Cornerstone intersects 3.15 g/t Au over 3.2 m on the
El
Strato Gold Property
in Newfoundland
=======================================================================
Mount Pearl, NL, Canada: Cornerstone Capital Resources Inc.
("Cornerstone") (TSXV-CGP) (F-GWN) (B-GWN) (OTC-CTNXF) announced
today
that it has completed a 1,160 metre, 10 hole diamond
drilling program
on the El Strato gold property in north-central
Newfoundland. The
program successfully intersected a new gold-bearing breccia zone
grading 3.15 g/t Au over a core length of 3.2 m along the southwest
portion of the Rocky Bottom trend (see Table 1 and Figure 1
(http://www.cornerstoneresources.com/i/pdf/properties_elstrato_map3.pdf) for a
summary of the results). This new mineralized zone is the
widest drill intersection encountered on the property to date and is
open in all directions.
Brooke Macdonald, President of Cornerstone, said "The discovery of a
new gold-bearing zone grading 3.15 g/t Au over 3.2 m represents the
first significantly wide gold intersection to date on the El Strato
property, and confirms the potential for mineable widths. We are
encouraged by these results and will be planning a follow-up
exploration drilling program to further evaluate the extent of the gold
mineralization."
The drilling program primarily tested near-surface anomalies generated
by work completed in 2010 that included an Induced Polarization (IP)
survey, soil geochemistry survey, prospecting and a follow-up
mechanical trenching program. The IP survey identified the DD trend, a
1.25 km long IP chargeability anomaly and the Rocky Bottom trend, a
1.75 km long IP chargeability anomaly. Three holes (ES-11-20 to 22)
tested the DD trend along 700 m of its strike length. Holes ES-11-20 &
21 encountered locally weakly anomalous gold values ranging from 5 to
220 ppb Au. Hole ES-11-22, the northernmost hole along the trend,
intersected typically weakly anomalous gold values (5 - 112 ppb Au)
including a high of 2.23 g/t Au over 0.3 m in mafic volcanic rocks with
quartz-carbonate patches. Three holes (ES-11-23 to 25) were drilled
along the Rocky Bottom trend and intersected significant gold grades.
Hole ES-11-23 intersected 3.15 g/t Au over 3.2 m in a breccia and 14.23
g/t Au and 20.3 g/t Ag over 1.2 m in a narrow quartz vein that was
drilled partially down dip. Hole ES-11-24 intersected 2.16 g/t Au over
1.6 m in a shear zone and hole ES-11-25 intersected 3.01 g/t Au over
0.8 m in a quartz-veined shear zone. A more detailed description of the
DD and Rocky Bottom trends is provided in a news release dated October
4, 2010.
Hole ES-11-26 tested the Mega Vein, an approximately 8
m wide quartz
vein exposed at surface. The hole intersected only weakly anomalous
gold including 20 ppb Au over 0.9 m in a quartz vein. Hole ES-11-27
tested the Triple N showing, from which grab samples assayed up to 4.2
g/t Au. The hole intersected 2.28 g/t Au and 8.8 g/t Ag over 0.2 m and
1.16 g/t Au and 11.1 g/t Ag over 0.25 m in narrow zones of quartz
veining.
The Arrowhead showing, a >1 m wide sub-cropping mineralized quartz vein
that has returned values up to 54.3 g/t Au in grab samples, was tested
by holes ES-11-28 and 29. Hole ES-11-28 intersected the Arrowhead
quartz vein which returned 143 ppb Au over 0.4 m. Hole ES-11-29,
collared 110 m to the southwest of ES-11-28, intersected 7.39 g/t Au
over 0.8 m including the Arrowhead quartz vein which assayed 18.7 g/t
Au and 8.4 g/t Ag over 0.3 m.
Gold intercepts noted above typically contain variable amounts of
sulphide mineralization comprised of pyrite and/or sphalerite and/or
galena and/or minor chalcopyrite. See website for additional
information regarding the El Strato property
(http://www.cornerstoneresources.com/s/Newfoundland.asp?ReportID=136417).
Table 1: El Strato Drill Results
Hole No. Drill Target Area Location (UTM NAD 27
Z21) Azimuth (�) Dip (�) Length
(m) From (m) To (m) Interval* (m)
Gold (g/t)**
Easting (m) Northing (m)
ES-11-20 DD
Trend
540,885 5,494,413
290.0 -44.1
131
locally weakly anomalous Au
(ranging from 5 - 80 ppb Au)
ES-11-21 DD
Trend
540,918 5,494,518
295.6 -42.4
125
locally weakly anomalous Au
(ranging from 5 - 220 ppb Au)
90.35 91.85
1.5 191 ppb
ES-11-22 DD
Trend 541,171
5,495,047
291.5
-44.0
131 typically anomalous
Au (5 - 112 ppb Au)
78.8
79.1
0.3 2.23
ES-11-23 Rocky Bottom Trend
541,732 5,494,427
293.8
-42.5
125 92.8
94.0
1.20*** 14.23
96.4
99.6
3.2 3.15
ES-11-24 Rocky Bottom Trend
542,033 5,494,857
124.8
-42.6 95
72.0
73.6
1.6 2.16
92.57 92.77
0.2 3.62
ES-11-25 Rocky Bottom Trend
542,204 5,494,975
126.6
-42.3 110
55.0
55.8
0.8 3.01
ES-11-26 Mega
Vein
541,837 5,495,284
291.9 -43.3
53
locally weakly anomalous Au
(ranging from 5 - 188 ppb Au)
26.5
27.4
0.9 20 ppb
ES-11-27 Triple N Trench
542,224 5,495,889
303.5
-43.2 140
37.15 37.35
0.2 2.28
48.4 48.65
0.25 1.16
ES-11-28 Arrowhead Showing
542,772 5,495,586
297.3
-43.1 140
63.2
63.6
0.4 143 ppb
74.7 75.55
0.85 234 ppb
ES-11-29 Arrowhead Showing
542,727 5,495,483
297.8
-43.0 110
42.3
43.1
0.8 7.39
77.5
77.9
0.4 1.21
Total = 1,160
* all lengths noted are core lengths as true thickness is unknown at
this time
** gold grades are in grams per metric tonne (g/t)
unless otherwise
noted as parts per billion (ppb)
*** drilled partially down-dip
Qualified Person
Brad Dyke, P.Geo., Project Geologist for Cornerstone,
is the Qualified
Person in accordance with National Instrument ("NI") 43-101
responsible
for supervising the diamond drilling program on the El Strato
property.
Mr. Dyke has reviewed and approved the technical contents of this news
release. All holes drilled by Cornerstone are BQTK in size.
Photographic logging of all drill core was performed
systematically
prior to assaying. The core is logged and select 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.
Junior Exploration Assistance Program
Cornerstone would like to acknowledge financial support from the Junior
Exploration Assistance (JEA) Program of the Province of Newfoundland
and Labrador in carrying out the 2011 diamond drilling program on the
El Strato property.
Other News:
Proceeds of $937,500 have been received from the exercise of the
Company's remaining outstanding warrants. On June 24, 2011, the Company
gave notice to warrant-holders that it was accelerating the expiry date
as per the terms of the warrant agreement and all 4,687,500 warrants
were exercised by the warrant-holders.
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 Ecuador, Chile, and Atlantic
Canada, 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. The company is well funded and commitments from JV
partners constitute significant validation of the strength of
Cornerstone's projects. Further information is available on
Cornerstone's website: www.cornerstoneresources.com.
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
Investors can access and join the following Cornerstone social media
channels:
Facebook (http://www.facebook.com/cornerstoneresourcesinc)
Twitter (http://twitter.com/Cornerstone_cgp)
YouTube channel (http://www.youtube.com/user/CornerstoneResource)
Flickr (http://www.flickr.com/photos/cornerstoneresources)
The link to a recent Corporate presentation with narration is:
http://rblcommunications.com/resources/CGP/1/CGPmay2011.html
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
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.