Cornerstone Metals Inc. Receives Permit to Drill at its Carlin Vanadium Project;
December 12, 2017 - Vancouver, British Columbia – Cornerstone Metals Inc. (TSX-V – CCC) (“Cornerstone” or the “Company”) announces that it has received from the U.S. Bureau of Land Management (BLM) its Notice of Intent (NOI) permit to conduct a diamond drill program on its Carlin Vanadium Project near Carlin, Nevada. The Company has posted the required reclamation bond with the BLM and now has authorization to proceed with the program. The Company is making arrangements to start the program before mid December.
The program is designed with 20 vertical HQ holes totaling approximately 1,800m with the objective to in-fill the existing 132 hole drill pattern defining the vanadium deposit for grade and geological model verification. With this in-fill drill program, drill hole density will be approximately 45m spacing for improved confidence.
The Carlin Vanadium Project contains one of the United States’ largest known primary deposits of vanadium, an industrial mineral critical to industries ranging from steel to utility scale battery storage technology. The Company’s analysis illustrates that the Nevada site’s vanadium deposit features a combination of high-quality grade and unsurpassed accessibility.
“We received our drill permit in the record time of three weeks,” said President and Chief Executive Officer Paul Cowley. “The speed with which our permit was approved reinforces our view that we are operating in a very favourable jurisdiction with significant infrastructural advantages.”
The Company has an option to earn a 100% interest in the Carlin Vanadium Project, which 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 15-60m (50-200 ft) below surface.
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.
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. 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.