CONSTANTINE REVIEWS PLANS AND RECENT RESULTS
FOR ITS NORTH AMERICAN GOLD PROJECTS
October
27, 2010
Constantine Metal Resources Ltd. (TSX Venture-
CEM) ("Constantine" or the "Company") is pleased to
report on exploration activity and plans for the Company�s gold projects in
Ontario and British Columbia. Constantine has a 100% interest in three gold
projects, lead by the flagship Munro-Croesus Project, a past-producing mine
property that yielded some of the highest grade gold ever mined in Ontario.
The Trapper Gold Project, host to a large gold in soil anomaly with no
reported prior drilling, and the Phoenix Gold Project, south of the Timmins
gold camp in Ontario, represent early stage exploration opportunities in
promising gold environments. The Company intends to continue building upon
its strong gold portfolio. With new results in hand, Constantine is gearing
up for an active year of gold exploration. Highlights from recent work
include:
- Soil sampling at the Trapper
Gold Project, in northwest British Columbia extends the high-tenor gold
anomaly 1000 meters along trend, for a total length in excess of two kilometers.
The soil anomaly includes multiple samples exceeding 1.0 g/t gold and
averages 200 meters in width. Rock float samples collected over the
anomaly by Constantine assayed up to 6.03 g/t gold, with historic
sampling in the area assaying up to 33 g/t gold.
- New gold zones grading 7.86
g/t over 0.5 meters, 5.0 g/t over 0.5 meters, and 1.18 g/t over 12.25
meters were identified by re-logging and assaying holes drilled by prior
owners on the Four Corners area of the Munro-Croesus Project, Ontario.
Gold occurs within a previously un-sampled section of strong
hydrothermal biotite alterationwith associated minor quartz
veining. A backhoe trenching program, designed to aid future drill
targeting, is currently in progress in an area of old pits and trenches
(1920-1930) with strong quartz veining and alteration.
- Four new claim units (65 ha)
were acquired by staking in proximity to the past-producing,
exceptionally high-grade Croesus mine property
Munro-Croesus
and Phoenix Gold Projects, Ontario
The Munro-Croesus Gold Project includes the 28
claim unit Croesus mine property (481 ha) and the neighboring 63 claim unit
Four Corners property (1020 ha) located 1.2 kilometers to the east. The
properties lie within the influence of the prolific Porcupine-Destor Deformation
zone that is host to over 110 million ounces of gold and stretches from
Timmins, Ontario for more than 200 kilometers into the Province of Quebec.
The Croesus mine was renowned for the
spectacular high-grade gold it produced. Five gold samples from the Croesus
vein held by the Royal Ontario Museum, weighing 85 pounds collectively,
contain 480.7 ounces of gold or 11,310 oz gold per short ton (387,727
grams/tonne) � equal to 38.77 percent gold. The Croesus vein was mined
up to an east-west trending fault that truncated the vein. Initial drilling
by Constantine in 2008 and 2009 identified gold-bearing veins on the offset
side of the fault (up to 83 g/t gold over 0.10 m) and new vein systems (e.g.
15.1 g/t over 1.00 m and 12.5 g/t over 0.46 m) at depth below the historic
mine workings that share the same alteration, and stratigraphic and
structural setting as the mined Croesus vein. With very few holes ever
penetrating deeper than 100 meters on the property, the depth potential of
the system remains virtually untested.
Current field work and planning is being
carried out to prepare the Munro-Croesus Project for diamond drilling. A
close spaced (12 - 15 m) pattern of drill holes is being considered to test
for bonanza grade chutes within the newly identified vein structures. With
some of the high grade chutes of the original mined vein material exceeding
20 to 30 percent by weight gold, there is good potential for similar as yet
undiscovered mineralization to be detectable by off-hole geophysical methods,
providing that hole spacing is optimized for target size. Downhole
geophysical techniques are being evaluated as part of future drill programs.
In addition to the unique, exceptionally
high-grade exploration opportunity in the immediate Croesus mine environment,
Constantine is also evaluating plans for drilling other targets on the
greater Munro-Croesus property and on the neighboring Four Corners property.
The geological setting at Four Corners shares many similarities to classic
Archean gold systems and past drilling on the property has documented up to
9.37 g/t gold over 1.25 meters, including 14.33 g/t gold over 0.68 meters in
the southeast area of the property. Backhoe trenching, currently in
progress, is focused on an area of historic pits within heavily quartz-veined
and strongly iron-carbonate and fuchsite altered rocks in the northwest part
of the property. This work is designed to provide a better understanding of
the alteration and structural controls on mineralization for future drill
targeting.
The Phoenix Gold Project is a large, 82 km2
(8200 ha) property that was staked to cover the projected westerly extension
of the Matachewan-Kirkland-Larder Lake-Cadillac Break (host to over 70
million ounces of gold) based on new airborne magnetic data. The property shares
key elements of the Timmins and Kirkland-Larder Lake Gold camps, with large
multi-ounce float boulders documented in the region. Near term work on the
Project will consist of prospecting, mapping, and drill target
generation.
Trapper
Gold Project, BC
The Trapper Gold Project is a recent
greenfields acquisition (see news release, May 18, 2010) that lies 45 km
north of the Golden Bear mine road, and 200 km south of the Yukon-BC border.
The 3,756 hectare Property covers a large, high tenor gold-in-soil anomaly
that, after recent sampling, now extends greater than two kilometers in
length, averages 200 meters in width and remains open ended along strike.
Gold occurs with elevated arsenic and antimony, and is associated with
pervasive iron carbonate-silica+/-clay alteration that can be traced on
surface for a distance of five kilometers. The gold-in-soil anomaly is
characterized by greater than 100 ppb gold, and includes multiple samples in
excess of 1000 ppb (1.0 g/t) including two samples yielding greater than 8.0
g/t gold. Large samples (10-20 kg) collected from strongly anomalous
soil sites yielded numerous flakes of coarse visible gold after processing
through a heavy mineral separator. Soil sampling to date has covered less
than 10% of the Property.
Results from the 2010 program identified grab
samples of rock float within the soil anomaly ranging from <5 ppb to 6.03
g/t gold. Results from previous programs include grab samples grading up to
18.0 g/t, 19.55 g/t and 33 g/t gold. Recent remote sensing analysis,
utilizing satellite imagery, has documented regionally extensive alteration
typical of epithermal and porphyry systems. Several of the newly defined
alteration zones occur in areas with little or no prior documented
work.
The Company is formulating exploration plans at
the Trapper Gold Project for the second quarter of 2011. Recommended Phase I
work includes expanding the soil grid, surface geophysics, trenching,
prospecting and mapping, with the objective of refining drill targets for a
Phase II program of drilling in mid-summer 2011.
About
the Company
Constantine is focused on exploring 100%
controlled projects located in world class exploration environments where
management has strong familiarity and expertise. In addition to the Company�s
high quality gold projects, Constantine is actively advancing a major new
copper-zinc-silver-gold discovery � the Palmer VMS Project � located in a
very accessible part of southeast Alaska. The Palmer Project 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)
that is open to expansion.
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
www.constantinemetals.com
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. Data presented in this news release include data generated by
Constantine as well as data derived from historic government assessment files
and a November 2008 technical report on the Trapper Gold Project that was
prepared in compliance with Canadian Securities Administrators National
Instrument 43-101 and Form 43-101F1. Samples for the 2010 Trapper Gold
Project work program were shipped directly by truck in sealed woven plastic
bags to ALS-Chemex Laboratories prep facility in Whitehorse, and then on to
North Vancouver for analysis. Samples for the Four Corners re-logging
program were shipped directly by truck in sealed woven plastic bags to
ALS-Chemex Laboratories prep facility in Timmins, and then on to North
Vancouver for analysis. ALS Chemex laboratories operate according to the
guidelines set out in ISO/IEC Guide 25. Gold was determined by fire-assay
fusion of a 30 g sub-sample with atomic absorption spectroscopy (AAS).
Various metals including silver, gold, copper, lead and zinc were analyzed by
inductively-coupled plasma (ICP) atomic emission spectroscopy, following
multi-acid digestion.
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 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
Constantine 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
Constantine�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.
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