VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 8, 2012) -
Editor's Note: There is a video and a photo associated with this release.
Constantine Metal Resources Ltd. (TSX VENTURE:CEM) ("Constantine" or the "Company") is pleased to announce the discovery of gold mineralization on Constantine's 100% owned Horseshoe claims that are part of the Munro Croesus property. The new gold showing area, referred to as the "Horseshoe Zone", has been recently identified by Constantine and is located immediately west and adjacent to Lake Shore Gold's 2.1 million ounce Fenn-Gib deposit. The Horseshoe Zone is exposed in an area of very limited outcrop and as currently defined consists of several small isolated outcrops protruding through muskeg over an approximately 75 meter long (north-south) by 55 meter wide (east-west) area. Outcrops are pervasively gold mineralized and silica-pyrite+/-albite+/-magnetite altered. The character of the alteration and mineralization are strikingly similar to that described in the 43-101 technical report for the neighbouring Fenn-Gib deposit and may represent a western extension or satellite zone to the deposit, which is described by Lake Shore Gold as open to the west and drilled to within a few hundred meters of Constantine claims. Similarities with the Fenn-Gib deposit include the bulk-tonnage tenor of the gold mineralization (0.5 to 1.5 grams per tonne gold), an approximately 1:1 gold to silver ratio and gold primarily associated with disseminated pyrite in altered variolitic volcanics. Nine representative character samples collected by Constantine range from 0.14 to 1.27 grams per tonne gold. The mineralization is located on the Horseshoe claims, a block of 8 claim units (129 hectares) that are excluded from the Teck property rights agreements, and are 100% owned and controlled by Constantine. Stripping and channel sampling is being planned to better characterize the extent and grade continuity of this significant new gold occurrence.
The Horseshoe Zone is located in proximity to Pipestone fault, an important structure known to control gold mineralization at several gold deposits within the region, including the neighbouring 2.1 million ounce Fenn-Gib gold deposit. Constantine's Munro-Croesus project area covers an approximately seven kilometer length of this key structural corridor. Please refer to the updated website maps at www.constantinemetals.com.
About the Company
Constantine is a gold and copper exploration company that has multiple active projects located in premier North American exploration environments. These are highlighted by: (1) the 100% owned Palmer Project, located in a very accessible part of southeast Alaska, that is host to a NI 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); (2) the 100% owned Timmins area Munro-Croesus Project a past-producing mine property that yielded some of the highest grade gold ever mined in Ontario and includes strategically located claims immediately along trend from the 2.1 million ounce Fenn-Gib gold deposit; (3) the 50/50 Joint Venture with Carlin Gold exploring an approximately 800 sq. km land position in an emerging new Carlin-type gold district in Yukon; and (4) the Trapper Gold Project in northern British Columbia that is optioned to Ocean Park Ventures Ltd. who carried out an 8,500 meter drill program on the property in 2011. 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
Samples of rock (usually 1-2kg) were broken with a rock hammer and placed in individual sealed polyurethane bags and were delivered directly, by Constantine personnel, to the AcmeLabs prep lab in Timmins Ontario in sealed woven plastic bags. Prepared pulps were shipped by AcmeLabs to their East Vancouver Lab where gold was determined by fire-assay fusion of a 30 g sub-sample by ICP. Overlimit gold assays were analyzed using lead collection fire-assay fusion with a gravimetric finish. All samples were analyzed for multi-element inductively-coupled plasma (ICP) atomic emission spectroscopy, following multi-acid digestion.
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, 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.
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