CONSTANTINE-CARLIN JV DEFINES MULTIPLE SOIL/SILT ANOMALIES ON YUKON GOLD PROPERTIES
August 9, 2011
-Follow-up Programs in Progress-
Constantine Metal Resources Ltd. (“Constantine”) (TSX Venture - CEM) and Carlin Gold Corporation (“Carlin”) (TSX Venture - CGD) jointly (the "Companies") are pleased to provide an update on the $1.2 million exploration program on Yukon gold properties of the Constantine-Carlin 50/50 Joint Venture (the “JV”). The JV is exploring for Carlin-type gold deposits in Yukon’s Selwyn Basin, and controls 4,967 claims in twelve gold property areas totaling approximately 1,000 square kilometers. With more than 6500 samples collected to date, initial reconnaissance sampling has identified multiple soil and silt geochemical anomalies that are the focus of follow-up infill sampling, gridding and mapping with the objective of rapidly establishing quality drill targets.
Partial to complete first pass coverage has been completed on all of the twelve JV gold properties; this includes stream silt sampling, contour and ridge soil sampling, and prospecting.
Initial work at the HG property, located adjacent to ATAC Resources’ Rackla gold project and Strategic Metals Ltd’s Crag property, has identified zones of anomalous arsenic and mercury in soils, structurally controlled alteration, and prospective carbonate units, including platey calcareous siltstones and limestone that are interpreted to be favourable host rocks for gold mineralization. HG is located within a thirty-kilometer long trend of anomalous arsenic defined by government regional silt (RGS) data that includes the Nadaleen trend, host to ATAC’s Osiris and Conrad discoveries (Figure 1). Work from the 1970’s immediately to the north of HG identified a native-mercury/cinnabar occurrence within a few hundred meters of the property boundary. The mercury occurrence is believed to be related to north-trending structures that project south across the HG property. Additional information, including maps, photos, and a video update is available on the web (http://constantinemetals.com/projects/yukon/ and www.carlingold.com).
A five-kilometer long arsenic-in-soil anomaly has been defined at the TUT property, as determined with an on-site X-Ray fluorescence (XRF) instrument. Soil assay data, which has only been received for a portion of the samples collected on the property, show a positive correlation between gold and arsenic, with gold values ranging from <0.5 ppb to 2809 ppb. Prospecting has discovered several new zones of arsenopyrite mineralization within the area of the arsenic-in-soil anomaly; both soil and rock sample assays are pending. RGS silt samples from this property contain up to 350 ppb gold and 3800 ppm arsenic, the 5th and 2nd highest values respectively within the RGS database for the Selwyn Basin.
- Work is being executed by a fifteen person field crew consisting of geologists, prospectors and soil samplers. Soil and silt samples are pre-screened with an on-site XRF geochemical analyzer prior to submission to assay laboratory, and while unable to determine gold content, the instrument does provide a reliable indication of the tenor of important pathfinder elements and base metals that allows for ‘real time’ decisions in the field. Multiple geochemical anomalies have been identified though this work, details of which will be discussed more thoroughly pending receipt of reportable results from the assay laboratory.
Figure 1. HG property location map.
Constantine is a gold and copper exploration company that, in addition to controlling a major land position in Yukon, 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 the Trapper Gold Project in northern British Columbia that is optioned to Ocean Park Ventures Ltd. who are carrying out a $4.9 million, 10,000 meter drill program on the property in 2011.
Carlin is a gold exploration company focused in Nevada and Yukon. Carlin owns 100% of three properties in Nevada, all of which represent Carlin-type gold targets. The Cortez Summit property is located within the Cortez gold trend between the past producing Horse Canyon and Buckhorn gold mines owned by Barrick Gold Corporation. Barrick’s new Cortez Hills mine is located 4 miles west of Cortez Summit. This mine and other Barrick operations in the district produced 1.14 million ounces of gold in 2010 (Barrick 2010 Annual Report). Geological, geochemical and geophysical assessment of the Cortez Summit property has resulted in definition of several priority drill targets. A drill permit application is in progress.
The JDS property is 12 miles southeast of Cortez Summit along the southeast extension of the Cortez gold trend near the southernmost Paleozoic carbonate window in the trend. The Willow property is located in northeast Nevada, northwest of the new Long Canyon gold discovery in the Pequop Mountains, which is part of the recently completed Newmont Mining Corporation acquisition of Fronteer Gold Inc., a $C2.3 billion transaction.
On Behalf of Constantine Metal Resources Ltd.
On Behalf of Carlin Gold Corporation
“K. Wayne Livingstone”
Investor relations enquiries, please contact:
R.E. (Bob) Jeffery
Email: firstname.lastname@example.org or
Jim MacDonald, Torry Hills Capital
Soil and silt sample preparation and XRF analysis is performed on the project site under the supervision of a qualified geologist. All soil and silt samples are dried and sieved to -80 mesh, with a nominal 5 gram split prepared in specialized sample cups for pre-screen analysis with a handheld Niton XL3t 900 model XRF analyzer. A quality assurance program is in place that includes routine analysis of standards to check XRF data quality. The remaining fine fraction is shipped by air to Acme Analytical Laboratories, Vancouver BC for gold and multi-element analysis by ICP-MS following digestion by Agua Regia. Arsenic determined by XRF has been compared against ICP-MS arsenic data from Acme Analytical Laboratories for the first 200 soil samples for which results have been received and these data demonstrate excellent correlation.
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. Robert Thomas CPG, Vice President for Carlin Gold Corporation and a qualified person as defined by Canadian National Instrument 43-101, has reviewed and approved the technical information contained in this release on behalf of Carlin Gold Corporation.
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")” concerning the Companies’ plans for their properties, operations and other matters. 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, including, without limitation, statements regarding the Companies’ planned sampling program, drilling permit applications, potential mineralization, the estimation of mineral resources, the realization of mineral resource estimates, interpretation of prior exploration and potential exploration results, the timing and success of exploration activities generally, the timing and results of future resource estimates, permitting time lines, metal prices and currency exchange rates, availability of capital to the Companies and their joint venture partners, government regulation of exploration operations, environmental risks, reclamation, title, statements with respect to the future price of gold and other metals, 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 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 to the Companies and their joint venture partners, 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. The Companies undertake no obligation to update these forward-looking statements other than as required by applicable law.
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