Candente Resource Corp. (TSXV - DNT) and Cornerstone Capital Resources Inc. (TSXV - CTP) are pleased to announce that drilling will commence on the Island Pond gold property on November 15th this year. A contract has been signed with New Valley Drilling of Springdale, Newfoundland. New Valley is a well experienced and cost effective company with extensive experience in Newfoundland and in geological environments similar to Island Pond.
The Island Pond property is regionally shown to be underlain by sedimentary rocks, which include calcareous and carbonaceous rocks typically favourable for Carlin-type deposits. Phase I drilling is planned to comprise a minimum of 1000 metres in approximately 15 drill holes. Island Pond is located in the Botwood Basin, Central Newfoundland a rapidly emerging gold exploration play proving to be highly prospective for high grade low sulphidation gold and silver vein systems and Carlin-type, sediment hosted gold deposits.
The Island Pond property adjoins the southwest end of the Moosehead property held by Altius Minerals and under option to Sudbury Contact Mines. Drilling on the Moosehead Property has returned high grade intersections such as 1154.35 grams per tonne (gpt) (33.71 ounce per ton (opt)) over 0.18 metres; 170.31 gpt (5.4 opt) gold over 1.5 meters; 14.07 gpt over 16.84 metres; and other lower grade intersections such as 4.2 gpt over 5.5 metres.
Drill targets on Island Pond include a group of north-northwesterly trending structural zones, paralleling those targeted by drilling on the Moosehead Property. Several of these structures have coincident soil geochemical (Au, As, Sb) anomalies and sulphosalt/precious metal bearing quartz float which are similar to the mineralization found on the Moosehead property. Samples from the northeastern portion of the Island Pond property assay as high as 171.2 g/t (5.5 opt) Ag, 0.69% Sb, and 142 ppb Au. In the same area, lake bottom sediments carry up to 10 ppb gold, which is nearly double that of anomalies which have lead to the discovery of bedrock gold mineralization of up to 4 opt (124.5 gpt) elsewhere in Central Newfoundland. This area is up (glacial) ice from the Moosehead Property which may indicate potential for a bedrock gold source within the Island Pond Property. The property comprises 38 claims totaling 950 hectares and straddles a paved highway, 5 kilometers south of the Trans Canada Highway.
Candente has an option to earn an initial 51% interest in the Island Pond Gold Property from Cornerstone by spending $1,500,000 on exploration, issuing 115,000 of Candente shares to Cornerstone and paying Cornerstone $115,000 over 4 years. Candente holds a second and third option to increase their interest to 61% and 75% interest by funding bankable feasibility and arranging mine financing.
Cornerstone is a Canadian junior exploration company with Gold, VMS, PGE, IOCG and SSC targets. Cornerstone has an expanding portfolio of gold properties in Newfoundland & Labrador. For technical information contact Tim Froude, VP Exploration or Mike Basha, Exploration Manager at 709-745-8377, or for investor relations contact Deborah Thiel at 709-753-7830, or check website www.cornerstoneresources.com.
Candente is a junior exploration company focused on the acquisition, exploration and development of world-class gold and copper projects in Peru and Eastern Canada. For more information on our current exploration progress visit http://www.candente.com and/or call (604) 689-1957; toll free 1-877-689-1964; or e-mail firstname.lastname@example.org.
ON BEHALF OF THE BOARD OF DIRECTORS CANDENTE RESOURCE CORP.
"Joanne C. Freeze"
President & CEO
ON BEHALF OF THE BOARD OF DIRECTORS CORNERSTONE CAPITAL RESOURCES INC.
"Glen H. McKay"
Glen H. McKay, President
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