Lone Mountain, New Mexico

Lone Mountain is one of two principal projects for Cornerstone in the United States. Located near Silver City, New Mexico, the Lone Mountain property is situated in a well-known mining district, 11 kilometres southwest of the Santa Rita-Chino mine and 16 kilometres northeast of the Tyrone mine; both of these mines are large open-pit copper operations owned by Freeport-McMoRan and both currently produce copper from copper oxide using SX-EW technology.  The Company may not obtain similar results from its own properties.

Chino GOOGLE April2015

Land holdings on the Lone Mountain property consist of two New Mexico State mineral leases and 40 unpatented federal mining claims, comprising 619.17 hectares (1,530 acres). Cornerstone has an undivided 100% interest in the claims and leases. The Company had a State issued Level 4 exploration level permit for up to 176 drill sites and 3 holes per site, which could be re-applied for at the appropriate time.

The Lone Mountain property covers a large tonnage porphyry copper system with some 25,500 m of historic drilling in 56 drill holes. It represents a broadly-explored, (drill hole spacing was approximately 250 meters) well-mineralized, porphyry-skarn system with multiple, stacked mineralized targets. Three distinct targets are present; a near-surface zone of copper oxide mineralization, underlain by a mixed copper oxide-chalcocite zone and finally a lower copper-zinc skarn zone. Copper oxide mineralization begins approximately 60 metres below surface and continues to over 250 meters below surface. The combined copper oxide and mixed oxide-chalcocite zone grades from 0.2% to 0.37% copper over significant widths. The copper oxide and mixed oxide-chalcocite zones will be the primary interest of Cornerstone, with the aim to in-fill and justify an NI43-101 resource as quickly as possible.

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Schematic Cross-section thru the Oxide and Skarn Deposit


Lone Mountain Geological Cross-section

Investors are cautioned that the Lone Mountain exploration target is conceptual in nature.  The Potential Estimate for the leachable copper zone at Lone Mountain has a range between 110 and 160 million tonnes grading between 0.20% and 0.29% copper. The estimate was based on all drill data (43 holes, 100 - 250m spacing), modeled in 3D for the near surface leachable copper zone and applied simple weighted averages of assays within modeled solids. The quoted figures are reported as an exploration target. The potential quantities and grades are conceptual in nature. There has been insufficient exploration to define a mineral resource on the property and it is uncertain if further exploration will result in the target being delineated as a mineral resource.

An Important Advancement

Historically, drilling had been predominantly vertical at Lone Mountain but it wasn’t until 2011 that the copper oxide system was properly recognised to be internally subvertically oriented. Subsequently, drill testing in 2012 with 6 angled holes on the western zone proved successful in improved size and grade of the western zone. The figure below demonstrates this where the known copper oxide deposit prior to the 2012 angled drilling is shown in blue, versus the deposit expansion from the 2012 angled drilling shown in pink. During that drilling campaign one hole intersected 135 meters of 0.36% copper on a portion of the property that had never been tested and extended the known mineralization to the south, tripling the size of the western zone.

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Lone Mountain is an intermediate-stage exploration prospect that is drill ready.  A two-phase program has been designed that could inexpensively define an inferred resource. A Minimal Impact permit would be required for Phase 1.

This website includes certain "forward-looking statements" such as estimates and statements that describe Cornerstone Metal Inc.’s property, future plans, objectives or goals. All statements in this website, other than statements of historical facts, that address future production, resource potential, exploration and development activities and events or developments that the Company expects, are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause actual results, performance or developments to differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include, but are not limited to, market prices, environmental conditions, judicial, regulatory and political developments, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions.

All technical disclosure on this website has been prepared under the supervision of Paul Cowley, P.Geo., President and CEO of the Company, a qualified person consistent with NI 43-101.