CONSTANTINE
COMMENCES DRILL PROGRAM AT MUNRO-CROESUS
BONANZA GRADE GOLD PROJECT, ONTARIO
Constantine Metal
Resources Ltd. (TSX Venture � CEM) ("Constantine" or the
"Company") is pleased to announce the start of a planned minimum
3,000 meter, 10-15 hole, drill program 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 drill program will
target the immediate Croesus mine at depth and for faulted extensions of the
exceptionally high-grade vein that was originally mined. A close spaced, 10
to 20 meter pattern of drill holes will test for bonanza grade chutes within
the newly identified vein structures intersected in previous drilling by
Constantine (see news release dated April 9th,
2009). Some of
the high-grade chutes of the original mined vein material contained 20 to 30
percent by weight gold. The Company plans to test the potential for similar
as yet undiscovered bonanza grade chutes by utilizing down-hole geophysical
methods. The orientation down-hole geophysical surveys will be evaluated
using close spaced drill holes from the current program.
Garfield MacVeigh, President and CEO of the Company states: �Past
work by the Company has established a very specific and unique bonanza grade
gold target at Croesus that is part of a much larger gold endowed environment
sharing many of the hallmarks of classic Timmins gold systems. We eagerly
look forward to evaluating this opportunity.�
Except for a few brief
option periods to publicly traded companies, the Croesus mine property has
been in private hands since its discovery in 1914, prior to acquisition by
Constantine in 2007. Constantine has completed two drill campaigns on the
property in early 2008 and early 2009 for a total of 2,864 meters. The
drilling discovered a new footwall vein zone (12.2 g/t gold over 0.46 m)
under the historic mine workings with vein geometry interpreted to be similar
to the mined vein. The new 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.
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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