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Cornerstone Announces Initial NI 43-101 Compliant Mineral Resource Estimate for the Cape Ray Gold-Silver Project, Newfoundland
Mount Pearl, NL, Canada: Cornerstone Capital Resources Inc. ("Cornerstone") (TSXV-CGP) (F-GWN) (B-GWN) (OTC-CTNXF) announced today an initial National Instrument 43-101 ("NI 43-101") compliant mineral resource estimate for its 100% owned Cape Ray gold-silver project located in southwestern Newfoundland. The mineral resource estimate was prepared by Mercator Geological Services Limited ("Mercator") of Dartmouth, Nova Scotia and was completed on two separate mineralized zones: 1) the 51 Zone of the Cape Ray gold deposit ("51 Zone"); and 2) the Windowglass Hill deposit ("Windowglass Hill") (see Table 1). The estimate is based on three-dimensional block models developed for the 51 Zone and Windowglass Hill using Gemcom Surpac(r) 6.1.4 modeling software and validated results of 26,480 metres of historical diamond drilling in 197 holes completed between 1977 and 1996, plus 2,520 metres of diamond drilling in 28 holes completed by Cornerstone between 2004 and 2006.
Mineral resources for the 51 Zone and Windowglass Hill are reported, respectively, on the basis of assumed underground (2.5 g/t gold cut-off) and open pit (0.5 g/t gold cut-off) development potential.
- 51 Zone -- Inferred resources of 530,000 tonnes grading 6.10 g/t Au and 15.86 g/t Ag containing 103,943 ounces of gold and 270,253 ounces of silver
- Windowglass Hill - Inferred resources of 1,810,000 tonnes grading 1.77 g/t Au and 11.28 g/t Ag containing 103,001 ounces of gold and 656,415 ounces of silver
- Mineralization is relatively shallow at a maximum of 270 metres vertically below surface for the 51 Zone and 140 m for Windowglass Hill
- Opportunities exist to upgrade and expand the mineral resources
(2.5 g/t Au)
(0.5 g/t Au)
1. Mineral resources are estimated in conformance with the Canadian Institute of Mining, Metallurgy and Petroleum -- Standards on Mineral Resources and Reserves -- Definitions and Guidelines, as referenced in NI 43-101.
2. Reported mineral resources are considered to have reasonable prospects of economic extraction based on comparison with comparable deposits and a gold price of US$1,400 per ounce.
3. The block model for the 51 Zone is based on composited assay results for 451 drill core samples from 69 separate drill holes falling within deposit limits, and the Windowglass Hill block model is based on composited results for 529 drill core samples from 40 separate drill holes falling within deposit limits.
4. Block model grades were interpolated using inverse distance squared (ID2) methodology and 1.5 metre down hole calculated composites for gold and silver assay values.
5. Assay composites for the 51 Zone were capped at 30 g/t Au and 80 g/t Ag, and those for Windowglass Hill were capped at 12 g/t Au and 80 g/t Ag.
6. Block size for both the 51 Zone and Windowglass Hill is 2 m x 2 m x 2m with no sub-blocking.
7. Grade interpolations were fully constrained within grade shell wireframeWindowglass Hill.
8. A density value of 2.84 g/cm3 was used for the 51 Zone and a value of 2.77 g/cm3 was used for Windowglass Hill.
9. The rounding of tonnes as required by NI 43-101 reporting guidelines may result in apparent differences between tonnes, grade and contained ounces.
10. Mineral resources that are not mineral reserves do not have demonstrated economic viability. This estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues.
11. The quantities and grades of reported inferred mineral resources are uncertain in nature and further exploration may not result in their upgrading to Indicated or Measured status.
The sensitivity of the resource estimate to cut-off grades for gold is shown below in Table 2.
Table 2. Summary of Mineral Resources for the 51 Zone and Windowglass Hill Showing Sensitivity to Various Cut-Off Grades for Gold, Cape Ray Project (Mercator, July 16, 2012).
|Deposit||Resource Category||Cut-Off Grade Gold (g/t)||Tonnes|
The mineral resource estimate has an effective date of July 16, 2012 and was prepared by Mr. Andrew Hilchey, P.Geo. of Mercator. Mr. Hilchey is an Independent Qualified Person ("Q.P.") as defined under NI 43-101 and has reviewed and approved the contents of this news release. A NI 43-101 Technical Report in support of the resource estimate is currently being prepared by Mercator and will be filed on SEDAR by Cornerstone within 45 days of this news release.
Overall supervision of the Cape Ray project is by Terry Brace, P.Geo., Cornerstone's Vice President Exploration. Julie Labonté, P.Geo., Project Geologist for Cornerstone is the Q.P. responsible for project management for the purposes of NI 43-101. Both Mr. Brace and Ms. Labonté have reviewed and approved the contents of this news release.
About the Cape Ray Project
Cornerstone's Cape Ray property is located approximately 25 km northeast of Port aux Basques in southwestern Newfoundland, and is accessible from the Trans-Canada Highway by a 20 km seasonal gravel road. The property consists of a single 183-claim mineral licence (45.75 km2) and covers portions of a 22 km-long strike length of the Cape Ray Fault Zone ("CRFZ"), a major crustal-scale tectonic suture.
Cornerstone holds a 100% interest in the Cape Ray property subject to a 1.75% net smelter return (NSR) royalty payable to a third party. Cornerstone retains the right to repurchase a 1.0% NSR for $1 million, leaving the third party with a 0.75% NSR.
The northeast-trending CRFZ marks a zone of highly strained rocks which separates the Late Cambrian to Early Ordovician Cape Ray Igneous Complex to the northwest (Dunnage Zone) from the Port aux Basques Gneiss to the southeast (Gander Zone). The Late Ordovician to Middle Devonian Windsor Point Group, a series of bimodal volcanics and volcaniclastics with associated sedimentary rocks, lies between these two units approximately along the trace of the CRFZ. Several pre- to late-tectonic granitoid bodies intrude all these units.
The most significant mineralization along the CRFZ is the Cape Ray gold deposit ("CRGD") which was discovered in the late 1970's by Rio Tinto Canadian Exploration Ltd. ("Riocanex"). The CRGD consists of three separate mineralized zones along a 1.75 km strike length, which from southwest to northeast are the 51, 41 and 4 zones. Gold and silver mineralization is associated with pyrite and base metal (Cu, Pb & Zn) rich fault-fill quartz breccia veins within shear zones developed in schists of the Windsor Point Group. At the Windowglass Hill deposit located 2.75 km southwest of the 51 Zone, the Early Silurian Windowglass Hill Granite hosts a series of extensional shallow-dipping quartz veins with associated gold and silver mineralization. Elsewhere along the CRFZ, significant gold mineralization occurs at the Big Pond and Isle aux Morts prospects located 5.5 km southwest and 9 km northeast respectively of the 51 Zone.
Cornerstone's Cape Ray property covers the 51 Zone and the Windowglass Hill deposits. A third party holds the mineral rights to the 4 and 41 zones of the CRGD, as well as the Big Pond and Isle aux Morts prospects.
Additional information on the Cape Ray project is available on Cornerstone's website at:www.cornerstoneresources.com.
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, Ecuador and Chile, 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. Commitments from JV partners constitute significant validation of the strength of Cornerstone's projects.
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.
Further information is available on Cornerstone's website: www.cornerstoneresources.com or for investor, corporate or media inquiries, please contact:
North America toll-free: 1 (877) 277-8377
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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,
President and CEO"