|
Mount Pearl, NL, Canada: Cornerstone Capital Resources Inc. (TSXV-CGP) (F-GWN) (B-GWN) (OTC-CTNXF) announces the staking of 148 mineral claims in the Letitia Lake area of central Labrador. The Letitia Lake area is underlain by Middle Mesoproterozoic peralkaline volcanic and intrusive rocks of the Letitia Lake Group and Red Wine Intrusive Suite respectively, which are prospective for hosting rare metal deposits of Beryllium (Be), Niobium (Nb) and Rare Earth Elements (REE).
During the 1950's and 1960's, exploration in the Letitia Lake area led to discovery of several Be -- Nb ± REE showings including the Mann #1 and Mann #2, Michelin #1 and Two Tom Lake prospects. The largest of these is the Mann #1, with historically reported average grades of 0.35-0.40% BeO and 0.24% Nb2O5. Insufficient drilling has been completed to adequately estimate a mineral resource. By comparison, historic surface grab samples from the Two Tom Lake prospect located 16.5 km to the east have returned generally similar grades of Be and Nb, but significantly higher concentrations of REE (average of 2% REE, maximum of 3.95% REE). No significant industry exploration has been carried out on these prospects since the 1960's, and several have never been drill-tested.
The newly-staked Cornerstone claims cover rare metals (Be, Nb, Zr, Hf, Ta) and REE anomalies in regional till samples that were collected, generally at 2 km centers, by the Geological Survey of Newfoundland and Labrador. Claims were staked in two separate areas: 1) east of Two Tom Lake; and 2) south of Letitia Lake. None of the historic prospects are located within Cornerstone's claims, and the till anomalies are considered to be un-sourced, although of local derivation as indicated by ice direction and glacial dispersal studies by the government survey.
Cornerstone plans to complete a digital compilation of historical exploration and government geoscientific data for the Letitia Lake area. A follow-up exploration program consisting of airborne magnetics and radiometrics, till geochemistry and biogeochemical surveys, and prospecting and geological mapping is proposed. Cornerstone is inviting expressions of interest from potential joint venture partners to carry out exploration on the Letitia Lake project.
This press release was prepared by Terry Brace, P.Geo., Cornerstone's VP Exploration and a Qualified Person in accordance with National Instrument 43-101.
About Cornerstone
Cornerstone Capital Resources Inc. is a mineral exploration company based in Mount Pearl, Newfoundland extend Labrador, Canada, with a diversified portfolio of projects in Canada and Ecuador and a strong technical team that has proven its ability to identify, acquire and advance properties of merit. The company's business model is based on generating exploration projects whose subsequent development is funded primarily through joint venture partnerships.
Cautionary Notice:
Certain statements contained in this press release 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.
On Behalf of the Board,
Colin B. McKenzie
President & CEO
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.
| 
