Constantine Reports Drill Assays for Trapper Gold Project, British Columbia
Drill Results Include 22.86 Metres of 2.51 g/t Gold in Mineralized Porphyry
VANCOUVER, British Columbia, Nov. 30, 2011 /PRNewswire/ -- Constantine Metal Resources Ltd. ('Constantine' or the 'Company') is pleased to report initial drill results for Ocean Park Ventures Corp.'s ('Ocean Park') 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, with assay results for 24 holes now received. Ocean Park 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.
Gold-silver /- copper, lead, and zinc mineralization has been identified in multiple different environments within an inferred large copper-gold porphyry setting. At the Main Zone, drilling has intersected gold mineralization over a 2.2 kilometre strike length and includes both porphyry hosted and structurally controlled gold. Porphyry hosted mineralization, which represents a potential bulk tonnage target, consists of disseminated and stockwork sulphide within near-surface feldspar porphyry dykes and sills (Table 1).
Table 1. Drill results for gold-mineralized porphyry units
Interval Interval
Drill Hole From (m) Interval Length (m) Gold Silver Comment
---------- -------- -------- ---------- ---- ------ -------
To (m) g/t g/t
------ --- ---
TG-11-005 32.89 44.85 11.96 1.02 5.68 Porphyry Sill
Including 36.15 36.60 0.45 14.65 59.70 Contact
--------- ----- ----- ---- ----- ----- -------
TG-11-006 9.00 39.16 30.16 0.54 1.89 Porphyry Sill
Including 27.74 39.16 11.42 1.00 2.63 Contact
--------- ----- ----- ----- ---- ---- -------
TG-11-010 35.05 55.69 20.64 0.35 2.24 Porphyry Sill
69.89 77.26 7.37 0.55 1.35 Contact
----- ----- ---- ---- ---- -------
Porphyry Dike and
TG-11-011 106.89 129.75 22.86 2.51 7.50 Margin
111.15 129.75 18.60 0.98 8.55 Porphyry Dike
Including 106.89 111.15 4.26 9.18 2.95 Margin
Including 106.89 107.30 0.41 92.80 18.80 Visible Gold
--------- ------ ------ ---- ----- ----- ------------
Porphyry Dike and
TG-11-014 196.35 206.35 10.00 1.08 5.33 Margin
Including 196.35 203.85 7.50 1.31 5.77 Porphyry Dike
--------- ------ ------ ---- ---- ---- -------------
Reported intersections represent drilled widths, true widths are unknown.
A large number of gold- silver-lead-zinc mineralized structures have also been intersected in Main Zone drilling. Structures are high-angle and inferred to radiate from a main porphyry centre. Highlight results are summarized in Table 2.
Table 2: Gold mineralized structures and stockworks
Interval Interval
Drill Hole From (m) Interval Length (m) Gold Silver
---------- -------- -------- ---------- ---- ------
To (m) g/t g/t
------ --- ---
TG-11-001 37.50 38.52 1.02 2.04 20.10
158.43 160.05 1.62 1.58 6.40
------ ------ ---- ---- ----
TG-11-002 69.24 73.64 4.40 1.02 0.79
97.00 101.95 4.95 1.26 1.95
----- ------ ---- ---- ----
TG-11-004 105.41 117.00 11.59 1.18 2.99
165.05 166.33 1.28 1.97 5.40
------ ------ ---- ---- ----
TG-11-013 248.05 255.03 6.98 1.12 6.42
--------- ------ ------ ---- ---- ----
TG-11-017 134.88 138.29 3.41 1.34 8.57
--------- ------ ------ ---- ---- ----
TG-11-018 85.59 95.50 9.91 1.01 12.04
--------- ----- ----- ---- ---- -----
TG-11-020 5.00 15.00 10.00 1.12 5.58
including 5.00 7.50 2.50 4.13 16.80
--------- ---- ---- ---- ---- -----
TG-11-022 5.00 10.00 5.00 0.93 4.15
--------- ---- ----- ---- ---- ----
TG-11-040 132.50 162.50 30.00 1.09 1.74
including 137.50 142.50 5.00 5.59 3.05
--------- ------ ------ ---- ---- ----
Reported intersections represent drilled widths, true widths are unknown. Drill holes TG-11-003, 007, 008, 009, 015, 016, 019, 021, 032 and 037 all intersected iron carbonate plus sulfide mineralization, but did not intersect mineralization of greater than 1 g/t gold over greater than a metre.
Gold bearing semi-massive sulfide stockworks intersected in TG-11-004, 018 and 040 project to surface, and have returned grab samples up to 14 g/t gold. Follow-up drilling is planned by Ocean Park to test these targets in 2012.
In addition to gold mineralized porphyry in drill core, signatures of a property-wide gold and copper porphyry system were identified. These include both large-scale geophysical and geochemical zoning patterns, porphyry style hydrothermal breccias, and grab samples with up to 0.43 percent copper.
Ocean Park reports plans to immediately undertake an airborne ZTEM geophysical survey to follow up on these discoveries, the results of which will be used together with 2011 exploration results to guide an expanded 2012 drill program. Over the course of the work program Ocean Park expanded their property position in the area through staking of additional claims and option agreements with third parties. Some of the newly acquired ground falls under an Area of Interest defined within the option agreement between Constantine and Ocean Park. A more detailed description of the 2011 work program and current property holdings can be found at Ocean Park's website (www.oceanparkventures.com).
Corporate News
Constantine announces that it has made the final payment for the purchase of the Munro-Croesus property by issuing 250,000 shares of the Company to the vendor of the property. Constantine acquired the property in October 2007, but reserved 250,000 shares of the acquisition price subject to confirmation of certain environmental conditions, which have now been confirmed.
The Company also announces a six month extension of its investor relation agreement with Torrey Hills Capital Inc., which was first announced in February 2011 with an initial six month term. In October, 2011, the Company terminated its investor relations agreement with Mr. Robert Jeffery.
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 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
Investor relations enquiries, please contact:
Jim MacDonald, Torrey Hills Capital
Phone: 858-456-7300. Email: jm@sdthc.com
or
Darwin Green, VP Exploration Constantine Metal Resources
Phone: 604-629-2348. Email: info@constantinemetals.com
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. 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.
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.
Constantine Metal Resources Ltd.
Web site: http://www.constantinemetals.com/
