MOUNT PEARL, NEWFOUNDLAND AND LABRADOR--(Marketwire - Oct. 14, 2009) - Cornerstone Capital Resources Inc. (TSX VENTURE:CGP) GWN GWN (PINK SHEETS:CTNXF) announces the staking of 676 mineral claims (10,816 ha) in the New Ross area of western Nova Scotia. The New Ross area is underlain by Late Devonian granite intrusions of the New Ross Pluton and related smaller bodies of granite. The area is prospective for hosting lithium (Li) and rare metal deposits of niobium (Nb), tantalum (Ta) and beryllium (Be).
The 100%-owned Cornerstone claims cover several pegmatite, greisen and vein type polymetallic prospects which are genetically related to late-stage, highly evolved granites. The map-staked claims cover approximately a 25 km long trend of the favourable, altered and mineralized granites with at least a dozen known mineral occurrences. Most of the prospects have been known since early in the 1900's but none have received extensive modern exploration. Furthermore, the historic exploration was typically focused on evaluating the associated tin (Sn), tungsten (W) and molybdenum (Mo) mineralization and did not examine the lithium or rare metals potential. Many of the prospects have historic mention of lepidolite and amblygonite, ore minerals of lithium, and/or the ore minerals columbite/tantalite (niobium and tantalum) and/or beryl (beryllium).
Some examples of historic pegmatite prospects within the New Ross property are:
Morleys - Lepidolite and tantalite were reported from sampling shallow pits and trenches in pegmatites during the early 1900's. There is no record of drilling on the prospect.
Keddy - In 2001 surface sampling of an area around the original pits found an extensive area with columbite/tantalite mineralization and a grab sample returned 2470 ppm Nb and 870 ppm Ta. There was no subsequent exploration. Two short holes in the 1960's did not test the columbite/tantalite mineralization.
Reeves - Lepidolite, amblygonite and tantalite were reported from pits in bedrock in the early 1900's. Three short holes were drilled in the 1960's but were not tested for lithium or rare metals.
The Nova Scotia government has completed regional till geochemistry surveys throughout the area at nominal 2 km centres as well as regional lithogeochemical sampling of the various granitic bodies. The till samples were analyzed for tantalum, but not for other rare metals or lithium. Two anomalous samples are located in the southwest part of the new claims, in the vicinity of the Keddy and Reeves prospects. The lithogeochemical survey, while not intended to sample mineralization, found several samples of granite with anomalous background values of lithium (e.g. 0.05% Li) associated with very high levels of fluorine (0.4%) in the eastern part of the property. These anomalous values occur within discrete plutons of highly evolved, fluid-rich granites which have the potential to develop extensive bodies of pegmatite and/or greisens with lithium and rare metal mineralization.
Cornerstone plans to complete a digital complilation of historical exploration and government geoscientific data for the New Ross area. A follow-up exploration program consisting of airborne magnetics and radiometrics, till and soil geochemical surveys, and prospecting and geological mapping is proposed. Cornerstone is inviting expressions of interest from potential joint venture partners to carry out exploration on the New Ross project.
Colin McKenzie, Cornerstone's President and CEO, commented "Cornerstone's recent acquisition of rare earth element, rare metals and lithium properties fits well with its business model of generating quality early-stage projects across a range of commodities, which can then be advanced through joint venture partnerships. Global demand for the high-tech metals is expanding and recently supply concerns, particularly for the rare earth elements, have been capturing headlines. Our recent property acquisitions provide shareholders with exposure to an emerging sector with tremendous upside."
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.
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 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
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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