Constantine Crews Mobilize for US$6.2 Million +10,000 Meter Drill Program Palmer Copper Zinc Gold Silver Project, Alaska
May 29 2014 - 9:00AM
Marketwired
Constantine Crews Mobilize for US$6.2 Million +10,000 Meter Drill
Program Palmer Copper Zinc Gold Silver Project, Alaska
VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 29, 2014) -
Constantine Metal Resources Ltd. (TSX-VENTURE:CEM) ("Constantine"
or the "Company") is pleased to announce crews have commenced
mobilization for the 2014 drill program at the Palmer VMS Project,
Alaska ("Palmer" or "Project"). The work is part of a US$6.2
million budget for 2014 funded by partner Dowa Metals & Mining
Co., Ltd. of Japan ("Dowa"). 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.
The 2014 exploration program plans for a minimum of 10,000
meters of drilling, and will include 3 drill rigs, all of which are
expected to be in operation by early June. Two drill rigs will be
dedicated to expansion of the South Wall resource with holes
targeting zones on nominal 100 meter step-outs. This includes
testing a large conductive plate located immediately down plunge of
the existing deposit that was modeled from downhole geophysical
data. The third drill will test separate property wide targets.
Other work planned for the 2014 season includes construction of a 4
km supply road, and environmental and geotechnical studies.
Constantine is Operator for work programs carried out during the
earn-in period.
Garfield MacVeigh, President and CEO states, "The Palmer project
stands out as one of the more active and high quality copper-zinc
exploration projects in today's North American marketplace. With
the largest program to date at Palmer, there is tremendous
potential in 2014 to expand the existing resource and discover new
deposits."
About the Palmer Project
Palmer is a an early resource expansion stage, high-grade
volcanogenic massive sulphide (VMS) project that hosts 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 project is
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. Mineralization at Palmer
occurs 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 Lake
Shore Gold Corp.'s 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; and (3) the 50/50 Joint
Venture with Carlin Gold Corporation exploring a >600 sq. km
land position in an emerging new Carlin-type gold district in
Yukon. Since 2011, there has been over $10 million spent by
partners exploring Constantine's projects. 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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