Constantine’s Partner Reports Update on 25 Hole Drill Program at Trapper Gold Project, British Columbia
VANCOUVER, British Columbia, Aug. 23, 2011 /PRNewswire/ — Constantine Metal Resources Ltd. (TSX Venture – CEM) (“Constantine” or the “Company”) is pleased to provide an update on Ocean Park Ventures Corp.’s (“Ocean Park”) drill program currently being conducted on the Company’s 100% owned Trapper Gold project, northern British Columbia. The drilling is part of a 100% partner funded $4.9 million Phase I exploration budget announced in July of this year. Ocean Park has the right to earn a 70% interest in the project by spending $9.75 million in work expenditures and issuing certain cash and share payments to Constantine.
Ocean Park reports that over 2,600 meters of diamond drilling have been completed in 13 of 25 planned diamond drill holes. Twelve of thirteen drill holes have intersected 1 to 3 zones of sulphide mineralization associated with intense carbonate and/or silica alteration over widths of between 5 and 97 metres. Description of the targets and visually identified mineralization is summarized below; assay results are pending for all drill holes. For further details, including maps and photos of visible gold in core, see Ocean Park’s website www.oceanparkventures.com.
- Multiple mineralized structures occur within a 5+ kilometre east-west trending target. The first 13 drill holes are a fence test across the indicated 300 to 400 metre width of the target zone, drilled to test for the source of a strong gold plus lead-in-soil geochemical anomaly.
- Current drilling has only partially tested a 200 metre strike length of a multi-kilometre soil and bedrock anomaly.
- 17 mineralized intercepts with greater than 1% sulphide mineralization have been identified to date with an average drill indicated width of 28.2 metres.
- Visible gold identified in drill hole TG-11-011, see Ocean Park website for photographs.
- Precious metal mineralization appears to be associated with carbonate alteration and silica stockworks, plus base metal sulphides and sulphosalts.
- A second drill is being mobilized to the project.
Geochemical surface sampling at Trapper has demonstrated that gold is associated with the sulphides pyrite, galena, sphalerite and chalcopyrite, plus sulphosalt minerals. Eight surface samples returned to date from the main trend that assay 0.5 g/t gold or higher have returned an average of 2.92 g/t gold, 18.98 g/t silver, 0.73% lead and 0.85% zinc.
Drilling has encountered significant zones of over 1% sulphide mineralization with drill indicated widths ranging from a few metres to in excess of 90 metres. Within these zones vein densities range from less than 1 per metre to densely overlapping and crosscutting stockworks over significant widths. Visible gold mineralization displaying up to 1 mm flakes has been observed in one drill hole, TG-11-011, within a 10 cm interval in an 82.4 metre interval of intense carbonate-silica intercept with significant lead-dominant base metal veining. Host rocks are lapilli tuff and diorite with rare plagioclase porphyry and basalt dikes.
Drilling, geological mapping and geochemical sampling are in progress at the Trapper Gold project. A ground based induced polarization (IP) geophysical survey, an airborne electromagnetic survey, and an extensive expansion to the historic soil geochemical grid have also been completed this year.
About the Company
Constantine is a gold and copper exploration company that, in addition to the 100% partner funded $4.9MM 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 exploring a 1000 km(2) 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.
Investor relations enquiries, please contact:
R.E. (Bob) Jeffery
Email: firstname.lastname@example.org or Email: email@example.com
Jim MacDonald, Torrey Hills Capital
Phone: 858-456-7300, Email: firstname.lastname@example.org
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.
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.
SOURCE Constantine Metal Resources Ltd.