CONSTANTINE COMPLETES FINANCING AND COMMENCES DRILLING AT PALMER VMS PROJECT, ALASKA
July 28, 2009
Vancouver, B.C. – Constantine Metal Resources Ltd. (the “Company”) (TSX.V:CEM) is pleased to announce the start of the 2009 drill program on its Palmer copper-zinc-gold-silver rich volcanogenic massive sulphide (“VMS”) project following completion of its $3,000,000 financing. The project is located 60 kilometres by road from the year-round deep sea port of Haines, southeast Alaska. The current program includes up to 6,500 meters of drilling using two drills. The program is focused on expanding thick zones of high-grade massive sulphide mineralization discovered in 2007 and 2008. These mineralized areas, referred to as South Wall and RW, include stratigraphically stacked lenses of massive sulphide that are open for expansion laterally and to depth.
The Palmer project is at a stage where each successful drill intercept may add significant value. All zones are very accessible for expansion, through 300 to 550 meter- long step out holes. The deposit has not yet been characterized as a National Instrument 43-101 compliant resource. Preliminary mineralogical and metallurgical work planned in conjunction with the additional drilling will be done with the intention of completing a National Instrument 43-101 compliant resource.
Garfield MacVeigh, President and CEO of the Company, states “We are very pleased to be active and moving forward with a substantial drill program at the copper-rich Palmer project, particularly in a year that has proved extremely difficult for the junior resource sector to secure project financing. Palmer is an important new discovery with significant size potential, and we expect 2009 will be an exciting year for the Company. Management is focused on enhancing the value of this discovery for Constantine shareholders.”
About the Palmer VMS Discovery
Two separate discovery holes were drilled on the Palmer Project at the end of the 2007 drill program, one at the RW and one at the South Wall. Twelve holes completed in 2008 on the South Wall yielded seventeen massive sulphide intersections. Nine of these intersections exceed 20 meters in width, including a 38.7 meter intersection grading 3.2% copper, 3.6% zinc, 0.22 g/t gold and 20.1 g/t silver that includes a substantial higher grade 15.2 meter subinterval grading 5.1% copper, 1.8% zinc, 0.29 g/t gold and 20.5 g/t silver.
Other significant intersections that will be followed up as part of the 2009 drill program include:
30.0 meters grading 1.7% copper, 5.1% zinc, 0.22 g/t gold, 32.8 g/t silver
20.4 meters grading 1.5% copper, 7.6% zinc, 0.81 g/t gold, 100.7 g/t silver
27.5 meters grading 2.5% copper, 3.4% zinc, 0.32 g/t gold, 25.5 g/t silver
36.3 meters grading 1.5% copper, 5.5% zinc, 0.47 g/t gold, 28.5 g/t silver
14.0 meters grading 3.8% copper, 7.2% zinc, 0.37 g/t gold, 47.0 g/t silver
Drilling to date has defined the South Wall mineralization 300 meters horizontally along strike, and 300 meters vertically down dip. The South Wall with its three distinctive stratigraphic stacked zones occurs on the steep limb of a large anticlinal fold, and is stratigraphically correlative with the RW that occurs on the shallow dipping upright limb of the fold (see figures at www.constantinemetals.com). The presence of massive sulphide on both sides of the fold indicates a sizeable massive sulphide system, with zones on each limb offering excellent opportunity for further expansion. The topography combined with fold geometry and the occurrence of massive sulphide at several stratigraphic horizons enhance the potential to intersect several massive sulphide zones with a single drill hole. See 2008 news releases dated December 2, October 10, August 11, July 22 and July 10 for further information about the exploration results.
About the Company
Constantine has a 100% interest in two exceptional projects located in world class exploration environments where management has strong familiarity and expertise. These include the Palmer Project, where the Company has made a major new copper-zinc-silver-gold discovery in a very accessible part of southeast Alaska, and the Munro-Croesus Project a past-producing mine property that yielded some of the highest grade gold ever mined in Ontario.
Darwin Green, Vice President Exploration of the Company and a Qualified Person as defined in National Instrument 43-101, has reviewed and approved the technical information contained in this release.
On Behalf Of Constantine Metal Resources Ltd.
J. Garfield MacVeigh
President and CEO
Neither 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.
Forward looking statements: The 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.