CONSTANTINE-CARLIN JV ACQUIRES STRATEGIC CLAIM BLOCK IN YUKON’S NEW CARLIN-TYPE GOLD DISTRICT
February 28, 2011
Constantine Metal Resources Ltd. (“Constantine”) (TSX Venture - CEM) and Carlin Gold Corporation (“Carlin”) (TSX Venture - CGD) jointly (the "Companies") are pleased to announce the staking of additional claims in the Mayo Mining District, east central Yukon, Canada. The 152 claim HG block (7600 acres, 31 square kilometers) borders ATAC Resources Ltd.’s Rau Property, where Carlin-type gold mineralization has recently been discovered. The HG claims are located adjacent to a known cinnabar and native mercury occurrence, and cover drainages that contain gold and share similar tenor pathfinder element anomalies to those at the Rau Property Osiris discovery – including samples exceeding the 95th percentile for arsenic and mercury*.
The Constantine-Carlin 50/50 Joint Venture (the “Joint Venture”) was formed in the early fall of 2010 specifically to target and explore for Carlin-type gold deposits in the Yukon. The Joint Venture moved quickly to establish a large land position in this emerging gold frontier, acquiring areas with permissive geology and drainages with strong geochemical anomalies. The Joint Venture now controls a total of 2,453 claims and approximately 500 square kilometers (195 square miles) which represents one of the largest property positions in this new district located within the Selwyn Basin, east central Yukon.
Highlights of the HG Block
- The claim block is adjacent to a known cinnabar and native mercury occurrence; this is believed to be the only known mercury occurrence in the district. Mercury is commonly associated with Carlin-type gold deposits and there is a known spatial relationship between cinnabar (HgS) and some large Carlin-type gold deposits in Nevada.
- The claims are located approximately mid-distance between the Osiris discovery and a realgar-orpiment occurrence that was recently announced by Strategic Metals on its Crag property (Figure 1).
- The claims cover drainages that contain elevated gold and are highly anomalous in the pathfinder elements arsenic and mercury.
- Carbonate-bearing units, the most favorable hosts for Carlin-type gold deposits, are present on the claims.
- The claims cover zones of clay and iron oxide alteration as identified from satellite imagery analysis conducted by the Joint Venture.
- There is no record of prior exploration on the claims, however exploration immediately to the north has identified several base metal occurrences and lead-zinc-silver soil anomalies as well as northeast trending fault structures that project onto the HG block
The Joint Venture is making plans for aggressive exploration of its large Yukon land package in Q2 2011. Despite highly anomalous geochemistry and favourable geology, most of the region has received virtually no modern methodical exploration for gold. The opportunity is highlighted by several large gold discoveries made recently in the Yukon, where raw stream sediment and soil anomaly stage prospects advanced rapidly into major drill hole discoveries. Additional figures and information on the Joint Venture’s large Yukon land package can be found at www.constantinemetals.com or www.carlingold.com.
Constantine is a gold and copper exploration company with multiple active projects located in premier North American exploration environments. These are highlighted by the 100% owned Palmer Project, where Constantine has discovered a new copper-zinc-silver-gold deposit in a very accessible part of southeast Alaska, and the Munro-Croesus Project, that includes a past-producing mine property that yielded some of the highest grade gold ever mined in Ontario. The Palmer Project contains a National Instrument 43-101 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) that is open to expansion.
Constantine controls a major land position in an emerging new Carlin-type gold district in Yukon that is part of a 50/50 joint venture with Carlin Gold Corporation, and recently optioned its Trapper Gold Project in northern British Columbia to Ocean Park Ventures Ltd. which is committed to spend a minimum $750,000 this year as part of its $4.75 million 50% earn-in. The drill ready Trapper Gold Project hosts a +2000 meter long by 200 meter wide gold-arsenic soil anomaly with values up to 8.6 g/t gold. In addition, Constantine has a 100% interest in the 8300 hectare Phoenix Gold project in the active Shining Tree gold area, Ontario and a 100% interest in the newly acquired Hornet Creek gold-copper-barite prospect in west-central Idaho.
Carlin is a gold exploration company focused in Nevada and Yukon Territory. Carlin owns 100% of three properties in Nevada, all of which represent Carlin-type gold targets. Two of Carlin’s properties are located in the Cortez gold trend. Carlin’s Cortez Summit property is located four miles east of Barrick’s new Cortez Hills gold mine, in a similar geologic environment. The Willow Creek property is located in an emerging new gold belt in northeastern Nevada. Willow Creek occurs northwest of the new Long Canyon gold discovery, which is part of the recently announced Newmont acquisition of Fronteer Gold, a proposed $2.3 billion transaction.
Figure 1. Property location map.
|On Behalf of Constantine Metal Resources Ltd.||On Behalf of Carlin Gold Corporation|
|“Garfield MacVeigh”||“K. Wayne Livingstone”|
*Percentiles are determined based on analysis of a Yukon government geochemical database containing over 30,000 regional silt samples collected from across the Territory.
Darwin Green P.Geo, Vice President for Constantine Metal Resources Ltd. and a qualified person as defined by Canadian National Instrument 43-101, has reviewed and approved the technical information contained in this release. Robert Thomas, Vice President for Carlin Gold Corporation and a qualified person as defined by Canadian National Instrument 43-101, has reviewed and approved the technical information contained in this release on behalf of Carlin Gold Corporation.
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")” concerning the Companies’ plans for their properties, operations and other matters. 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, including, without limitation, statements regarding potential mineralization, the estimation of mineral resources, the realization of mineral resource estimates, interpretation of prior exploration and potential exploration results, the timing and success of exploration activities generally, the timing and results of future resource estimates, permitting time lines, metal prices and currency exchange rates, availability of capital to the Companies and their joint venture partners, government regulation of exploration operations, environmental risks, reclamation, title, statements with respect to the future price of gold and other metals, and future plans and objectives of the Companies 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 Companies’ 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 to the Companies and their joint venture partners, 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 Companies with securities regulators. Although the Companies have 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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