Vancouver, B.C. – Constantine Metal Resources Ltd. (TSX Venture- CEM) (the “Company”) is pleased to announce the remaining gold 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). Previous results from the ten hole (2,021 meter) drill program were reported in a news release dated April 29, 2008.
The highlight result from the recent analyses is from a 5.1 meter wide vein/alteration zone with a 0.46m interval assaying 12.2 g/t gold(1). This intersection in drill hole MC08-10 is located approximately 200 meters below the former Croesus gold mine workings and within a 67 meter wide alteration zone that hosted two additional vein zones that returned low gold values.
Garfield MacVeigh, President and CEO of Constantine states: “The Company’s first drill program at the former high-grade Croesus mine site has documented high-grade gold on the south, off-set side of the Croesus fault (see news release dated April 29, 2008) and now at depth below the existing mine workings. The discovery of high-grade gold at depth below the old workings is particularly significant because it occurs in exactly the same favourable structural and stratigraphic setting as the historic, high-grade Croesus gold vein.”
Metallics gold results are pending for several samples that have reported high gold assays. The next Munro Croesus drill program is now being planned to follow-up on the favourable drill results in the immediate mine area and to evaluate at least two additional targets within the greater property area.
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 weigh 85 pounds collectively and contain 480.7 ounces of gold or 11,310 oz gold per short ton (387,727 g/tonne).
Constantine would like to acknowledge the support of the Wahgoshig First Nation (WFN) during the Munro Croesus exploration drill program. We are particularly pleased with the participation of five WFN people in a very successful drill training program under the supervision of Canadian Driller Training and supported by Levert Drilling. Constantine is negotiating an exploration agreement with WFN and looks forward to continuing to build the relationship with WFN in the future.
Palmer Project Update
Start-up planning is in progress for the Company’s flagship, massive-sulphide Palmer 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)(2) 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)(2) 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). Snow conditions are being monitored and 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 are 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 are delivered directly, by Constantine personnel, to Swastika Laboratories in Swastika, Northern Ontario in sealed woven plastic bags. Gold is determined by fire-assay fusion of a 30 g sub-sample with atomic absorption spectroscopy (AAS) finish. Selected higher grade samples are screened and analyzed for metallics gold. All samples are outsourced to a Vancouver based lab (Assayers Canada Ltd.) for analysis for multi-element inductively-coupled plasma (ICP) atomic emission spectroscopy, following multi-acid digestion.
The 2008 winter drill program for the Munro 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.
(1) Munro Croesus 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.
(2) Palmer project massive sulphide intersections are core lengths and estimated true widths are 80-95% of the core lengths (see previous news releases indicated above for details)
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.