Re: News - Tuesday, May 12, 2009
09-10 - Cornerstone and Thundermin continue to intersect high
grade copper mineralization at Little Deer
Mount Pearl, NL, Canada: Cornerstone Capital Resources Inc.
(TSXV-CGP) (F-GWN) (B-GWN) (OTC-CTNXF) and 50% joint venture partner
Thundermin Resources Inc. ("Thundermin") (THR:TSX) announce that they
have intersected 6.0% Cu over a core length of 3.8 m in hole LD-09-20
on the Little Deer Copper Deposit ( the "Deposit") within a wider
mineralized interval that grades 2.5% Cu over 12.0 m. In addition, hole
LD-09-21 intersected 2.1% Cu over a core length of 6.3 m (Table 1 and
Figure 1 -
http://www.cornerstoneresources.com/i/maps/properties_nfld_littledeerlongsec.jpg). To date, the copper mineralization in the Little Deer
Deposit has been intersected over a strike length of approximately
1,050 m and to a vertical depth of approximately 800 m. The Deposit
remains open to the east, west and at depth.
Table 1: Little Deer Drill Results (2009)
Hole No.* East (m) North (m) Dip (o) Az (o) From (m) To (m) Interval (m)* Cu (%)
LD-09-20 13,577 4,545 -72.7 337.5 710.6 722.6 12.0 2.5
incl. 718.8 722.6 3.8 6.0
incl. 715.1 722.6 7.5 3.5
LD-09-21 13,396 4,514 -68.1 319.3 761.9 768.2 6.3 2.1
LD-09-19 13,493 4,532 -60.6 333.5 No significant values
LD-09-22 13,000 4,670 -70.6 332.0 Hole currently drilling
* Note -- hole LD-09-18, the first hole of the current drill program,
did not target the Little Deer Copper Deposit shown in Figure 1.
* Reported intervals are core lengths -- true widths are yet to be
The current diamond drilling program is part of a $Cdn 900,000
exploration program consisting of approximately 5,800 m of drilling and
borehole Pulse EM surveys that was announced on February 25, 2009 for
the first half of 2009. Approximately 3,000 m of drilling in four
holes have been completed to date. The current drill program is
on-going and is expected to be finished near the end of June. Micon
International Limited ("Micon") has been retained to prepare a National
Instrument 43-101 compliant mineral resource estimate for the Deposit
based on all drill hole data available as at approximately May 15,
2009. It is anticipated that Micon will complete this resource estimate
early in the third quarter of 2009.
The copper-rich sulphide intersection in hole LD-09-20 occurs 678 m
below surface and is the deepest intersection drilled to date in this
area of the Deposit. This intersection, which consists of disseminated,
stringer, semi-massive and massive sulphides containing variable
amounts of chalcopyrite, pyrrhotite and pyrite within strongly altered
mafic volcanic rocks, occurs approximately 40 m east of and 65 m below
the intersection in hole LD-08-15 that graded 2.7% Cu over 46.6 m.
Hole LD-09-21 intersected chalcopyrite mineralization at a vertical
depth of approximately 700 m that grades 2.1% Cu over 6.3 m. This
intersection occurs 30 m west and 132 m below hole LD-00-12 that graded
3.8% Cu over 10.7 m (Figure 1).
Hole LD-09-19 was collared to intersect the westward projection of the
Little Deer copper-bearing zone at a vertical depth of approximately
400 m and approximately 175 m below historical hole LD-66-122 that
graded 1.6% Cu over 2.6 m (Figure 1). This hole intersected the
copper-bearing zone but returned no significant values.
Hole LD-09-22 is currently drilling and has been collared to intersect
the main copper-bearing zone approximately 100 m east of the
intersection in hole LD-08-10A that graded 2.2% Cu over 16.8 m,
including 3.9% Cu over 5.9 m.
Hole LD-09-18 was collared to intersect a geophysical conductor that
was outlined by a VTEM survey flown over a portion of the Little Deer
property in July 2008. This conductor, which may coincide with a
separate mineralized zone, occurs approximately 200 m southeast of the
main Deposit. Hole LD-09-18 intersected the geophysical target at a
vertical depth of approximately 390 m and intersected moderately to
intensely altered mafic volcanics containing less than 2% disseminated
pyrite and local trace chalcopyrite. A borehole Pulse electromagnetic
survey will be conducted on this hole in the future to determine if
there is any significant sulphide mineralization near the hole that was
missed by the drilling.
Thundermin, the operator, and Cornerstone have the option, on a 50/50
basis to earn a 100% interest in the Little Deer copper deposit and
adjacent property from Weyburn Investments Ltd. Thundermin, under its
joint venture agreement with Cornerstone, has the right to increase its
interest in the Little Deer property to 75% by completing a feasibility
study and by arranging 100% of the necessary bank financing required to
place the property into commercial production. Details on the Little
Deer copper deposit and the terms of the agreement with Weyburn can be
found in news releases dated May 1, June 21, July 9, October 30,
December 11, 2007 and January 24, April 9, May 15, June 6, June 17,
July 25, November 26, 2008 and February 25, 2009 and on Cornerstone's
and Thundermin's respective websites and on SEDAR.
Mr. Andrew Hussey, P.Geo., Project Geologist and Lands Manager,
Cornerstone Resources Inc., is the qualified person that is responsible
for supervising the drilling program on the property for the purposes
of National Instrument 43-101. Mr. Hussey is also the qualified person
that has reviewed and approved the contents of this release. All holes
drilled by Thundermin and Cornerstone are NQ in size. Specific gravity
measurements, rock quality determinations and photographic logging of
significant mineralized intersections are performed systematically
prior to assaying. The core is logged and the mineralized sections,
where appropriate, are sawn in half at a core logging facility in
Springdale. Half of the core is submitted for analyses to Eastern
Analytical Limited, an independent and qualified assayer located in
Springdale, and the remaining half of the core is kept for future
reference. Blanks, duplicates and standards are routinely used as part
of the assay procedures.
Thundermin and Cornerstone would like to acknowledge the financial
support received from the Junior Exploration Assistance (JEA) Program
of the Province of Newfoundland and Labrador in carrying out a portion
of their work on the Little Deer property.
Cornerstone Capital Resources Inc. is a mineral exploration company
based in Mount Pearl, Newfoundland & 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.
This news release may contain 'Forward-Looking Statements' that involve
risks and uncertainties, such as statements of Cornerstone's plans,
objectives, strategies, intentions and expectations. The words
"potential," "anticipate," "forecast," "believe," "estimate," "expect,"
"may," "project," "plan," and similar expressions are intended to be
among the statements that identify 'Forward-Looking Statements.'
Although Cornerstone believes that its expectations reflected in these
'Forward-Looking Statements' are reasonable, such statements may
involve unknown risks, uncertainties and other factors disclosed in our
regulatory filings, viewed on the SEDAR website at www.sedar.com. For
us, uncertainties arise from the behaviour of financial and metals
markets and from numerous other matters of national, regional, and
global scale, including those of an environmental, climatic, natural,
political, economic, business, competitive, or regulatory nature.
These uncertainties may cause our actual future results to be
materially different than those expressed in our Forward-Looking
Statements. Although Cornerstone believes the facts and information
contained in this news release to be as correct and current as
possible, Cornerstone does not warrant or make any representation as to
the accuracy, validity or completeness of any facts or information
contained herein and these statements should not be relied upon as
representing its views subsequent to the date of this news release.
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 email@example.com;
or toll free at 1-877-277-8377.
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that term is defined in the policies of the TSX Venture Exchange)
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Message sent on Tue May 12, 2009 at 5:15:00 AM Pacific Time