Constantine Metal Resources Ltd.
Constantine Reports Results of Munro-Croesus Drill Program
April 9, 2009
Vancouver, B.C. – Constantine Metal Resources Ltd. (the “Company”) (TSX .V:CEM) is pleased to announce results from its winter 2009 Munro-Croesus drill program located 75 kilometers east of Timmins, Ontario and within the influence of the prolific Porcupine Destor Deformation Zone (PDDZ). Three holes were drilled for a total of 843 meters. Final assay results have been received for all holes. The specific target of the Croesus Mine drilling is to identify more spectacular high grade ore at depth below the existing mine workings and to locate the faulted offset of the Croesus vein – known to have yielded some of the highest grade gold ever mined in Ontario. Five Croesus gold specimens purchased by the Ontario Geological Survey (previously the Ontario Bureau of Mines) and on loan to the Royal Ontario Museum (ROM) weigh 85 pounds collectively and contain 480.7 ounces of gold or 11,310 oz gold per short ton (387,727 g/tonne). The Company has also received final reports for a 671 kilometer VTEM time domain airborne survey that covered the Munro Croesus property and the nearby Four Corners property.
All three holes (MC09-11 to MC09-13) tested the Croesus mine footwall zone that was intersected in the last hole (MC08-10) of the 2008 drill program. The geometry of the gold associated alteration and favourable host lithologies have now been established over a 60 meter dip length with a best gold value in the 2009 footwall zone drilling of 2.9 g/t gold over 0.22 meters. This intercept is located 20 meters northwest of the footwall zone in MC08-10 that assayed 12.2 g/t gold over 0.46 meters.
Two of the drill holes (MC09-11, MC09-12) also tested Croesus-type veins on the off-set south side of the Croesus fault and returned a best value of 3.4 g/t gold over 0.80 meters. This intersection is 45 metres down dip of an historic 1976 drill intersection grading 14.4 g/t gold over 0.28 meters and approximately 50 meters below a sub-parallel vein zone that assayed 83 g/t gold over 0.10 meters in 2008 drill hole, MC08-08. This drilling further indicates multiple veins characterized by a distinct alteration on both sides of the Croesus fault. It also establishes control points at depth on the Croesus fault that are important for future drill planning.
A 671 kilometer VTEM time domain airborne survey at 75 meter line spacing was completed over the Munro Croesus project area that includes the Munro Croesus property and the nearby Four Corners property. The survey appears to have identified fundamental structures on the Munro Croesus part of the property that correlate with known gold mineralization. On the Four Corners property the magnetic component of the survey outlines areas of prominent magnetite destruction in areas of ultramafic rocks with known gold showings that will assist in drill hole targeting. More detailed evaluation of the airborne geophysical results is ongoing.
About the Drill Program
The 2009 Munro Croesus project drilling has established a moderately east dipping alteration zone that hosts Croesus-type veins located approximately 175 metres into the footwall of the past producing Croesus Mine. The dip of the new footwall zone is consistent with the dip of the very high-grade mined out Croesus vein, suggesting that it is a parallel and related zone. The four holes that test this target have defined the zone over a dip length of more than 60 meters and indicate that the most prospective area for high-grade mineralization lies to the immediate north, in the up-dip location of the area drilled, where the zone crosses the more favourable carbon-rich sulphidic phase of the Croesus flow.
Drill holes MC09-11 and 12 were collared 40 meters apart in the south, off-set block of the Croesus fault and drilled north through the Croesus fault into the mine footwall zone. Both holes intersected two Croesus-type gold bearing veins at similar down-hole depths of approximately 100 and 125 meters before crossing the Croesus fault into the footwall block of the Croesus Mine. In conjunction with the 2008 diamond drilling, parallel Croesus-type veins have now been intersected over a 50 meter dip length in the favourable altered phase of the Croesus flow on the south side of the Croesus fault.
Garfield MacVeigh, President and CEO of Constantine Metal Resources limited states; “The same host rock and strong similarities in alteration and gold bearing quartz veins to the high-grade Croesus mine highlights the opportunity to discover spectacular high-grade Croesus-type gold ore shoots with an increased drill hole density, particularly in the new Croesus Mine footwall zone.”
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 lies 75 kilometers east of Timmins on the north side of the PDDZ and includes the high grade past-producing Croesus mine (1915-1933).
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.
On Behalf of Constantine Metal Resources Ltd.
“J. Garfield MacVeigh”
Lisa May (BMK Partners)
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 0.1 meters to a maximum 1 meter interval with an average 0.5 meter sample length. Drill core samples were delivered directly, by Constantine personnel, to the ALS Chemex prep lab in Timmins Ontario in sealed woven plastic bags. Prepared pulps were shipped by ALS Chemex to their North Vancouver Lab where gold was determined by fire-assay fusion of a 30 g sub-sample with atomic absorption spectroscopy (AAS) finish. Fourteen quartz vein samples were screened and analyzed for metallics gold. All samples were analyzed for multi-element inductively-coupled plasma (ICP) atomic emission spectroscopy, following multi-acid digestion.
Darwin Green, VP Exploration for Constantine Metal Resources Ltd, a qualified person has reviewed the information contained in this news release and has also verified the analytical data for 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.
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.