CONSTANTINE-CARLIN
JV EXPANDS YUKON GOLD PORTFOLIO
AZTEC PROPERTY ACQUISITION
Constantine Metal
Resources Ltd. (�Constantine�) (TSX Venture - CEM) and Carlin Gold
Corporation (�Carlin�) (TSX Venture - CGD) jointly (the
"Companies") are pleased to announce a signed agreement with Yukon
prospector Ron Berdahl (the �Vendor�) to acquire a
100% interest in the 226 claim, 4,724 hectare, Aztec Property (the
�Property�). The Property is located in the Mayo Mining District,
approximately 50 kilometers south of Atac Resources
Ltd.�s recent Osiris discovery. The
Constantine-Carlin 50/50 Joint Venture (the �Joint Venture�) has also
acquired two additional properties by staking, comprising another 533 claims.
Combined with new staking, the Property acquisition expands the Joint Venture
Yukon land package to 2185 claims and approximately 175 square miles (450
square kilometers).
About the Property
The Property covers an
area of strongly anomalous gold and arsenic defined by regional government
stream silt data. 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 gold and 460 ppm
arsenic, the 99th percentile for both elements. 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. Mineralization identified to date
includes extensive quartz stockworking associated
with faults, and gold associated with altered quartz monzonite
and lamprophyre dykes. Grab samples collected by the Vendor on the Property
reportedly assay up to 9.57 grams of gold per tonne
(0.279 opt).
About the Joint Venture Claims
The Joint Venture is
making plans for aggressive exploration of its newly acquired properties. The
claims are underlain by Paleozoic rocks with carbonate bearing sections
located in drainage basins containing anomalous gold, arsenic, mercury and antimony geochemistry in the Yukon regional
stream sediment database. The Joint Venture is targeting Carlin-style gold
mineralization distal to the Tombstone intrusive rocks as well as sediment
hosted gold mineralization adjacent to these intrusions. The Companies
believe that several of these areas will develop into drill targets fairly
quickly based on prior work done and the strong regional geochemical
signatures. Realgar and orpiment, important
arsenic-bearing minerals associated with Carlin-style gold deposits, are
known to occur in the vicinity of some of the Joint Venture claims.
Agreement Details
In order to acquire a
100% interest in the Property the Joint Venture must make optional cash
payments totaling $450,000 ($25,000 payable on signing) and optional share
payments of Constantine and Carlin for a total of 450,000 shares over a
period of five years. Annual advance royalty payments to the Vendor of
$35,000 commence January 20, 2017. The Vendor will retain a 2.5% NSR royalty,
twenty percent of which, representing a 0.5% NSR, can be purchased by the
Joint Venture at any time for $1,000,000 with a right of first refusal on the
remaining 2% NSR royalty. The acquisition is subject to regulatory approval.
About Constantine
Constantine is a gold and
copper exploration company with exposure to multiple projects located in
premier North American exploration environments. These include 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.
In addition, Constantine
has a 100% interest in the large (8,300 hectares) Phoenix Gold project in the
active Shiningtree gold area, 75 kilometers south
of Timmins, Ontario and recently optioned its Trapper Gold Project in
northern British Columbia to Ocean Park Ventures Ltd. which is committed to
spend $750,000.00 this year as part of its $4.75 million, 50% earn-in. The
Trapper Gold property hosts a +2000 meter long by 200 meter wide gold-arsenic
soil anomaly with values up to 8.6 g/t gold that has not been drilled. Most
recently the Company announced the acquisition of a 100% interest in the
Hornet Creek gold-copper-barite prospect in west-central Idaho with an
historic intersection of 17 meters (55.8 feet) of 3g/t gold and 0.16% copper
(see news
release dated February 9, 2011).
About Carlin
Carlin is a gold
exploration company focused in Nevada and Yukon Territories. Carlin owns 100%
of 3 properties in Nevada, all of which represent Carlin-type gold targets.
Carlin�s Cortez Summit property is located 4 miles east of Barrick�s new Cortez Hills gold
mine, in a similar geologic environment.
About Constantine-Carlin Joint Venture
Constantine and Carlin
have recently entered into a 50/50 joint venture focused on gold exploration
in the Yukon Territory. The Companies currently control 2185 claims (175
square miles, 450 square kilometers) located in the Selwyn Basin. The primary
target is Carlin-type gold mineralization similar to Atac
Resources recent Osiris discovery.
Please visit the
Constantine�s website www.constantinemetals.com and Carlin�s website
www.carlingold.com for more detailed company and project information.
On Behalf of Constantine Metal
Resources Ltd.
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On Behalf of Carlin Gold Corporation
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�Garfield MacVeigh�
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�K. Wayne Livingstone�
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President
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President
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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
Historic results reported herein are derived from
government reports, including Yukon assessment reports.
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, 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
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 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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