BAIE D'ESPOIR GOLD BELT, Nfld. CORNERSTONE CAPITAL RESOURCES has signed an earn-in/joint venture agreement covering the True Grit gold project in south-central Newfoundland with MOYDOW MINES INTERNATIONAL of Toronto.
Cornerstone's property covers 356 claims or 89 km2 and contains two primary target areas, True Grit and Golden Grit. They are characterized by widespread soil and till geochemical anomalies associated with deformed carbonaceous, calcareous metasediments. High-grade quartz veins at the True Grit prospect have assayed 15.9 g/t Au over 1.0 m and 18.0 g/t Au over 0.5 m. The area was first explored by TECK in 1989-90.
The agreement between Cornerstone and Moydow permits Moydow to earn an 80% interest in the True Grit project by spending $2 million on exploration, by paying Cornerstone $80,000 over four years, and by issuing 10,000 Moydow shares and options to Cornerstone. Moydow is to be the operator. Learn more about Moydow's activities in Africa at www.moydow.com or visit Cornerstone at www.cornerstoneresources.com.