CONSTANTINE-CARLIN JV COMMENCES WORK PROGRAM ON SIXTEEN YUKON GOLD PROPERTIES
- PROPERTY POSITION EXPANDED TO 1000 SQUARE KM -
June 23, 2011
Constantine Metal Resources Ltd. ("Constantine") (TSX Venture - CEM) and Carlin Gold Corporation ("Carlin") (TSX Venture - CGD) jointly (the "Companies") announce the start of exploration work on Yukon gold properties of the Constantine-Carlin 50/50 Joint Venture (the "JV"). The Companies also report staking of 1,541 additional claims in six areas prospective for Carlin-type mineralization in the Mayo and Watson Lake Mining Districts, east central Yukon, Canada.
The Constantine-Carlin Joint Venture was formed in the early fall of 2010 specifically to target and explore for Carlin-type gold deposits in the Yukon's Selwyn Basin. The JV now controls a total of 4,967 claims in twelve project areas, comprising approximately 1,000 square kilometers (385 square miles) which represents one of the largest property positions in this new district (see attached figure). A 2011 program of $1.2 million has commenced. It is designed to rapidly evaluate targets and, subject to sampling results, advance them to the drill testing stage in 2011.
Several of the project areas contain historical documented anomalous gold and arsenic soil and silt geochemistry. These properties will be advanced quickly to re-establish and expand on the historical work. Sampling will take place in July on the Mac Pass project, which has a strong and large historical arsenic soil and silt anomaly (gold not assayed). The TUT project contains coincident anomalous historical soil, silt and rock geochemical values for gold and arsenic encountered in reconnaissance-type coverage which were not further defined. Geological mapping, prospecting and geochemical sampling of these targets is designed to establish drill targets that can be tested during the 2011 field season. Stream sediment and soil anomaly stage prospects in the Yukon have advanced rapidly into major drill hole discoveries. Over 7,000 soils and silt regional samples, designed to identify additional targets, are programmed in the initial evaluation stage in addition to the detailed work.
Highlighted features of the sixteen properties include the following:
- All projects contain anomalous gold-arsenic-mercury-antimony geochemistry in the Yukon Geological Survey's 31,000 sample stream sediment data base (RGS), representing a classic "Carlin-type" geochemical signature. Stream sediment values range up to 350 ppb gold (99th percentile) and 3800 ppm arsenic (99th percentile, second highest arsenic value in Selwyn Basin portion of RGS database).
- All project areas contain potentially favorable calcareous units within the stratigraphic section.
- Several of the projects have nearby gold mineralized intrusions with strong alteration systems in the adjacent sedimentary rocks.
- The relationship between intrusions and Carlin-style mineralization has been well demonstrated in Nevada. Several of the JV projects have similar settings.
- Satellite imagery analysis completed by the JV has defined potential alteration targets on many of the projects. Some of these alteration features have recently been ground verified and will be selected for initial work.
Highlights of New Properties
- A total of six new properties were staked: Canol, Jerry, Stan, MC, MP, and RG, based primarily on RGS stream sediment data that demonstrate "Carlin-type" gold-arsenic-mercury antimony signatures.
- The Mac Pass project hosts a large, open-ended, strong arsenic soil anomaly (up to 962 ppm) measuring 1800 x 1000 meters, defined by previous base metal exploration programs which did not analyze for gold. This is a prime target for immediate follow-up.
- Calcareous units occur within the stratigraphic section in all of the new properties, representing a favorable Carlin-type host rock setting.
- All of the new projects are located on or near the Canol Road.
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. The Palmer Project contains 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. The 100% owned Munro-Croesus Project in the Timmons area, Northern Ontario includes a past-producing mine property that yielded some of the highest grade gold ever mined in Ontario. Constantine has recently completed a 7280 meter diamond drill program on the Munro-Croesus Project, with assays pending. Constantine controls a major land position in an emerging new Carlin-type gold district in Yukon in a 50/50 joint venture with Carlin Gold Corporation. Its Trapper Gold Project in northern British Columbia is optioned to Ocean Park Ventures Ltd. which recently announced the start of a $4+ million exploration program, including 5000 meters of drilling. The 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.
Carlin is a gold exploration company focused in Nevada and Yukon Territory. 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 property is covered by late Tertiary sedimentary rocks and alluvium. Drill targets have been defined by gravity and mercury-gas geochemistry.
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 $2.3 billion transaction.
Willow covers approximately 2 miles of strike length along the Roberts Mountain Thrust. Lower plate carbonate rocks include favorable lithologies of the Roberts Mountain and Hanson Creek Formations. Altered intrusive rocks have yielded a late-Eocene age date, similar to that of most of the nearby Carlin-type deposits. Drill targets are defined by a series of northeast-trending, high-angle faults with adjacent anomalous gold values within hydrothermally altered lower plate carbonate rocks.
|On Behalf of Constantine Metal Resources Ltd.||On Behalf of Carlin Gold Corporation|
|"Garfield MacVeigh"||"K. Wayne Livingstone"|
Investor relations enquiries, please contact:
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Jim MacDonald, Torry Hills Capital
Percentiles are determined based on analysis of a Yukon government geochemical database containing over 30,000 regional silt samples collected from across the Territory.
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 Company's 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 Company undertakes no obligation to update these forward-looking statements other than as required by applicable law.
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