CONSTANTINE ESTABLISHES MAJOR YUKON LAND POSITION IN PARTNERSHIP WITH CARLIN GOLD CORPORATION
November 18, 2010
Constantine Metal Resources Ltd. (TSX Venture- CEM) ("Constantine" or the "Company") is pleased to report that the Company has recently staked 1,500 claims in the Mayo Mining District, Yukon Territory, Canada. The claims have been acquired as part of a 50/50 Joint Venture (“JV”) with Carlin Gold Corporation (“Carlin Gold”, TSXV: CGD).
J. Garfield MacVeigh, President of Constantine states “Constantine has moved quickly to secure a large land position in an area that shows signs of becoming a major new gold district. Claims have been staked specifically to cover tracts of ground with geochemical and geological elements characteristic of Carlin-type gold systems.”
Carlin-Type Gold Opportunity
A Joint Venture has been established between Constantine and Carlin Gold to jointly target and explore emerging new gold districts in the Yukon. The JV combines Carlin Gold’s extensive experience exploring for ‘Carlin-type’ gold deposits in Nevada with Constantine’s expertise and familiarity in the North. The recently staked claims are distributed in six blocks that total 31,350 hectares (121 square miles) focused on areas with regional geochemical stream silt anomalies with elevated gold, arsenic, antimony, and mercury, located primarily in lower Paleozoic strata with associated carbonates. Several samples contain values of pathfinder elements that exceed the 95th percentile, including the fifth highest arsenic value for the entire Yukon government database of over 30,000 samples. Stream sediment gold values on the claims range from < 5ppb to over 300 ppb. For a location map of the claims please visit www.constantinemetals.com.
“The successful explorers of the Constantine-Carlin joint venture team bring valuable ‘Carlin’ gold experience to the Yukon” says Tara Christie, Yukon placer miner and director of Constantine.
Reno, Nevada based Bob Thomas Carlin Gold’s V.P. Exploration, states: “This is an exciting opportunity to establish a significant land position in a virtually unexplored Carlin-type setting. For years, gold mining companies have searched the globe for the next Carlin-type gold district, and the new Osiris discovery by Atac Resources has, with little question, documented Carlin-type sediment hosted gold mineralization in the Yukon.”
With an endowment of over 192 million ounces of gold distributed over several thousand square kilometres, including multiple +10 million ounce high-grade deposits, Nevada’s Carlin gold district represents the third largest gold province in the world. Carlin-type deposits occur in a specific tectonic setting and have unique geological characteristics. Key characteristics of Carlin-type gold environments present at the Company’s newly staked claims in the vicinity of the new Osiris discovery include:
- Favourable carbonate-bearing host rock sequences
- Proximity to documented occurrences of low-temperature arsenic minerals (realgar and orpiment)
- Ancient continental margin tectonic setting, similar to Nevada
- Prominent regional scale thrust faults similar to those present in the Carlin-type environment in Nevada
- Presence of regional-scale antiforms that may present structural traps for gold mineralization
- Key pathfinder elements in regional stream sediments
The Constantine-Carlin JV is planning intensive silt, soil and rock sampling programs as part of the 2011 field season for initial field evaluation of the new claim blocks. Additional acquisitions in Yukon are being evaluated.
About the Company
Constantine is focused on exploring projects located in world class exploration environments where management has strong familiarity and expertise. These include the 100% owned 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 100% owned 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 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) that is open to expansion.
On Behalf of Constantine Metal Resources Ltd.
“Garfield MacVeigh” President
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 timing and completion of the proposed private placement, 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 availability of capital and financing in connection with the proposed private placement, regulatory approval, 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.