Cornerstone Metals Completes Major Milestone at its Carlin Vanadium Project in Nevada Infill Drilling Completed as Company Moves to Next Phase
February 8, 2018 - Vancouver, British Columbia – Cornerstone Metals Inc. (TSX-V: CCC) (OTCQB: CCCCF) (FSE: 1PY) (“Cornerstone” or the “Company”) announces that it has completed the infill diamond drilling program on its Carlin Vanadium Project with the completion of 20 vertical holes in 1629.61 metres of HQ core.
The Carlin Vanadium Project contains one of North America’s largest, richest known primary deposits of vanadium with unsurpassed accessibility. The deposit has a historic Inferred mineral resource estimate of 28 million tons at 0.515% vanadium pentoxide (V2O5), having a total metal content of 289 million pounds V2O5, based on a 0.3% V2O5 cut-off grade. The historical estimate does not include any recent data available to the Company. The Company is not treating this historical estimate as current mineral resources and as such, should not be relied upon. The work needed to upgrade the historical estimate as current mineral resources is to use current costs and metal prices and include the results from the infill diamond drilling program.
Vanadium is also growing in importance to key industrial manufacturing sectors most notably steel and renewable energy. Today, more than 85 percent of the world’s vanadium is used in steel manufacturing applications. Its importance to the energy sector is also growing rapidly with more than 10 percent of vanadium production used in energy storage where its substantial cost and performance benefits make it an alternative choice to lithium ion in several areas.
The objective of the infill drilling program was to verify the Carlin Vanadium Deposit model and grade and increase confidence in the vanadium deposit that had been defined by 152 holes completed by Union Carbide in the late 1960s. The recent infill drilling program has tightened the drill spacing from the systematic 60 metre to 45 metre centres along the spine of the deposit. Lithological aspects of the deposit have been visually verified by the core program. Samples from the infill drilling program are in the lab, with the final holes making their way there shortly.
“Another planned milestone has been reached with the completion of this drill program, with the next milestone targets in sight,” said Cornerstone President and Chief Executive Officer Paul Cowley. “Once all assays are disseminated, we will adjust the geological model as needed and move toward producing an updated mineral resource estimate. We are advancing briskly toward positive results for this extraordinary project.”
The drilling program has been supervised by Mr. Cowley, P.Geo., President and CEO of the Company and Qualified Person for the program. Drill core recoveries averaged 85%. Industry standard quality control and quality assurance protocols have been followed in handling, sampling and shipping the core. The core has been photographed, geotechnically logged and geologically logged. Extensive specific gravity measurements have been taken on the core to aid in a future mineral resource estimation. The core has been cut in half, with one half sent for analysis and the other half stored as witness core in a secure dry facility in Elko, Nevada. Samples have been sent for analyses to MS Analytical, an ISO 17025 accredited laboratory. The drill holes have been downhole surveyed by International Directional Services. Drill collars are scheduled to be professionally surveyed shortly.
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.
The Company has an option to earn a 100% interest in the Carlin Vanadium Project, 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 Project hosts the Carlin Vanadium Deposit which is approximately 55m (180 feet) thick striking north-south over 1,860m (6,100ft) in length and dipping 5°-30° west averaging 760m (2,500ft) of down dip extent from surface. The deposit is locally exposed on surface, where it cuts topography, but mostly is found at shallow depths, commonly between 15-60m (50-200 ft) below surface.
Cornerstone also 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.
per: "Paul Cowley"
CEO & President
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 Company’s ability to meet the conditions required to exercise in full its option to acquire the Carlin Vanadium project and with respect to current and planned drill programs, the results of exploration programs, and changes in mineral resources. 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. 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.