CONSTANTINE
ADDS SECOND DRILL AT MUNRO-CROESUS GOLD PROJECT, ONTARIO
Constantine Metal
Resources Ltd. (TSX Venture � CEM) ("Constantine" or the
"Company") is pleased to announce that it has added a second drill
on its Munro-Croesus Gold Project located 75 kilometers east of Timmins,
Ontario and within the influence of the prolific Porcupine Destor Deformation Zone. The Munro-Croesus property
includes the formerly producing Croesus mine (1914-1933) known to have
produced some of the highest grade gold ever mined in Ontario.* Five Croesus
gold specimens held by the Royal Ontario Museum weigh 85 pounds collectively
and contain 480.7 ounces of gold or 11,310 ounces gold per short ton (387,771
grams per tonne).
The second drill will
test a shallow vein target within 75 meters of surface with multiple holes.
The new vein structure is about 25 meters west and below the Croesus shaft
vein and appears to be approximately parallel to the Croesus vein, but does
not extend to surface because it is truncated by a westerly dipping northwest
fault structure. Meanwhile, the first drill will continue to target the
immediate Croesus mine area at depth and for faulted extensions of the
exceptionally high-grade vein that was originally mined. The initial 10 to 20
meter pattern of drill holes is testing for bonanza grade chutes within a
newly identified vein structure at a vertical depth of 200 to 250 meters from
surface and intersected in previous drilling by Constantine (see news release dated April 9,
2009). This vein
zone occurs within the same distinct sulphide-carbon
rich host rock sequence and shares the same broad gray-zone alteration with
associated arsenopyrite mineralization as the
historically mined vein. The current drill program that started March 8th
2011, is expected to expand beyond the minimum 3000 meters originally
contemplated. Samples from the first drill holes have been delivered to the
ALS Chemex prep lab in Timmins for processing and
analyses.
Garfield MacVeigh, President and CEO of the Company states: �The
addition of a second drill allows us to efficiently test a new shallow
Croesus type vein target with multiple holes at drill hole
spacings that improve the opportunity to discover
the kind of high grade that made the Croesus Mine famous.�
The Company also
announces that it has re-negotiated the initial acquisition payment of the
Hornet Creek property agreement (see news release dated February 9,
2011), by paying
the property vendors US$25,000 cash in lieu of issuing 100,000 shares of the
Company.
About the Company
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.
The Palmer Project is host to 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
that is part of a 50/50 joint venture with Carlin Gold Corporation, and
recently optioned its Trapper Gold Project in northern British Columbia to
Ocean Park Ventures Ltd. which is committed to spend a 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. In addition, Constantine has a 100% interest
in the large, 8300 hectare, Phoenix Gold project in the active Shining Tree
gold area, Ontario and a 100% interest in the newly acquired Hornet Creek
gold-copper-barite prospect in west-central Idaho.
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
Investor relations enquiries, please contact:
R.E. (Bob) Jeffery
Phone: 250-335-2011
Email: bob@constantinemetals.com or Email: info@constantinemetals.com
or
Jim MacDonald, Torrey Hills Capital
Phone: 858-456-7300
Email: jm@sdthc.com
www.constantinemetals.com
* As reported in the 60th Annual Report of the
Ontario Department of Mines, Geology of Munro Township, J. Satterly vol. LX,
Part VIII, 1951
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.
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
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 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 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.
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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