Constantine Intersects 21.7 Meters of 2.4% Copper and 9.1% Zinc in Step-out Drilling at the Palmer VMS Project
2013年8月12日 - 10:00PM
Marketwired Canada
Constantine Metal Resources Ltd. (TSX VENTURE:CEM) ("Constantine" or the
"Company") is pleased to report results for the first four holes of a 4000 meter
drill program on its Palmer VMS Project, Alaska ("Palmer" or "Project"). The
drill program is part of a US $3,000,000 budget for 2013 funded by Dowa Metals &
Mining Co., Ltd. of Japan ("Dowa"). Drilling is focused on expanding the South
Wall and RW Zones, which host a National Instrument 43-101 compliant 4.75
million tonne inferred resource grading 1.84% copper, 4.57% zinc, 0.28 g/t gold
and 29 g/t silver(i). Mineralized intersections are reported for the first four
holes in the table below, and represent 35 to 100 meter step-outs.
Table 1. Assay Results
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Drill Hole From To Width(ii) Width Cu
(feet) (feet) (feet) (meters) %
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CMR13-43 700.7 783.4 82.7 25.23 1.17
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Includes 748.6 783.4 34.8 10.63 1.77
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CMR13-44 535.5 546.5 11 3.36 0.51
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Includes 539.4 544.4 5 1.5 0.82
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CMR13-45 469.3 540.6 71.3 21.71 2.36
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Includes 470.8 509.8 39 11.88 3.29
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CMR13-46 684 751.5 67.5 20.58 0.92
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Includes 684 726.3 42.3 12.9 0.83
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Drill Hole Zn Pb Ag Au Zone
% % (g/t) (g/t)
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CMR13-43 0.43 less than 0.01 8.5 0.07 SW Zone I
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Includes 0.27 less than 0.01 13.8 0.15 SW Zone I
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CMR13-44 9.18 0.92 46.2 0.21 RW Zone
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Includes 15.05 1.52 76.2 0.34 RW Zone
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CMR13-45 9.06 0.13 28.8 0.33 SW Zone I
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Includes 10.48 0.12 35.5 0.44 SW Zone I
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CMR13-46 7.18 0.25 45.3 0.32 SW Zone II
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Includes 10.26 0.37 63.3 0.44 SW Zone II
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(ii)Drill intercepts reported as core lengths are estimated to be 85-100%
true width, except for CMR13-43 which is estimated to be 50 to 60% true
width. Averages are weighted for length and density.
Drill holes were designed to expand and test the outer edges of the existing
resource. Drill holes CMR13-43, 45 and 46 successfully expanded the outer limits
of South Wall mineralization (see Figure 1) and hole CMR13-44 confirmed
mineralization between the RW East and West Zones (see Figure 2).
Hole CMR13-43 intersected strong chalcopyrite stringer style mineralization and
represents an approximately 35 meter down-dip step-out on Zone I. This hole was
drilled on an oblique angle and stayed in footwall mineralization and alteration
and did not penetrate the main massive sulphide bearing horizon. Hole CMR13-45
is a 65 meter up-dip step-out on South Wall Zone I and intersected a thick zone
of massive sulphides. Hole CMR13-46 intersected South Wall Zone II massive
sulphide mineralization approximately 50 meters west and 50 meters up dip of
previous drilling. This intersection significantly expands an area of thick Zone
II mineralization, and opens the potential to add additional tons between the
base of Zone I and the currently defined top of Zone II. Based on a revised
geological model, South Wall Zone II is interpreted to represent the faulted
offset of South Wall Zone 1. For additional drill sections and geological
figures please visit www.constantinemetals.com.
Drill hole CMR13-44 targeted the RW Zone with an approximately 100 m eastward
step out from the nearest drill intersection and confirms the presence of
high-grade massive sulphide mineralization between the RW East and RW West
resource areas.
Update on Metallurgical Work
A metallurgical test program is underway at SGS Canada's Vancouver facility. The
work is being performed on a composite of 212 assay sample rejects from past
drilling. The composite has responded well to flotation with the initial series
of rougher and cleaner tests yielding high grade copper and zinc concentrates.
Based on these results a conventional copper/zinc sequential flotation flowsheet
has been developed for locked cycle test work. The locked cycle tests will be
performed on the same sample composite with work to commence immediately.
About Palmer and the Dowa Agreement
Palmer is a high-grade VMS project located in a very accessible part of coastal
southeast Alaska, with road access to the edge of the property and within 60
kilometres of the year-round deep sea port of Haines. Under the terms of an
Option and Joint Venture Agreement signed February 2013, Dowa has the option to
earn a 49% interest in the Project by making aggregate expenditures of
US$22,000,000 over a four year period. Expenditures for each year shall not be
less than US$3,000,000, with Dowa funding a minimum of US$3,000,000 in year one
as a firm commitment. Included in the aggregate expenditure are cash payments to
Constantine totalling US$1,250,000 over four years, of which US$500,000 was
received upon signing of the Agreement. Constantine is Operator for work
programs carried out during the earn-in period.
About the Company
Constantine is a mineral exploration company with multiple active projects
located in premier North American mining environments. In addition to the
flagship Palmer copper-zinc-silver-gold VMS Project, other major projects
include; (1) the 100% owned Timmins area Munro-Croesus Project a past-producing
mine property that yielded some of the highest grade gold ever mined in Ontario
and includes strategically located claims immediately along trend from the
Fenn-Gib gold deposit (1.35 million ounces indicated and 0.75 million ounces
inferred); (2) the large Golden Mile property in the Timmins gold camp that is
optioned to Teck Resources Ltd. who can earn up to 66% by spending $5M; and (3)
the 50/50 Joint Venture with Carlin Gold Corporation exploring an approximately
800 sq. km land position in an emerging new Carlin-type gold district in Yukon.
Please visit the Company's website (www.constantinemetals.com) for more detailed
company and project information.
On Behalf of Constantine Metal Resources Ltd.
Garfield MacVeigh, President
(i) See the Company's technical report entitled, "Palmer VMS Project, Southeast
Alaska, Mineral Resource Estimation and Exploration Update" dated March 4, 2010
and available on www.sedar.com. Resource estimate utilizes an NSR cut-off of
US$50/t with assumed metal prices of US$700/oz for gold, US$12/oz for silver,
US$2.25/lb for copper, and US$0.85/lb for zinc, with estimated metal recoveries
of 55%, 55%, 90%, and 90% respectively.
Notes:
Samples of drill core were cut by a diamond blade rock saw, with half of the cut
core placed in individual sealed polyurethane bags and half placed back in the
original core box for permanent storage. Sample lengths typically vary from a
minimum 0.3 meter interval to a maximum 2.0 meter interval, with an average 1.0
to 1.5 meter sample length. Drill core samples were shipped by transport truck
in sealed woven plastic bags to ALS Minerals laboratory facility in North
Vancouver for analysis. ALS Minerals operate according to the guidelines set out
in ISO/IEC Guide 25. Gold was determined by fire-assay fusion of a 30 g
sub-sample with atomic absorption spectroscopy (AAS). Various metals including
silver, gold, copper, lead and zinc were analyzed by inductively-coupled plasma
(ICP) atomic emission spectroscopy, following multi-acid digestion. The elements
silver, copper, lead and zinc were determined by ore grade assay for samples
that returned values greater than 10,000 ppm by ICP analysis. Density
measurements were determined at the project site by qualified Constantine
personnel on cut core for each assay sample.
The 2013 exploration program for the Palmer project is managed by Darwin Green,
VP Exploration for Constantine Metal Resources Ltd. and a qualified person as
defined by Canadian National Instrument 43-101. Mr. Green has reviewed the
information contained in this news release and has also verified the analytical
data for drill core samples disclosed in this release by reviewing the blanks,
duplicates and certified reference material standards and confirming that they
fall within limits as determined by acceptable industry practice. The analytical
results have also been compared to visual estimates for the base metals to check
for any obvious discrepancies between analytical results and the visual
estimates.
Forward-looking statements: This news release includes certain "forward-looking
information" within the meaning of Canadian securities legislation and
"forward-looking statements" within the meaning of the United States Private
Securities Litigation Reform Act of 1995 (collectively "forward looking
statements")." Forward-looking statements include predictions, projections and
forecasts and are often, but not always, identified by the use of words such as
"seek", "anticipate", "believe", "plan", "estimate", "forecast", "expect",
"potential", "project", "target", "schedule", budget" and "intend" and
statements that an event or result "may", "will", "should", "could" or "might"
occur or be achieved and other similar expressions and includes the negatives
thereof. All statements other than statements of historical fact included in
this release, including, without limitation, statements regarding the expected.
There can be no assurance that such statements will prove to be accurate and
actual results and future events could differ materially from those anticipated
in such statements. Forward-looking statements are based on a number of material
factors and assumptions. Important factors that could cause actual results to
differ materially from Company's expectations include actual exploration
results, changes in project parameters as plans continue to be refined, results
of future resource estimates, future metal prices, availability of capital and
financing on acceptable terms, general economic, market or business conditions,
uninsured risks, regulatory changes, defects in title, availability of
personnel, materials and equipment on a timely basis, accidents or equipment
breakdowns, delays in receiving government approvals, unanticipated
environmental impacts on operations and costs to remedy same, and other
exploration or other risks detailed herein and from time to time in the filings
made by the Company with securities regulators. Although the Company has
attempted to identify important factors that could cause actual actions, events
or results to differ from those described in forward-looking statements, there
may be other factors that cause such actions, events or results to differ
materially from those anticipated. There can be no assurance that
forward-looking statements will prove to be accurate and accordingly readers are
cautioned not to place undue reliance on forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
To see Figure 1 and Figure 2, please visit the following link:
http://media3.marketwire.com/docs/Figure1-and-2.pdf.
FOR FURTHER INFORMATION PLEASE CONTACT:
Constantine Metal Resources Ltd.
Darwin Green
VP Exploration
604-629-2348
info@constantinemetals.com
Constantine Metal Resources Ltd.
Koraleen Jarvis
Communications Coordinator
604-629-2348
info@constantinemetals.com
www.constantinemetals.com
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