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Re: News - Monday, January 26, 2009
09-02 - Cornerstone provides update on Chaleur uranium property,
New Brunswick
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Mount Pearl, NL, Canada: Cornerstone Capital Resources Inc. (TSXV-CGP)
(F-GWN) (B-GWN) (OTC-CTNXF) reports that it has completed a first phase
exploration program on its Chaleur uranium property located 60 km west
of Bathurst in northern New Brunswick. The Chaleur property covers a
large land position (250 km2) which is underlain by prospective
Silurian-aged subaerial felsic volcanic rocks of the Chaleur Group. The
Chaleur property is unaffected by recent regulatory amendments in New
Brunswick, which prohibits uranium exploration and mining in certain
areas such as designated watersheds and municipalities.
Regional-scale airborne geophysical surveys conducted by the Geological
Survey of Canada in 1983 identified radiometric anomalies within the
Chaleur property area, and government geochemical surveys over a
portion of the property indicated elevated uranium values in stream
sediment samples. Cornerstone acquired the Chaleur property through
ground-staking in late 2007 and early 2008, targeting
volcanic-associated uranium deposits akin to those of the giant
Streltsovsk uranium ore district in Russia. The company is soliciting
expressions of interest from prospective joint venture partners to
undertake exploration on this large, under-explored property.
The first phase exploration program consisted of a 1,511 line-kilometre
fixed-wing airborne magnetic and radiometric survey, accompanied by a
limited follow-up prospecting and geochemical stream sediment sampling
program.
Based on a review and interpretation of the airborne data, geophysical
consultant Mr. John Kieley, P.Geo., identified and prioritized fifteen
(15) targets for follow-up. Targets are characterized by magnetic lows,
which may indicate hydrothermal alteration at or near volcanic centers,
with coincident or flanking radiometric highs. Partial geochemical
stream sediment coverage over the property shows that several of the
airborne geophysical targets are associated with elevated uranium in
stream sediments of up to 284 ppm U. The prospecting program discovered
two new zones of uranium mineralization, with float samples assaying up
to 427 ppm U in one area and 275 ppm U in the other. Of note, both
occurrences are coincident with airborne uranium anomalies in the
western portion of the property.
Colin McKenzie, Cornerstone's President and CEO, stated "Cornerstone is
very pleased with results from this first phase of uranium exploration
at Chaleur. In particular, our prospecting program has confirmed the
potential for uranium mineralization on the property, and the airborne
survey has identified a number of priority targets which require
immediate follow-up."
Cornerstone gratefully acknowledges a CDN$50,000 grant provided by the
New Brunswick Department of Natural Resources through the Junior Mining
Assistance Program (JMAP), which significantly aided the exploration
program on the Chaleur property.
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. Exploration field programs were carried out under
the supervision of Brad Dyke, P.Geo.
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.
The TSX Venture Exchange does not accept 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 Mon Jan 26, 2009 at 11:30:00 AM Pacific Time
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