The Red Cliff copper exploration project, on Newfoundland's Bonavista Peninsula, has returned copper and silver values, reports CORNERSTONE RESOURCES. The work is being done by a joint venture of Cornerstone and NORANDA. An area of sediment-hosted, stratabound copper (SSC) mineralization is under investigation.
This year's program included seven holes, six of which intersected the desired metals. Three holes were on the Main Block at the north end of the property, three holes were near Port Rexton, and the final hole was in the Ocean Pond area north of Smith Sound. Cornerstone is preparing for further exploration in the area.
The Cornerstone-Noranda joint venture is in its second year. If it continues, Noranda will have to make another option payment to Cornerstone and spend an additional $1 million on exploration next year.
More information about Cornerstone's projects can be found at www.CornerstoneResources.com