White Rock, B.C. – Constantine Metal Resources Ltd (TSX Venture- CEM) (the “Company”) is pleased to announce partial analytical results for 1 drill hole at the ongoing 2007 drilling program on its polymetallic massive sulphide Palmer project near Haines, Alaska. The 2007 Palmer drilling program started in late July and to date more than 6000 ft (>1800m) of drilling has been completed in 6 holes. Partial assay results have been received for hole CMR07-07; all other assay results are pending.
Hole CMR07-07 intersected 45.90 ft (14.0m) of 3.79% copper, 7.24% zinc, 0.37 g/t gold, 47 g/t silver. The intersection can be divided into an upper zinc zone; 14.30 ft (4.4m) - 13.60% zinc, 0.65% copper, 0.15 g/t gold, 18 g/t silver and a contiguous underlying copper zone; 31.60 ft (9.6m) 5.22% copper, 4.36% zinc, 0.47 g/t gold, 60 g/t silver. The estimated true width of the intersection is approximately 85-90% of the core length. The intersection is on the Glacier Creek prospect and is located in the footwall to the RW Zone at base of the RW rhyolite. It represents a third stacked high grade mineralized horizon (RW2) that can be tested with surface drilling.
The CMR07-07 high grade intersection is located 230 ft (70m) west of the 2006 intersection in CMR06-01 (16.8 ft [5.12m] of 10.86% zinc, 0.13% Pb, 0.23% copper, 0.13 g/t gold and 44.4 g/t silver ) and about 230 ft (70m) east of a 36 ft (11m) interval of rhyolite hosted massive pyrite stringers at the base of the RW horizon (0.81% zinc and 0.15% copper) in CMR06-03. Two drill holes were completed from the CMR07-07 drill site in 2007. The second hole (CMR07-08) intersected the same mineralized horizon as CMR07-07, in an 83 ft (25.3m) wide zone of leached barite and oxidized sulphides. This intercept is approximately 165 ft (50 m) updip from the CMR07-07 intercept towards the oxidized surface exposure of the zone. Assays for the CMR-07-08 intercept are pending.
The RW and the RW2 zones are separated by the RW rhyolite that varies from 0 to a maximum indicated thickness of 180 ft (55m). In the absence of the RW rhyolite, the RW and RW2 zones become a single sulphide horizon which appears to be the case with the 2006 intersection in CMR06-01. The RW and RW2 zones remain open to the east and west and down dip to the northwest and northeast.
At the Cap prospect target, two holes (aggregate of 2204 ft) were drilled to test for strike extensions and metal zonation relative to historic (pre-Constantine) drill intercepts of 76.1 ft (23.2m) in Cap-01 of 134 ppm silver (3.91 oz/t), 0.24% zinc, 0.16% Pb and 297.2 ft (90.6m) in RMC98-01 of 31 ppm silver (0.90 oz/t), that includes 35.8 ft (10.9m) of 62 ppm silver (1.81 oz/t), 0.19 ppm gold, 0.21% zinc. The Constantine holes (CMR07-04 and CMR07-05) indicate continuity of mineralization and alteration.
The remaining four, 2007 holes completed to date (including CMR07-07 and CMR07-08 discussed above) are located at the Glacier Creek prospect, testing the RW (and RW2), Main and South Wall targets. The drill is currently operating at a lower elevation drill site, 1640 ft (500m) east of the CMR07-07 drill pad where it is testing the RW-RW2, Main zone and South Wall horizons. One hole has been completed at this site (CMR07- 09) and a second hole (CMR07-10) is in progress. CMR07-10 is expected to be the final hole of the 2007 drill program.
Garfield MacVeigh, President and CEO commented “The mineralized zones encountered to date continue to demonstrate the exciting potential of the project. The latest holes have indicated the presence of a thick zone of mineralization with good grade and continue to build and confirm the geological interpretation. There are many obvious step-out holes to drill. We are very excited about the future prospects for this project.” The Company is preparing a map that shows the drill hole locations that will be posted on its website www.CONSTANTINEMETALS.COM. New assay results will be reported as they are received.
The Company is currently exploring its 100% controlled Palmer project, a world class base metal exploration opportunity in a very accessible part of southeast Alaska and has recently signed the definitive agreement to acquire a 100% interest, subject to a 2% NSR production royalty, in the high grade Croesus Gold Mine property located in the prolific gold producing southern Abitibi greenstone belt in Northern Ontario. The closing of the Croesus property acquisition to transfer 100% interest to Constantine is pending. For further information please call the Company’s investor relations officers Kirk gamly or Peter Murray at Contact Financial Corporation, tel: 604-561-3642. Please visit the Company’s website (www.constantinemetals.com) for more detailed company and project information.
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. Samples were either shipped by truck from Whitehorse to an independent ALS Chemex prep lab in Terrace where pulped samples are then shipped by air to ALS Chemex in North Vancouver or alternately, samples are shipped directly by air freight from Whitehorse in sealed woven plastic bags to ALS-Chemex laboratories in North Vancouver. ALS Chemex laboratories operate according to the guidelines set out in ISO/IEC Guide 25. Gold was determined by fire-assay fusion of a 30 g sub-sample with atomic absorption spectroscopy (AAS). Various metals including silver, gold, copper, lead and zinc were analyzed by inductively-coupled plasma (ICP) atomic emission spectroscopy, following multi-acid digestion. The elements copper, lead and zinc were determined by ore grade assay for samples that returned values >10,000 ppm by ICP analysis.
The 2007 exploration program for the Palmer project is managed by J. Garfield MacVeigh, President and CEO of Constantine Metal Resources Ltd. and a qualified person as defined by Canadian National Instrument 43-101. Mr. MacVeigh has reviewed the information contained in this news release.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
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. This news release provides partial assay results for one hole only. There is no assurance that assay results for remaining holes will provide similar results.