CROESUS TYPE VEIN STRUCTURES INTERSECTED ON THE OFF-SET SOUTH SIDE OF THE CROESUS FAULT AND AT DEPTH BELOW THE HIGH-GRADE CROESUS GOLD VEIN
April 29, 2008
Vancouver, B.C. – Constantine Metal Resources Ltd. (TSX Venture- CEM) (the “Company”) is pleased to announce partial analytical results from its recently completed drill program on the Company's Munro Croesus gold project located 75 kilometers east of Timmins, Ontario and within the influence of the prolific Porcupine Destor Deformation Zone (PDDZ). The high-grade Croesus ore shoot on the Munro Croesus gold project is truncated by the Croesus fault and several efforts have been made to locate the high grade extension to the vein, with the last serious effort occurring in the mid-late 1970’s. (See news releases dated May 8, 2007 and October 30, 2007). The goal of the drilling program is to attempt to locate the faulted extension to the vein. Ten holes were drilled for a total of 2021 meters and 425 samples were submitted for gold and multi-element analysis. Gold results have been received for 315 samples with 110 samples pending.
Garfield MacVeigh, President and CEO of Constantine Metal Resources Limited states; “The first phase of the Munro Croesus project drilling has successfully characterized the alteration and structure of the high-grade Croesus gold vein environment and has confirmed the existence of high-grade, gold-bearing Croesus-type veins on the off-set, south side of the Croesus fault in the same host lithology as the spectacular historic, high-grade Croesus vein on the north side of the Croesus fault. In addition, a 67 meter wide alteration zone hosting three Croesus-type vein structures (assays pending), 150-200 meters below the Croesus mine workings, highlights additional potential to discover high-grade gold mineralization similar to that mined in the past. The encouraging results warrant follow-up drilling that will be planned once all the results have been received and compiled.”
The significant results and observations from the drilling program are:
- Confirmation of 3 gold bearing Croesus type vein structures (upper, middle, lower) on the off-set, south side of the Croesus fault over a vertical depth of 130 meters.
- Coarse visible gold was noted in one narrow quartz vein (upper vein structure) in drill hole MC08-08 on the south (off-set) side of the Croesus fault that assayed 83 g/t gold over 0.10 meters (metallics assay pending).
- The middle vein structure returned a best value of 8.4 g/t gold over 0.40 meters in MC08-08.
- The lower vein structure was intersected in 3 holes and returned a best value of 3.6 g/t gold over 0.35 meters in MC08-02.
- Two drill holes were drilled through the former Croesus mine workings on the north side of the Croesus fault to characterize the structure and alteration associated with the historic, high-grade Croesus vein. One of these holes, MC08-10 was extended to depth and has intersected a 67 meter wide zone of Croesus type alteration (carbon-chlorite “Grey Zones”) that hosts three (3) vein zones with typical Croesus vein mineralogy (quartz-albite and arsenopyrite). Results for all 77 samples from this interval are pending. The three vein zones have a cumulative core length of 13.35 meters within the broader alteration zone.
The Munro Croesus project drilling was carried out from 3 separate drill sites spaced 20 meters apart that allowed holes to be drilled on both sides of the Croesus fault to compare and evaluate the structure alteration and lithologies and to test for Croesus-type vein structures on the off-set south side of the fault and test for deeper vein structures below the east-dipping, historic, high-grade Croesus vein on the north side of the fault. Drilling through the former mine workings has established the occurrence of visually distinctive, dark carbon-chlorite alteration (Grey Zones/Carbon Zones) with adjacent bleached zones that host the historic, high-grade Croesus gold vein. The veins and alteration occur within a brecciated, massive to pillowed sulphide-rich flow (the Croesus flow) that is up to 120 meters thick. The Croesus vein itself is a distinctive blue grey quartz-(albite) vein with prominent associated arsenopyrite, particularly in the immediately adjacent host rock to the vein(s). Multi-element analytical results for all samples are still pending and will provide geochemical information to help characterize the visually distinctive alteration.
The Timmins gold camp, located along the north side of the PDDZ, is the world’s largest Archean greenstone-hosted, gold producing district with a history of greater than 65 million ounces of gold production. The Munro Croesus property includes the high-grade past-producing Croesus mine (1915-1933). The mine is known to have produced some of the highest grade gold ever mined in Ontario. Five Croesus gold specimens purchased by the Ontario Geological Survey (previously the Ontario Bureau of Mines) and on loan to the Royal Ontario Museum (ROM) weigh 85 pounds collectively and contain 480.7 ounces of gold or 11,310 oz gold per short ton (387,727 g/tonne).
Palmer Project Update
Startup planning is in progress for the Company’s flagship Palmer massive sulphide project in Southeast Alaska. A drill contract has been signed for two drills, to follow up on two, wide, high-grade massive sulphide intersections drilled late in the 2007 drill season. The two 2007 drill holes located approximately 1400 feet (~430 meters) apart returned 45.90 feet (14.0 meters) of 3.79% copper, 7.24% zinc, 0.37 g/t gold and 47g/t silver in CMR07-07 (see news releases dated September 26, 2007 and December 7th, 2007) and 79.5 feet (24 meters) assaying 6.46% zinc, 1.19% copper, 0.45% lead, 0.67 g/t gold and 49.8 g/t silver in CMR07-09 (see news releases dated October 16, 2007 and December 7, 2007). Drilling is planned to start in early June 2008 with drill site preparation and some surface work, including geophysics to start prior to the drilling. The required permits are in place for the early June startup.
"J. Garfield MacVeigh"
J. Garfield MacVeigh, President
Samples of drill core were cut by a diamond blade rock saw, with half of the cut core placed in individual sealed polyurethane bags and half placed back in the original core box for permanent storage. Sample lengths typically vary from a minimum 0.1 meters to a maximum 1 meter interval with an average 0.5 meter sample length. Drill core samples were delivered directly, by Constantine personnel, to Swastika Laboratories in Swastika, Northern Ontario in sealed woven plastic bags. Gold was determined by fire-assay fusion of a 30 g sub-sample with atomic absorption spectroscopy (AAS) finish. Selected higher grade samples will be screened and analyzed for metallics gold. All samples have been outsourced to a Vancouver based Lab (Assayers Canada Ltd.) to be analyzed for multi-element inductively-coupled plasma (ICP) atomic emission spectroscopy, following multi-acid digestion.
The 2008 winter drill program for the Croesus project is managed by J. Garfield MacVeigh, President and CEO of Constantine Metal Resources Ltd. and a qualified person, who has reviewed the information contained in this news release and has also verified the analytical data for drill core samples disclosed in this release by reviewing the blanks duplicates and certified reference material standards and confirming that they fall within limits as determined by acceptable industry practice.
Assay intervals and vein zones discussed in this news release are core lengths and not true thickness. Core measurements of the veins and vein zones however, are at moderate to high core angles and appear to represent structures that are sub-parallel to the historic Croesus vein that was mined in the past.
Forward looking statements:
The news release includes certain “forward-looking statements.” All statements other than statements of historical fact included in this release, including, without limitation, statements regarding potential mineralization, exploration results 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. Important factors that could cause actual results to differ materially from Constantine’s expectations include exploration risks detailed herein and from time to time in the filings made by the Company with securities regulators.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the information contained herein.