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Re: News - Tuesday, March 31, 2009
09-06 - Cornerstone provides update on the Burin
gold-copper
property, Newfoundland
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Mount Pearl, NL, Canada: Cornerstone Capital Resources Inc. (TSXV-CGP)
(F-GWN) (B-GWN) (OTC-CTNXF) announces that an Amendment to the Burin
Option Agreement dated February 26, 2007 has been signed with the
property vendor, Mr. Nathaniel Noel, wherein the second anniversary
payment is amended from $20,000 and 20,000 common shares to $10,000 and
50,000 common shares. All other terms and conditions of the Option
Agreement (See Cornerstone News Release 07-08 dated April 23, 2007,
available on SEDAR) remain unchanged.
Located on the Burin Peninsula in southeastern Newfoundland, the Burin
property is an early-stage exploration project covering 87.5 km2 with
potential for hosting high-sulphidation epithermal
gold and porphyry
copper-gold deposits. The property is underlain predominantly by the
Neoproterozoic Marystown
Group, a prospective sequence of subaerial
volcanic and coeval plutonic rocks which are variably deformed and
metamorphosed to greenschist facies.
The volcanic rocks contain
extensive elongate zones of advanced argillic
alteration, locally with
silicic cores and anomalous gold (� silver, copper,
arsenic, antimony
and zinc). As such, the Burin Peninsula represents one of the largest
and least-explored auriferous epithermal systems in Canada. The
past-producing Hope Brook gold mine (11.2 million tonnes
grading 4.54
g/t gold at a cut-off grade of 2.5 g/t gold [1]) located on the
southwest coast of Newfoundland provides an excellent analogy for the
Burin alteration systems in terms of tectonic setting, age and nature
of host rocks, and the nature and style of alteration and
mineralization.
Since 2007 Cornerstone has expended approximately CDN$600,000 on the
Burin property, which has included a compilation of historical work,
high resolution satellite imagery, lake sediment, stream sediment and
soil geochemistry surveys, prospecting, trenching and detailed
geological, structural and alteration mapping utilizing a portable
spectrometer. Dr. Jeffrey Hedenquist, a
world-renowned expert on
epithermal gold and porphyry deposits, has also visited and reported on
the prospectivity of the property
(http://www.cornerstoneresources.com/i/pdf/Properties_BurinRpt_Aug07.pdf).
The Burin property contains two of the best-known gold prospects on the
Burin Peninsula, the Hickey's Pond and Stewart prospects. At the
Hickey's Pond prospect, grab samples of vuggy silica
material have
returned up to 17.8 g/t Au and channel samples have returned up to 12.4
g/t Au over 1.2 m. In 1982 and 1990, the prospect was tested by shallow
drilling (max. 150 m vertical depth) which encountered narrow
gold-bearing zones with grades of up to 1.96 g/t Au over 3.1 m. At the
Stewart prospect located approximately 65 km to the southwest, historic
exploration has returned anomalous gold over significant widths in
trenches (up to 0.62 g/t Au over 13 m) and diamond drill holes (up to
0.25 g/t Au over 63 m). Cornerstone's detailed mapping has revealed
that the Stewart prospect is hosted by an altered quartz diorite
intrusion with a variety of sheeted and stockwork
quartz veins, and may
offer potential for hosting porphyry copper-gold mineralization. The
Burin property covers several additional auriferous epithermal
alteration zones, including the Paradise trend which hosts the
Monkstown Road, Strange and Bullwinkle showings. Grab
samples of
silicic material at the Monkstown
Road and Strange showings have
returned up to 8.2 g/t Au and 3.3 g/t Au respectively, and at the
Bullwinkle showing, soil sampling by Cornerstone has identified an
open-ended gold-in-soil anomaly measuring 150 m wide by 500 m long.
These gold showings have only received cursory surficial
exploration
and have not been drill tested. Cornerstone's upcoming focus will be on
developing drill targets through a program of trenching, detailed
mapping and systematic rock sampling. Cornerstone is soliciting
expressions of interest from prospective joint venture partners to
advance exploration on the Burin property.
This news release was prepared by Terry Brace, P.Geo., Cornerstone's VP
Exploration and a Qualified Person in accordance with National
Instrument 43-101.
[1] McKenzie, C.B., 1986, Geology and mineralization of the Chetwynd
deposit, southwestern Newfoundland, Canada, in Macdonald, A.J., Gold
'86: Willowdale, Ontario, Konsult International, pp. 137-148.
Other News
The Board of Directors has approved an aggregate of 375,000 Cornerstone
share purchase options for issuance to one senior officer as
compensation for foregone consulting fees and to five employees as
performance incentives on March 26. The exercise price is $0.06/share
and the options expire March 26, 2014.
About Cornerstone
Cornerstone Capital Resources Inc. is a mineral exploration company
based in Mount Pearl, Newfoundland & 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.
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.
On Behalf of the Board,
Colin B. McKenzie
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.
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) 2009 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 Mar 31, 2009 at 5:15:00 AM Pacific Time
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