Constantine Announces US$6.2 Million Budget for 2014 Palmer Copper-Zinc-Silver-Gold Project, Southeast Alaska
January 28 2014 - 9:00AM
Marketwired
Constantine Announces US$6.2 Million Budget for 2014 Palmer
Copper-Zinc-Silver-Gold Project, Southeast Alaska
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan 28, 2014) -
Constantine Metal Resources Ltd. (TSX-VENTURE:CEM) ("Constantine"
or the "Company") is pleased to announce the 2014 program and
budget for the Palmer VMS Project, Alaska ("Palmer" or "Project").
A budget of US$6.2 million plus contingency has been approved by
partner Dowa Metals & Mining Co., Ltd. of Japan ("Dowa") and a
US$250,000 option payment to Constantine has been made. Dowa are
entering the second year of an option agreement in which they can
earn 49% in the Palmer Project by making aggregate expenditures of
US$22 million over four years.
Garfield MacVeigh, President and CEO, states, "2014 is poised to
be a promising year for Constantine and the advancement of the
Palmer project. We look forward to what will be the most active
year in the company's history and the opportunity to continue
proving up Palmer's potential."
Palmer is an early resource expansion stage project that is host
to a 4.75 million tonne inferred resource estimate grading 1.84%
copper, 4.57% zinc, 0.28 g/t gold and 29 g/t silver*. The 2014
program will be drill intensive and focused on expanding the South
Wall and RW massive sulphide zones, which are open laterally and to
depth. Drilling will also target other property wide massive
sulphide prospects. The program is expected to include 3 drill
rigs, with drills mobilizing late May. Constantine is Operator for
work programs carried out during the earn-in period.
About the Palmer Project
Palmer is a high-grade volcanogenic massive sulphide (VMS)
deposit 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. The Project
is located within the same belt of rocks that is host to the Greens
Creek and Windy Craggy VMS deposits - both widely recognized to be
world class systems. Drilling of 32 holes by Constantine between
2006 and 2009 led to the discovery of thick continuous zones of
massive sulphide mineralization at the South Wall and RW Zones of
the Glacier Creek prospect, and calculation of an initial mineral
resource estimate. The total footprint of mineralization has been
expanded with an additional 20 holes completed in 2010 and 2013,
with the majority of this drilling consisting of step-outs from the
resource estimate. The South Wall and RW Zones occupy the same
time-stratigraphic intervals on opposite limbs of a large-scale
anticline, and all zones intersected in drilling remain open to
expansion laterally and to depth. There are at least 25 separate
base metal and/or barite occurrences and prospects on the Palmer
property, indicating the presence of a very extensive mineralized
system with potential for discovery of multiple deposits.
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 with a district-scale 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
* 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.
An "Inferred Mineral Resource is that part of a Mineral Resource
for which quantity and grade or quality can be estimated on the
basis of geological evidence and limited sampling and reasonably
assumed, but not verified, geological and grade continuity. Due to
the uncertainty that may be attached to Inferred Mineral Resources,
it cannot be assumed that all or any part of an Inferred Mineral
Resource will be upgraded to an Indicated or Measured Mineral
Resource as a result of continued exploration. Confidence in the
estimate is insufficient to allow the meaningful application of
technical and economic parameters or to enable an evaluation of
economic viability worthy of public disclosure.
Notes:
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.
Constantine Metal Resources Ltd.Garfield
MacVeighPresident604-629-2348Constantine Metal Resources Ltd.Darwin
GreenVP
Exploration604-629-2348info@constantinemetals.comwww.constantinemetals.com
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