Vancouver, British Columbia–(Newsfile Corp. – November 28, 2017) – Cornerstone Metals Inc. (TSXV: CCC) (“Cornerstone” or the “Company”) is pleased to announce that the Company is initiating field preparations for its diamond drill program on the Carlin Vanadium Project. Company geologists have designed a drill plan of 1,900m of diamond drilling in 23 holes to verify the grade and zone thicknesses of the historic resource already established from the 1960’s Union Carbide drilling of the vanadium deposit and to provide samples for metallurgical testwork. The Company submitted its Notice of Intent (NOI) application for the drill program to the Bureau of Land Management (“BLM”) November 7, 2017 and is awaiting approval, normally a 45 day process. In anticipation of this approval, crews are going to the Carlin Vanadium property this week to initiate the logistical set-up for the planned diamond drill program. The Company has requested quotes from several drill contractors for the program and will be meeting contractors on site. Company crews will also mark the drill collars in the field as well as the pre-existing roads and for 350m of new road building to access drill sites.
The Carlin Vanadium Project has one of the largest known primary vanadium deposits in the U.S.A. The Carlin Vanadium Project is located in Elko County 22km by road (14 miles) from the town of Carlin, Nevada, and is comprised of 72 contiguous unpatented mineral claims totaling 461 hectares (1,140 acres). The Carlin Vanadium deposit was discovered by Union Carbide Corp. (UCC) in the 1960’s, which completed surface mapping, trenching and 152 rotary drill holes in 11,133m (36,525 feet) of drilling. The average drill hole spacing was 60m (200ft) apart within the more densely drilled areas. Drilling indicates a zone of mineralization approximately 55m (180 feet) thick striking north-south over 1,860m (6,100ft) in length and dipping 5°-30° east and west averaging 760m (2,500ft) of down dip extent from surface. The mineralized unit is locally exposed on surface, where it cuts topography, but mostly is found at shallow depths, commonly between 50-200 ft below surface.
About Cornerstone Metals Inc.
Cornerstone’s objective is to advance exploration/development stage copper, precious and strategic minerals properties to production in the Americas. The Company’s Management and Board Core Competence is in exploration, permitting, development, construction, and operation of mining projects.
Besides the rights to earn 100% in the Carlin Vanadium Property described above, Cornerstone owns 100% (subject to 1.5% NSR) of the West Jerome property, near Jerome, Arizona, on the west side of Freeport McMoRan patented lands. The property, in a Volcanogenic Massive Sulfide camp, is a high-grade, massive sulfide target located 2.4 km south of the past-producing United Verde (32 million tons grading 4.4% copper, 1.5 oz/t silver and 0.04 oz/t gold). The West Jerome property has attractive untested drill targets.
ON BEHALF OF CORNERSTONE METALS INC.
CEO & President
For further information, please contact:
Email: [email protected]
Technical disclosure in this news release has been reviewed and approved by Paul Cowley, P.Geo., a Qualified Person as defined by National Instrument 43-101, and President and CEO of the Company.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain statements in this news release constitute “forward-looking” statements. These statements relate to future events or the Company’s future performance and include the potential acquisition of the Carlin Vanadium project and the proposed diamond drill program, as described in the news release. All such statements involve substantial known and unknown risks, uncertainties and other factors which may cause the actual results to vary from those expressed or implied by such forward-looking statements. In addition to other risks, the Company’s potential acquisition may prove to be unsuccessful and the Company may be unable to complete such transaction, whether because due diligence was unsatisfactory or otherwise. Further, the Company may not attract capital in the future to finance the transaction costs or obligations under the Option Agreement, which could affect whether the Company proceeds with the exercise of its option thereunder. Forward-looking statements involve significant risks and uncertainties, they should not be read as guarantees of future performance or results, and they will not necessarily be accurate indications of whether or not such results will be achieved. Actual results could differ materially from those anticipated due to a number of factors and risks. Although the forward-looking statements contained in this news release are based upon what management of the Company believes are reasonable assumptions on the date of this news release, the Company cannot assure investors that actual results will be consistent with these forward-looking statements. The forward-looking statements contained in this press release are made as of the date hereof and the Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required under applicable securities regulations.