Carlin Vanadium


The Carlin Vanadium Property consists of 72 unpatented mining claims covering 1,140 acres located in North-Central Nevada in Elko County, seven air miles south of Carlin. The property has exceptional infrastructural advantages. The property is road accessible from Carlin and Elko. Carlin is a major rail hub to both coasts. Power is <3 miles from the property. The property was explored and drilled by Union Carbide Corporation (UCC) in the late 1960’s resulting in a defined vanadium resource.

The claims are owned by Golden Predator US Holding Corp. (GPUS). America’s Gold Exploration Inc. (AGEI), holds an option to acquire 100% of the Carlin Vanadium Project from GPUS which has now been assigned to Cornerstone through a definitive Assignment Agreement with AGEI. The terms for Cornerstone to earn 100% are present in its News Release of November 9, 2017.

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The Carlin Vanadium Property is located on the western flank of the Piñon Range, a block faulted horst of the basin and range tectonic province. The local lithologies are predominantly Paleozoic age, western assemblage, siliceous rocks transported above the Roberts Mountain Thrust. The vanadium mineralized zone is a stratigraphic sub-unit within the Woodruff Formation shale hosting elevated concentrations of vanadium in the form of vanadium pentoxide (V2O5). Drilling indicates a vanadium zone or deposit 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 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.

The vanadium-rich unit has grades commonly between 0.3% and 0.8% V2O5 but can reach as high as 3.1% V2O5. Limited sampling of the Vanadium-rich unit has also shown elevations in silver and zinc.


All of the exploration and development on the project has been completed by previous owners. UCC began exploration in September of 1966 and continuing into the next two years. The work included; surface mapping, trenching and sampling was conducted accompanied by auger and rotary drilling. At least, 152 rotary drillholes were completed by the end of 1967 in the area, 125 holes on Cornerstone's property. This figure shows the location and density of the vertical drilling by UCC. Drill hole centers are approximately 60m apart defining the vanadium deposit.

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In 2010 an NI 43-101 compliant resource estimation was made on the Carlin Vanadium deposit by Dr. Bart Stryhas of SRK for Energy Metal Corp. (EMC). The technical steps and components of the study can be found in Cornerstone’s Technical Report, History Section.

The results of the 2010 resource estimation provided a CIM classified Inferred Mineral Resource as shown in Table 1-1 below at a Cut-off grade CoG of 0.3% V2O5. The quality of the historical data was good and the Mineral Resource was classified as inferred mainly due to the fact that the rotary drilling has not been verified by a modern program. This figure shows the Plan View of the 2010 Historic Resource Estimate Block Model.









Table 1‑1: 2010 Historic Carlin Vanadium Mineral Resource

Resource Category

% CoG

Total (Mst)

V2O5 Grade (%)

Contained V2O5 (Mlb)






The 0.3% V2O5 CoG was chosen in 2010 for resource reporting based on the reasonable potential for economic extraction under a conceptual open pit mining and milling scenario. The CoG was calculated using US$2.30/st mining cost, US$35/st milling cost, US$0.50/st admin cost, 65% recovery, 95% selling pay-for, 1% freight charge, 0% royalty and a US$10.46/lb V2O5 value. The results reported in the historic resource statement are rounded to reflect the approximation of grade and quantity, which can be achieved at this level of resource estimation. Table 1-2 provides the historic resource at different cut-off grades.

Table 1-2: 2010 Historic Resource Estimate Sensitivity Table

% CoG

Total (Mst)

V2O5 Grade (%)

Contained V2O5 (Mlb)





























Source: SRK, 2010

The 2010 mineral resource estimate has been declared a historic resource by the QP of Cornerstone’s Technical Report and will remain a historic resource until such time as Cornerstone has it updated with current metal pricing and costs. The Company is not treating the historic mineral resource estimate as current and as such they should not be relied upon.

This figure is an example cross-section view of 2010 historic mineral resource block model, demonstrating the near surface nature and shallow dip of the deposit which lends itself to open pit mining methods.

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In the Technical Report a two-stage development plan is recommended. The first stage, estimated to cost US$500,000 (~CAN$625,000), should include 4,320 feet (1,317m) of diamond core drilling in 18 holes on wide spacing (US$300,000), and some metallurgical testing (US$200,000). The drilling will serve to confirm the mineralized intervals and grades reported from the historic rotary drilling and to collect fresh samples for metallurgical testing.

By Feb. 8, Cornerstone completed the infill diamond drilling program on its Carlin Vanadium Project with 20 vertical holes in 1629.61 metres of HQ core. The recent infill drilling program has tightened the drill spacing from the systematic 60 metre to locally 45 metre centres along the spine of the deposit. Lithological aspects of the deposit have been visually verified by the core program. Sample results are pending.

Technical disclosure 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. For more details refer to the Technical Report on the Property entitled NI 43-101 Technical Report on the Carlin Vanadium Project, Carlin, Nevada dated October 26, 2017 authored by Bart Stryhas, PhD, CPG and John Cooper, P.E. of SRK Consulting (US) Inc. (“SRK”) filed on SEDAR November 8, 2017.