Constantine Intersects 24.7 Meters of 2.0% Copper and 8.5% Zinc in Additional Step-out Drilling at the Palmer VMS Project
2013年10月8日 - 10:00PM
Marketwired Canada
Constantine Metal Resources Ltd. (TSX VENTURE:CEM) ("Constantine" or the
"Company") is pleased to report final assay results for the recently completed
ten hole 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 focused on
expanding the South Wall and RW Zones, which host a National Instrument 43-101
compliant 4.75 million tonne inferred resource estimate grading 1.84% copper,
4.57% zinc, 0.28 g/t gold and 29 g/t silver(i). The project is located in a very
accessible part of coastal southeast Alaska with good logistics, 60 kilometers
by existing road from the year-round deep sea port of Haines.
Highlights
-- South Wall Zone I step-out hole CMR13-49 intersected 24.7 meters (80.9
feet) near true width of 2.02% copper, 8.47% zinc, 31.7 g/t silver and
0.51 g/t gold. The massive sulphide intersection is located
approximately 30 meters up-dip of CMR10-40, which intersected 20.8
meters (68.2 feet) of 1.03% copper and 5.01% zinc (reported in 2010).
Both these intersections are outside the limits of the pre-2010 drilling
resource estimate and are located 80 meters east along strike of the
nearest South Wall intersection in CMR08-11 of 36.3 meters (119 feet)
grading 1.70% copper and 5.74% zinc.
-- Precious metal-rich RW Zone oxide mineralization was intersected in
CMR13-50, including 37.5 meters (123 feet) of 123.2 g/t silver and 0.62
g/t gold. The intersection includes a partially unoxidized subinterval
of 13.7 meters (45 feet) grading 0.51% copper, 4.97% zinc, 1.61% lead,
134.3 g/t silver and 0.71 g/t gold.
-- Highly successful expansion program with significant mineralization
intersected in seven of ten holes, including five high-grade
intersections 20 meters or greater in width. A complete list of all
significant mineralized intersections in 2013 is provided in Table 1
below.
Garfield MacVeigh, President and CEO of Constantine states: "This is a great
opportunity for Constantine to work with our partner Dowa who have more than 120
years of experience finding, developing, mining and processing high grade VMS
orebodies. We have had great encouragement from the 2013 exploration program and
look forward to continued exploration and development with Dowa to realize the
full potential of the high-grade copper-zinc Palmer project. Near term, the
Company looks forward to releasing the results of bench-scale metallurgical
test-work following receipt of final data and report from SGS Canada."
Table 1. 2013 Assay Results
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Drill From To Width Width Cu Zn Pb Ag Au
Hole (feet) (feet) (feet) (meters) % % % (g/t) (g/t) Zone
----------------------------------------------------------------------------
CMR13-43 700.7 783.4 82.8 25.23 1.17 0.43 less 8.5 0.07 SW Zone I
than
0.01
----------------------------------------------------------------------------
Includes 748.6 783.4 34.9 10.63 1.77 0.27 less 13.8 0.15 SW Zone I
than
0.01
----------------------------------------------------------------------------
CMR13-44 535.5 546.5 11 3.36 0.51 9.18 0.92 46.2 0.21 RW Zone
----------------------------------------------------------------------------
Includes 539.4 544.4 4.9 1.5 0.82 15.05 1.52 76.2 0.34 RW Zone
----------------------------------------------------------------------------
CMR13-45 469.3 540.6 71.2 21.71 2.36 9.06 0.13 28.8 0.33 SW Zone I
----------------------------------------------------------------------------
Includes 470.8 509.8 39 11.88 3.29 10.48 0.12 35.5 0.44 SW Zone I
----------------------------------------------------------------------------
CMR13-46 684 751.5 67.5 20.58 0.92 7.18 0.25 45.3 0.32 SW Zone II
----------------------------------------------------------------------------
Includes 684 726.3 42.3 12.9 0.83 10.26 0.37 63.3 0.44 SW Zone II
----------------------------------------------------------------------------
CMR13-47 655.2 672.1 16.8 5.13 0.05 2.62 0.11 9 0.08 RW
Stringer
----------------------------------------------------------------------------
CMR13-48 No significant intersection
----------------------------------------------------------------------------
CMR13-49 469.6 550.5 80.9 24.66 2.02 8.47 0.06 31.7 0.51 SW Zone I
----------------------------------------------------------------------------
CMR13-49 838.9 861.5 22.5 6.86 0.5 3.75 0.06 10.5 0.09 SW Zone II
----------------------------------------------------------------------------
Includes 855.2 861.5 6.3 1.91 0.61 6.13 0.04 13.5 0.11 SW Zone II
----------------------------------------------------------------------------
CMR13-49 974.5 983.3 8.8 2.67 0.01 4.73 0.34 6.9 0.02 SW Zone
III
----------------------------------------------------------------------------
CMR13-50 79 202 123 37.49 0.53 2.35 1.21 123.2 0.62 RW (Oxide)
----------------------------------------------------------------------------
Includes 79 124 45 13.72 0.51 4.97 1.61 134.3 0.71 RW (Oxide)
----------------------------------------------------------------------------
CMR13-51 No significant intersection
----------------------------------------------------------------------------
CMR13-52 No significant intersection
----------------------------------------------------------------------------
(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. Near 100% core recovery
for all zones except for reported RW Oxide intersection CMR13-50 (less than
50% recovery).
Discussion of Drill Program and Results
The 2013 drill holes targeted open edges of the South Wall and RW zones of the
2010 resource estimate, with step-out distances ranging from 30 to 100 meters.
Focus was on targets at elevations above the 1100 meter level.
In the South Wall, this drilling successfully expanded the known extent of Zone
I down-dip, up-dip and along strike to the east with drill holes CMR13-43, 45,
and 49 (Figure 1). In addition to defining significant widths of high-grade
mineralization, such as CMR13-45 that intersected 21.7 meters grading 2.36%
copper and 9.06% zinc, drilling also provided greater confidence in the
geological model and geometry of mineralization. Zone I is a fault bound lens of
massive sulphide and associated stringer mineralization that has been defined
over a strike length of approximately 400 meters, a dip length of up to 200
meters and has an average true width of approximately 20 meters. The down dip
edge of Zone I is cut-off by a moderate to steep north dipping fault, referred
to as the 'footwall fault'. South Wall Zone II is interpreted to be the deeper,
fault offset equivalent of Zone I. Based on this interpretation, drilling
targeted a gap above the upper defined edge of Zone II and the base of the
footwall fault, with potential for significant up-dip expansion of Zone II. Hole
CMR13-46 tested this concept and successfully expanded Zone II up-dip with an
intersection of wide high-grade mineralization of 20.6 m grading 0.92% copper
and 7.18% zinc. Hole CMR13-48, drilled approximately 100 meters west and up-dip
of CMR13-46, provided further confirmation of the geological model with the
intersection of a thick zone of exhalative jasper marking the Zone II horizon
containing anomalous metal values.
Down-dip and along strike extensions of South Wall Zones II and III, which
remain open to expansion at depth, were beyond the scope of the 2013 drill
program. Of particular interest for future drilling is a large electromagnetic
(EM) anomaly, where recent modeling has defined an approximately 400 meter by
400 meter conductive plate that extends west and down dip of Zones II and III.
This target, which is more strongly conductive than the known drill-defined
portions of Zone II and III, highlights the excellent potential for on-trend
extensions of massive sulphide.
The perimeter of the RW West Zone was tested by holes CMR13-44, 47, and 51 with
nominal 100 meter step-outs. Holes CMR13-44 and 47 confirm RW Zone
mineralization between the RW West and RW East resource areas with CMR13-44
having an intercept of 3.4 m grading 0.51% copper, 9.18% zinc, 46.2 g/t silver
and 0.21 g/t gold. Hole CMR13-51, which tested 100 meters north of known RW West
mineralization intersected approximately 10 meters of exhalative chert with
anomalous metal values. Collectively the three holes define a larger footprint
to the RW horizon mineralization and the likelihood that the RW West and RW East
are contiguous, delineating a total strike length for the RW mineralized horizon
of over 600 meters. To the east, the near surface, precious metal-enriched,
oxidized and base metal-leached portion of the RW horizon was tested with
CMR13-50, which returned 37.5 meters near true width grading 123.2 g/t silver
and 0.62 g/t gold. The intersection includes a partially unoxidized subinterval
of 13.7 meters (45 feet) grading 0.51% copper, 4.97% zinc, 1.61% lead, 134.3 g/t
silver and 0.71 g/t gold. The length of the intersection in CMR13-50 highlights
the potential for the RW horizon to develop massive sulphide over very
significant widths.
Since completion of the resource estimate in January 2010, there have been a
total of 20 additional holes for 7,667 meters drilled. This drilling has
significantly expanded the total footprint of mineralization and provided a much
higher degree of confidence in the geological model.
For additional drill sections and geological figures please visit
www.constantinemetals.com.
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. 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. The next cash payment of US$250,000 is
due on February 1, 2014. Constantine is Operator for work programs carried out
during the earn-in period.
About the Company
Constantine is a mineral exploration company with a focus on premier North
American mining environments. In addition to the flagship Palmer
copper-zinc-silver-gold VMS Project located in Alaska that is being advanced in
partnership with Dowa Metals & Mining Co., Ltd., Constantine has a pipeline of
other quality projects that includes; (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 view Figure 1 please visit the following link:
http://media3.marketwire.com/docs/903130.pdf
FOR FURTHER INFORMATION PLEASE CONTACT:
Constantine Metal Resources Ltd.
Darwin Green
VP Exploration
604-629-2348
info@constantinemetals.com
www.constantinemetals.com
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