CONSTANTINE ADDS SECOND DRILL AT MUNRO-CROESUS GOLD PROJECT, ONTARIO
March 31, 2011
Constantine Metal Resources Ltd. (TSX Venture – CEM) ("Constantine" or the "Company") is pleased to announce that it has added a second drill on its Munro-Croesus Gold Project located 75 kilometers east of Timmins, Ontario and within the influence of the prolific Porcupine Destor Deformation Zone. The Munro-Croesus property includes the formerly producing Croesus mine (1914-1933) known to have produced some of the highest grade gold ever mined in Ontario.* Five Croesus gold specimens held by the Royal Ontario Museum weigh 85 pounds collectively and contain 480.7 ounces of gold or 11,310 ounces gold per short ton (387,771 grams per tonne).
The second drill will test a shallow vein target within 75 meters of surface with multiple holes. The new vein structure is about 25 meters west and below the Croesus shaft vein and appears to be approximately parallel to the Croesus vein, but does not extend to surface because it is truncated by a westerly dipping northwest fault structure. Meanwhile, the first drill will continue to target the immediate Croesus mine area at depth and for faulted extensions of the exceptionally high-grade vein that was originally mined. The initial 10 to 20 meter pattern of drill holes is testing for bonanza grade chutes within a newly identified vein structure at a vertical depth of 200 to 250 meters from surface and intersected in previous drilling by Constantine (see news release dated April 9, 2009). This vein zone occurs within the same distinct sulphide-carbon rich host rock sequence and shares the same broad gray-zone alteration with associated arsenopyrite mineralization as the historically mined vein. The current drill program that started March 8th 2011, is expected to expand beyond the minimum 3000 meters originally contemplated. Samples from the first drill holes have been delivered to the ALS Chemex prep lab in Timmins for processing and analyses.
Garfield MacVeigh, President and CEO of the Company states: “The addition of a second drill allows us to efficiently test a new shallow Croesus type vein target with multiple holes at drill hole spacings that improve the opportunity to discover the kind of high grade that made the Croesus Mine famous.”
The Company also announces that it has re-negotiated the initial acquisition payment of the Hornet Creek property agreement (see news release dated February 9, 2011), by paying the property vendors US$25,000 cash in lieu of issuing 100,000 shares of the Company.
About the Company
Constantine is a gold and copper exploration company with multiple active projects located in premier North American exploration environments. These are highlighted by the 100% owned Palmer Project, where Constantine has discovered a new copper-zinc-silver-gold deposit in a very accessible part of southeast Alaska, and the 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 National Instrument 43-101 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.
Constantine controls a major land position in an emerging new Carlin-type gold district in Yukon that is part of a 50/50 joint venture with Carlin Gold Corporation, and recently optioned its Trapper Gold Project in northern British Columbia to Ocean Park Ventures Ltd. which is committed to spend a minimum $750,000 this year as part of its $4.75 million 50% earn-in. The drill ready Trapper Gold Project hosts a +2000 meter long by 200 meter wide gold-arsenic soil anomaly with values up to 8.6 g/t gold. In addition, Constantine has a 100% interest in the large, 8300 hectare, Phoenix Gold project in the active Shining Tree gold area, Ontario and a 100% interest in the newly acquired Hornet Creek gold-copper-barite prospect in west-central Idaho.
Please visit the Company’s website (www.constantinemetals.com) for more detailed company and project information.
On Behalf of Constantine Metal Resources Ltd.
Investor relations enquiries, please contact:
R.E. (Bob) Jeffery
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Jim MacDonald, Torrey Hills Capital
* As reported in the 60th Annual Report of the Ontario Department of Mines, Geology of Munro Township, J. Satterly vol. LX, Part VIII, 1951
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.
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 expected completions of financings and the use of proceeds thereof, 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 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 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 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.
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