich quartz veins within the Windowglass Hill granite. During the 2004 drill program, this prospect returned assays of 13.7 g/t of gold over 5.8 m, as well as 7.5 g/t of gold and 49 g/t of silver over 5.15 m. The 51 Zone prospect is a fault-fill 
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