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Monday, May 31, 2010 11:43:02 PM
We’re expecting some more work on Rusty Ridge this summer:
CEO Ken Stead on recent activity on Rusty Ridge and the Shaylee
… we have made a few new and unexpected discoveries on the RR [Rusty Ridge] during our last period of sampling so we will continue with a summers program of the same and spend some time on the Shaylee right next door.
Ken
Oh, and we’ve been ready for drilling since June 15, 2009:
Kat Exploration Announces 'Rusty Ridge' (IOCG) Property Ready for Drilling
http://finance.yahoo.com/news/Kat-Exploration-Announces-pz-2721659684.html?x=0&.v=2
SO WHY IS RUSTY RIDGE SO SPECIAL?
MOUNT PEARL, Newfoundland, June 15, 2009 (GLOBE NEWSWIRE) -- Kat Exploration (Pink Sheets:KATX - News; http://www.katexploration.com/) is pleased to announce that exploration on it's "Rusty Ridge"(IOCG) property was highly successful in identifying coincidental magnetic IP resistivity and soil geochemical anomalies that suggest potential for a body of Iron Oxide +/- Base, Precious and Rare Earth type mineralization, similar in style and setting to the giant Olympic Dam deposit in Australia… A recently completed 3D inversion modeling [shown below] of the airborne magnetic data show a discreet, strong magnetic anomaly underlying the Rusty Ridge area. Coincidental with this are moderate to strong IP chargeability anomalies that suggest either graphite or significant concentrations of sulphides. Graphite can be for the most part eliminated as the rocks are terrestrial, not marine meaning that conductive argillaceous rocks would not be expected in this environment.
Anomalous levels of the Light Rare Earth Elements (LREE) cerium and lanthanum, all present in Olympic Dam (and others), were not only detected in soils but also in rock samples. Other rare earth elements such as Yttrium(Y), Niobium(NB), Zirconium(ZR) along with Uranium, were all detected in both soil and rock samples. In addition, the soil geochemistry also produced anomalies in silver, gold and copper.
The host rocks for most of the mineral occurrences and the unit overlying the most intense portion of the magnetic anomaly is a brecciated, hematitic felsic volcanic rock, locally with veins of purple fluorite and disseminated pyrite.
This property has already generated a lot of interest from mining companies and is being offered as a Joint Venture (JV) project.
http://finance.yahoo.com/news/Kat-Exploration-Announces-pz-2721659684.html?x=0&.v=2
AH, ISN’T SHE BEAUTIFUL!
New information about Rusty Ridge and Shaylee
Here's some new stuff about the Rusty Ridge / Shaylee area. A little while ago I noted that there were some claims north of Rusty Ridge from some other companies. In fact they weren't registered under a company name but that of an individual. Anyway, I did some digging and found his email address and sent him an email. He replied and we struck up an email conversation. I now know who he is, what his company is called and what his company are doing up there.
The company is called Cache Exploration. Here's the map:
Cache Exploration is searching for... Rare Earth Elements (REE)! They are organising further exploration on their claim this summer, led by a top level, award winning independent geologist and university academic. They must be confident too, because on 10th May they doubled their claim size. I also had a chat about them with our CEO Ken Stead. He knows that area well because he has already explored it and is confident that we have the best claims staked already.
So what is important about this? To my mind what is important is that Cache Exploration believe there is enough value in that area from REE deposits alone. We have our copper at Rusty Ridge and we knew that there are REE deposits up there, but this additional DD adds to the circumstantial evidence that the REE value could be immense.
-courtesy of Rick-UK
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=50549449
MORE FROM RICK-UK ON THE RECENT VALE/CORNERSTONE JV:: I'd like to add a little about the Bonavista Peninsula area, and particularly about VALE, Cornerstone and KAT Exploration. To set the scene, I'm first going to quote a post by warant made to the BVIG board...
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I will give a little info on some things without getting to exact as to conversations with whom or when. First of all was not on all of KATS properties as I am no longer in NEWF and they have new properties. I was always in contact with Ken over the years.The properties that VALE is interested in is all the Bonavista area even beyond. Cornerstone, Noranda and others over the years visited these properties, and they all think that their is a major copper resource somewhere,but they need time and money to find it. Those properties around Bonavista area, Me, Ken,other friends of Ken, would fish in the Lakes in the area and Ken would talk about what is here and what is there; you know buddy talk. One of those friends I talked to a few days ago,had a conversation with a group from VALE, down doing some work on the agreements they signed with CGP, and they like what they saw, but man this copper belt goes for miles and it is a layered deposit.If I remember correctly Ken said that this belt went for hundred of miles; up and then down like a snake, low grade but high tonnage.( this conversation was years ago). Ken always knew that there was copper there so did anyone else you go in the country side to fish or pick berries you could see signs of it everywhere. Another time I remember we were looking over a map for where we we going to go trouting on the weekend and Ken pointed out a steam on the map in the area; Ken said I panned that stream one time looking for sign's of gold all I got was a pan full of copper. LOL we all laugh and said he should get some and make some spinners for trouting.
Vale is looking for copper and they are JV everything in the area to try and find it.
-warant
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OK so now I'm going to quote from Cornerstone's recent press release about their JV partnership with VALE...
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Cornerstone Capital Resources Inc. (TSX VENTURE:CGP) (FRANKFURT:GWN) (BERLIN:GWN) (PINK SHEETS:CTNXF) announces that it has signed an option agreement with Vale Exploration Canada Inc. ("VEC"), a wholly-owned subsidiary of Vale S.A. (NYSE-VALE) ("VALE"), respecting its Red Cliff and Deer Harbour copper properties in eastern Newfoundland. VEC will make an initial payment of C$25,000 and has committed to a minimum first year expenditure of C$165,000. Thereafter, VEC may elect to make further cash payments totaling C$75,000 over the first two years of the option and incur additional exploration expenditures totaling C$2,850,000 over three years in order to earn a 60% interest in the properties. The parties will then form a joint venture to further explore and develop mineral resources on the properties, with each party contributing to approved exploration programs as per their interest. VEC will operate the exploration programs during the option period in consultation with Cornerstone.
"We are extremely pleased to be working with Vale on these copper projects," said Colin McKenzie, Cornerstone's President & CEO. "Cornerstone has been exploring for copper in this area since the company's inception, and VEC's recent interest through its own claim staking and optioning of our properties confirms our view of the potential of this environment to host significant copper deposits".
The Red Cliff and Deer Harbour properties are located on the Bonavista Peninsula in eastern Newfoundland, approximately 270 road km west of St. John's. Collectively the properties comprise 181 mineral claims (45.25 km2) with potential for sediment-hosted stratiform copper (SSC) deposits.
SSC mineralization on the Bonavista Peninsula was first recognized by Cornerstone in late 1999 occurring in red and grey bed sequences of the Late Neoproterozioic Crown Hill Formation. Exploration work carried out on the Red Cliff property between 2000 and 2005 included geological mapping and prospecting, detailed stratigraphic and petrographic studies, geochemistry and geophysical surveys, and diamond drilling (9 holes totaling 1,596 m). This work resulted in the discovery of a number of new copper showings, the most significant being the Blue Point prospect in the northeast part of the property. Continuous chip sampling across the reduced mineralized zone and portions of the lower and upper red beds at Blue Point returned 0.54% Cu and 7.2 g/t Ag over 25.5 m, including 0.93% Cu and 13.02 g/t Ag over 13.5 m. In 2001 and 2002, the southwest strike extension of the Blue Point zone was drill tested, with two holes intersecting significant copper grades including 0.8% Cu and 7.7 g/t Ag over 9.69 m in hole RC-01-01 and 1.0% Cu and 12.1 g/t Ag over 14.25m in hole RC-01-02. Although other holes encountered narrower and weaker mineralized zones, the drilling confirmed very good continuity and thickness (30-37m) in the favourable reduced units which have been tested only over 3.5 km of their approximately 20 km total strike length.
The Deer Harbour claims located approximately 65 km south of Red Cliff cover a number of SSC copper showings hosted in similar reduced members of the Crown Hill Formation. Outcrop grab samples from the copper showings generally return between 0.1 and 1.6% Cu. The showings have received only limited prospecting, and none have been drill-tested.
Dr. Jon Thorson, Cornerstone's consulting geologist and expert on SSC deposits, sees many favourable comparisons between the Red Cliff area and the prolific Central African Copperbelt, also of Late Neoproterozoic age. Given the existing level of exploration, Cornerstone feels the area continues to hold good potential for discovery of a significant SSC deposit.
This press release was prepared by Terry Brace, P.Geo., Cornerstone's VP Exploration and a Qualified Person in accordance with National Instrument 43-101.
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As I said in my summary of DD on 18th May, one of the two properties that Cornerstone is JV'ing with VALE is just north of the VALE claims that surround Lucky, but the other one is just south of our new, massive claim Clifton. Take a look at the map below. You will see where the two claim properties are that Cornerstone have JV'd with VALE in relation to KAT Exploration's properties and also in relation to the underlying bedrock which VALE appears so interested in and which appears to potentially yield very large quantities of low grade copper. Clifton could be massive for us.
-courtesy of Rick-UK
http://investorshub.advfn.com/boards/replies.aspx?msg=50506697
