August 5, 2015 – Vancouver, British Columbia –Cornerstone Metals Inc. (TSX.V: CCC) (“Cornerstone” or the “Company”) announces that Lowell Copper Ltd. (TSX.V: JDL) (“Lowell Copper”) has terminated the option agreement announced February 11, 2015 on Cornerstone’s West Jerome project in Yavapai County, Arizona (the “Project”). Lowell Copper conducted 2 gravity surveys by Zonge International Inc. (“Zonge”) over the Project, which generated two anomalies, one being open-ended. Zonge recommended further work to better define the open-ended anomaly, however due to market conditions and other priorities, Lowell Copper has preferred not to proceed further with the Project. As a result, Cornerstone retains a 100% interest in the Project, now supported by gravity anomalies.
The West Jerome property consists of approximately five square kilometres of claims on the west side of patented lands held by Freeport McMoran. The Project, a volcanogenic sulphide camp, contains a high-grade, massive sulphide target located 2.4 km south of the past-producing United Verde Mine (Phelps Dodge production records from 1889-1974 indicate 33 million tons grading 4.36% Cu, 1.53 opt Ag and 0.042 opt Au; 2.9 billion lbs of copper (this information is not necessarily indicative of the mineralization on the Project.)
The Project has excellent geological and geophysical support for a large VMS target. The property has two favourable stratigraphic horizons traced from the United Verde mine onto West Jerome. Both surface exposures and limited drilling have identified strong chloritic alteration typical of a VMS feeder pipe and geophysical surveys (electromagnetic and gravity) have identified anomalies coincident with the favourable stratigraphic horizons and chlorite alteration.
Paul Cowley, President and CEO of Cornerstone commented, “Although we are disappointed in losing Lowell Copper as a potential partner on the Project, we are pleased that the results of their work has advanced the Project by generating supportive gravity anomalies. Furthermore, we hold 100% of the Project.”
On Behalf of Cornerstone Metals Inc.
President and CEO
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Paul Cowley, P.Geo., the Company’s President and Chief Executive Officer, is the Qualified Person as defined under National Instrument 43-101 and has approved the scientific and technical content of this news release.
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