Business
Cornerstone Metals Completes Due Diligence - Moves to Definitive Agreement Stage on Carlin Vanadium Project Acquisition
Vancouver, British Columbia--(Newsfile Corp. - September 5, 2017) - Cornerstone Metals Inc. (...
About this update from Phenom Resources Corp
[{"type":"text","content":"Cornerstone Metals Completes Due Diligence - Moves to Definitive Agreement Stage on Carlin Vanadium Project AcquisitionVancouver, British Columbia--(Newsfile Corp. - September 5, 2017) - Cornerstone Metals Inc. (TSXV: CCC) (\"Cornerstone\" or the \"Company\") is pleased to announce that it has completed its due diligence on the Carlin Vanadium Project and is proceeding to Definitive Agreement stage. The Company announced on August 11, 2017 it had entered into a non-binding Letter of Intent (LOI) with Americas Gold Exploration Inc. (AGEI), a private Nevada corporation, to acquire 100% interest in its underlying option agreement on the Carlin Vanadium Project, Nevada. The Carlin Vanadium Project has one of the largest known primary vanadium deposits in the U.S.A. The latest utility-scale battery storage technology to emerge on the commercial market is the vanadium redox flow battery. The Carlin Vanadium Project is located in Elko County 22km by road (14 miles) from the town of Carlin, Nevada, and is comprised of 72 contiguous unpatented mineral claims totaling 461 hectares (1,140 acres). The Carlin Vanadium deposit was discovered by Union Carbide Corp. (UCC) in the 1960's, which completed surface mapping, trenching and 152 rotary drill holes in 11,133m (36,525 feet) of drilling. The average drill hole spacing was 60m (200ft) apart within the more densely drilled areas. Drilling indicates a zone of mineralization approximately 55m (180 feet) thick striking north-south over 1,860m (6,100ft) in length and dipping 5°-30° east and west averaging 760m (2,500ft) of down dip extent from surface. By 1967, UCC completed a vanadium resource estimate that was completed prior to the adoption of NI 43-101. SRK Consulting (U.S.) Inc. reported an NI-43-101 Inferred mineral resource within a Technical Report titled NI 43-101 Technical Report on Resources, EMC Metals Corp., Carlin Vanadium Project, Carlin, Nevada and dated April 30, 2010 (the \"Technical Report\") on the deposit, following the guidelines of the CIM Definition Standards for Mineral Resources and Mineral Reserves. The Technical Report, which was prepared according to the disclosure requirements of NI 43-101 — Standards of Disclosure for Mineral Projects, outlined an Inferred mineral resource, at a 0.3% vanadium pentoxide (V2O5) cut-off-grade, of 28 million tons at a ...