NOTRE DAME BAY, Nfld. Partners CORNERSTONE CAPITAL Resources and SUDBURY CONTACT MINES are encouraged by the 2002 exploration results from Cornerstone's Colchester gold project in the north-central area of the province. Sudbury Contact, a subsidiary of AGNICO-EAGLE MINES, can earn a 51% interest in the property funding exploration and making option payments to Cornerstone.
Colchester's gold potential is under investigation after earlier work focused on base metal deposits. The property includes high-grade, shear-hosted gold and volcanics, as well as low-grade, large-tonnage porphyry-style gold-copper mineralization associated with high-level intrusions. Cornerstone concludes, "In terms of geology and mineralization styles, the Colchester property as much in common with the prolific granite-greenstone belts of Northern Ontario and Quebec which includes Agnico-Eagle's gold-rich VMS LaRonde deposit in Quebec."
During 2002 Cornerstone discovered the new Winston zone of massive sulphide mineralization by following up on a geochemical survey. It overlies an area that returned drill results of 0.5% Cu in the 1960s. Trenching also discovered three new massive sulphide showings along the McNeilly trend. Drill core from there assayed 40 years ago returned 7.6 g/t Au over 2.7 m and 3.4 g/t Au over 0.6 m. Additional work was done to define the Alpha showing, 150 m from the Colchester main deposit. The main deposit was the subject of early work which suggested a resources of 900,000 tonnes grading 1.3% Cu.
The history of the Colchester gold property (going back to the 1870s) is outlined at Sudbury Contact's new web site, www.sudburycontact.com or visit www.cornerstoneresources.com.