Cornerstone and Thundermin update the on-going Diamond Drilling Program at the
Little Deer Copper Property, Springdale area, Newfoundland
Mount Pearl, NL, Canada - April 9, 2008: Cornerstone Capital Resources Inc. (TSXV-CGP) (F-GWN) (B-GWN) (OTC-CTNXF) and 50% joint venture partner Thundermin Resources Inc. ("Thundermin") (THR:TSX) provide the following update on the progress of the $1,000,000 exploration program, including approximately 6,200 metres of drilling, that commenced in late January on the Little Deer copper property. The Little Deer property, on which mining took place in the early 1970's, is located approximately 10 km north of Springdale in north-central Newfoundland.
The purpose of the current drill program is: 1) to evaluate the potential for the discovery of 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 previously mined.
Approximately 1,525 m of drilling in two wide-spaced, step out holes have been completed to date in the western portion of the property. These holes targeted the westward projection of a surface DEEPEM geophysical conductor which is coincident with high-grade copper-cobalt mineralization in the eastern portion of the property. Hole LD-08-09 was collared to intersect the projected mineralized horizon approximately 200 m west of historical hole LD-00-12, which intersected 3.5% Cu over a core length of 1.8 m and 3.8% Cu over 10.7 m at a vertical elevation of approximately 550 m. Hole LD-08-09 successfully extended the known copper mineralization a further 200 m to the west and encountered 1.5% Cu over a core length of 1.2 m at a vertical depth of approximately 665 m. Hole LD-08-10, which was collared to intersect the projected mineralized horizon a further 250 to the west of hole LD-08-09, failed to intersect significant copper mineralization at a vertical depth
of approximately 600 m.
In order to define the continuity, grade and distribution of the high-grade copper mineralization intersected previously 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 technology. These holes intersected significant widths of high-grade Cu mineralization over a 350m strike length at vertical depths from 535 to 630 m. Six additional holes, spaced on 50 m centres, are planned for each of these pilot holes in order to obtain the data necessary to undertake a resource calculation for the Little Deer deposit. The first of these holes is currently in progress from hole LD-98-07 where 2.9% Cu was previously intersected over a core length of 5.8 m at a vertical depth of approximately 535 m (see news releases issued by Thundermin and Cornerstone dated May 1, June 21, July 9, October 30,
December 11, 2007 and January 24, 2008 or visit Thundermin's and Cornerstone's respective websites at www.thundermin.com and www.cornerstoneresources.com or visit SEDAR at www.sedar.com).
A geophysical survey crew has been mobilized to the property to undertake downhole Pulse EM geophysical surveys on holes LD-08-09 and LD-08-10, in the west, and holes LD-07-03 and LD-07-08, in the east. Downhole surveys on the western holes will provide information on the lateral extent of the copper mineralization intersected in hole LD-08-09 and give indications as to whether there is any significant sulphide mineralization near hole LD-08-10 which was not intersected by the drilling. Hole LD-07-03, the deepest hole drilled to date, was lost short of the target at a vertical depth of approximately 750 m due to drilling difficulties. A downhole surv
ey of this hole should provide indications as to whether or not sulphide mineralization occurs at these depths. If the response is positive, this hole would be extended using the Devico drill technology. Downhole surveying of hole LD-07-08, the easternmost hole drilled to date at a vertical depth of approximately 625 m, will provide information as to the possible eastern extent of sulphide mineralization on the property.
Thundermin and Cornerstone are also considering a 400 line-km airborne magnetic and electromagnetic survey over 54 claims covering 13.5 square km which are under option from Weyburn Investments Ltd. ("Weyburn") that lie adjacent and to the east of the Little Deer deposit. The purpose of this work would be to define possible eastward extensions to the known Little Deer and Whalesback copper mineralization and explore for entirely new copper deposits.
Thundermin and Cornerstone 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. Under the terms of the agreement, Thundermin and Cornerstone have committed to spend $850,000 in exploration and development work on the property on or before June 20, 2009. Thundermin and Cornerstone have advised Weyburn that such expenditures have already been completed. 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 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 supervising 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 and 2008 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 where assays are required, the mineralized sections 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.
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.
BARBARA KOMOROWSKI : BKOMOROWSKI@RENMARKFINANCIAL.COM
MAURICE DAGENAIS : MDAGENAIS@RENMARKFINANCIAL.COM
TEL. : (514) 939-3989
FAX : (514) 939-3717
WWW.RENMARKFINANCIAL.COM 
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Cornerstone Capital Resources Inc
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DEVELOPMENT STAGE |
CODE : CGP.V |
ISIN : CA21922J2083 |
CUSIP : 21922J208 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
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$ 1.2 billions as of today (US$ 934.1 millions, € 818.3 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. |