VANCOUVER, British Columbia,
Aug. 23, 2011 /PRNewswire/ --
Constantine Metal Resources Ltd. (TSX Venture – CEM) ("Constantine"
or the "Company") is pleased to provide an update on Ocean Park
Ventures Corp.'s ("Ocean Park") drill program currently being
conducted on the Company's 100% owned Trapper Gold project,
northern British Columbia. The
drilling is part of a 100% partner funded $4.9 million Phase I exploration budget announced
in July of this year. Ocean Park has the right to earn a 70%
interest in the project by spending $9.75
million in work expenditures and issuing certain cash and
share payments to Constantine.
Ocean Park reports that over 2,600 meters of diamond drilling
have been completed in 13 of 25 planned diamond drill holes. Twelve
of thirteen drill holes have intersected 1 to 3 zones of sulphide
mineralization associated with intense carbonate and/or silica
alteration over widths of between 5 and 97 metres. Description of
the targets and visually identified mineralization is summarized
below; assay results are pending for all drill holes. For further
details, including maps and photos of visible gold in core, see
Ocean Park's website www.oceanparkventures.com.
Target Description:
- Multiple mineralized structures occur within a 5+ kilometre
east-west trending target. The first 13 drill holes are a
fence test across the indicated 300 to 400 metre width of the
target zone, drilled to test for the source of a strong gold plus
lead-in-soil geochemical anomaly.
- Current drilling has only partially tested a 200 metre strike
length of a multi-kilometre soil and bedrock anomaly.
- 17 mineralized intercepts with greater than 1% sulphide
mineralization have been identified to date with an average drill
indicated width of 28.2 metres.
- Visible gold identified in drill hole TG-11-011, see Ocean Park
website for photographs.
- Precious metal mineralization appears to be associated with
carbonate alteration and silica stockworks, plus base metal
sulphides and sulphosalts.
- A second drill is being mobilized to the project.
Geochemical surface sampling at Trapper has demonstrated that
gold is associated with the sulphides pyrite, galena, sphalerite
and chalcopyrite, plus sulphosalt minerals. Eight surface
samples returned to date from the main trend that assay 0.5 g/t
gold or higher have returned an average of 2.92 g/t gold, 18.98 g/t
silver, 0.73% lead and 0.85% zinc.
Drilling has encountered significant zones of over 1% sulphide
mineralization with drill indicated widths ranging from a few
metres to in excess of 90 metres. Within these zones vein
densities range from less than 1 per metre to densely overlapping
and crosscutting stockworks over significant widths. Visible gold
mineralization displaying up to 1 mm flakes has been observed in
one drill hole, TG-11-011, within a 10 cm interval in an 82.4 metre
interval of intense carbonate-silica intercept with significant
lead-dominant base metal veining. Host rocks are lapilli tuff and
diorite with rare plagioclase porphyry and basalt dikes.
Drilling, geological mapping and geochemical sampling are in
progress at the Trapper Gold project. A ground based induced
polarization (IP) geophysical survey, an airborne electromagnetic
survey, and an extensive expansion to the historic soil geochemical
grid have also been completed this year.
About the Company
Constantine is a gold and copper exploration company that, in
addition to the 100% partner funded $4.9MM Trapper Gold project, has multiple active
projects located in premier North American exploration
environments. These are highlighted by the 100% owned Palmer
Project, located in a very accessible part of southeast
Alaska, that is host to a NI43-101
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), the
100% owned Timmins area
Munro-Croesus Project that includes a past-producing mine property
that yielded some of the highest grade gold ever mined in
Ontario, and a 50/50 Joint Venture
with Carlin Gold exploring a 1000
km(2) land position in an emerging new Carlin-type gold district in
Yukon.
Please visit the Company's website (www.constantinemetals.com)
for more detailed company and project information.
On Behalf of Constantine Metal Resources Ltd.
"Garfield
MacVeigh"
President
Investor relations enquiries, please contact:
R.E. (Bob) Jeffery
Phone: 250-335-2011
Email: bob@constantinemetals.com or Email:
info@constantinemetals.com
or
Jim MacDonald, Torrey Hills
Capital
Phone: 858-456-7300, Email: jm@sdthc.com
Notes:
Darwin Green, VP Exploration
for Constantine, and a qualified person as defined by Canadian
National Instrument 43-101, has reviewed the information contained
in this news 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 Company 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 Company's 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 Company with securities regulators.
Although the Company has 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.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE Constantine Metal Resources Ltd.