Constantine Metal Resources Ltd.
Constantine Commences Drill Program at Munro-Croesus Gold Project
February 10, 2009
Vancouver, B.C. – Constantine Metal Resources Ltd. (the “Company”) (TSX .V:CEM) is pleased to announce the start up of a 1,000 meter 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 (PDDZ). The Timmins gold camp, located along the north side of the PDDZ, is the world’s largest Archean greenstone hosted gold producing district with greater than 65 million ounces of gold production.
The Munro-Croesus property includes the formerly producing Croesus mine, 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). Photos of these specimens, as well as maps and sections for the property, can be viewed on the projects page of the Company’s website, www.constantinemetals.com.
Records for past production are reported in personal journals of prior owners and operators and the Ontario Department of Mines. In 1915, an inclined shaft was collared on the high grade gold quartz-vein outcrop found in 1914. The inclined shaft was 425 feet in length and reached a vertical depth of 125 feet. The north-south striking (shallowly east dipping) high grade Croesus gold mineralization was mined from the shaft and from lateral development on the north and south sides of the shaft. The extent of the vein to the north is limited by a geological contact and was terminated on the south side by an east-west fault. Early production as recounted by Mr. Julius Cohen, production mining engineer at that time, consisted of both onsite milling and hand reduction of visibly high grade vein material that was shipped in steel boxes directly to the Royal Canadian Mint. About 1,000 pounds per week were shipped during 1915-1917 and the early part of 1918. This type of production ceased when the fault was encountered. No grade can be determined for these high-grade gold shipments. In 1923, the owners milled some “clean up” mineralization. Other small milling campaigns continued sporadically up to 1936 and produced gold from pillars, fault material and surface dumps. The tailings for all these operations were subsequently trucked off-site and processed at the Pamour operation in Timmins (no data available). The Ontario Department of Mines reports the total historical gold production from milled ore was 14,854 ounces gold from 5,333 short tons, for an average grade of 2.78 oz gold per short ton (95.3 g/tonne). This does not include the high-grade gold ore shipped directly to the Royal Canadian Mint for processing.
The high-grade Croesus ore shoot on the Munro-Croesus gold project is truncated by the Croesus fault and several efforts have been made to locate the high grade extension to the vein, with the last serious effort occurring in the mid-late 1970’s. Drilling by the Company in 2008 established the presence of Croesus type veins on the offset side of the Croesus fault and has documented three new Croesus-type gold bearing vein structures at depth below the historic mine workings. Prior to Constantine’s 2008 drill program, the average depth of historic drill holes in the Croesus shaft area was less than 100 metres. The new vein structures identified in the final hole (MC08-10) of the 2008 drill program, occur within a 75 meter alteration zone (gray zone) located 175-250 meters beneath the old workings and share the same key structural and stratigraphic setting as the mined Croesus vein. One of the vein structures yielded 12.5 g/t gold over 0.46 meters within a broader 5.1 meter wide vein zone. The focus of the current 2009 drill program will be to further test the vein zones discovered below the old workings in the last drill hole of the 2008 drill program. Other intersections from the 2008 program that will be followed up with additional drilling include 15.1 g/t gold over 1.0 meters and 83.0 g/t gold over 0.10 meters.
Pursuant to the Exploration Agreement with the Wahgoshig First Nation regarding the Munro-Croesus project (see February 9, 2009 news release) Constantine will be issuing 15,000 shares of the Company to the Wahgoshig First Nation.
About the Company
Constantine has a 100% interest in two exceptional projects located in world class exploration environments where management has strong familiarity and expertise. These include the Palmer Project, where the Company has made a major new copper-zinc-silver-gold discovery in a very accessible part of southeast Alaska, and the Munro-Croesus Project a past producing mine property that yielded some of the highest grade gold ever mined in Ontario.
Darwin Green, Vice President Exploration of the Company and a Qualified Person, has reviewed and approved the technical information contained in this release.
On Behalf of Constantine Metal Resources Ltd.
“J. Garfield MacVeigh”
Lisa May (BMK Partners)
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of 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.