Jan 28 2011
Cornerstone Capital Resources Inc. (TSX VENTURE:CGP) (FRANKFURT:GWN) (BERLIN:GWN) (PINK SHEETS:CTNXF) and 50% joint venture partner Thundermin Resources Inc. (TSX-THR) announce that drilling has recommenced on the Little Deer Copper Deposit with two drill rigs.
This drilling is part of a $1,600,000 diamond drilling program comprising approximately 12,000 to 13,000 m of drilling in 16 to 20 holes that commenced on December 1, 2010. Assay results for two of three holes completed prior to year end were released on January 20, 2011. Hole LD-10-39 intersected 4.6% Cu over a core length of 4.2 m and 5.0% Cu over 16.5 m, including intervals of 6.1% Cu over 5.1 m and 9.2% Cu over 5.5 m. Hole LD-10-39 was drilled in the upper portion of the Deposit to confirm the copper mineralization intersected in historical surface hole LD-62-78 which intersected 2.9% Cu over a core length of 60.1 m, including intervals of 5.9% Cu over 7.9 m, 5.3% Cu over 15.5 m and 3.1% Cu over 11.6 m (see news release dated January 20, 2011).
The primary purpose of the current drill program is to increase the estimated mineral resources outlined to date in the Deposit to the five to six million tonne range. The potential increase of the current mineral resource is conceptual in nature and it is uncertain whether further exploration will result in an expansion of this mineral resource.
One drill is targeting section 14+000E at an elevation of -325 m which is on the eastern limits of the NI 43-101 compliant mineral resources outlined to date. This target is bounded by underground holes 174 (2.1% Cu over a core length of 3.1 m); 186 (3.0% Cu over 1.8 m); 147 (2.8% Cu over 7.6 m); 102 (1.3% Cu over 35.4 m, incl. 4.1% Cu over 6.4 m); and 180 (5.5% Cu over 1.1 m). The second drill is targeting section 13+550E at an elevation of -350 m which is west of the NI 43-101 compliant resources outlined to date. This target lies approximately 100 to 150 m west of holes LD-98-02 (3.0% Cu over a core length of 7.3 m) and LD-98-05 (2.3% Cu over 8.2 m) and 50 m east of hole LD-09-19A (no significant values). An interpretation of the results of a borehole geophysical survey completed in hole LD-09-19A, however, suggests that the western limits of the sulphide mineralization in the Deposit may extend to within 25 m of hole LD-09-19A and that there may be potential to add significant tonnage in this area.
Mineral Resource Estimate
On October 13, 2010, Cornerstone and Thundermin announced that an updated NI 43-101 compliant mineral resource estimate had been completed by Scott Wilson RPA under the supervision of Mr. Reno Pressacco, M.Sc. (A), P.Geo., Senior Geologist for Scott Wilson RPA and an independent Qualified Person ("Q.P.") in accordance with NI 43-101. Scott Wilson RPA estimated that the Deposit contains Indicated Resources of 1,150,500 t at an average grade of 2.8% Cu within the Little Deer Zone and additional Inferred Resources of 1,227,300 t at an average grade of 2.2% Cu within the Little Deer Zone and 1,108,200 t at an average grade of 1.9% Cu within the Footwall Zone. A NI 43-101 compliant Letter Report entitled "Mineral Resource Update for the Little Deer Project" dated September 30, 2010, to support the updated mineral resource estimate, is available on Cornerstone's and Thundermin's websites.
Qualified Person
Mr. Andrew Hussey, P.Geo., Project Geologist and Lands Manager, Cornerstone Resources Inc., is the Q.P. responsible for supervising the drilling program and the compilation of all of the historical data on the Deposit for the purposes of NI 43-101. Mr. Hussey has also reviewed the contents of this news release for accuracy. All holes drilled by Cornerstone and Thundermin are NQ in size. Specific gravity measurements, rock quality designations and photographic logging of significant mineralized intersections are performed systematically prior to assaying. The core is logged and the mineralized 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, 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.
Little Deer Joint Venture
Cornerstone and Thundermin, the operator, have the option, on a 50/50 basis to earn a 100% interest in the Little Deer Copper Deposit and adjacent property from Weyburn Investments Ltd. Thundermin, under its joint venture agreement with Cornerstone, has the right to increase its interest in the Little Deer property to 75% by completing a feasibility study and by arranging 100% of the necessary bank financing required to place the property into commercial production. Details on the Deposit and the terms of the agreement with Weyburn can be found in numerous news releases and on Cornerstone's and Thundermin's respective websites and on SEDAR.
Other News
Cornerstone announces that it has issued a total of 1,395,000 common share stock options to employees, officers, directors and advisory board members on January 21, 2011 at an exercise price of $0.37.
Source:
Thundermin Resources Inc.