Posted in | Gold

Cornerstone Capital Resources Postpones El Strato Gold Property's Winter Drilling Program

Cornerstone Capital Resources Inc. (TSX VENTURE:CGP) (FRANKFURT:GWN) (BERLIN:GWN) (PINK SHEETS:CTNXF) announced today its decision to defer the planned winter diamond drilling program on the El Strato gold property in north-central Newfoundland until this coming summer.

Unseasonably mild temperatures this winter have resulted in a lack of suitable lake ice thickness and ground freeze-up conditions, thus making access difficult. Cornerstone will commence the drilling program in early summer as soon as ground conditions are suitable to allow access.

The planned diamond drilling program comprises 1,000 m in approximately 8 to 10 holes, which will primarily test anomalies generated by work completed in 2010 that included an Induced Polarization (IP) survey, soil geochemistry survey, prospecting and a follow-up trenching program. The IP survey identified the Rocky Bottom trend, a 1.75 km long IP chargeability anomaly, and the DD trend, a 1.25 km long IP chargeability anomaly. The Rocky Bottom trend contains anomalous gold-in-soil over its entire strike length with some soil samples assaying 1,211 ppb, 1,453 ppb and 2,098 ppb Au in the southwest. The DD trend contains a single gold-in-soil anomaly but recent trenching in the area identified a thick till layer which has most likely impeded the mobility of gold from the underlying bedrock. Trenching along the DD trend indentified a 55 m wide zone of iron carbonate alteration and quartz veining with assay results of 0.3 g/t Au over 1.0 m from channel samples and 1.4 g/t Au from grab sampling. This alteration zone sits at the southwestern end of this newly discovered trend with no previous drilling. Other drill targets, developed from trenching and prospecting during 2010, include 0.6 g/t Au over 4.0 m from channel sampling and 61.7 g/t Au from grab sampling.

Additional drill targets to be evaluated are the Arrowhead gold showing which is a greater than 1 m wide sub-cropping mineralized quartz vein that has returned values of 54.3 g/t Au in grab samples, the plunge extent of the 8.0 m wide Mega Vein and 4.2 g/t Au from grab sampling on the Triple N trench.

Historical assay results include 239.6 g/t Au (grab sample) and 17.5 g/t Au over 0.55 m (channel sample) from the El Strato showing and 79.1 g/t Au (grab sample) and 12.0 g/t Au over 0.5 m (channel sample) from the Voodoo showing. Some other significant grab sample assay results are 105.3 g/t Au, 72.0 g/t Au, 71.6 g/t Au, 70.9 g/t Au and 67.1 g/t Au. Previous drilling campaigns have only tested to a typical vertical depth of 100 m and have intersected mineralized quartz veins and alteration zones assaying 10.6 g/t Au over 1.13 m, 4.7 g/t Au over 0.9 m, 7.4 g/t Au over 0.45 m, 11.2 g/t Au over 0.3 m, 3.6 g/t Au over 0.67 m, 2.1 g/t over 1.41 m, 338 ppb Au over 7.1 m and 143 ppb Au over 17.55 m.

Cornerstone would like to acknowledge the financial assistance received from the Government of Newfoundland and Labrador under the Junior Exploration Assistance (JEA) program. This funding has aided Cornerstone in carrying out a portion of the exploration work on the El Strato property.

This press release was prepared by Brad Dyke, P.Geo., Project Geologist for Cornerstone who is responsible for overseeing the exploration work and is a Qualified Person in accordance with National Instrument 43-101.

Source: Cornerstone Capital Resources Inc.

Tell Us What You Think

Do you have a review, update or anything you would like to add to this news story?

Leave your feedback