Constantine Metal Resources Ltd.
Constantine Cuts 58.9 Feet (18 Meters) Of 7.8% Zinc, 1.0% Copper, 0.6% Lead, 0.94 G/T Gold And 67.5 G/T Silver
October 16, 2007
White Rock, B.C. – Constantine Metal Resources Ltd (TSX Venture- CEM) (the “Company”) is pleased to announce partial analytical results for a second drill hole on its polymetallic massive sulphide Palmer project near Haines, Alaska where diamond drilling has recently been completed for the season. The 2007 Palmer drilling program started in late July and ended in early October for a total of 7593 feet (2314 metres) in 7 drill holes. The partial assay results of the second hole, Hole CMR07-09, are provided below.
Hole CMR07-09 intersected 58.9 feet (18 metres) of zinc-copper rich barite hosted sulphide mineralization that assayed 7.76% zinc, 1.03% copper, 0.62% lead, 0.94 g/t gold, 67.5g/t silver between 502.1 and 561.0 feet down hole. The drill core recovery for the 58.9 foot interval is approximately 85% and the intersection incorporates 5.9 feet of mafic dyke. Included in the 58.9 foot (18 metre) zone is a 25.5 foot (7.8 metre) interval that assayed 1.73% copper, 8.12% zinc, 0.83 g/t gold and 61.7 g/t silver. Additional assays are pending that may extend the length of the Zone I intercept.
A second interval cut in this hole between 787.0 and 798.2 feet intersected 11.2 feet (3.4 metres) of zinc-chert-barite mineralization assaying 11.17% zinc, 0.18% copper, and 18.3 g/t silver.
The estimated true width of the intersections is approximately 80-90% of the core length intervals provided. The intersections are interpreted to be the steep Southwall fold limb equivalents of the Main Zone and the RW Zone. They represent the first significant intersections on the Southwall and as such have important implications for future potential of the project.
The CMR07-09 high grade intersections are located about 1400 ft (430m) east of the previously reported high grade intersection in CMR07-07 45.90 ft (14.0m) of 3.79% copper, 7.24% zinc, 0.37 g/t gold and 47g/t silver (see news release dated September 26, 2007). The last hole of the 2007 program (CMR07-10) was drilled from the same location as CMR07-09 and intersected a major pyrite-pyrrhotite stringer and alteration zone over a core length of 1013 ft (308m) from 468 ft to the final hole depth of 1481 ft. This major mineralized and altered zone documents a substantial footwall alteration system to the 58.9 foot high-grade intersection in CMR07-09 and highlights the potential to extend the Southwall zones to depth and laterally. CMR07-10 was drilled to test the shallow dipping Main Zone fold limb 100m north of CMR07-09 Southwall intersection and was at too steep an angle to test the downdip extension of Southwall zones. The results from CMR07-10 are pending.
Garfield MacVeigh, President and CEO commented “These intercepts in the Southwall establish a significant corridor of mineralization when combined with the earlier high grade intercepts. This opens up significant areas for exploration and development drilling and clearly enhances the future potential. We look forward to the continued successful exploration of this project.”
The Company is preparing a map showing the drill hole locations that will be posted on its website (www.constantinemetals.com). Assay results for the additional portions of CMR07-09 and previously reported CMR07-07, plus the remaining 5 holes will be reported as they are received.
The Company is currently exploring its 100% controlled Palmer project, a world class base metal exploration opportunity in a very accessible part of southeast Alaska and has recently signed the definitive agreement to acquire a 100% interest, subject to a 2% NSR production royalty, in the high-grade Croesus Gold Mine property located in the prolific gold-producing southern Abitibi greenstone belt in Northern Ontario. The closing of the Croesus property acquisition to transfer the 100% interest to Constantine is pending.
For further information please call the Company’s investor relations officers Kirk Gamly or Peter Murray at Contact Financial Corporation, tel: 604-689-7422 (tollfree 877-689-7411). Please visit the Company’s website (www.constantinemetals.com) for more detailed company and project information.
"J. Garfield MacVeigh"
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 one foot interval to a maximum 6 foot interval with an average 3 to 5 foot sample length. Samples for drill hole CMR07-09 were shipped directly by air freight from Whitehorse in sealed woven plastic bags to ALS-Chemex laboratories in North Vancouver. ALS Chemex laboratories operate according to the guidelines set out in ISO/IEC Guide 25. To expedite turnaround on sample results for CMR07-09, samples reported herein were then delivered, in the unopened sealed plastic bags, from ALS Chemex to Global Discovery Labs in Vancouver by a Constantine consultant. Global Discovery Labs is a business unit of Teck Cominco that also provides geochemical and assay services to many public companies and has been operating for more than 30 years. The elements copper, lead, zinc were determined by ore grade assay, silver by acid digestion and AAS, and gold by fire assay, lead collection and AA finish on a 1 AT sample.
The 2007 exploration program for the Palmer project is managed by J. Garfield MacVeigh, President and CEO of Constantine Metal Resources Ltd. and a qualified person as defined by Canadian National Instrument 43-101. Mr. MacVeigh has reviewed the information contained in this news release and has also verified the analytical data for 21 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. In addition to the 2 certified reference standards provided by Constantine, the lab included one base metal(Cu, Pb, Zn) plus Ag reference standard and 2 certified gold reference standards. Two duplicate analyses were reported for base metals plus silver and 2 duplicate analyses for gold as well as one sample blank. The analytical results have also been compared to visual estimates for the base metals to check for any obvious discrepancies between analytical results and visual estimates.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
Forward looking statements:
The news release includes certain “forward-looking statements.” All statements other than statements of historical fact included in this release, including, without limitation, statements regarding potential mineralization, exploration results and future plans and objectives of Constantine 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. Important factors that could cause actual results to differ materially from Constantine’s expectations include exploration risks detailed herein and from time to time in the filings made by the Company with securities regulators. This news release provides partial assay results for one hole only. There is no assurance that assay results for remaining holes will provide similar results.