Cornerstone Capital Resources Inc

Published : June 22nd, 2010

Provides exploration update on the El Strato gold property in Newfoundland

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Keywords :   Canada | Diamond | Ecuador | Gold | Water |


=======================================================================
Re:   News - Tuesday, June 22, 2010
      10-13 - Cornerstone provides exploration update on the El Strato
      gold property in Newfoundland
=======================================================================

Mount Pearl, NL, Canada:   Cornerstone Capital Resources Inc.
(TSXV-CGP) (F-GWN) (B-GWN) (OTC-CTNXF) reports that it has identified
new gold targets from its recent exploration programs on the El Strato
gold property located in north-central Newfoundland. The property
comprises 169 mineral claims (42.25 km2) which lie immediately east of
the Baie Verte Line, a major regional tectonic suture which, along with
subsidiary structures, is a classic environment for orogenic gold
deposits such as those of the Mother Lode gold district of California.

Overview

The El Strato property is underlain by Early Ordovician to Early
Silurian mafic volcanic rocks, and lesser felsic volcanic rocks,
sedimentary conglomerates and gabbroic intrusions all of which are
intruded in the eastern portion of the property by the Early Silurian
Burlington Granodiorite. The Micmac - Flat Water fault, a splay
structure of the Baie Verte Line, as well as a number of smaller faults
and shear zones, strike north-northeast through the property.

High grade gold mineralization was first discovered on the property by
Noranda Exploration Company, Limited ("Noranda") in the late 1980's
with discovery of the El Strato and Voodoo gold showings. The El Strato
showing consists of a narrow (less than or equal to 0.75 m wide) base
metal (Zn, Pb � Cu) rich quartz vein within silicified and pyritized
mafic volcanic rocks. Historical assay results at the El Strato showing
include up to 155.7 g/t Au in grab samples,  17.5 g/t Au over 0.55 m in
channel samples and  9.96 g/t Au over 0.3 m in drill core. The Voodoo
showing, located 830 m north-northeast of the El Strato showing,
consists of numerous angular base metal rich quartz vein boulders
ranging up to 2 m in diameter. Historical grab samples of the boulders
have returned from 0.4 to 105.2 g/t Au. Diamond drill holes which
tested the area of the boulders have returned anomalous gold values
over narrow widths (e.g. 0.3 g/t Au over 1.1 m and 3.7 g/t Au over 0.6
m). However, the low base metal content and narrow width of the veins
encountered in drill holes indicate that these are not the bedrock
source of the high grade boulders. A gold grain study and geological
interpretations by Noranda indicated a possible source to the west
under Micmac Lake. Several additional high grade gold showings have
been discovered elsewhere on the property, with grab samples commonly
returning from 5 to 67 g/t Au.

Previous exploration programs in the southern portion of the El Strato
property have included induced polarization (IP) and soil geochemistry
surveys which successfully identified a number of north-northeast
striking IP chargeability anomalies, many of which have strong
coincident gold-in-soil geochemistry anomalies. Historical drill
testing of the anomalies (4,662 m in 31 holes) has met with some
success, with significant gold mineralization encountered over narrow
widths (best assay of 10.6 g/t Au over 1.13 m). However, drill testing
has been restricted to only shallow depths (generally less than or
equal to 100 m vertical) and has focused primarily within 1.9 km of a
more than 15 km favorable strike length. Furthermore, the presence
locally of larger veins (8 m wide Mega Vein) and broad zones of
silicified and sericitized rock indicate that potential exists for
larger mineralized vein and alteration systems.

Current Exploration Program and Plans

During the first half 2010, Cornerstone completed a 25.75 line km
dipole-dipole IP survey and a 631 sample, B-horizon soil geochemistry
survey southwest of the El Strato and Voodoo gold showings.
Cornerstone's geophysical consultant identified a total of fifty-one
shallow (generally less than or equal to 15 m vertical) IP
chargeability anomalies, most of which define two main IP anomaly
trends, informally referred to as the Rocky Bottom and DD trends. The
Rocky Bottom trend is 1.75 km long and has coincident gold-in-soil
anomalies over its entire strike length.  The most pronounced anomalies
are at its southern end where thirteen soil samples exceeded 100 ppb Au
and the three highest returned 1,211 ppb, 1,453 ppb and 2,098 ppb Au.
The northern portion of the Rocky Bottom trend has been drill-tested by
a number of historical holes but the middle and southern 1.2 km of the
trend have been tested only by two short drill holes, which intersected
0.3 m and 0.7 m mineralized zones. The DD trend is a newly identified
1.25 km long IP chargeability anomaly which lies on a small peninsula
500 m west of the El Strato showing and 500 m southwest of the Voodoo
showing. Gold-in-soil values over this IP anomaly are not anomalous
with the exception of a single sample which returned 63 ppb Au.  This
zone has not been previously trenched or drill tested.

Cornerstone is currently planning an early summer mechanical trenching
program, which will provide a surface test of up to eight selected
anomalies as well as aid in understanding the structural controls on
the mineralized quartz vein systems. Trenching will be followed by a
1,000 m drill program designed to test the highest priority targets.

Soil samples were prepared and analyzed at Eastern Analytical Ltd., an
independent and qualified analytical laboratory located in Springdale,
Newfoundland. Samples were dried and screened to -80 mesh, and were
analyzed for gold by fire assay with AA finish, and 30 additional
elements by aqua regia digestion and ICP-ES finish.

This press release was prepared by Terry Brace, P.Geo., Cornerstone's
VP Exploration and a Qualified Person in accordance with National
Instrument 43-101.

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 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.

Further information is available on Cornerstone's website:
www.cornerstoneresources.com  or for investor, corporate or media
inquiries, please contact:

Martti Kangas,
Investor Relations
North America toll-free: 1 (877) 277-8377
Direct Line: 1 (647) 521-9261
Email: communications@crigold.com

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 except where outcomes have varied materially from the original
statements.

On Behalf of the Board,
Colin B. McKenzie
President & 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.

=======================================================================
Copyright (c) 2010 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 Tue Jun 22, 2010 at 5:15:00 AM Pacific Time
=======================================================================
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Cornerstone Capital Resources Inc

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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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2.63 -  5.23 4.46%
52 week l/h 52 week var.
2.63 -  5.23 -5.17%
Volume 1 month var.
11,113 22.67%
24hGold TrendPower© : 24
Produces
Develops Uranium
Explores for Copper - Gold - Lead - Nickel - Rare earth - Silver - Uranium - Zinc
 
 
 
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Last updated on : 11/19/2010
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Top Newsreleases
MOST READ
Annual variation
DateVariationHighLow
20221.69%5.282.57
2021-17.82%5.483.40
202094.98%6.531.36
2019825.00%4.310.20
20180.00%0.390.14
 
5 years chart
 
3 months chart
 
3 months volume chart
 
 
Mining Company News
Plymouth Minerals LTDPLH.AX
Plymouth Minerals Intersects Further High Grade Potash in Drilling at Banio Potash Project - Plannin
AU$ 0.12-8.00%Trend Power :
Santos(Ngas-Oil)STO.AX
announces expected non-cash impairment
AU$ 7.43+0.41%Trend Power :
Oceana Gold(Au)OGC.AX
RELEASES NEW TECHNICAL REPORT FOR THE HAILE GOLD MINE
AU$ 2.20+0.00%Trend Power :
Western Areas NL(Au-Ni-Pl)WSA.AX
Advance Notice - Full Year Results Conference Call
AU$ 3.86+0.00%Trend Power :
Canadian Zinc(Ag-Au-Cu)CZN.TO
Reports Financial Results for Q2 and Provides Project Updates
CA$ 0.12+4.55%Trend Power :
Stornoway Diamond(Gems-Au-Ur)SWY.TO
Second Quarter Results
CA$ 0.02+100.00%Trend Power :
McEwen Mining(Cu-Le-Zn)MUX
TO ACQUIRE BLACK FOX FROM PRIMERO=C2=A0
US$ 5.45+4.21%Trend Power :
Rentech(Coal-Ngas)RTK
Rentech Announces Results for Second Quarter 2017
US$ 0.20-12.28%Trend Power :
KEFIKEFI.L
Reduced Funding Requirement
GBX 0.83-2.24%Trend Power :
Lupaka Gold Corp.LPK.V
Lupaka Gold Receives First Tranche Under Amended Invicta Financing Agreement
CA$ 0.08-11.11%Trend Power :
Imperial(Ag-Au-Cu)III.TO
Closes Bridge Loan Financing
CA$ 2.10+0.00%Trend Power :
Guyana Goldfields(Cu-Zn-Pa)GUY.TO
Reports Second Quarter 2017 Results and Maintains Production Guidance
CA$ 1.84+0.00%Trend Power :
Lundin Mining(Ag-Au-Cu)LUN.TO
d Share Capital and Voting Rights for Lundin Mining
CA$ 8.28+0.49%Trend Power :
Canarc Res.(Au)CCM.TO
Canarc Reports High Grade Gold in Surface Rock Samples at Fondaway Canyon, Nevada
CA$ 0.18-2.78%Trend Power :
Havilah(Cu-Le-Zn)HAV.AX
Q A April 2017 Quarterly Report
AU$ 0.30+1.67%Trend Power :
Uranium Res.(Ur)URRE
Commences Lithium Exploration Drilling at the Columbus Basin Project
US$ 6.80-2.86%Trend Power :
Platinum Group Metals(Au-Cu-Gems)PTM.TO
Platinum Group Metals Ltd. Operational and Strategic Process ...
CA$ 2.45+7.93%Trend Power :
Devon Energy(Ngas-Oil)DVN
Announces $340 Million of Non-Core Asset Sales
US$ 68.52+1.51%Trend Power :
Precision Drilling(Oil)PD-UN.TO
Announces 2017Second Quarter Financial Results
CA$ 8.66-0.35%Trend Power :
Terramin(Ag-Au-Cu)TZN.AX
2nd Quarter Report
AU$ 0.03+0.00%Trend Power :