Carlin-Constantine Jv Expands Property Position In Yukon's New Carlin-Type Gold District
(via Thenewswire.ca)
Constantine Metal Resources Ltd. ("Constantine") (TSX Venture - CEM) and Carlin Gold Corporation ("Carlin") (TSX Venture - CGD) jointly (the "Companies") announce the staking of 1,097 additional claims in five areas prospective for Carlin-type mineralization in the Mayo Mining District, east central Yukon, Canada. The new staking represents an almost 50% increase in the Companies' large, strategically located land package.
The Constantine-Carlin 50/50 Joint Venture (the "Joint Venture") was formed in the early fall of 2010 specifically to target and explore for Carlin-type gold deposits in the Yukon's Selwyn Basin. The Joint Venture moved quickly to establish a large land position in this emerging gold frontier, acquiring areas with permissive geology and drainages with strong geochemical anomalies. The Joint Venture now controls a total of 3,426 claims comprising approximately 700 square kilometers (270 square miles) which represents one of the largest property positions in this new district (see attached figure).
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The new claims represent expansions on five properties, highlighted as follows:
TUT
-391 additional TUT claims (total now is 530 claims) were staked peripheral to a gold-bearing Tombstone-suite intrusive to cover potentially receptive Paleozoic and Mesozoic carbonate units as well as stream drainages containing anomalous arsenic, mercury, and antimony. The drainage samples, which have gold values as high as 350 ppb, are part of the extensive Yukon Geological Survey database (RGS).
-Previous reconnaissance-scale sampling reported in Mineral Assessment Report 93420 (Yukon Mining Recorder office) on the TUT property yielded anomalous gold in soils and silts, with rock chips to 798 ppb Au.
-The new claims cover over 15 kilometers of strike length along two calcareous sedimentary horizons.
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Constantine-Carlin Joint News Release
April 14, 2011
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X
-188 additional X claims (total now is 642 claims) were staked to cover an additional 9.5 kilometers strike length along a favorable Paleozoic-age calcareous stratigraphic section.
-The new claims also cover drainages anomalous in gold, arsenic, mercury, and antimony similar in tenor to those RGS samples that drain Atac Resources' Osiris discovery.
-The X block is located peripheral to intrusive-related gold mineralization reported on the adjacent Cynthia property, and covers both a proximal and distal setting with respect to the intrusions.
-The claims cover zones of potential clay and iron oxide alteration as identified from satellite imagery analysis conducted by the Joint Venture.
HG
-56 additional HG claims (total now 208 claims) were staked to cover additional prospective ground along the Rackla Gold belt, site of Atac Resources' Carlin-type discovery at their Osiris project.
-The HG claim block is adjacent to a known cinnabar and native mercury occurrence; this is believed to be the only know mercury occurrence in the district. Mercury is commonly associated with Carlin-type gold deposits and there is a known spatial relationship between cinnabar (HgS) and some large Carlin-type gold deposits in Nevada.
-The claims are located approximately mid-distance between the Osiris discovery and a realgar-orpiment occurrence recently announced by Strategic Metals on its Crag property.
-The claims cover drainages that contain elevated gold and are highly anomalous in the pathfinder elements arsenic and mercury.
-Favorable carbonate-bearing units are present on the claims.
-The claims cover zones of potential clay and iron oxide alteration as identified from satellite imagery analysis conducted by the Joint Venture.
AZTEC
-318 claims have been staked adjacent to the Joint Venture's previously announced Aztec property acquisition.
-Additional claims cover favorable geology and geochemistry, including 5 kilometers along a zone where the published regional mapping delineates a carbonate-bearing unit adjacent to a potentially gold-mineralized granitic intrusion.
-Gold values exceeding the 95th percentile for the Yukon database occur in a total of five separate drainages that transect the Property, one of which contains 155 ppb Au and 460 ppm As.
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Constantine-Carlin Joint News Release
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-Reconnaissance traverses involving prospecting, mapping and silt, rock and soil sampling by Viceroy Exploration Inc. in 1998 and Novagold Resources Ltd. in 1999 have revealed several broad gold geochemical anomalies across the property requiring detailed follow-up grab samples collected by the Vendor on the Property reportedly assay up to 9.57 grams per tonne (0.279 opt).
Y
-144 claims were staked adjacent to the Joint Ventures's initial property acquisition announced November 18th, 2011.
-Claims are peripheral to a documented gold-bearing skarn mineralized zone.
-Skarn is associated with mid-Cretaceous, ‘Tombstone suite' biotite quartz-monzonite. Published geologic mapping indicates that the new claims cover two such intrusive bodies.
-Lower Paleozoic carbonate-bearing rocks are mapped on the new claims.
-The claims cover extensive zones of potential iron oxide alteration as identified from satellite imagery.
-Structurally complex regional setting along axis of a prominent regional antiform.
The Joint Venture is making plans for aggressive exploration of its large Yukon land package in Q2 and Q3 2011. Favorable regional geochemistry and geology have identified a Carlin-type exploration opportunity, which is highlighted by the Osiris discovery. Stream sediment and soil anomaly stage prospects in the Yukon have advanced rapidly into major drill hole discoveries. Additional figures and information on the Joint Venture's large Yukon land package can be found at www.constantinemetals.com or www.carlingold.com.
About Constantine
Constantine is a gold and copper exploration company with multiple active projects located in premier North American exploration environments. These are highlighted by the 100% owned Palmer Project, where Constantine has discovered a new copper-zinc-silver-gold deposit in a very accessible part of southeast Alaska, and the Munro-Croesus Project, that includes a past-producing mine property that yielded some of the highest grade gold ever mined in Ontario. Constantine currently has two diamond drills on Munro-Croesus, with assays pending on the initial holes. The Palmer Project contains a National Instrument 43-101 compliant 4.12 million tonne inferred resource grading 2.01% copper, 4.79% zinc, 0.30 g/t gold and 31 g/t silver (using an NSR cut-off of US$75/t; see news release dated January 20, 2010) that is open to expansion.
Constantine controls a major land position in an emerging new Carlin-type gold district in Yukon in a 50/50 joint venture with Carlin Gold Corporation. Its Trapper Gold Project in northern British Columbia is optioned to Ocean Park Ventures Ltd. which is committed to spend a
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Constantine-Carlin Joint News Release
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minimum $750,000 this year as part of its $4.75 million 50% earn-in. The drill-ready Trapper Gold Project hosts a 2000 meter long by 200 meter wide gold-arsenic soil anomaly with values up to 8.6 g/t gold.
About Carlin
Carlin is a gold exploration company focused in Nevada and Yukon Territory. Carlin owns 100% of three properties in Nevada, all of which represent Carlin-type gold targets.
The Cortez Summit property is located within the Cortez gold trend between the past producing Horse Canyon and Buckhorn gold mines owned by Barrick Gold Corporation. Barrick's new Cortez Hills mine is located 4 miles west of Cortez Summit. This mine and other Barrick operations in the district produced 1.14 million ounces of gold in 2010 (Barrick 2010 Annual Report). Geological, geochemical and geophysical assessment of the Cortez Summit property has resulted in definition of several priority drill targets. A drill permit application is in progress.
The JDS property is 12 miles southeast of Cortez Summit along the southeast extension of the Cortez gold trend near the southernmost Paleozoic carbonate window in the trend. The property is covered by late Tertiary sedimentary rocks and alluvium. Drill targets have been defined by gravity and mercury-gas geochemistry.
The Willow property is located in northeast Nevada, northwest of the new Long Canyon gold discovery in the Pequop Mountains, which is part of the recently completed Newmont Mining Corporation acquisition of Fronteer Gold Inc., a $2.3 billion transaction.
Willow covers approximately 2 miles of strike length along the Roberts Mountain Thrust. Lower plate carbonate rocks include favorable lithologies of the Roberts Mountain and Hanson Creek Formations. Altered intrusive rocks have yielded a late-Eocene age date, similar to that of most of the nearby Carlin-type deposits. Drill targets are defined by series of northeast-trending, high-angle faults with adjacent anomalous gold values within hydrothermally altered lower plate carbonate rocks.
On Behalf of Constantine Metal Resources Ltd. On Behalf of Carlin Gold Corporation
"Garfield MacVeigh" "K. Wayne Livingstone"
President President
Investor relations enquiries, please contact:
R.E. (Bob) Jeffery
Phone: 250-335-2011
Email: bob@constantinemetals.com or Email: info@constantinemetals.com
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Constantine-Carlin Joint News Release
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or
Jim MacDonald, Torrey Hills Capital
Phone: 858-456-7300
Email: jm@sdthc.com
Percentiles are determined based on analysis of a Yukon government geochemical database containing over 30,000 regional silt samples collected from across the Territory.
Darwin Green P.Geo, Vice President for Constantine Metal Resources Ltd. and a qualified person as defined by Canadian National Instrument 43-101, has reviewed and approved the technical information contained in this release. Robert Thomas CPG, Vice President for Carlin Gold Corporation and a qualified person as defined by Canadian National Instrument 43-101, has reviewed and approved the technical information contained in this release on behalf of Carlin Gold Corporation.
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")" concerning the Companies' plans for their properties, operations and other matters. 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, including, without limitation, statements regarding the Company's planned sampling program, drilling permit applications, potential mineralization, the estimation of mineral resources, the realization of mineral resource estimates, interpretation of prior exploration and potential exploration results, the timing and success of exploration activities generally, the timing and results of future resource estimates, permitting time lines, metal prices and currency exchange rates, availability of capital to the Companies and their joint venture partners, government regulation of exploration operations, environmental risks, reclamation, title, statements with respect to the future price of gold and other metals, and future plans and objectives of the Companies are forward-looking statements that involve various risks and uncertainties. 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 Companies' expectations include regulatory approval, 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 to the Companies and their joint venture partners, 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 Companies with securities regulators. Although the Companies have 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. The Company undertakes no obligation to update these forward-looking statements other than as required by applicable law.
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.
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