CONSTANTINE COMMENCES US$5 MILLION DRILL PROGRAM AT PALMER COPPER ZINC SILVER GOLD PROJECT, SOUTHEAST ALASKA
June 3, 2015
Vancouver, BC – Constantine Metal Resources Ltd. (TSX Venture – CEM) ("Constantine" or the "Company") is pleased to announce that field crews have mobilized for the 2015 drill program at the Palmer copper-zinc-silver-gold Project (“Palmer” or “Project”) in Southeast Alaska. The work is part of a US$5 million budget for 2015, funded by partner Dowa Metals & Mining Co., Ltd. (“Dowa”).
The program plans for approximately 6,000 meters of diamond drilling, to be completed with two drill rigs. Drilling will be focused on resource growth, with holes targeting the lower elevations of the recently updated, and significantly expanded, Inferred Mineral Resource – 8.1 million tonnes grading 1.41% copper, 5.25% zinc, 0.32 g/t gold and 31.7 g/t silver (see news release dated May 11, 2015*).
The resource is open to expansion in most areas, with the thickest part of the deposit located at the current down dip limit of the South Wall Zone (“SW”). The thickening trend of the deposit in this direction, combined with mineral zoning and borehole geophysical data, support the potential for a copper-rich core zone within the Lower Offset target, located below the Kudo fault. This target, and the open strike extensions of the thick SW EM Zone resource, represent the priority target areas for the 2015 drill program (Figure 1). Other work planned for the 2015 season includes borehole geophysical surveys, and environmental and geotechnical studies.
Topographic relief at the project provides opportunity to drill target areas from surface with shorter length holes. Drill hole length to reach the planned 2015 targets ranges from 400 to 800 meters, with the Lower Offset target at the approximate elevation of valley bottom. Drills for the 2015 program are being mobilized from a new road and laydown yard constructed in 2014. Photographs of program start-up are available at www.constantinemetals.com/projects/palmer/.
About the Palmer Project
Palmer is a resource expansion stage, high-grade volcanogenic massive sulphide (VMS) project that is being advanced in partnership with Dowa Metals & Mining Co., Ltd. who can earn 49% in the project by making aggregate expenditures of US$22 million over four years. The project is located in a very accessible part of coastal Southeast Alaska, with road access to the edge of the property and within 60 kilometers of the year-round deep sea port of Haines. Mineralization at Palmer occurs within the same belt of rocks that is host to the Greens Creek mine, one of the world’s richest VMS deposits. There are at least 25 separate base metal and/or barite occurrences and prospects on the Palmer property, indicating the potential for discovery of multiple deposits.
About the Company
Constantine is a mineral exploration company led by a proven technical team with a focus on premier North American mining environments. The company’s principal asset is the Palmer copper-zinc-silver-gold Project located in Southeast Alaska that is being advanced in partnership with Dowa Metals & Mining Co., Ltd. Constantine also controls a pipeline of quality gold projects in the Timmins camp Ontario and Yukon. Please visit the Company’s website (www.constantinemetals.com) for more detailed company and project information.
On Behalf of Constantine Metal Resources Ltd.
For further information please contact:
Garfield MacVeigh, President or Darwin Green, VP Exploration
Phone: 604-629-2348. Email: email@example.com
* See the Company's news release date May 11, 2015 and available on www.sedar.com. Resource estimate utilizes an NSR cut-off of US$75/t with assumed metal prices of US$1200/oz for gold, US$18/oz for silver, US$2.75/lb for copper, and US$1.00/lb for zinc. Estimated metal recoveries are 89.6% for copper, 84.9% for zinc, 75% for gold (61.5% to the Cu concentrate and 13.5% to the Zn concentrate) and 89.7% for silver (73.7% to the Cu concentrate and 16% to the Zn concentrate) as determined from metallurgical locked cycle flotation tests. An “Inferred Mineral Resource is that part of a Mineral Resource for which quantity and grade or quality can be estimated on the basis of geological evidence and limited sampling and reasonably assumed, but not verified, geological and grade continuity. Due to the uncertainty that may be attached to Inferred Mineral Resources, it cannot be assumed that all or any part of an Inferred Mineral Resource will be upgraded to an Indicated or Measured Mineral Resource as a result of continued exploration. Confidence in the estimate is insufficient to allow the meaningful application of technical and economic parameters or to enable an evaluation of economic viability worthy of public disclosure.
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 the expected. 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.
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