CONSTANTINE COMMENCES DRILL PROGRAM AT MUNRO-CROESUS BONANZA GRADE GOLD PROJECT, ONTARIO
March 8, 2011
Constantine Metal Resources Ltd. (TSX Venture – CEM) ("Constantine" or the "Company") is pleased to announce the start of a planned minimum 3,000 meter, 10-15 hole, drill program on its Munro-Croesus Gold Project located 75 kilometers east of Timmins, Ontario and within the influence of the prolific Porcupine Destor Deformation Zone. The Munro-Croesus property includes the formerly producing Croesus mine (1914-1933) known to have produced some of the highest grade gold ever mined in Ontario*. Five Croesus gold specimens held by the Royal Ontario Museum weigh 85 pounds collectively and contain 480.7 ounces of gold or 11,310 ounces gold per short ton (387,771 grams per tonne).
The drill program will target the immediate Croesus mine at depth and for faulted extensions of the exceptionally high-grade vein that was originally mined. A close spaced, 10 to 20 meter pattern of drill holes will test for bonanza grade chutes within the newly identified vein structures intersected in previous drilling by Constantine (see news release dated April 9th, 2009). Some of the high-grade chutes of the original mined vein material contained 20 to 30 percent by weight gold. The Company plans to test the potential for similar as yet undiscovered bonanza grade chutes by utilizing down-hole geophysical methods. The orientation down-hole geophysical surveys will be evaluated using close spaced drill holes from the current program.
Garfield MacVeigh, President and CEO of the Company states: “Past work by the Company has established a very specific and unique bonanza grade gold target at Croesus that is part of a much larger gold endowed environment sharing many of the hallmarks of classic Timmins gold systems. We eagerly look forward to evaluating this opportunity.”
Except for a few brief option periods to publicly traded companies, the Croesus mine property has been in private hands since its discovery in 1914, prior to acquisition by Constantine in 2007. Constantine has completed two drill campaigns on the property in early 2008 and early 2009 for a total of 2,864 meters. The drilling discovered a new footwall vein zone (12.2 g/t gold over 0.46 m) under the historic mine workings with vein geometry interpreted to be similar to the mined vein. The new vein zone occurs within the same distinct sulphide-carbon rich host rock sequence and shares the same broad gray-zone alteration with associated arsenopyrite mineralization.
About the Company
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 is host to 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 large, 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.
Please visit the Company’s website (www.constantinemetals.com) for more detailed company and project information.
On Behalf of Constantine Metal Resources Ltd.
Investor relations enquiries, please contact:
R.E. (Bob) Jeffery
Email: firstname.lastname@example.org or Email: email@example.com
Jim MacDonald, Torrey Hills Capital
* As reported in the 60th Annual Report of the Ontario Department of Mines, Geology of Munro Township, J. Satterly vol. LX, Part VIII, 1951
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.
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 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, 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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