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Re: News - Thursday, May 10, 2012
12-10 - Cornerstone and Thundermin Extend Copper Mineralization
at the Whalesback Copper Deposit and Plan the Next Phase of
Exploration at Whalesback and Little Deer
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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") (TSX-THR)
announce that a recently completed, 6,198 m, 14 hole drill program on
the 100%-owned, past-producing Whalesback Copper Deposit
("Whalesback") has extended the deposit to a vertical depth of 625 m
below surface and from 50-100 m to the east and west of the historical
deposit strike length at depths of 400-525 m below surface (see Figure
1
http://www.cornerstoneresources.com/i/pdf/properties_WB_12-10Section.pdf and Table 1). This new mineralization is expected to increase the
total mineral resource available for mining and enhance the economics
of establishing a new copper mining and milling operation at the
adjacent Little Deer Copper Deposit ("Little Deer") which is estimated
to contain National Instrument 43-101 ("NI 43-101") compliant Indicated
Resources of 1,911,000 tonnes grading 2.37% Cu (99.8 million pounds of
copper) and Inferred Resources of 3,748,000 tonnes grading 2.13% Cu
(175.0 million pounds of copper). Whalesback is located approximately
10 km north of Springdale in north-central Newfoundland and
approximately 800 m north of Little Deer.
The results of the drilling program at Whalesback include: 1.1% Cu over
a core length of 8.4 m and 3.4% Cu over 2.3 m in hole WB-12-108,
approximately 75 m below historical hole 11-11 which intersected 1.7%
Cu over 8.4 m; 1.2% Cu over 5.6 m in hole WB-12-106A, approximately 100
m east of hole 11-11; and 2.7% Cu over 3.1 m, 2.1% Cu over 4.4 m and
1.6% Cu over 1.9 m in hole WB-12-111, approximately 50 m east of
historical hole 11-2 which intersected 1.9% Cu over 2.6 m. Previously
reported hole WB-12-105 intersected 7.5% Cu over 0.4 m, 1.6% Cu over
7.0 m and 2.2% Cu over 3.0 m approximately 40 m east of historical hole
11-12 which intersected 1.6% Cu over 5.8 m. In addition, previously
reported hole WB-12-104, which intersected 2.8% Cu over 18.2 m,
including 5.2% Cu over 4.2 m, 3.4% Cu over 3.5 m and 2.6% Cu over 2.0
m, confirmed historical grades of 4.0% Cu over 3.4 m and 4.5% Cu over
6.1 m in hole 9-43 for the purposes of NI 43-101. The results of this
drilling suggest that the copper mineralization at Whalesback remains
open to the east, west and at depth.
Future work at Whalesback will include borehole Pulse EM surveys on 5-6
of the recently completed drill holes to help direct future drilling at
depth, GPS surveying and a NI 43-101 compliant mineral resource
estimate for the deposit. This work is scheduled to commence in the
next couple of weeks.
Little Deer Copper Property Exploration Plan
A 223 line kilometre VTEM airborne survey carried out in 2008 east of
the Little Deer and Whalesback copper deposits identified a number of
untested conductors that appear to be within geology favorable as a
host to base metal deposits. Cornerstone and Thundermin intend to
undertake ground geophysical surveys over these conductors this summer
and have budgeted for approximately 2,000 m of follow-up
Diamonddrilling to test the best of these conductors.
Little Deer Copper Deposit Plans
On November 1, 2011, Cornerstone and Thundermin announced positive
results from a Preliminary Economic Assessment ("PEA") for Little Deer.
The PEA indicated that there is potential to develop Little Deer on an
attractive economic basis at current copper prices (see news release
dated November 1, 2011 and Technical Report filed on SEDAR on December
15, 2011).
Table 1: Whalesback Drill Results (2011-12)
Hole No. NAD 83 UTM Zone 21 Dip (o) Az (o) From (m) To (m) Interval (m)* Cu (%)
East (m) North (m)
Previously Released Drill Intersections
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
New Drill Intersections
WB-12-106 571,725 5,493,778 -70.5 331.7 No Significant Values
WB-12-106A 571,725 5,493,778 N/A N/A 559.1 564.7 5.6 1.2
WB-12-107 571,682 5,493,730 -57.6 324.8 441.9 442.4 0.5 2.1
WB-12-108 571,614 5,493,669 -69.8 337.1 649.6 658.0 8.4 1.1
and 668.8 671.1 2.3 3.4
WB-12-109 571,614 5,493,669 -60.5 316.9 578.6 580.8 2.2 1.1
WB-12-110 571,614 5,493,669 -47.4 316.1 No Significant Values
WB-12-111 571,725 5,493,778 -65.2 340.0 373.7 376.8 3.1 2.7
and 437.9 442.3 4.4 2.1
and 452.4 454.3 1.9 1.6
WB-12-112 571,751 5,493,605 -60.3 329.3 No Significant Values
Notes:
1) * The reported copper intersections are core lengths. The true
thicknesses of the various copper intersections are undetermined and
highly variable due to the stringer nature of the mineralization.
2) Hole WB-12-106A was wedged from hole WB-12-106 at 500 m depth.
Cornerstone and Thundermin plan, subject to financing, to initiate an
infill
Diamond drilling program at Little Deer commencing in September
2012. This program will consist of approximately 7,000 m of drilling in
9-10 holes in the eastern, higher grade, portion of Little Deer to be
followed up by additional infill drilling in 2013 in other areas of the
deposit. This work is designed to upgrade the Inferred Resources to the
Indicated Resource category in order that a pre-feasibility study can
be undertaken on the deposit.
Qualified Persons
The mineral resource estimate and PEA referred to above were 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.
Mr. Andrew Hussey, P.Geo., Project Geologist and Lands Manager,
Cornerstone Resources Inc., is the Q.P. responsible for supervising the
drilling program at Whalesback 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 Little Deer and Whalesback and the
terms of the agreement with Cornerstone can be found in numerous news
releases between May 1, 2007 and February 23, 2012 and on Cornerstone's
and Thundermin's respective websites and on SEDAR.
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. Commitments from
JV partners constitute significant validation of the strength of
Cornerstone's projects.
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.
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_0412_CRICorporate.pdf
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
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.
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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 Thur May 10, 2012 at 5:15:00 AM Pacific Time
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