Constantine Expands Area of Massive Sulphide and Reports Significant Off-Hole Geophysical Conductors Palmer Copper-Zinc VMS Project, Alaska
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VANCOUVER, BRITISH COLUMBIA -- (MARKET WIRE) -- 10/22/09 -- Constantine Metal Resources Ltd. (the "Company") (TSX VENTURE: CEM) is pleased to announce final drill results and preliminary down-hole geophysical data for the 2009 exploration program at the Company's Palmer copper-zinc-gold-silver rich volcanogenic massive sulphide ("VMS") project. The 2009 program has successfully expanded the known area of South Wall and RW mineralized zones. This expansion when considered with the down-hole geophysical results has demonstrated the opportunity for continued growth in 2010. The Palmer project is located in a very accessible part of southeast Alaska, 60 kilometres by road from the year-round deep sea port of Haines.
The limited 2009 drill program (10 holes for a total of 4,643 meters) has expanded South Wall zone mineralization by 80 meters along strike, 90 meters vertically down dip, and 40 meters up dip, for a total horizontal strike length of 380 meters and a total vertical extent of 410 meters. The latest drill results include the deepest South Wall copper-rich intersection drilled to date in CMR09-28 that grades 3.55% copper, 4.79% zinc, 0.28 g/t gold and 80.1 g/t silver over 2.29 meters. Drill Hole CMR-09-30 tested the westernmost part of South Wall Zone 1 and remained in altered footwall rocks with stringer mineralization. A large off-hole geophysical anomaly in CMR09-30 is believed to represent a 100 meter extension of the thick Zone I mineralization and suggests that the zone remains open to the west.
The Company has completed mineralogical studies with metallurgical bench marking that will be reported on shortly, and will assist in the calculation of the first NI43-101 compliant resource estimate for the project.
Latest Drill Results
Zone I
New Zone I South Wall intercepts include 5.24 meters of massive barite in hole CMR09-25 grading 0.31 g/t gold and 25.7 g/t silver that is within a wider 16.82 meter intersection of Zone I mineralization grading 0.12% copper, 1.43% zinc, 0.15 g/t gold and 12.5 g/t silver. This intersection is 70 meters down dip and 25 meters east of previously reported hole CMR09-24 (9.1 meters grading 1.89% copper, 5.16% zinc, 0.30 g/t gold and 27.4 g/t silver) and 70 meters west of CMR09-23 (21.3 meters grading 2.76% copper, 0.50% zinc, 0.10 g/t gold and 9.7 g/t silver). A complete tabulation of all South Wall zone results is listed in Table 1, attached to this release.
CMR09-30, a 100 meter step-out to the west of all previous Zone I holes did not cross the zone, but stayed in footwall rocks below the upper limb oxidized RW horizon (see below). Down-hole geophysics detected an off-hole conductor in CMR09-30 over a dip-length of 130 meters and suggests that Zone I is still present 100 meters to the west of all previous drilling. New 2009 Zone I intersections are plotted on an updated long section (posted on the Company's website, www.constantinemetals.com) with the location of the CMR09-30 off-hole response that supports the interpreted continuity of the Zone I massive sulphides another 100 meters to the west.
Zone II & II
Drill hole CMR09-28 intersected South Wall Zone III massive sulphides grading 3.55% copper, 4.69% zinc, 0.28 g/t gold, and 80.1 g/t silver over 2.29 meters. This intercept represents the deepest intersection of copper-rich South Wall massive sulphides drilled to date, and extends South Wall mineralization 50 meters vertically below and 60 meters west of Zone II massive sulphides intersected in previously reported hole CMR09-26 (6.1 meters grading 1.52% copper, 9.17% zinc, 0.18 g/t gold and 18.0 g/t silver). CMR09-31 intersected a 3.4 meter zone of sphalerite- chalcopyrite-pyrrhotite assaying 0.2% copper and 2.0% zinc and is the deepest test of Zone II-III horizon to date, 50 meters down-dip of CMR09-28 and 25 meters east. Good off-hole geophysical responses in both CMR09-28 and CMR09-31 indicate extensions of Zone II-III sulphide mineralization away from these holes.
Drill hole CMR09-27 and CMR09-32 tested Zones II and III, 50 and 130 meters east of CMR09-26 respectively (refer to website long section). CMR09-27 encountered very strong pyritic alteration on the Zone II-III horizons that contained low base metal values, but displayed a good off-hole geophysical anomaly. CMR09-32 encountered 1.31 meters of 3.13% zinc and 0.06% copper in Zone III, but was abandoned before the Zone II target depth and was not surveyed with down-hole geophysics.
RW Zone
As part of South Wall drilling, some drill holes penetrated oxidized mineralization in the upper gentle dipping limb of the anticline. This mineralization correlates with the RW Zone that includes the 2007 intersection in CMR07-07 (14.0 meters grading 4.09% copper, 7.35% zinc, 0.40 g/t gold, and 50.9 g/t silver) that has not yet been followed up. These intercepts have expanded the area of known RW Zone mineralization and present excellent targets for defining high-grade massive sulphide mineralization down-dip, beyond the limits of near surface oxidation and leaching.
Strongly oxidized and base-metal leached RW zone mineralization grading 0.13% copper, 0.52% zinc, 0.94% lead, 0.39 g/t gold and 74.5 g/t silver over 12.5 meters was intersected in the upper portion of hole CMR09-30. Included is a 2.44 meter sub-interval of higher grade precious metal mineralization grading 0.35% copper, 0.64% zinc, 2.45% lead, 1.03 g/t gold and 178.1 g/t silver. The intersection in CMR09-30 is 90 meters west of similar oxidized and leached RW zone mineralization intersected in previously reported hole CMR09-24 (0.23% copper, 2.83% zinc, 0.57 g/t gold, and 52.5 g/t silver over 9.14 meters).
TDEM (Down-hole) Geophysical Survey
Down-hole 3D Time Domain Electromagnetic (TDEM) surveys were completed on eight of ten holes drilled during the 2009 program. Preliminary field data indicates the survey to be very effective at identifying South Wall zone massive sulphide mineralization. TDEM conductors were observed in every hole surveyed, including several conductors that represent potential new target areas for massive sulphides. One of the most significant anomalies is an off-hole conductor measured in CMR09-30 for a length of more than 130 meters. CMR09-30, the westernmost hole drilled during the 2009 program, appears to have drilled sub-parallel to the South Wall Zone I horizon possibly due to a cross-cutting fault. The large TDEM conductor suggests massive sulphide mineralization is present off-hole. CMR09-30 was drilled 100 meters west of CMR09-24 (9.1 meters grading 1.89% copper, 5.16% zinc, 0.30 g/t gold and 27.4 g/t silver), the westernmost intersection of South Wall Zone I massive sulphide.
A final report following 3D modelling of the data to better determine distance, direction, and size of the conductive bodies is pending. This data will be utilized in designing future phases of drilling at Palmer.
About the Palmer VMS Project
The copper-rich Palmer Project represents one of North America's newest volcanogenic massive sulphide discoveries. Drilling to date has defined the South Wall mineralization 380 meters horizontally along strike, and 410 meters vertically down dip. The South Wall with its three distinctive stratigraphic stacked zones occurs on the steep limb of a large anticlinal fold, and is correlative with the RW that occurs on the shallow dipping upright limb of the fold (see figures at www.constantinemetals.com). The presence of massive sulphide on both sides of the fold indicates a sizeable massive sulphide system, with zones on each limb offering excellent opportunity for further expansion.
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, President and CEO
Table 1. Complete List of Significant Drill Intersections
---------------------------------------------------------
Width
(met-
From To Width ers) Cu Zn Pb Ag Au
Hole (feet) (feet) (feet) (i) % % % (g/t) (g/t) Zone
RW
CMR06-01 338.2 355 16.8 5.12 0.25 11.18 0.14 47.6 0.14 Zone
RW
CMR06-02 338.4 341 2.6 0.79 0.04 19.50 0.01 4.7 0.02 Zone
strin-
CMR06-02 528.5 583 54.5 16.61 0.03 1.20 0.01 0.5 0.01 gers
RW
CMR07-07 497.2 543.1 45.9 13.99 4.09 7.35 0.22 50.9 0.40 Zone
RW
Includes 519 541.8 22.8 6.95 6.83 5.41 0.21 81.3 0.62 Zone
SW
Zone
CMR07-09 502.1 581.6 79.5 22.56(i) 1.21 7.15 0.45 55.4 0.78 I
SW
Zone
Includes 502.1 561 58.9 17.95 1.12 8.04 0.56 66.7 0.95 I
SW
Zone
CMR08-09 787 798.2 11.2 3.41(i) 0.16 10.98 0.03 18.2 0.08 II
CMR08-10 NSV
SW
Zone
CMR08-11 514.7 668.4 153.7 46.85(i) 1.47 5.50 0.39 25.5 0.44 I
SW
Zone
Includes 516 635 119 36.27 1.70 5.74 0.47 30.4 0.53 I
SW
Zone
Includes 529 615.9 86.9 26.5 1.94 6.75 0.59 37.2 0.66 I
SW
Zone
Includes 573.8 603.1 29.3 8.9 4.32 5.21 0.04 36.9 0.85 I
SW
Zone
CMR08-11 915 991.1 76.1 23.2 1.34 7.43 0.35 91.3 0.70 II
SW
Zone
Includes 915 974.4 59.4 18.11(i) 1.61 8.55 0.39 106.3 0.84 II
SW
Zone
Includes 946 972.6 26.6 8.11 1.63 7.38 0.56 163.0 1.37 II
SW
Zone
Includes 964.4 972.6 8.2 2.5 2.03 7.27 0.41 369.3 3.52 II
SW
Zone
CMR08-11 1153.3 1194.6 41.3 12.59(i) 0.49 6.77 0.15 25.8 0.30 III
SW
Zone
Includes 1153.3 1177.9 24.6 7.5 0.46 8.19 0.30 30.6 0.24 III
Aban-
CMR08-12 doned
SW
Zone
CMR08-13 569 606 37 11.28(i) 3.14 0.58 0.01 24.7 0.15 Ia
SW
Zone
Includes 581.2 603 21.8 6.64 4.12 0.69 0.01 34.1 0.20 Ia
SW
Zone
CMR08-13 685.4 784.9 99.5 30.33(i) 0.98 1.00 0.02 6.1 0.16 Ib
SW
Zone
Includes 685.4 724.2 38.8 11.83 1.42 0.74 0.01 7.1 0.23 Ib
SW
Zone
CMR08-14 580 732.2 152.2 46.39(i) 2.92 2.98 0.01 17.5 0.20 I
SW
Zone
Includes 605.4 732.2 126.8 38.65 3.25 3.22 0.01 19.6 0.23 I
SW
Zone
Includes 612.4 662.3 49.9 15.21 5.22 1.75 0.01 21.1 0.30 I
SW
Zone
Includes 634.3 662.3 28 8.53 6.52 0.61 0.01 26.4 0.37 I
SW
Zone
Includes 713.9 732.2 18.3 5.58 1.76 14.36 0.01 40.2 0.21 I
SW
Zone
CMR08-14 1372 1453 81 24.69(i) 0.28 1.91 0.31 31.5 0.20 II
CMR08-15 NSV
strin-
CMR08-16 427 447 20 6.1 1.10 0.05 0.01 0.3 0.03 gers
SW
Zone
CMR08-16 699 714 15 4.57 0.37 0.33 0.01 1.2 0.03 I
RW
CMR08-17 474 480 6 1.83 0.30 10.13 1.39 45.5 0.19 Oxide
SW
Zone
CMR08-17 1059 1149.3 90.3 27.52(i) 2.60 3.57 0.17 28.2 0.35 I
SW
Zone
Includes 1066.7 1132 65.3 19.9 3.24 0.76 0.01 20.1 0.33 I
SW
Zone
Includes 1066.7 1081.5 14.8 4.51 4.62 0.76 0.01 14.7 0.27 I
SW
Zone
Includes 1132 1149.3 17.3 5.27 0.84 13.64 0.75 63.8 0.51 I
SW
Zone
CMR08-17 1633.1 1648.9 15.8 4.82(i) 0.85 21.62 0.39 19.3 0.04 II
SW
Zone
CMR08-17 1752.8 1765 12.2 3.72(i) 0.20 3.85 0.14 21.9 0.22 III
SW
Zone
CMR08-18 723 728 5 1.52(i) 1.73 2.60 0.13 40.2 0.32 III
SW
Zone
CMR08-18 840.4 851.3 10.9 3.32(i) 2.83 4.66 0.03 23.6 0.43 IIa
SW
Zone
CMR08-18 915.4 929 13.6 4.15(i) 0.97 3.87 0.15 10.3 0.10 IIb
SW
Zone
Includes 915.4 923.3 7.9 2.41 0.74 6.61 0.26 9.7 0.11 II
SW
Zone
CMR08-19 656.6 783 126.4 38.53(i) 0.69 7.25 0.18 25.6 0.22 II
SW
Zone
Includes 656.6 706.7 50.1 15.27 1.13 8.66 0.08 32.4 0.26 II
Aban-
CMR08-20 doned
SW
Zone
CMR08-21 578.5 609.6 31.1 9.48(i) 0.34 2.68 0.16 38.9 0.10 III
SW
Zone
Includes 604.7 609.6 4.9 1.49 0.83 4.69 0.24 131.6 0.36 III
SW
Zone
CMR08-21 714.7 735.3 20.6 6.28 0.30 2.85 0.01 3.6 0.04 II
SW
Zone
Includes 723 735.3 12.3 3.75 0.45 3.89 0.01 4.0 0.04 II
SW
Zone
Includes 770 782 12 3.66 1.82 9.81 0.92 81.5 0.32 II
SW
Zone
Includes 807 831 24 7.32 2.94 6.96 0.21 62.8 0.38 II
SW
Zone
Includes 846.6 868.5 21.9 6.68 3.43 8.92 0.03 33.9 0.34 II
SW
Zone
CMR09-23 1157 1227 70 21.34(i) 2.76 0.50 0.01 9.7 0.10 I
SW
Zone
Includes 1163.5 1200 36.5 11.13 3.86 0.50 0.01 10.8 0.12 I
RW
CMR09-24 467 497 35 9.14 0.23 2.83 0.59 52.5 0.57 Oxide
RW
Includes 470.5 487 16.5 5.03 0.22 1.53 0.95 84.9 0.92 Oxide
SW
Zone
CMR09-24 1043.7 1105 61.3 18.68 1.16 4.15 0.10 30.7 0.30 I
SW
Zone
Includes 1043.7 1073.4 29.7 9.05(i) 1.89 5.16 0.02 27.4 0.30 I
Oxide
Cu-
CMR09-25 488.9 508.5 19.6 5.97 0.10 1.47 0.01 0.5 0.01 Zn
SW
Zone
CMR09-25 1104 1159.2 55.2 16.82(i) 0.11 1.41 0.03 13.3 0.16 I
SW
Zone
Includes 1142 1159.2 17.2 5.24 0.06 0.78 0.04 25.5 0.31 I
SW
Zone
CMR09-26 909.1 911.5 2.4 0.73 0.05 1.19 0.46 40.3 0.08 III
SW
Zone
CMR09-26 1052 1072 20 6.1(i) 1.52 9.17 0.02 18.0 0.18 II
SW
Zone
Includes 1055.1 1068.2 13.1 3.99 2.09 9.19 0.02 22.0 0.22 II
SW
Zone
Includes 1059.4 1068.2 8.8 2.68 3.17 8.06 0.02 29.4 0.30 II
CMR09-27 NSV
SW
Zone
CMR09-28 1148.8 1156.3 7.5 2.29(i) 3.55 4.69 0.05 80.1 0.28 III
SW
Zone
Includes 1151.5 1155 3.5 1.07 6.12 5.81 0.03 123.9 0.48 III
Oxide
Cu-
CMR09-29 65 81.5 16.5 5.03 0.22 1.82 0.01 0.5 0.01 Zn
strin-
CMR09-29 629 686.8 57.8 17.62 0.02 0.55 0.04 1.7 0.02 gers
RW
CMR09-30 294 335 41 12.5(i) 0.13 0.52 0.94 74.5 0.39 Oxide
RW
Includes 297 320 23 7.01 0.20 0.42 1.23 104.1 0.57 Oxide
RW
Includes 302 310 8 2.44 0.35 0.64 2.45 178.1 1.03 Oxide
Oxide
Cu-
CMR09-30 495 520.7 25.7 7.83 0.13 2.65 0.01 0.6 0.01 Zn
strin-
CMR09-30 564.3 597 32.7 9.97 0.29 0.34 0.01 2.4 0.04 gers
strin-
CMR09-30 1635 1750 115 35.05 0.02 0.70 0.01 0.5 0.01 gers
strin-
Includes 1635 1650 15 4.57 0.02 2.61 0.01 0.8 0.01 gers
SW
Zone
CMR09-31 1180.5 1191.7 11.2 3.41(i) 0.18 1.98 0.07 8.7 0.01 III
SW
Zone
CMR09-32 800.2 804.5 4.3 1.31(i) 0.06 3.13 0.13 3.2 0.07 III
(i) Drill intercepts reported as core lengths are estimated to be 60-95%
true width.
Averages are length x density weighted, using density data obtained for each
sample within a given interval. Length x density averages more accurately
represent the metal content of a given interval, and is common practice in
reporting on massive sulphide deposits which often display a wide range in
density. For a comparison between length weighted averages versus length x
density weighted averages refer to the Company's website.
Notes:
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. Drill core samples 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. Gold was determined by fire-assay fusion of a 30 g sub-sample with atomic absorption spectroscopy (AAS). Various metals including silver, gold, copper, lead and zinc were analyzed by inductively-coupled plasma (ICP) atomic emission spectroscopy, following multi-acid digestion. The elements silver, copper, lead and zinc were determined by ore grade assay for samples that returned values greater than 10,000 ppm by ICP analysis. Density measurements were determined at the project site by Constantine personnel on cut core for each assay sample, with approximately 10% of all samples sent to ALS Chemex laboratories for external verification.
The 2009 exploration program for the Palmer project is managed by Darwin Green, VP Exploration for Constantine Metal Resources Ltd. and a qualified person as defined by Canadian National Instrument 43-101. Mr. Green 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 analytical results have also been compared to visual estimates for the base metals to check for any obvious discrepancies between analytical results and the visual estimates.
Forward looking statements: The 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 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 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. Forward-looking statements are based on a number of material factors and assumptions. Important factors that could cause actual results to differ materially from Constantine'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.
To view the map associated with this press release, please visit the following link: http://media3.marketwire.com/docs/CEM_Long%20Section_South%20Wall%20Combined.pdf
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.
Contacts: Lisa D May & Associates Inc. Lisa May Investor relations enquiries 778.288.2737 info@constantinemetals.com www.constantinemetals.com
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