Constantine Reports Final Drill Results for Trapper Gold Project, British Columbia Including 25 Metres of 1.03 g/t Gold Within 147.5 Metres of 0.42 g/t Gold
Including 25 Metres of 1.03 g/t Gold Within 147.5 Metres of 0.42 g/t Gold
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/17/12 -- Constantine Metal Resources Ltd. (TSX VENTURE: CEM) ('Constantine' or the 'Company') is pleased to report final drill results for the 2011 drill program carried out on the Company's 100% owned Trapper Gold project, northern British Columbia. The 100% partner funded program included 8,581 meters of drilling in 42 holes. The work was completed by Ocean Park Ventures Corp. ('Ocean Park') who can earn a 70% interest in the project by spending $9.75 million in work expenditures and issuing certain cash and share payments to Constantine.
Mineralization at the Main Gold zone has now been confirmed in drilling over a strike length of 2.3 kilometres. New results include gold-rich sulfide stockwork, including semi-massive mineralization, at the west end of the zone where it has a north-south width of 100 to 150 metre and been drilled to a depth of 150 metres. The zone projects to surface where grab samples have returned up to 14.05 g/t gold, and remains open at depth and along strike. Results of drilling into this target, as provided by Ocean Park, are summarized in Table 1 and on the accompanying map and section (Figures 1 and 2, available at the following link: http://media3.marketwire.com/docs/cem0117.pdf).
Table 1. Drill results for gold-silver stockwork mineralization, western
Main Gold zone
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Interval Interval Interval
From To Length Gold Silver
Drill Hole (m) (m) (m) g/t g/t Comment
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Includes
TG-11-038 37.5 185.0 147.5 0.42 1.99 Porphyry Sill
Including 125.0 150.0 25.0 1.03 1.40 Stockwork
Semi-Massive
Including 132.5 137.5 5.0 4.37 4.16 Sulfide
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TG-11-039 67.5 97.5 30.0 1.01 2.35 Stockwork
Including 77.5 85.0 7.5 1.95 2.71
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TG-11-040(i) 132.5 162.5 30.0 1.09 1.74 Stockwork
Semi-Massive
including 137.5 142.5 5.0 5.59 3.05 Sulfide
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(i)Results from TG-11-040 previously reported in news release of November
30th, 2011 included here for context. Reported intersections represent
drilled widths, true widths are unkown.
Additional Results
Multiple gold-silver-base metal mineralized structures were intersected in several other holes peripheral to the Main Gold zone (e.g. 2.5 meters grading 2.47 g/t gold in hole TG-11-35, and 9.8 meters grading 0.19 g/t gold, 2.6 g/t silver and 0.10% zinc in hole TG-11-41). Additional drilling was completed outboard of the Main Gold zone testing a number of gold-in-soil anomalies and gossanous zones, but did not intersect significant gold mineralization.
Summary of 2011 Program
Prior to the 2011 exploration program, no drilling had been undertaken at the Trapper Gold project and the nature of the mineralization system was unclear. Highlights of the 2011 Phase 1 drill program include:
-- Recognition of a large porphyry gold-copper complex with at least two
porphyry centres, including associated hydrothermal breccias
-- Drilling of a dense, multi-kilometre gold-mineralized structural network
including core zones of gold-rich sulfide stockworks that are locally
semi-massive in character
-- Drill discovery of gold-mineralized feldspar porphyry dykes and sills
with gold grade enrichment at the margins
-- Discovery of at- to near-surface copper-mineralized feldspar porphyry
Ocean Park reports plans for drill-testing all of these targets in 2012, including definition drilling of the gold-mineralized porphyry discoveries and gold-rich sulfide stockworks, which have demonstrated significant grade and size potential. There are also plans to drill test the core gold-copper porphyry complex located adjacent to the Main Gold zone.
About the Company
Constantine is a gold and copper exploration company that, in addition to the 100% partner funded Trapper Gold project, has multiple active projects located in premier North American exploration environments. These are highlighted by the 100% owned Palmer Project, located in a very accessible part of southeast Alaska, that is host to a NI43-101 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), the 100% owned Timmins area Munro-Croesus Project that includes a past-producing mine property that yielded some of the highest grade gold ever mined in Ontario, and a 50/50 Joint Venture with Carlin Gold Corporation exploring a 1000 km2 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
Notes:
Darwin Green, VP Exploration for Constantine, and a qualified person as defined by Canadian National Instrument 43-101, has reviewed the information contained in this news release. The work program was operated by Ocean Park Ventures Corp. Drill core assay results are evaluated through a Quality Assurance and Quality Control (QAQC) procedure that includes the use of standards with known precious and base metal values, duplicated core intervals and blank samples in order to determine accuracy. Assaying was carried out by ALS Group of Vancouver, British Columbia.
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 expected completions of financings and the use of proceeds thereof, potential mineralization, interpretation of prior exploration and potential exploration results, the timing and success of exploration activities generally, the timing and results of future resource estimates, and future plans and objectives of the Company 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 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.
Contacts:
Torrey Hills Capital
Jim MacDonald
Investor Relations
858-456-7300
jm@sdthc.com
Constantine Metal Resources Ltd.
Darwin Green
VP Exploration
604-629-2348
info@constantinemetals.com
www.constantinemetals.com