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Re: Press Releases - Thursday, July 26, 2007
07-15 - Cornerstone announces 4.7% Zinc intercept in drilling by
Mountain Lake Resources
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Mount Pearl, NL, Canada: Cornerstone Capital Resources Inc.
(TSXV-CGP) (F-GWN) (B-GWN) (OTC-CTNXF) has been informed by Mountain
Lake Resources Inc. (TSX-V: MOA) that it has encountered widespread
base metals in two of the three holes completed on the Cornerstone
claims located ~2.5 km south-southwest from Mountain Lake's Bobby's
Pond zinc-copper (Zn-Cu) base metals deposit in Central Newfoundland.
The drill results include a 1
meter intercept of 4.7% Zn in Hole
BPR-07-02.
In a news release today, Mountain Lake stated:
"A total of 956.45
meters were drilled in 3 holes. The strategy was to
test a 600 meter
gap between previous INCO drill holes and to test the
alteration system at depth. The drill holes have been lined with
plastic tubing so that a downhole Pulse EM survey can be conducted
later this summer when the equipment is available.
"Hole BPR-07-01 targeted the alteration zone beneath a 1988 INCO hole
(drilled before the discovery of the Bobby's Pond Deposit), which
intersected a wide alteration zone containing minor base metals. The
recently completed hole intersected a 14 meter interval of 0.42% Zn
from 402 meters
to 416 meters.
"Hole BPR-07-02, drilled 200 meters grid west of BPR-07-01, also
encountered a wide zone of alteration and base metal mineralization
with intervals of 0.29% lead (Pb), 0.47% Zn over 5 meters from 235.5 to
240.5 meters and 0.03% Pb and 1.82% Zn over 3 meters from 244.5 to
247.5 meters. This included a 1
meter interval of .05% Pb and 4.7% Zn
from 245.5 to 246.5
meters. Cu, silver (Ag) and gold (Au) values were
insignificant.
"BPR-07-03, drilled an additional 200 meters grid west of
BPR-07-02,
encountered strong silicification, patchy sericitization and pyrite
throughout much of the hole but no significant base metals.
"Targeting for additional drill holes will be determined once the
results of the downhole Pulse EM surveys have been received. Attention
will be focused this summer on field programs to generate targets for
drill testing on the Cornerstone Option to the northeast of Mountain
Lake's 100% owned mining lease.
"With respect to diamond drilling, sample analyses and quality
assurance/quality control procedures: all holes are NQ sized core which
have been photographed, logged, and diamond saw cut at the core logging
facility located in Buchans, Newfoundland. Half of the core was
submitted to Eastern Analytical Laboratories in Springdale,
Newfoundland for analysis for base metals (zinc, copper, lead and
silver) with an AA finish. Gold was analyzed by 30 gram Fire Assay
with an AA finish. QA QC procedures involve the inclusion of Standards
(1 in
20), Blank Samples (l in 20), and Sample Duplicates (1 in 20)
using Eastern Analytical's internal Standards and Blank Samples.
"Mr. Gary Woods, P.Geo. President and CEO of Mountain Lake, is the
Qualified Person on the Bobby's Pond project, and has reviewed and
verified the contents of this news release."
The Bobby's Pond JV
Cornerstone's Bobby's Pond property comprises 62 claims (15.5 sq km)
that partially surround Mountain Lake's 2.4 sq km Bobby's Pond Mining
Lease. A map of the property is available at
http://www.cornerstoneresources.com.
The option agreement gives Mountain Lake the right to earn a 51%
interest in Cornerstone's claims by spending $2.75 million on
exploration over five years. The first year's $150,000 expenditure is
a firm commitment and includes completion of a diamond drilling
program. The agreement also calls for Mountain Lake to issue 200,000
common shares to Cornerstone over five years, including 25,000 to be
issued on the acceptance of the agreement by the TSX Venture Exchange.
With an active exploration program already underway on its Bobby's Pond
mining lease, Mountain Lake will be operator of the joint venture
during the earn-in period.
When Mountain Lake earns a 51% interest, a Joint Venture will be formed
whereby each party will have the right to maintain its respective
interest by funding its share of exploration costs. The agreement also
gives Mountain Lake the right, subject to certain conditions, to
increase its interest to 75%. Either party may dilute its interest,
based on exploration expenditures. If either party's interest falls to
10% or less, its interest will convert to a 2% NSR, which is subject to
buy-out provisions.
Bobby's Pond is one of a number of active projects in the Buchan's area
of Central Newfoundland known for its base and precious metal-rich VMS
deposits, most notably the renowned and historic Buchan's deposits
themselves. The Bobby's Pond project is located 25 km to the west of
Aur Resources' Duck Pond deposit, which is in commercial production,
and 50 km
northeast of Messina Minerals' Tulks South property, the site
of their 2004 Boomerang and subsequent discoveries.
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. The company's
business model is based on generating exploration projects whose
subsequent development is funded primarily through joint venture
partnerships. In addition to Mountain Lake Resources, Cornerstone's
current and past joint venture partners include Agnico Eagle, Celtic,
Cash Minerals, Candente, Coastport, Cogitore, Falconbridge, Inmet,
Kermode, Moydow, Noranda, Phelps Dodge, and Thundermin.
The drilling on Bobby's Pond is the first of in excess of 26,000 m
(85,300 feet)
of drilling that is planned on five Cornerstone projects
this year.
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.
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.
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Copyright (c) 2007 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 Thu Jul 26, 2007 at 5:00:00 AM Pacific Time
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