Cornerstone Capital Resources Inc

Published : January 24th, 2008

and Thundermin Commence 6,200 Metre Follow-Up Diamond Drilling Program on the Little Dee

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Keywords :   Canada | Copper | Diamond | Gold | Zinc |

Cornerstone and Thundermin Commence 6,200 Metre Follow-Up Diamond Drilling Program on the
Little Deer Copper Property, Newfoundland

Mount Pearl, NL, Canada - January 24, 2008:   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 a $1,000,000 follow-up exploration program, including 6,200 metres of Diamond drilling, has commenced on the Little Deer copper property located approximately 10 km north of Springdale in north-central Newfoundland.

The purpose of the current  drill program, which follows 4,940 m of drilling in 8 holes completed in 2007, is: 1) to discover additional high-grade copper and/or copper-zinc mineralization in the western portion of the Little Deer property; and 2) to further define the continuity, grade and distribution of the high-grade copper mineralization intersected in relatively wide-spaced (50-100 m) holes that have been drilled in the eastern portion of the property below and along strike from areas that were mined in the Little Deer copper deposit in the early 1970's.

A strong, 1,800 m long, shallowly west-plunging, surface DEEPEM geophysical conductor transects the Little Deer property. This conductor is coincident with the copper-bearing sulphide mineralization intersected in drilling in the eastern portion of the property. The western 700 m extension of this conductor was tested by only four shallow holes completed in 1966. One of these holes intersected 1.5% Zn and 2.5 g/t Au over 1.4 m, including 1.7% Zn and 3.1 g/t Au over 0.8 m, while another intersected 0.5% Zn over 9.5 m. These historical intersections may represent a shallow, more zinc-gold rich portion of the main Little Deer copper-bearing horizon which may occur at depth in this area. In order to evaluate this interpretation, two wide-spaced holes are planned for this western portion of the property. The first hole, LD-08-09, has been collared to intersect the projected mineralized horizon at a vertical depth of 550 m, approximately 225 m west of historical ho le LD-00-12, which is the westernmost hole drilled to date at this depth and which intersected 3.8% Cu over a core length of 10.7 m (http://www.cornerstoneresources.com/i/maps/properties_nfld_littledeerlongsec.jpg). In addition,  historical hole LD-66-136 which was drilled approximately 400 m up plunge to the northeast from the projected intersection for hole LD-08-09, intersected 2.0% Cu over 6.1 m. The second planned hole will be collared to intersect the projected mineralized horizon a further 200 to 225 m west of hole LD-08-09.

Relatively wide-spaced Diamond drilling, undertaken by Thundermin and Cornerstone in 2007 along with historical drilling undertaken from 1998 to 2000 and in 1966 and 1967, has been successful in intersecting appreciable copper mineralization, over core lengths ranging from 1.5 to 10.7 m, below and along strike from areas mined in the Little Deer copper deposit in the early 1970's. For example, 2.5% Cu was intersected over a core length of 5.5 m in hole LD-07-02; 2.0% Cu over 10.1 m in LD-07-06; 4.5% Cu over 8.8 m in hole LD-07-07, including 7.5% Cu over 3.8 m; 3.0% Cu over 7.3 m in LD-98-02; 3.1% Cu over 12.9 m in LD-98-03; 4.3% Cu over 9.6 m in LD-98-04; 2.3% Cu over 8.2 m in LD-98-05; 2.9% Cu over 5.8 m in LD-98-07; 2.5% Cu over 8.3 m in LD-98-08; 3.8% Cu over 10.7 m in LD-00-12; and 3.6% Cu over 8.1 m in LD-66-135. (see news releases issued by Cornerstone and Thundermin dated May 1, June 21, July 9, October 30 and December 11, 2007 or visi t Cornerstone's and Thundermin's respective websites at www.cornerstoneresources.com and www.thundermin.com or visit SEDAR at www.sedar.com for more details on the Little Deer property).

In order to define the continuity, grade and distribution of the high-grade copper mineralization intersected in the eastern portion of the property, which remains open to the east, west and at depth, Thundermin and Cornerstone plan to re-enter holes LD-00-12, LD-98-07 and LD-07-02 and use them as pilot holes employing directional drilling techniques. These holes have intersected significant grades of copper mineralization over core widths ranging from 5.5 to 10.7 m over a strike length of approximately 300 m and at vertical depths from 535 to 630 m. Approximately six additional holes, spaced on 50 m centres, will be attempted from each of these pilot holes to obtain the data necessary to undertake a resource calculation for the deposit. Directional drilling technology has the potential to reduce overall drilling costs significantly since these new holes will be collared from the pilot hole. 

DDH LD-07-08, the final hole of the 2007 program, intersected the mineralized horizon on the -622 m level approximately 165 m east of drill hole LD-07-02 which intersected 1.2% Cu over 25.5 m including 2.5% Cu over 5.5 m. Hole LD-07-08 intersected an upper mineralized interval containing disseminated chalcopyrite from 615.2 m to 619.6 m grading 0.24% Cu over 4.4 m. A late gabbro dyke cuts this copper interval. This was followed downhole, from 629.4 m to 635.9 m, by a zinc-gold enriched interval containing 0.74% Zn and 0.35 g/t Au over 6.5 m, including 3.1% Zn and 2.2 g/t Au over 0.5 m. The pierce point of LD-07-08 is the eastern-most drill hole to date below the historic mine workings.

Cornerstone and Thundermin have the option, on a 50/50 basis with Thundermin as operator, to earn a 100% interest in the Little Deer copper deposit and adjacent property from Weyburn Investments Ltd. ("Weyburn"). Thundermin, under its joint venture agreement with Cornerstone, has the right to increase its interest in the 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 of the terms of the agreement with Weyburn can be found on Thundermin's and Cornerstone'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 carrying out the drilling program on the property for the purposes of National Instrument 43-101. Mr. Hussey has reviewed and approved the contents of this release. All 2007 drill holes are NQ in size. Specific gravity, 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, Newfoundland. The remaining half of the core is kept for future reference. Blanks, duplicates and standards are routinely used as part of the assay procedures.

In other news the Board of Directors has re-approved the Company's Shareholders Rights Plan which was initially approved by the Board in November 2006 and received shareholder approval at last years AGM on April 23, 2007. Pursuant to the policies of the TSX Venture Exchange, the Rights Plan will take effect immediately but must be ratified by shareholders within 6 months.

A copy of the Rights Plan is available by contacting the Company by telephone (709) 745-8377, by facsimile (709) 747-1183 or by mail to Cornerstone Capital Resources Inc., 109 Clyde Avenue, Mount Pearl, NL, A1N 4R9.  A copy is also available on SEDAR at www.sedar.com.

On Behalf of the Board,
Glen H. McKay
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.

Renmark Financial Communications Inc.
Tina Cameron : tcameron@renmarkfinancial.com
Maurice Dagenais : mdagenais@renmarkfinancial.com
Tel. : (514) 939-3989
Fax : (514) 939-3717
www.renmarkfinancial.com

THE COMMON SHARES OF THE COMPANY ARE CURRENTLY LISTED ON THE TSXV IN CANADA (SYMBOL CGP), THE OTC IN THE USA (SYMBOL CTNXF) AND THE FRANKFURT STOCK EXCHANGE (SYMBOL GWN)

THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Data and Statistics for these countries : Canada | All
Gold and Silver Prices for these countries : Canada | All

Cornerstone Capital Resources Inc

DEVELOPMENT STAGE
CODE : CGP.V
ISIN : CA21922J2083
CUSIP : 21922J208
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Cornerstone is a exploration company based in Canada.

Cornerstone develops uranium in Canada, and holds various exploration projects in Canada, in Chile and in Ecuador.

Its main asset in development is AILLIK in Canada and its main exploration properties are CHALEUR, ANAKTALIK, AUCOIN, LABRADOR TROUGH, VOISEY'S BAY PROPERTY, DEER LAKE PROJECT, DORCHESTER, GOSHEN, EL STRATO, LONG LAKE, NOTAKWANON LAKE, TRUE GRIT, CAPE RAY, COLCHESTER, CODROY PROJECT, LONG HARBOUR, OKAK, GARLAND, KAUK, KONRAD, NOEL PAUL'S BROOK, BOBBY'S POND, LITTLE DEER, CONEY ARM and INDIAN ARM in Canada, MACARA, BELLA MARIA, MONTERREY and SIERRAMIN in Ecuador and LA FORTUNA CHILE in Chile.

Cornerstone is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 1.3 billions as of today (US$ 1.0 billions, € 885.4 millions).

Its stock quote reached its lowest recent point on March 04, 2016 at CA$ 0.02, and its highest recent level on September 18, 2020 at CA$ 6.53.

Cornerstone has 299 560 000 shares outstanding.

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6/11/2007 May update - the Drills start turning
6/7/2007(Shyri)Provides update on geophysics at GAMA, Shyri project, southe...
5/15/2007Signs JV Agreement and Commences Drill Program on Cornerston...
5/7/2007plans to drill 26,000 metres on five projects in Canada and ...
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TSX-V (CGP.V)Other OTC (CTNXF)
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CA$ 4.22
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11,113 22.67%
24hGold TrendPower© : 24
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