Business
Cornerstone Metals Signs LOI to Acquire Carlin Vanadium Project
Vancouver, British Columbia--(Newsfile Corp. - August 11, 2017) - Cornerstone Metals Inc. (TS...
About this update from Phenom Resources Corp
[{"type":"text","content":"Cornerstone Metals Signs LOI to Acquire Carlin Vanadium ProjectVancouver, British Columbia--(Newsfile Corp. - August 11, 2017) - Cornerstone Metals Inc. (TSXV: CCC) (\"Cornerstone\" or the \"Company\") is pleased to announce that it has 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. By 1967, UCC completed a vanadium resource estimate that is not NI 43-101 compliant. In April 2010, SRK Consulting (U.S.) Inc. reported an NI-43-101 compliant Inferred mineral resource and Technical Report for EMC Metals Corp. on the deposit. Since the necessary work to verify the 2010 estimate as current estimate under NI 43-101 has not yet been done by Cornerstone's Qualified Person, Paul Cowley, P.Geo., the 2010 estimate should be considered historic and not be relied upon so has not been reported here. Drilling to date indicates a zone of mineralization approximately 55m (180 feet) thick striking north-south over 1,860m (6,100ft) in length and dipping 5°-30° west averaging 760m (2,500ft) of down dip extent from surface.Located along the western flank of the Pinon Range, the Carlin Vanadium deposit has been interpreted to be a Syngenetic-type occurrence within the Paleozoic-age Woodruff shale, host to several other vanadium deposits in Nevada with similar characteristics. The Syngenetic-type occurrences are associated with black shales and are believed to have formed by evaporation, concentration and precipitation of vanadium from vanadium-rich seawater in a deep...