KAT Exploration Inc (KATX)

[Biochemist2002]

Regarding the Deer Harbour option with Vale, Cornerstone just announced that Vale is about to drill it and the Red Cliff optioned area. So perhaps we are closer than we think to a Vale deal on our Clifton too, and maybe even hear something about Vale doing a drill program on the Luckies. Vale seems pretty aggressive in this area...staking enormous claims for themselves and optioning everything they don't already own. Now, we're starting to see them drill some of those optioned areas. It's just a matter of time before they drill the Luckies...or the Clifton.

MOUNT PEARL, NEWFOUNDLAND--(Marketwire - Sept. 27, 2010) - Cornerstone Capital Resources Inc. ("Cornerstone") (TSX VENTURE:CGP) (PINK SHEETS:CTNXF) (FRANKFURT:GWN) (BERLIN:GWN) is pleased to announce that it has been notified by Vale Exploration Canada Inc. ("VEC"), a wholly-owned subsidiary of Vale S.A. (NYSE-VALE) ("Vale"), that it will commence a 1,500 metre diamond drilling program on the Red Cliff copper property in mid-October. As previously announced (see news release dated May 04, 2010), VEC has the option to acquire a 60% interest in Cornerstone's Red Cliff and Deer Harbour properties which are located on the Bonavista Peninsula in eastern Newfoundland. VEC is the operator of the exploration programs during the option period in consultation with Cornerstone. The properties are targeting sediment-hosted stratiform copper (SSC) deposits similar to those of the prolific Central African Copperbelt, also of Late Neoproterozoic age.

Up to ten (10) drill holes ranging in length from 100 m to 250 m are planned to test the prospective Blue Point Horizon in three separate areas...

Glen McKay, Cornerstone's President & CEO, commented "We are delighted with Vale's decision to further evaluate the potential of the Blue Point Horizon. Previous drilling by Cornerstone has encountered both economic grade and thickness for this deposit type and demonstrated the potential for bulk tonnage copper deposits in the Red Cliff project area."

Logistically, the Red Cliff property is very well located. The provincial capital of St. John's is situated only 270 road km to the east, and the property is located directly on tidewater, has good road access and is in close proximity to power and water supplies. The Government of Newfoundland and Labrador is strongly supportive of mineral exploration and responsible mine development, and local residents are receptive to new developments and eager to support economic growth.
http://www.marketwire.com/press-release/Cornerstone-Notified-Vale-Exploration-Canada-Inc-Planned-Diamond-Drilling-Program-on-TSX-VENTURE-CGP-1325742.htm

They're also drilling the Red Cliff to the north of our Luckies:




Funny, I just noticed they also got a "JEAP" grant too:

Cornerstone would like to acknowledge the financial assistance received from the Government of Newfoundland and Labrador under the Junior Exploration Assistance ("JEA") program.
http://www.marketwire.com/press-release/Cornerstone-Reports-Trenching-Results-on-the-El-Strato-Gold-Property-in-Newfoundland-TSX-VENTURE-CGP-1329411.htm