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Re: News - Thursday, February 23, 2012
12-05 - Cornerstone and Thundermin Intersect High Grade Copper
Mineralization at the Past-Producing Whalesback Copper Mine
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Mount Pearl, NL, Canada: Cornerstone Capital Resources Inc.
("Cornerstone") (TSXV-CGP) (F-GWN) (B-GWN) (OTC-CTNXF) and 50% joint
venture partner Thundermin Resources Inc. ("Thundermin") (THR:TSX)
announce that they have intersected 2.8% Cu over a core length of 18.2
m, including 5.2% Cu over 4.2 m and 3.4% Cu over 3.5 m, in an on-going
initial
Diamond drilling program on their 100% owned, past-producing
Whalesback Copper Mine ("Mine"). The Mine, which was in production from
1965 - 1972, is located approximately 10 km north of Springdale in
north-central Newfoundland and approximately 800 m north of the 100%
owned Little Deer Copper Deposit ("Deposit") (see Figure 1 -
http://www.cornerstoneresources.com/i/pdf/properties_LD_12-05Section.pdf and Table 1).
Table 1: Whalesback Drill Results (2011-2012)
Hole No. NAD 83 UTM Zone 21 Dip (o) Az (o) From (m) To (m) Interval (m)* Cu (%)
East (m) North (m)
WB-11-100 571,528 5,493,983 -43.9 329.9 51.4 51.8 0.4 0.9
WB-11-101 571,560 5,493,911 -43.0 336.1 122.8 124.5 1.7 3.4
WB-11-102 571,560 5,493,911 -62.5 334.9 163.8 164.0 0.2 12.6
and 169.0 170.0 1.0 1.5
WB-11-103 571,534 5,493,873 -48.8 332.6 172.7 173.6 0.9 1.4
WB-12-104 571,725 5,493,778 -62.8 324.6 376.9 395.1 18.2 2.8
including 376.9 381.1 4.2 5.2
including 390.1 393.6 3.5 3.4
and 403.0 405.0 2.0 2.6
WB-12-105 571,725 5,493,778 -65.9 332.9 402.8 403.2 0.4 7.5
and 468.0 475.0 7.0 1.6
including 472.0 475.0 3.0 2.2
and 483.7 484.4 0.7 1.3
Notes:
1) * The reported copper intersections are core lengths. The true
thicknesses of the various copper intersections are highly variable due
to the stringer nature of the mineralization.
The purpose of the current drill program, comprising approximately
4,000 metres of drilling in 13-15 holes, is to discover additional
copper resources at relatively shallow depths adjacent to the Mine
below and to the west of the old mine workings and to confirm
historical drill intercepts in undeveloped areas of the Mine for the
purposes of National Instrument 43-101 ("NI 43-101"). A digital
compilation of historical
Diamond drill hole assay data recovered from
the archives of the Newfoundland and Labrador Department of Natural
Resources in St. John's suggests that there is excellent potential for
the discovery of additional copper resources at the Mine (see news
release dated October 20, 2011). The discovery of any new copper
resources at the Mine could, because of their proximity to the Deposit,
expand the total mineral resources available for mining and enhance the
overall economics of establishing a new mining operation at Little
Deer. At this time, the potential discovery of additional mineral
resources at the Mine is conceptual in nature and it is uncertain
whether further
Diamond drilling will result in the discovery of
additional mineral resources.
All holes completed to date have intersected copper mineralization with
the most significant copper intervals being in holes 104, 105 and 101
(see Table 1 and Figure 1). Hole WB-12-104 intersected 2.8% Cu over a
core length of 18.2 m, including 5.2% Cu over 4.2 m and 3.4% Cu over
3.5 m. This hole was drilled to confirm the copper mineralization
intersected in historical hole 9-43 which assayed 4.0% Cu over 3.4 m
and 4.5% Cu over 6.1 m and for which no assay data was available in the
historical drill log. Hole WB-12-105 intersected 7.5% Cu over 0.4 m and
1.6% Cu over 7.0 m, including 2.2% Cu over 3.0 m. This intersection,
which is the easternmost hole drilled to date at this depth on the
Mine, occurs 90 m below hole 104 and 50 m east of historical hole 11-12
which intersected 1.6% Cu over 5.8 m. Hole WB-11-101 intersected 3.4%
Cu over 1.7 m at a depth of approximately 75 m below surface, west of
the area mined previously. The drill results to date confirm historical
copper intercepts and suggest that the Whalesback deposit remains open
to the east, west and at depth.
Preliminary Economic Assessment ("PEA") - Little Deer Copper Deposit
On November 1, 2011, Cornerstone and Thundermin announced the results
of a positive PEA for the Deposit. The PEA indicated that there is
potential to develop the Deposit on an attractive economic basis at
current metal prices (see news release dated November 1, 2011 and
Technical Report filed on SEDAR on December 15, 2011).
Mineral Resource Estimate - Little Deer Copper Deposit
On June 22, 2011, Cornerstone and Thundermin reported a NI 43-101
compliant mineral resource estimate for the Deposit comprising
Indicated Resources of 1,911,000 tonnes at an average grade of 2.37% Cu
(99.8 million pounds of copper) and Inferred Resources of 3,748,000
tonnes at an average grade of 2.13% Cu (175.9 million pounds of
copper). The mineral resource estimate was prepared under the
supervision of Mr. Eugene J. Puritch, P. Eng., President of P&E Mining
Consultants Inc. of Brampton, Ontario. Mr. Puritch is an independent
Qualified Person ("Q.P.") in accordance with NI 43-101.
Qualified Person
Mr. Andrew Hussey, P.Geo., Project Geologist and Lands Manager,
Cornerstone Resources Inc., is the Q.P. responsible for supervising the
drilling program for the purposes of NI 43-101. All holes drilled by
Cornerstone and Thundermin are NQ in size. Bulk density measurements,
rock quality designations 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,
Newfoundland 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.
Little Deer Joint Venture
Under the terms of its joint venture agreement with Cornerstone,
Thundermin 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 Deposit and the terms of the
agreement with Cornerstone can be found in numerous news releases
between May 1, 2007 and November 1, 2011 and on Cornerstone's and
Thundermin's respective websites and on SEDAR.
Other News
Cornerstone announces the termination of option agreements on the
following Canadian properties:
1) Redcliff -- Deer Harbour (Copper) properties - Optioned to Vale
Exploration Canada Inc. (see news release dated May 04, 2010); and
2) Letitia Lake (REE) Property - Optioned to Rare Earth Metals Inc.
(see news release dated February 16, 2010)
These 100% owned properties have been returned to Cornerstone, and over
the next several months, all exploration results will be reviewed in
order to determine what additional work may be warranted.
About Cornerstone
Cornerstone Capital Resources Inc. is a mineral exploration company
based in Mount Pearl, Newfoundland and Labrador, Canada, with a
diversified portfolio of projects in Canada, Ecuador and Chile, 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. The company is
well funded and commitments from JV partners constitute significant
validation of the strength of Cornerstone's projects.
Further information is available on Cornerstone's website:
www.cornerstoneresources.com or for investor, corporate or media
inquiries, please contact:
Investor Relations:
Email: communications@crigold.com
North America toll-free: 1 (877) 277-8377
Martti Kangas - Direct Line: 1 (647) 521-9261
Paul Benwell / Pat Kairns - Direct Line: 1 (514) 904-1333
The link to a recent Corporate presentation is:
http://www.cornerstoneresources.com/i/pdf/Presentations_0112_CRICorporate.pdf
The link to a virtual tour of drilling at the Gama prospect, Shyri
concession in Ecuador is:
http://www.youtube.com/watch?v=Ne8XSfgLwIM
Investors can also access Cornerstone on Twitter
Cautionary Notice:
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, predicting natural geological phenomena 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 except where
outcomes have varied materially from the original statements.
On Behalf of the Board,
Brooke Macdonald
President and CEO
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.
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Copyright (c) 2012 CORNERSTONE CAPITAL RESOURCES INC. (CGP) All rights
reserved. For more information visit our website at
http://www.cornerstoneresources.com/ or send
mailto:info@cornerstoneresources.com
Message sent on Thu Feb 23, 2012 at 5:15:00 AM Pacific Time
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