Constantine Reports Final Drill Results for Trapper Gold Project, British Columbia
January 17 2012 - 7:30AM
Marketwired Canada
Constantine Metal Resources Ltd. (TSX VENTURE:CEM) ("Constantine" or the
"Company") is pleased to report final drill results for the 2011 drill program
carried out on the Company's 100% owned Trapper Gold project, northern British
Columbia. The 100% partner funded program included 8,581 meters of drilling in
42 holes. The work was completed by Ocean Park Ventures Corp. ("Ocean Park") who
can earn a 70% interest in the project by spending $9.75 million in work
expenditures and issuing certain cash and share payments to Constantine.
Mineralization at the Main Gold zone has now been confirmed in drilling over a
strike length of 2.3 kilometres. New results include gold-rich sulfide
stockwork, including semi-massive mineralization, at the west end of the zone
where it has a north-south width of 100 to 150 metre and been drilled to a depth
of 150 metres. The zone projects to surface where grab samples have returned up
to 14.05 g/t gold, and remains open at depth and along strike. Results of
drilling into this target, as provided by Ocean Park, are summarized in Table 1
and on the accompanying map and section (Figures 1 and 2, available at the
following link: http://media3.marketwire.com/docs/cem0117.pdf).
Table 1. Drill results for gold-silver stockwork mineralization, western
Main Gold zone
--------------------------------------------------------------------------
Interval Interval Interval
From To Length Gold Silver
Drill Hole (m) (m) (m) g/t g/t Comment
--------------------------------------------------------------------------
Includes
TG-11-038 37.5 185.0 147.5 0.42 1.99 Porphyry Sill
Including 125.0 150.0 25.0 1.03 1.40 Stockwork
Semi-Massive
Including 132.5 137.5 5.0 4.37 4.16 Sulfide
--------------------------------------------------------------------------
TG-11-039 67.5 97.5 30.0 1.01 2.35 Stockwork
Including 77.5 85.0 7.5 1.95 2.71
--------------------------------------------------------------------------
TG-11-040(i) 132.5 162.5 30.0 1.09 1.74 Stockwork
Semi-Massive
including 137.5 142.5 5.0 5.59 3.05 Sulfide
--------------------------------------------------------------------------
(i)Results from TG-11-040 previously reported in news release of November
30th, 2011 included here for context. Reported intersections represent
drilled widths, true widths are unkown.
Additional Results
Multiple gold-silver-base metal mineralized structures were intersected in
several other holes peripheral to the Main Gold zone (e.g. 2.5 meters grading
2.47 g/t gold in hole TG-11-35, and 9.8 meters grading 0.19 g/t gold, 2.6 g/t
silver and 0.10% zinc in hole TG-11-41). Additional drilling was completed
outboard of the Main Gold zone testing a number of gold-in-soil anomalies and
gossanous zones, but did not intersect significant gold mineralization.
Summary of 2011 Program
Prior to the 2011 exploration program, no drilling had been undertaken at the
Trapper Gold project and the nature of the mineralization system was unclear.
Highlights of the 2011 Phase 1 drill program include:
-- Recognition of a large porphyry gold-copper complex with at least two
porphyry centres, including associated hydrothermal breccias
-- Drilling of a dense, multi-kilometre gold-mineralized structural network
including core zones of gold-rich sulfide stockworks that are locally
semi-massive in character
-- Drill discovery of gold-mineralized feldspar porphyry dykes and sills
with gold grade enrichment at the margins
-- Discovery of at- to near-surface copper-mineralized feldspar porphyry
Ocean Park reports plans for drill-testing all of these targets in 2012,
including definition drilling of the gold-mineralized porphyry discoveries and
gold-rich sulfide stockworks, which have demonstrated significant grade and size
potential. There are also plans to drill test the core gold-copper porphyry
complex located adjacent to the Main Gold zone.
About the Company
Constantine is a gold and copper exploration company that, in addition to the
100% partner funded Trapper Gold project, has multiple active projects located
in premier North American exploration environments. These are highlighted by the
100% owned Palmer Project, located in a very accessible part of southeast
Alaska, that is host to a NI43-101 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), the
100% owned Timmins area Munro-Croesus Project that includes a past-producing
mine property that yielded some of the highest grade gold ever mined in Ontario,
and a 50/50 Joint Venture with Carlin Gold Corporation exploring a 1000 km2 land
position in an emerging new Carlin-type gold district in Yukon.
Please visit the Company's website (www.constantinemetals.com) for more detailed
company and project information.
On Behalf of Constantine Metal Resources Ltd.
Garfield MacVeigh, President
Notes:
Darwin Green, VP Exploration for Constantine, and a qualified person as defined
by Canadian National Instrument 43-101, has reviewed the information contained
in this news release. The work program was operated by Ocean Park Ventures Corp.
Drill core assay results are evaluated through a Quality Assurance and Quality
Control (QAQC) procedure that includes the use of standards with known precious
and base metal values, duplicated core intervals and blank samples in order to
determine accuracy. Assaying was carried out by ALS Group of Vancouver, British
Columbia.
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
Company 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 Company's 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 Company with securities regulators. Although the Company has
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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