NEWFOUNDLAND & LABRADOR INMET MINING has signed a joint venture agreement with CORNERSTONE CAPITAL RESOURCES covering Cornerstone’s Noel Paul’s Brook volcanogenic massive sulphide (VMS) prospect in central Newfoundland. Inmet can earn a 60% interest in the project by spending $1.5 million on exploration and making a $100,000 payment to Cornerstone over the next five years.
The joint venture will concentrate on additional compilation, line cutting, mapping, lithogeochemical sampling, and geophysical surveying. Cornerstone will remain the operator for two years. The company previously identified several new alteration zones and flew an EM survey. It believes there are high-grade massive sulphide floats and a number of geochemical anomalies that should be further explored.
The property consists of 137 claims near the former Buchans camp where zinc, lead, copper, silver and gold were mined. Cornerstone has a large portfolio of properties in Newfoundland & Labrador. Details are available at www.cornerstoneresources.com. The latest drill results from the Island Pond property (optioned to CANDENTE RESOURCE) included 0.215 g/t Au over 7.6 m plus anomalous amounts of antimony and arsenic.