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.

Joint Venture or Optioned Properties:

Little Deer - Copper (Thundermin)

Red Cliff - SSC (VEC)

Deer Harbour - SSC (VEC)

Available for Option
100% Cornerstone Properties:

Gold:
Cape Ray
Colchester
El Strato
True Grit

VMS:
Bobby's Pond - VMS
Long Lake
Noel Paul's Brook
100% Cornerstone Properties:

Gold:
Burin
Cape Ray
Colchester
El Strato
Island Pond
Long Harbour
Paul's Pond
True Grit

Copper:
Princess Group
Red Cliff

VMS:
Long Lake - VMS
Noel Paul's Brook
Victoria

Potash:
Codroy

Uranium:
Deer Lake

Joint Venture Properties

Bobby's Pond

Related 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

Primary Target
Gold

Location
Located approximately 75 km west of the Hope Brook gold mine on Newfoundland's southwest coast, the Cape Ray Gold property is comprised of 2 licences, covering an area of 107.25 km².

Property Information
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

Photo Gallery

quartz breccia vein system in graphite and chlorite schists, and is one of three vein arrays within the historically documented Cape Ray deposit (the others are the 4 and 41 Zones on property adjacent to Cornerstone's claims). During the 2004 work program, this prospect returned assay values of 13.1 g/t of gold over 6.1 m and 5.3 g/t of gold over 10.2 m.

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.

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