Constantine Reports Significant 150 meter Step-Out Drill Intersection at Palmer Project, Alaska---2.5% Copper and 4.1% Zinc o...
22 Luglio 2014 - 2:50PM
Marketwired Canada
Constantine Metal Resources Ltd. (TSX VENTURE:CEM) ("Constantine" or the
"Company") is pleased to report results for the first two holes of a 10,000
meter drill program on its Palmer VMS Project, Alaska ("Palmer" or "Project").
The initial 2014 drilling has intersected a thick lens of high-grade massive
sulphide 150 meters down dip of the lower edge of the South Wall Zone.
Garfield MacVeigh, President and CEO states; "This is an exciting development.
Hole CMR14-54 not only expands the footprint of the South Wall zones but opens
up the opportunity for considerable further expansion and will be a focus for
ongoing drilling. The thickness and high copper content associated with a large
conductive target enhances the potential around this new area."
Drillhole CMR14-54 returned 22.1 meters grading 2.48 percent copper, 4.05
percent zinc, 24.0 grams per tonne silver and 0.39 grams per tonne gold. The
intersection represents a major expansion of the zone to depth (see Long Section
Figure 1 and Cross Section Figure 2:
http://media3.marketwire.com/docs/958670_FIGURES.pdf). The hole was designed to
test a large conductive plate modeled from downhole geophysical data that is
located on projection southwest and downdip of the existing deposit. CMR14-54
confirms that the conductive plate is associated with massive sulphide as shown
on the long section, and when combined with the width, copper-rich grade and
character of the mineralization observed, suggests excellent potential to
significantly expand the South Wall Zone. South Wall mineralization has now been
defined over a vertical distance of over 600 meters, and remains open to
expansion at depth and along strike.
The geophysical target intersected in CMR14-54 is more strongly conductive and
significantly larger than the conductive area of drill-defined portions of Zone
I, II and III (see Figure 1:
http://media3.marketwire.com/docs/958670_FIGURES.pdf) located up-dip within the
existing mineral resource. Non-conductive zinc-copper-barite mineralization
extends peripheral to conductive mineralization in the up-dip Zones and similar
zonation may occur at depth, peripheral to the modelled conductive plate
intersected by CMR14-54.
Drillhole CMR14-53 was targeted to intersect South Wall mineralization
approximately 100 meters up dip of CMR10-39 (2.5m of 1.1% Cu, 4.5% Zn).
Drillhole deviation resulted in an intersection of similar tenor mineralization
that was within 20 meters of CMR10-39. Results are reported in Table 1 below.
This drill program is part of a US$6.2 million budget for 2014 funded by partner
Dowa Metals & Mining Co., Ltd. of Japan ("Dowa"). Dowa are in the second year of
an option agreement in which they can earn 49% in the Palmer Project by making
aggregate expenditures of US$22 million over four years.
Constantine also reports that construction has commenced on a 4 km exploration
access road that, when complete, will provide vehicle access to the base of the
South Wall area of work.
Table 1. Assay Results
----------------------------------------------------------------------------
Drill Hole From To Width(ii) Width Cu Zn Pb Ag Au Zone
(feet) (feet) (feet) (meters) % % % (g/t) (g/t)
----------------------------------------------------------------------------
SW
Zone
II/
CMR14-54 1659.5 1732 72.5 22.1 2.48 4.05 0.02 24.0 0.39 III
----------------------------------------------------------------------------
SW
Zone
II/
Includes 1685 1714.2 29.2 8.9 3.76 3.23 0.01 27.4 0.42 III
----------------------------------------------------------------------------
SW
Zone
II/
CMR14-53 1647.6 1667.3 19.7 6.0 0.28 1.77 0.01 4.0 0.05 III
----------------------------------------------------------------------------
SW
Zone
II/
and 1686.4 1689.6 3.2 1.0 0.36 5.46 0.30 18.5 0.07 III
----------------------------------------------------------------------------
SW
Zone
II/
and 1706.7 1715.2 8.5 2.6 1.53 1.34 0.01 18.0 0.1 III
----------------------------------------------------------------------------
(ii)Drill intercepts reported as core lengths; true widths are estimated to
be approximately 70% of reported widths. Averages are weighted for length
and density.
About the Palmer Project
Palmer is an early resource expansion stage, high-grade volcanogenic massive
sulphide (VMS) project that hosts a 4.75 million tonne inferred resource
estimate grading 1.84% copper, 4.57% zinc, 0.28 g/t gold and 29.0 g/t silver(i).
The project is located in a very accessible part of coastal southeast Alaska,
with road access to the edge of the property and within 60 kilometres of the
year-round deep sea port of Haines. Mineralization at Palmer occurs within the
same belt of rocks that is host to the Greens Creek mine, one of the world's
richest VMS deposits.
Drilling of 32 holes by Constantine between 2006 and 2009 led to the discovery
of thick continuous zones of massive sulphide mineralization at the South Wall
and RW Zones of the Glacier Creek prospect, and calculation of an initial
mineral resource estimate. The total footprint of mineralization has been
expanded with an additional 20 holes completed in 2010 and 2013, with the
majority of this drilling consisting of step-outs from the resource estimate.
The South Wall and RW Zones occupy the same time-stratigraphic intervals on
opposite limbs of a large-scale anticline, and all zones intersected in drilling
remain open to expansion laterally and to depth. There are at least 25 separate
base metal and/or barite occurrences and prospects on the Palmer property,
indicating the presence of a very extensive mineralized system with potential
for discovery of multiple deposits.
About the Company
Constantine is a mineral exploration company with a focus on premier North
American mining environments. In addition to the flagship Palmer
copper-zinc-silver-gold VMS Project located in Alaska that is being advanced in
partnership with Dowa Metals & Mining Co., Ltd., Constantine has a pipeline of
other quality projects that includes: (1) the 100% owned Timmins area
Munro-Croesus Project, a past-producing mine property that yielded some of the
highest grade gold ever mined in Ontario and includes strategically located
claims immediately along trend from Lake Shore Gold Corp.'s Fenn-Gib gold
deposit (1.35 million ounces indicated and 0.75 million ounces inferred); (2)
the large Golden Mile property in the Timmins gold camp; and (3) the 50/50 Joint
Venture with Carlin Gold Corporation exploring a greater than 600 sq. km land
position in an emerging new Carlin-type gold district in Yukon. Since 2011,
there has been over $10 million spent by partners exploring Constantine's
projects. 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
(i) See the Company's technical report entitled, "Palmer VMS Project, Southeast
Alaska, Mineral Resource Estimation and Exploration Update" dated March 4, 2010
and available on www.sedar.com. Resource estimate utilizes an NSR cut-off of
US$50/t with assumed metal prices of US$700/oz for gold, US$12/oz for silver,
US$2.25/lb for copper, and US$0.85/lb for zinc, with estimated metal recoveries
of 55%, 55%, 90%, and 90% respectively. An "Inferred Mineral Resource is that
part of a Mineral Resource for which quantity and grade or quality can be
estimated on the basis of geological evidence and limited sampling and
reasonably assumed, but not verified, geological and grade continuity. Due to
the uncertainty that may be attached to Inferred Mineral Resources, it cannot be
assumed that all or any part of an Inferred Mineral Resource will be upgraded to
an Indicated or Measured Mineral Resource as a result of continued exploration.
Confidence in the estimate is insufficient to allow the meaningful application
of technical and economic parameters or to enable an evaluation of economic
viability worthy of public disclosure.
Notes:
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. Sample lengths typically vary from a
minimum 0.3 meter interval to a maximum 2.0 meter interval, with an average 1.0
to 1.5 meter sample length. Drill core samples were shipped by transport truck
in sealed woven plastic bags to ALS Minerals laboratory facility in North
Vancouver for analysis. ALS Minerals 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
silver, copper, lead and zinc were determined by ore grade assay for samples
that returned values greater than 10,000 ppm by ICP analysis. Density
measurements were determined at the project site by qualified Constantine
personnel on cut core for each assay sample.
The 2014 exploration program for the Palmer project is managed by Darwin Green,
VP Exploration for Constantine Metal Resources Ltd. and a qualified person as
defined by Canadian National Instrument 43-101. Mr. Green 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. The analytical
results have also been compared to visual estimates for the base metals to check
for any obvious discrepancies between analytical results and the visual
estimates.
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 the expected.
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.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
FOR FURTHER INFORMATION PLEASE CONTACT:
Constantine Metal Resources Ltd.
Garfield MacVeigh
President
604-629-2348
Constantine Metal Resources Ltd.
Darwin Green
VP Exploration
604-629-2348
info@constantinemetals.com
www.constantinemetals.com
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