MOUNT PEARL, NEWFOUNDLAND AND LABRADOR--(Marketwire - March 31, 2009) - Cornerstone Capital Resources Inc. (TSX VENTURE:CGP) (PINK SHEETS:CTNXF) (FRANKFURT:GWN) (BERLIN:GWN) announces that an Amendment to the Burin Option Agreement dated February 26, 2007 has been signed with the property vendor, Mr. Nathaniel Noel, wherein the second anniversary payment is amended from $20,000 and 20,000 common shares to $10,000 and 50,000 common shares. All other terms and conditions of the Option Agreement (See Cornerstone News Release 07-08 dated April 23, 2007, available on SEDAR) remain unchanged.
Located on the Burin Peninsula in southeastern Newfoundland, the Burin property is an early-stage exploration project covering 87.5 km2 with potential for hosting high-sulphidation epithermal gold and porphyry copper-gold deposits. The property is underlain predominantly by the Neoproterozoic Marystown Group, a prospective sequence of subaerial volcanic and coeval plutonic rocks which are variably deformed and metamorphosed to greenschist facies. The volcanic rocks contain extensive elongate zones of advanced argillic alteration, locally with silicic cores and anomalous gold (± silver, copper, arsenic, antimony and zinc). As such, the Burin Peninsula represents one of the largest and least-explored auriferous epithermal systems in Canada. The past-producing Hope Brook gold mine (11.2 million tonnes grading 4.54 g/t gold at a cut-off grade of 2.5 g/t gold (1)) located on the southwest coast of Newfoundland provides an excellent analogy for the Burin alteration systems in terms of tectonic setting, age and nature of host rocks, and the nature and style of alteration and mineralization.
Since 2007 Cornerstone has expended approximately CDN$600,000 on the Burin property, which has included a compilation of historical work, high resolution satellite imagery, lake sediment, stream sediment and soil geochemistry surveys, prospecting, trenching and detailed geological, structural and alteration mapping utilizing a portable spectrometer. Dr. Jeffrey Hedenquist, a world-renowned expert on epithermal gold and porphyry deposits, has also visited and reported on the prospectivity of the property (http://www.cornerstoneresources.com/... ).
The Burin property contains two of the best-known gold prospects on the Burin Peninsula, the Hickey's Pond and Stewart prospects. At the Hickey's Pond prospect, grab samples of vuggy silica material have returned up to 17.8 g/t Au and channel samples have returned up to 12.4 g/t Au over 1.2 m. In 1982 and 1990, the prospect was tested by shallow drilling (max. 150 m vertical depth) which encountered narrow gold-bearing zones with grades of up to 1.96 g/t Au over 3.1 m. At the Stewart prospect located approximately 65 km to the southwest, historic exploration has returned anomalous gold over significant widths in trenches (up to 0.62 g/t Au over 13 m) and diamond drill holes (up to 0.25 g/t Au over 63 m). Cornerstone's detailed mapping has revealed that the Stewart prospect is hosted by an altered quartz diorite intrusion with a variety of sheeted and stockwork quartz veins, and may offer potential for hosting porphyry copper-gold mineralization. The Burin property covers several additional auriferous epithermal alteration zones, including the Paradise trend which hosts the Monkstown Road, Strange and Bullwinkle showings. Grab samples of silicic material at the Monkstown Road and Strange showings have returned up to 8.2 g/t Au and 3.3 g/t Au respectively, and at the Bullwinkle showing, soil sampling by Cornerstone has identified an open-ended gold-in-soil anomaly measuring 150 m wide by 500 m long. These gold showings have only received cursory surficial exploration and have not been drill tested. Cornerstone's upcoming focus will be on developing drill targets through a program of trenching, detailed mapping and systematic rock sampling. Cornerstone is soliciting expressions of interest from prospective joint venture partners to advance exploration on the Burin property.
This news release was prepared by Terry Brace, P.Geo., Cornerstone's VP Exploration and a Qualified Person in accordance with National Instrument 43-101.
(1) McKenzie, C.B., 1986, Geology and mineralization of the Chetwynd deposit, southwestern Newfoundland, Canada, in Macdonald, A.J., Gold '86: Willowdale, Ontario, Konsult International, pp. 137-148.
Other News
The Board of Directors has approved an aggregate of 375,000 Cornerstone share purchase options for issuance to one senior officer as compensation for foregone consulting fees and to five employees as performance incentives on March 26. The exercise price is $0.06/share and the options expire March 26, 2014.
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 |
