Drain cherries; dry on paper towels. Set aside.
Combine milk chocolate and unsweetened chocolate in top of a double boiler; place over water, and bring to a boil. Reduce heat to low; cook until chocolate melts, stirring occasionally.
Remove double boiler from heat, leaving chocolate mixture over hot water.
Dip fingers in cornstarch and shape a small amount of fondant around each cherry. Place on waxed paper-lined baking sheets.
Holding each fondant-coated cherry by the stem, dip in chocolate mixture, allowing excess chocolate to drain back into top of double boiler.
Place cherries on wire racks over waxed paper; refrigerate until chocolate coating has hardened. Store cherries in cool place.
Note: The flavor of Chocolate Covered Cherries will be enhanced when stored in a tightly covered container up to 2 weeks. The fondant will have mellowed and blended with the flavor of the liqueur.